Eventually I could see governments getting rid of all fiat paper currency and moving to a digital currency like Bitcoin.
6 Reasons why
1. Getting rid of paper fiat currency would save governments billions of dollars in costs per year.
2. The Federal Reserve estimates that they spend over $737 Million per year just to produce currency. Moving to an all digital currency would eliminate most of this cost if not all of it.
3. Getting rid of paper currency would save trees it could be considered a green initiative. Environmental activists would argue that this would be good for the planet.
4. The government will be able to track every dollar we spend and that we earn, so this could help save the IRS on paperwork and employee costs. They would have it in the computer exactly what you should be reporting on your taxes based on what you are bringing in revenue coming in.
5. Cannot counterfeit digital currency like you can with fiat currency, we would eliminate counterfeit bills so this would help save some of the value of our currency. The government estimates that there are over $70 million counterfeit bills in circulation.
6. Digital currency cannot be stolen like fiat currency so it is actually safer, not just and normal Joe can go rob a store or bank of their digital currency, you have to be a hacker and have real smart programming skills.
I am not saying that the government will move to Bitcoin as a currency, just saying that I could definitely see them moving to a digital currency to save on costs and better track what everyone earns and spends.
Stay calm and
me!
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#money #bitcoin #digitalmoney #crypto #cryptocurrency
Sources: thesovereigninvestor.com, federalreserve.gov, wikipedia