Digital Currencies And NFTs...Are They The Future?

By DebD ProsperityJoy

 Originally Posted April 2022


It seems that today, everything is moving full-speed-ahead leaving many confused about what's actually underway. There are significant global changes currently taking place....changes that cannot or should not be overlooked. Individuals  must do their research and use their intuition to discover precisely what transformations are taking place and how they can and will affect their life. 

One of the most important developments on the horizon has to do with fiat currencies. 

But what happens when currencies change not only in value, but how they are distributed and sanctioned? 

The Digital Currency Dilemma 

Besides the value of fiat-paper currencies diminishing, there's talk about presenting a digital currency.  For example,  the United States has been in talks about creating a "digital dollar" according to this article from  ZeroHedge:

Digital Tyranny: Beware Of The Government's Push For A Digital Currency 

Our governments greed for money, power, and control, has grown out of control.

Indeed, this shift to a digital currency is a global trend. More than 100 other countries are considering introducing their own digital currencies. As such, digital currency provides the government and its corporate partners with a mode of commerce that can easily be monitored, tracked, tabulated, mined for data, hacked, hijacked and confiscated when convenient. This push for a digital currency dovetails with the government’s war on cash, which it has been subtly waging for some time now.

Will The U.S. Launch A Digital Dollar?  is a well written article  dealing with a possible US digital dollar i.e. CBDC (Central Bank Digital Currency).

Many financial experts and large segments of the populace are weary of a digital currency and there are many reasons why. However, the main concerns centers around privacy and control.  For example, when you are paid or make a "payment" it will be purely digital. 

Some might see no problem with this. But peek further down the road. At first utilizing digital money will appear easy, convenient, and freeing. No more paper bills and jiggly coins to handle on a daily basis. But think about it. 

With cash, you can pay 20 here and a 20 there. It's private and no one's business. You have the "freedom" to spend your money however, you deem fit. With digital currencies where, how, and with whom you spend your money down to the last digit will be tracked. 

Another concern is access to personal data, how it is stored, and how it's used. The article from ZH also emphasizes:

At a minimum, before any kind of digital currency is adopted, we need stricter laws on data privacy and an Electronic Bill of Rights that protects “we the people” from predatory surveillance and data-mining business practices by the government and its corporate partners.



NFTs

The reason why I mention NFTs and cryptocurrencies is because world governments are hinting at either adapting the cryptocurrency-blockchain system or creating one of their own.  

Most of us are aware of cryptocurrencies to a certain degree and you can certainly find plenty of information about them online. Nonetheless, there is not so much talk about NFTs that may also play an important role in the transition to exclusively using digital money. Investopedia.com  elaborates on NFTs and how they differ from cryptocurrencies. 

Below are snippets from the Investopedia article: 

Non-Fungible Token (NFT) Definition

What Is a Non-Fungible Token (NFT)?

"Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can serve as a medium for commercial transactions."

Understanding NFTs

"Like physical money, cryptocurrencies are fungible, meaning that they can be traded or exchanged, one for another. For example, one bitcoin is always equal in value to another bitcoin. Similarly, a single unit of ether is always equal to another unit. This fungibility characteristic makes cryptocurrencies suitable as a secure medium of transaction in the digital economy."

NFTs shift the crypto paradigm by making each token unique and irreplaceable, thereby making it impossible for one non-fungible token to be equal to another. They are digital representations of assets and have been likened to digital passports because each token contains a unique, non-transferable identity to distinguish it from other tokens. They are also extensible, meaning you can combine one NFT with another to “breed” a third, unique NFT."

The article also highlights that currently NFTs are centered around collectibles, such as digital artwork, sports cards, and rarities. 

CONCLUSION

IMHO....the affairs surrounding global currencies is rapidly changing. This modification will affect how we make and spend money...if you want to call it money. Much of our livelihood will be based on how much we want to "fit in" with the digital paradigm and the dangers of giving up our sovereignty.   

Do I believe that they will be successful with completely eliminating cash? I hope not. In fact, I don't think they will have such an easy time convincing the world's populations (or countries) of the advantages of digital money over cash. Except perhaps Generation Zs who simply "go along with trends because they think they're cool and progressive."  

I myself prefer cash. However, if they want to introduce digital currencies on a grand scale, the people should have a choice. It shouldn't be mandatory to use any digital currency.

One of the main reasons for my preference is that cash is private and tangible. As the saying goes "if you can't hold it...you don't own it."



What do you think? Leave a comment below. 

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