This method of centralization can be risky. However, how dangerous is the CBDC?
In the world of the latest and greatest news, we are witnessing an unprecedented time in our life. One of the significant changes that will take place soon is the CBDC. How dangerous is the CBDC?
What is CBDC?
CBDC refers to Central Bank Digital Currency. It is a digital form of fiat currency that is issued by a country’s central bank. CBDCs are designed to co-exist with cash and other forms of traditional money.
The CBDC is intended to replace cash.
CBDCs offer several advantages over cash, including:
– They can be used to make payments electronically, which is more convenient than using cash.
– They can be easily divided into smaller units (fractions) and can be redeemed for goods and services.
– They offer greater security than cash, as they are not subject to theft or loss.
– They can be easily tracked and monitored, which helps to reduce money laundering and other illegal activities.
Disadvantages of CBDCs include:
– They are not yet widely accepted or used.
– They may be subject to high inflation rates if they are not managed properly.
-They could replace cash entirely, negatively affecting those who prefer to use cash. In my universe, cash is king!
The advantages of cash are that it never expires, it is a universal language, you cannot be tracked, no one will know how much money you have, anonymous and autonomous, and you receive change to turn that into more money.
Of course, there are downsides to cash however, the positives outweigh the negatives, at least, to me.
The president signed off on digital assets back in March 2022
The United States president signed an order back in March to secure the usage of CBDCs in December 2022 and forward.
For the time being, consumers can utilize cash or credit to make purchases online or physically. This method has been proven effective for many years, albeit not perfect; consumers still have autonomy when it comes to money.
I know for a fact that I live and die by the cash! There are way too many benefits of having cash on your person in lieu of credit cards or CBDC.
Cash offers more fluidity along with responsibility. If you happen to be in a bind and need something expedited, then the cash will make someone jump up higher than Michael Jordan in Space Jam.
Furthermore, the typical excuses I hear regularly are, “if I have cash on me, I will spend it all” or, “why don’t you just use plastic, it is easier?”
As you can see, there are advantages and disadvantages to anything. There is no such thing as the word perfect and with the imminent implementation of CBDCs on the horizon, we are headed down a road to monetary perdition.
Think about it; your funds can freeze at any moment with CBDCs. Cash, on the other hand, cannot.
Social credit score
In China, the system that is utilized for purchases is called the social credit score or UBI. UBI stands for universal basic income, which is how the populace is controlled due to the centralization of the yuan.
Without hesitation, the account(s) of an individual is frozen if found noncompliant. Now, what does this look like to you? This shit screams socialist hence the name social credit score.
“The unexamined life is not worth living.” – Socrates
This is how dangerous the CBDC is. Of course, our leaders will sugarcoat the hell out of their plans for total control.
What a lot of people are failing to realize is the ramifications this plan has on what is left of our Sovereignty.
How dangerous are the CBDC and the social credit score?
The social credit score is a system used in China to measure the trustworthiness of individuals. It is based on a person’s economic and social activities and is used to determine their access to certain privileges, such as loans or travel.
The score can also be used to penalize citizens for bad behavior, such as not paying bills on time or committing traffic offenses. A low social credit score can result in bans from travel or higher interest rates on loans.
The social credit score is still in development and its implementation has been met with criticism both within China and abroad.
Some worry that the system could be used to unfairly penalize citizens or limit their freedoms. Others believe that it could be a useful tool for combating corruption and improving social trust.
The social credit score is still in development and its future applications are yet to be determined. However, it has the potential to greatly impact the lives of individuals in China and beyond.
What is your opinion on the social credit score? Do you think it is a fair system?
Furthermore, the elite class might as well just tether all of us to a supercomputer and just pull the strings because this is precisely what is happening right in front of our very own eyes.
In addition, when you start to break all of this down and look at it from a different angle, this is just plain criminal, plain and simple.
How confidential are CBDCs?
It is still unclear how private CBDCs will be. Central banks are considering various options, including anonymous and pseudonymous systems. However, central banks may require some level of KYC (know your customer) to prevent money laundering and other illicit activity.
This could mean that users’ identities would be attached to their CBDC accounts in some way. Some central banks are also considering using blockchain technology to issue CBDCs.
This could potentially increase the privacy of users, as blockchain-based systems are often more difficult to track than traditional banking systems. However, it is still unclear how private CBDCs would be if they were issued on a blockchain.
Overall, it is still too early to say definitively how private CBDCs would be. Central banks are still exploring various options, and no decisions have been made yet.
Moreover, I am not deliberately trying to spread doom and gloom. I am merely pointing out most of the imperfections of relying solely on technology for a living.
Kids will be affected as well. It is bad enough that children these days are not learning cursive, so now you subtract physical money, and we will have a generation of people who cannot count correctly.
Per usual, the idiot box will say it is for a better cause, and cash is a thing of the past, or you can get sick from touching money, lose it, etc.
At this pace, eventually the system as we know it will efface indefinitely soon.
How will this affect people without a bank account?
Here is a statistic for you, around 6% of US households do not have a bank account; however, can CBDC help with this?
There are many Americans, myself included, who do not trust banking institutions. Now, would they trust a virtual currency issued by the government?
The simple answer, HELL NO!
To be frank, when has the television told the truth about anything? I will sit here patiently and see what you can dig up for me.
In fact, there is a solution to this. The US treasury will issue Direct Express Debit Cards to benefit the unbanked. Problem solved.
To make a long story short, take a gander at India when back in 2016, they went cashless overnight.
This is insane! Imagine waking up, and all of your purchasing power is nullified. Panic will be immediate, that is certain.
Today, citizens overseas are using cash more than ever because of the astronomical interest rates on credit cards.
As of today, the interest rates on all major credit cards are 19 percent on average. You want to talk about some hard times. Just how dangerous is the CBDC? Very!
How dangerous is the CBDC and cutting costs?
The use of Central Bank Digital Currencies (CBDCs) can help to reduce the costs associated with traditional methods of payments, such as using paper money or coins.
A recent study by the Bank for International Settlements (BIS) found that moving to a CBDC could result in “significant reductions in the cost of retail payments. “The BIS is an international financial institution that works to promote global monetary and financial stability.
The study looked at the cost of four different types of retail payments: cash, cheques, credit cards, and debit cards. It found that, on average, a CBDC would be cheaper than all of these methods.
There are several reasons why CBDCs could be cheaper than traditional methods of payment. For example, CBDCs can be deposited directly into a person’s bank account, without the need for an intermediary like a credit card company.
Additionally, CBDCs could be used to make payments electronically, which would eliminate the need for paper money or coins. The study also found that CBDCs could help to reduce the risk of fraud.
This is because CBDCs would be issued by a central authority, such as a central bank. This would make it more difficult for criminals to create fake CBDCs.
Overall, the use of CBDCs has the potential to reduce the costs associated with traditional methods of payment.
To me, no matter how well you try to sugarcoat this transition to digital currency, it spells disaster and is riddled with many flaws.
How safe is CBDC?
Some experts have raised concerns that CBDCs could be susceptible to hacking and cybercrime, but there is no definitive evidence to support this claim as of yet. I can see a slew of thefts including identity.
Nothing is sacred online that is for sure.
Many believe that CBDCs could help reduce the risk of cybercrime by providing a more secure and efficient way to store and transfer funds.
CBDCs are still in the early stages of development, so it is difficult to say definitively how safe they will be. However, if proper security measures are put in place, CBDCs could potentially offer a more secure and efficient way to store and transfer funds.
Here is the caveat. When assets become centralized, they will be susceptible to vulnerabilities from the unknown. Decentralization is the way to go.
Take, for instance, a website. Websites are not decentralized, and if GODADDY wanted to buy your domain, they could do so freely. Not a good feeling at all.
Safety is another word just thrown around to make it look pleasant and appealing to the masses. The elites are similar to car salesman.
Finally, standing your ground and educating yourself on the upcoming changes can help you in more ways than one. By you taking the time to peruse this article, you are on your way. How dangerous is the CBDC now to you?
Check out what some Starbucks are implementing soon.
The CBDC conclusion
People are waking up to the mass tyranny that is going on daily, whether some want to admit it. The evil is real out here, and we need to have each other’s back in times of need.
I wish I had some solutions for you out there; however, this stuff is too preliminary at the moment. As time moves forward, I will continue to look for ways to counter this issue in the upcoming months.
Brace yourselves, winter is coming…
The movie that portrayed the future perfectly about a cashless society was that movie with Justin Timberlake called In Time.
Moreover, these movies have laid the blueprint for the future years in advance. Currently, what we are seeing is the movie Demolition Man.
A soft, technocratic society run by remote operators similar to a simulation. Life is one extensive simulation.
The leaders of this realm want to control every facet and every move we make for the “safety” of humanity.
BULLSHIT!
How dangerous the CBDC is written all over if you look. 2020 introduced the idea of going cashless and now it is about to come to fruition in real-time.
I would have never guessed in my lifetime; that we would witness all of the craziness transpiring right in front of our very own eyes.
Think about the kids and their future. They were born into this mess, so we have to do our best to keep the tradition alive of being self-reliant at all costs.
Power was given to our leaders via fear.
The CBDC concludes that it is a viable option for businesses and individuals to use as a digital currency. However, there are still some risks associated with its usage.
For example, if the value of the CBDC were to drop sharply, it could lead to losses for those who hold it. Nevertheless, the potential benefits of the CBDC – such as increased efficiency and transparency – mean that it is an option worth considering for those looking for an alternative to traditional fiat currencies.
What do you think? Is the CBDC a good option for businesses and individuals? Let us know in the comments below!
Knight Writer
View More PostsI am a young, free-spirited individual who loves to learn every day and challenge myself to become a better version through each passing day. Also, I am here to help people with my writing and knowledge of online money-making and mental health issues. Feel free to leave a comment anytime, and I will respond as soon as I can. Thank you, and stay blessed.
