The landscape of digital money is rapidly evolving, with cryptocurrencies and state-issued alternatives competing for dominance. The widespread adoption of stablecoins like USDC and USDT in international payment settlements highlights the U.S. dollar’s role as a de facto global reserve currency, reinforcing the significance of self-custodied digital money in enhancing financial autonomy and efficiency.
Central bank digital currencies (CBDCs) are digital forms of a country’s fiat currency issued by its central bank. They are being explored as a response to declining cash usage and the rise of cryptocurrencies like bitcoin that could undermine central bank power. The UK’s proposed “Digital Pound” aims to provide an electronic version of cash that retains its stability while improving aspects like instant peer-to-peer transactions. However, potential risks around privacy, financial stability, disintermediating banks, cybersecurity, money laundering, and government control have made CBDCs controversial. Overall, CBDCs could provide benefits but the risks need to be managed through careful design and regulations.
TLDR Summary; The current established systems for conducting commerce online have their limitations. These systems have not yet evolved to service the global and borderless nature of the internet, which is why there is a need for a global internet native currency. A global internet native currency, based on a cryptocurrency, would offer low transaction …
Money infuses our lives at so many levels from such as young age it becomes a ‘given’, not unlike the air we breathe. Indeed, our understanding of money typically forms more by a slow hypnosis from childhood than by way of structured learning.
Unpicking that puzzle in our minds is a huge challenge, requiring the shedding of deeply held beliefs and abandonment of totemic imagery our minds have weaved together in an effort to make sense of it all.
