Quote from: Argoo on June 28, 2024, 05:05:58 AM

Quote from: fuguebtc on October 15, 2023, 01:11:58 PM

I think CBDC is something we cannot avoid whether we like it or not, so it is inevitable that we will be controlled more. I'm thinking the worst when cash disappears and all our transactions are done using CBDC. Our smallest transactions will be controlled by them.

Although many people say that paper cash may soon disappear from circulation, I do not believe it.

This discussion took place quite a while ago and I have to admit that at that time there was so much news about CBDCs spread that I believed that soon CBDCs would be released and cash would disappear. But so far I think you are right, CBDC is not going to be released anytime soon and cash is not going away anytime soon or I don't even think it will happen.
If I'm not mistaken, the Fed has also given its opinion on CBDC and according to them they still have no intention of creating it and eliminating USD. That suggests we won't see paper money disappear any time soon.

Quote from: BitGoba on June 28, 2024, 08:27:29 AM

Quote from: Argoo on June 28, 2024, 05:05:58 AM

Quote from: fuguebtc on October 15, 2023, 01:11:58 PM

I think CBDC is something we cannot avoid whether we like it or not, so it is inevitable that we will be controlled more. I'm thinking the worst when cash disappears and all our transactions are done using CBDC. Our smallest transactions will be controlled by them.

Although many people say that paper cash may soon disappear from circulation, I do not believe it. Cash in general is needed by both the state and people. After all, in order to make transactions with cash, you do not need the participation of banks or technical means. This is very convenient for small household transactions. But it is worth recognizing that their turnover is not cheap for the state. Therefore, the amount of cash will decrease over time. Cash also virtually cannot be tracked by the state and this is its absolute advantage over CBDC, which are completely under the control of the state.

The emergence of CBDC is a phenomenon of the times. They also have their advantages and disadvantages. For privacy and anonymity this is worse, but for the speed of large transactions over long distances involving large firms, CBDCs are very suitable.

Cash must be abolished because since the dollar became the world's reserve currency after World War II, so many dollars have been printed and circulated worldwide in Asia, Africa, Europe, South America, and Central America. There is a lot of cash in circulation. If people start spending that money, unprecedented hyperinflation and overnight loss of value will occur. Therefore, they will gradually limit cash purchases and phase it out to prevent hyperinflation.

If cash is abolished but if replaced by CBDC and the government remains in full control, there will be no change at all because CBDC is easier to print than cash. In addition, solving inflation does not just stop at printing money, we need to solve many different problems of the economy. Don't focus too much on the government printing money and think that this is the only cause of inflation.