Hi there everyone it's TheRingMaster back again and for this week I think my blogs are starting to turn into some kind of series about the Government and Web 3. I guess that's where my heads at in June.
I was thinking a lot today about the cashless system, both the pros and cons of it. Well I'm sure you may already know some of the benefits of a cashless system since everyone on Hive basically uses that system in transacting their Hive tokens and other tokens on the Blockchain.
One thing I love about my financial assets on Hive is how it's so free from influence of the government andnthe banks or other third parties. The only person with control over my Hives or HBDs here is myself and that feels so good. However that's not the feeling everyone using a cashless system gets. It's only because Hive is a Blockchain but if it was not and let's just say that the Banks had to be the ones approving transactions, I wonder how messy it would look.
Yes indeed with the cashless system and by that I'm talking about your dollars in the banks that are represented by numbers on a screen, we are promised security from theft but I think it's not that good of a trade off for control over your own money. When you have lots of your money in the banks, you get security yes but lose control over it.
The Government and the bank you deal with controls that money more than you do.
Since the Government is aware that cashless means more control for them, they're encouraging it seriously. Some parts of the world like Australia and China are almost a hundred percent cashless already. A lot of the restaurants and malls there decline the use of paper cash and encourage electronic payments.
Now I'm not saying that's a bad thing. It's great because payments are faster, easier and more convenient but the downside is how much control we'll be given to the government, the banks and corporations responsible for electronic payment tools development.
The Nightmare
Cashless society doomsday is an absolute nightmare if you think about it. So let me ask this question, What does a cashless society mean? Should you be worried about a society which is hundred percent cashless?
Cashless society or world means all our financial transactions, payments and wealth will be fully digital. The only way to see your money is on your phone, laptop or any device that is built to give you access. Either than that you have no money, ain't that scary? Well no if that platform your money is on is Web3 or secured Blockchain. I'll explain this later on in the blog.
The Government and Banks Benefit More than You
Let's be honest here, all the reasons that governments and central banks would love a cashless society and a totally cashless world are probably the reasons you wouldn't. The benefits to globalisation of cashless system is more towards these corporations than the individual.
Let's imagine if there's one global government in the entire world which we all hope doesn't happen.
The question I would ask is what would the benefit to them of a cashless society be?
The first thing and I talked about it two days ago is that they can tax you at source straight away. Taxing you and influence of the IRS will be greater than ever. Imagine a situation where before you earn any bit of money from anywhere, a tax is taken out and when you want to use that money a tax is taken out and when they person who received that many uses it, a tax is taken out. I'm telling you after a couple of transactions, the money would be reduced to nothing. The value of the money goes down and eventually everything goes to the government.
This is actually what they want to have happen which is why they will promote hundred percent cashless and yet fight Cryptocurrency because Cryptocurrency will give hundred percent cashless but will take control of the money from the government to the people that actually own the money.
The second thing that would happen is that, the government can find you and take your money straight out of your bank account if they think they should. And all this can be done without your permissions and the funny thing is suing the government would be next to impossible at that point.
What I think would be the worst of them all is that the government can increase interest rates and cause inflation and since it's cashless, it would instantly impact your money negatively. They could do all of these very very effectively with a cashless society and world.
Now of course, you will hear the government say; Oh a cashless society will make it much harder to have criminal and illegal activity and
much harder for drug dealers to trade. But let's be honest here guys, drug dealers, fraudster and scammers will always find a way to do their stuff unless security is worked on to a level like never before.
In my honest opinion, all this talk about how it will be more secured is an excuse by government to bring a cashless system where they have more control.
It's Inevitable So Web 3 and Cryptocurrency Must Win
I'm starting to think it's inevitable that we'll have a totally cashless society in the future which is why global adoption of cryptocurrency and Web3 adoption is so important for us to attain before this happens. The idea of Web 3 and Cryptocurrency is to hand control to the people instead of government and single individuals or cooperations. That's why you always see government against it.
- This is the value "Decentralization" brings and they don't want that.
We will still have the control when the whole world becomes Cashless if it becomes Cashless with Blockchain, cryptocurrency and Web 3. It's better that we have cashless with the control that decentralized Blockchain, Web 3 and cryptocurrency brings than to have a hundred percent cashless system with the government still in control.
That's why we need to work hard as an online community to make Hive stand and succeed, it's going to be our escape from this. There's a lot of tension going on between Governments and Cryptocurrency and the whole point is so they maintain control.
Thanks for the time guys, would love to get your feedback on this blog.
