Crypto has some serious drawbacks as an independent currency and I think the USA government should never be a part of any crypto currency.
The main reason I say this, is simply… ANNONYMITY.
When you get paid in cash from an employer. There is no record of where those bills came from. When you buy something, the person accepting that bill as payment does not know how many hands that bill has been through to get to you. The vendor does not know if you obtained it as a salary, as payment for a service you performed (such as mowing your neighbor’s lawn) If someone just gave it to you as a donation (And yes, even if it is a product from theft)
When you operate with crypto currency, There MUST be a “paper” trail, a transaction history all the way back to the virtual foundry that created it. Otherwise, there is no way to validate its authenticity.
With physical currency, the mint has built into the coin or bill, various ways to make it extremely difficult to counterfeit.
“Money” as an exchange for goods and services must NECESSARILY be entirely anonymous.
Crypto by its very nature cannot be.
Why must it be anonymous, you ask? Simply because people want to keep private business private.
If the government makes crypto mandatory, and immediate black-market economy would start to bypass government monitored transactions.
One reply on “Political beliefs (Cryptocurrency)”
They are going to take away cash. Make it illegal to use just like they did with gold in 1933. Then all we will have are cards and electronic payments. The main principle of cryptocurrency is taking money out of the government’s control. Crypto is decentralized no government controls it yet. Certain cryptocurrencies have a finite amount. They are theoretically inflation prof. The dollar is inflated every time the debt ceiling is raised. The Fed buys the government debt and just electronically adjusts the amount of money in circulation. Making the dollar you and I saved worth less than when we put it in the bank. All governments around the world are very scared of Monero and Zcash. These two currencies currently are truly private but are very hard to get and use. Innovation and new technology will make the future better. Decentralization is the key. I can now send money around the world faster and cheaper than ever before. I have helped our family friends with DAI in just minutes halfway around the world. Yes, the government can find out a track it. Nothing is perfect.