From America Out Loud by Tom Renz
If you are paying attention, you have probably noticed a substantial amount of talk recently about the push to move to “digital currency.” The move to a truly digital currency is essentially the elimination of any tangible item for trade (such as cash) in exchange for a number assigned to individuals on a spreadsheet that dictates spending power. In my view, it is also the end of privacy, the complete loss of freedom, and extremely unconstitutional.
First, I’d like to explain better what money is. In its simplest form, money is an agreed-upon item that society uses for trade. Rather than trading a cow for grain, people decided it was easier to trade currency. Currency has taken many forms over the centuries, from commodities like gold or copper to commodity-backed paper money to what we have in America today – paper money not backed by anything. Many people dislike the current dollar because it is not backed by anything but the faith of the American people, but the paper that is our money is still something we can hold and keep. More importantly, it is also something that cannot be tracked or taken easily.
The move to digital currency means that instead of dollars, you would be paid in “online dollars,” and physical currency would no longer exist. I expect this will be pushed by both D’s and R’s for different reasons, but both will try to position this as a way to prevent fraud in government giveaways and to better track government spending.