We Are The Bank

headsink (52)in #money • 6 years ago

I was watching DW Documentary -- How cash is becoming a thing of the past. Around the world more and more people are going cashless, but the only problem is the risk of centralization.

Personally I still believe we cannot throw away paper money because we have yet a better alternative when all electronics are destroyed from natural disasters or war. Paper money -- even though controlled by central banks-- need no third party to do transaction. I can go completely peer to peer. Cryptocurrency also offer that, but still not yet to the point of without a third party device between two party in a transaction.

I'm not arguing against digital or cryptocurrency, I am worried with the banks controlling everything, from transaction to money. If central banks don't print money anymore, banks can just print their digital money which is made literally from thin air.

Cryptocurrency is the best alternative because we need no single third party, we can choose. Limiting it to only Visa, MasterCard, PayPal and many others which will never share their data and we will never know what are they doing with our data.

So it's better to retain the old form of money and coins along with cryptocurrency. Never let the banks control our money, we must become the banks.

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