Decrypting Digital Currency: What You Need to Know About its Effects on Common People

Britain is thinking of issuing digital currency to combat the world trade hustle.But really, is it good for the common people?

The bigwigs do have an advantage of this. Top leaders and multimillionaires  will have complete control of the masses. May it be receiving money, extracting taxes from them.India is trying to release its new digital currency. 

Bargaining is a very good practice. Lets take an example. One fine day you decide to buy some onions from the market. You reach out to a vendor who is selling it for 30 Rs a kilo. But when you examine the onions you feel they are not worth 30 Rs. 20 Rs. will be a good bargain for the older lot of onions. You hand out 20Rs note to the buyer, and he gets the message that his onion worth only 20bucks. This way the business transaction was successful for a product that was not up to the mark.

The society is benefitted in the following way.

1. Inflation is kept in check. If the buyer would have bought it in 30 Rs. It means Already the product was sold at an inflated rate. So the seller will try to sell the same product for 35 Rs the next day.

2. Eco friendly behaviour-If the buyer doesn’t buy the same onions Because of no bargaining policy, there is a big chance that the 2nd grade onions are not sold at all, making only the best onions to be sold. This way the onions which are okay for consumption but not the best will go to waste,this result to immense pressure on ecosystem to produce the best product. Resulting to produce more food than needed.

3. Feel good factor- the buyer who is selling 2nd grade onions is assured of getting a good sale cause bargaining gives a chance to sale it either for 30 Rs. or to sale it for 25 Rs. or Rs 18 if needed. The price depends on the buyers perception than of sellers. Imagine the seller himself thinks it is now 18Rs a kilo and hangs a rate card he might be at a loss.

Dealing in cash gives you the chance to bargain which you don’t get into digital currency or UPI. As the buyer can’t give an excuse of limited cash. Thus creating a situation of “Deal or no deal”. Which in turn results in an environment where only the best survives and the others may perish. Giving only the big companies to win, while others to struggle, so is it democratic?

The authorities say they will have no access to your transactions and it will be anonymous. But we all know nothing about what is going on in our phones. Social media apps hear all your conversation ,even when you are offline. Then why you believe your transactions are private. 

No interest will be paid to you when you have digital currency. They want to relate this currency to your cash. But cash doesn’t need a phone or electricity to transact. And if it is the phone then why not let it be online. What’s the use when the currency is digital yet offline. Online presence of your currency in Your phone can yield interest if they are considered tiny bank safes. The currency is out of the bank but the bank can lend money for short duration and make profits for the currency holder and themselves.

Centralised system to manhandle the digital currency is a big threat to any democratic country. No one knows one fine day the ruling party decides to roll back any of the currency or block the transaction of a particular person who is talking anti establishment. We all are users and not coders or IT professionals to be 100% sure that the digital currency is not with strings attached. 

The role of digital currency in case of calamity is questionable . Imagine a country has an earthquake (Nepal) or flooding in some part of the country as in Chennai (India) some time back. The mobile is damaged or it is soaked in water and no electricity to charge it. How you can you buy essentials at that time? Only wet or even torn cash will do the job but not the mobile device.

Also, The digital currency has made people constantly worry about cybersecurity and facing many threats due to less secure methods to store this money.  Cyberattacks are probably increasing and can also threaten digital currency users with virtual theft.

The authorities want to float the digital currency in the name of not discontinuing the bank notes, but sooner or later you will be forced to use it as some billionaires want this to happen. Now many will say they will not let this happen. But if you go through the history of mankind, how many times the rulers have agreed to the citizens?Many wars were held  for no reasons,common man never wanted it and was never benefitted by it. Hundreds of nuclear explosions were made for no reason. Thousands of trees are being cut to make new roads for faster transportation which is sometimes not needed as you have airways to do the job.

So in this world of uncertainty, submitting your survival powers to the authorities may turn fatal to you.