In the shadows of power: #CBDC threatens our freedom. #Bitcoin empowers it.
Conversations surrounding central bank digital currencies (CBDCs) in the mainstream media are set to increase as their deployment approaches. However, given the media's inclination to promote political narratives and propaganda, we cannot fully rely on them to shed light on the risks associated with a #CBDC. As advocates of #Bitcoin , it is our responsibility to educate the masses.
Firstly, let's address the issues of centralization and control. CBDCs, being centralized and controlled by central banks, introduce a single point of failure. Any disruptions in the central bank's infrastructure could cause major financial instability and have far-reaching effects. The centralized nature of CBDCs grants central banks an enormous amount of control over the money supply and transactions, amplifying their already considerable power in the existing system. If poorly managed or influenced by politics, this could lead to unfair distribution of resources, arbitrary decisions, and unintended consequences. CBDCs would increase society's dependence on a select few unelected individuals, limiting our ability to exercise self-sovereignty. Central banks would possess the authority to freeze accounts, impose restrictions, monitor and control our financial activities.
Next, we must consider privacy and surveillance. A CBDC-based monetary system would provide central banks with real-time visibility into all transactions, compromising the financial privacy of everyone involved. It would enable those in power to track and analyze our individual spending habits, directly infringing upon our freedom and liberties. Given the centralized nature and relatively small attack surface of such a system, it would be vulnerable to hacking attempts. Successful breaches would have far greater consequences than any witnessed in our current system. While assurances may be given about privacy safeguards, history has taught us that governments tend to gradually expand their surveillance capabilities over time. This could eventually lead to a surveillance state, resulting in a complete loss of our freedom.
Instead of heading in this direction, we should be advocating for the decentralization of power rather than its concentration. Let us not be swayed by the convenience narrative. Instead, let us choose Bitcoin, #money for the people.
