Kevin Bae

Non-Social in a Socially Networked World

U.S. digital dollar is coming

If you’ve been paying attention you could see this coming down Main Street for the last 10 years. This video from the Wall Street Journal, to me, shows that we are rapidly heading down the path of digital money. The implementation of this will be something to watch. No longer will we be able to squirrel away cash in our home safes or mattresses. We’ll need to convert it all which will give the government ultimate control over every aspect of our lives.

If you don’t behave properly they’ll just cut off the spigot to your money. Not vaccinated? No money. Buy too much fast food? No money. The government will be able to set a federal budget for you so you only spend what you’re allowed to spend in particular sectors of the economy.

The system cannot work like Bitcoin. If you’ve looked into Bitcoin or other cryptocurrency you’d know that the digital wallet is the God of your digital money life. Lose that wallet and it cannot be recovered. Poof. Your money is gone. The U.S. government, or some other central authority, will have to house your wallet so if it’s lost it can be recovered. And, what about security? Wouldn’t it be so wonderful for ransomware attackers to encrypt the central bank’s ledger housing our money? The U.S. would have to drop bombs on perpetrators. It would be cheaper than paying the ransom.

Image by Gerd Altmann from Pixabay