The Cashless Society & CBDCs

A country we dont often hear about is Somalia and the other day I watched something on Somalia and I was quite suprised that almost no one is Somalia uses cash they do all their daily transactions with their phones, the program wasnt about this topic but I havent investigated it further but it just goes to show that even a war torn country in Africa can be cashless quite easily.
 
Blade Runner said:
I've never understood why the specious CBDC argument vis a vis BTC was used - but I can guess it's that the people who use it either don't like BTC, don't understand it, or most likely, both.

Anyone who knows anything about fiat knows that the only marginally good thing about it is that it does have a physical form, and that form, while still debased, is preferable to the controlled digital forms in obvious ways. Thinking a little more, you'd then see why they want to get rid of cash entirely. Putting all this together (this isn't high level thinking, but apparently people are either stupid or dishonest), the CBDC would be the worst possible world of fiat, because it's all about removing that last fiat roadblock (CASH) for complete surveillance.

BTC has outperformed fiat for over a decade with cash, the world would be worse with a CBDC, which would be inflated even more and of course more controlled, etc - how does that not make BTC even more valuable? It's funny how obvious all of this is to anyone who just thinks clearly.

The normie always seemed to be asking, as if it were a "gotcha", "They'll just come out with a CBDC and that'll be the digital payment system." Oh, you mean the one that will be debased more quickly and you'll be the most restricted by? Yeah, I'd rather have that than the money that isn't debased, I can take anywhere, and is permissionless. Great call, dude.
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Yes, there is a reason food stamps, gift cards, etc, only sell for 50 cents on the dollar. If the money exchangeable for a lesser variety of things, it is necessarily less valuable.
 
GoodShepherd said:
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From the article:
“ With the popularity of cryptocurrencies and blockchain technology, one can’t help but wonder how this technology could be implemented in the future. Would the current system work better if coupled with blockchain technology? If so, could it help address the issues of corruption in the market?”

I’m shaking my head…these people are so clueless. People have been using Bitcoin on Nokia phones all over Africa already…no need for “blockchain technology” hahaha.

www.forbes.com

How Africans Are Using Bitcoin Without Internet Access

There’s a growing population of Africans without reliable internet access that are still using bitcoin for peer-to-peer transactions thanks to a solution called Machankura .
www.forbes.com www.forbes.com

Here’s an article from 2014
 
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Good articles, its amazing how Europe and Africa are both going cashless but for different reasons, I like how they using bitcoin without internet through sms thats great, Iv noticed that in my country we have a lot of forgeiners here and they always sending their money back home to their other African countries to their families so there is a huge demand for these services here and just about all of these workers dont own bank account because they dont have ID books.

A lot of grocery stores here offer cash send services for low fees to send money all over the country without the need of banks and I see they even offering these services to neighboring countries too, so you give them the cash and a cell number and the other persons cell number then you get a secret pin that you can send to the other person and they can cash out their money on the other side at the grocery store, no bank account or ID needed.

Banks have also offered a similar service, illegals use it to get paid its called e-wallet and no ID or bank account is required you withdraw through atms with a cellphone Im sure its popular in US too?
chance vought said:
From the article:
“ With the popularity of cryptocurrencies and blockchain technology, one can’t help but wonder how this technology could be implemented in the future. Would the current system work better if coupled with blockchain technology? If so, could it help address the issues of corruption in the market?”

I’m shaking my head…these people are so clueless. People have been using Bitcoin on Nokia phones all over Africa already…no need for “blockchain technology” hahaha.

www.forbes.com

How Africans Are Using Bitcoin Without Internet Access

There’s a growing population of Africans without reliable internet access that are still using bitcoin for peer-to-peer transactions thanks to a solution called Machankura .
www.forbes.com www.forbes.com

Here’s an article from 2014
Click to expand...
 
GoodShepherd said:
Good articles, its amazing how Europe and Africa are both going cashless but for different reasons, I like how they using bitcoin without internet through sms thats great, Iv noticed that in my country we have a lot of forgeiners here and they always sending their money back home to their other African countries to their families so there is a huge demand for these services here and just about all of these workers dont own bank account because they dont have ID books.

A lot of grocery stores here offer cash send services for low fees to send money all over the country without the need of banks and I see they even offering these services to neighboring countries too, so you give them the cash and a cell number and the other persons cell number then you get a secret pin that you can send to the other person and they can cash out their money on the other side at the grocery store, no bank account or ID needed.

Banks have also offered a similar service, illegals use it to get paid its called e-wallet and no ID or bank account is required you withdraw through atms with a cellphone Im sure its popular in US too?
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No, every one has a bank acct in the US except for illegal aliens. They usually pay 10-20% fee to cash their checks without a bank.
 
chance vought said:
No, every one has a bank acct in the US except for illegal aliens. They usually pay 10-20% fee to cash their checks without a bank.
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I happen to know illegals in your country who own a bank account, the banks actually allow it over there, apparently they even ask if you undocumented, in a way your banks are smart because they can still make money by doing this, our banks have lost big time
 
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