P@triot
Diamond Member
Removing physical currency from society will be one of the most impactful and positive events in the history of civilization:
- It almost immediately eliminates criminal activity. Without cash, one has to explain transactions. A prostitute must explain why she had a transaction at 2:00 a.m. when she is not employed. Gambling, narcotics, etc. are all in deep trouble instantly.
- It essentially eliminates robbery. Yes, there will be cybercrime of course. But a person hacking my bank account is a billion times safer than a person sticking a gun in my face to take my cash.
- It instantly eliminates all tax evasion. With a digital record of every transaction, all of the criminals who currently don't pay taxes now show an income. That closes a huge gap for the government and eases the burden on the rest of us who do pay our taxes.
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