Your Wallet in 2030 Will Be Full of Free Money

Ten years ago, humanity had to contend with a generational crisis called COVID-19. In the wake of the pandemic and its disastrous aftermath, seismic changes occurred and a source of ideas erupted.
The weaknesses of our society were exposed, people were free to think about the social contract. Conversations about the function of money and who controlled its coinage began, sparked by the unprecedented pressures of money caused by the pandemic.
Yoni Assia is the founder and CEO of eToro, the world's largest social investment network, and the founder of GoodDollar.org, a non-profit making basic income possible through blockchain technologies. This post is part of Internet 2030, a series that looks at the future of technology and the digital economy.
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People started asking questions. If an international emergency could motivate governments to get the presses up and running, where does the money come from? If it's so easy to give away money, why isn't it going straight to people? Why did people even pay taxes? And why did banks benefit from discounted currencies before paying interest bills to the plebeians?
What began as a murmur of unrest turned into a crescendo of discontent: why should these institutions dictate how money is spent and who benefits from its trickle distribution? When economic shock waves sparked humanitarian disasters around the world, systemic corruption was painfully exposed, which advocated bold new ideas. How could money be fairer, more transparent and free?
See also: DeFi achieves universal basic income with the eToro project that has just started
Universal basic income
Ten years later, the money is free. The last decade has been marked by profound changes and digital innovations. No, we don't all live in luxury - the wheels of industry keep turning, work remains to be done, people are still looking for work. But just as the Internet has made information free, technology has helped make money more freely available and immune to affiliation.
Related Topics: Decentralized Governance in the Wild - Lessons Learned from the KuCoin Hack
Over two decades ago, Bitcoin introduced the term permissionless digital currency, which is outside the purview of central banks and nation states. It is the opposite of a monolithic legacy system whose integrity has been dwindling for centuries. In 2030, nongovernmental internet money has become the norm. A wide variety of digital currencies and assets have permeated the mainstream and become the de facto money in the world.
People around the world hold digital wallets that support various virtual currencies - bitcoin, protocol tokens, fiat pegged stablecoins, central bank digital currencies (CBDCs) - in our multi-currency future. Money is no longer monolithic; Different currencies serve different requirements and use cases.
Cash's instant transaction real estate exists in the digital realm, and competition has helped lower fees and break down barriers around the world. Additionally, the immutable, verifiable nature of the blockchain means that modern CBDCs represent a major improvement on the old Fiat standard. People buy goods and services, save and invest through their digital wallets, and switch seamlessly between digital currencies in the “back end”. The blockchain experience is eventually obscured.
By freeing money, we have repaired democracy and we are approaching a world whose financial system is freer, more accessible and fundamentally fairer.
By freeing money, we have repaired democracy and we are approaching a world whose financial system is freer, more accessible and fundamentally fairer.
Governments and financial institutions have realized that they cannot ignore financial innovation and must leverage digital currency to be competitive. In fact, much of the value and innovation of the past decade has come from countries that are adventurous, bringing together the best elements of centralized and decentralized funding, resulting in fully digital systems that provide better access to the financial system.
Change was not an option, it was a necessity: conventional "trickle-down" economics perpetuated inequality, limited wealth, and only rewarded those with capital.
Even before the mass unemployment caused by coronaviruses and social unrest, massive changes in the labor market and increasing inequality forced the authorities to delve deeply into basic income initiatives. Slowly but surely, governments realized that the vast majority of citizens did not have enough money in their accounts to make it through the month, preventing economic growth for all. The days of the global central bank cabal were numbered.
Vacation programs and "helicopter money" cemented the concept of basic income in the minds of many who demanded that government cartels break away from outdated Keynesian economic models and better serve the citizens they were ultimately responsible to.
See Also: Frances Coppola - How Central Banks Could Use Digital Cash To Reach A Universal Basic Income
Human-centered capitalism
In the year 2030, money power has shifted to the individual. The popularization of the digital currency has accompanied further advances in digital sovereignty and identity. Where countries once expanded through conflict, they now compete for human attention and loyalty. When the nature and ownership of money change, so do incentive structures and business models.
Web 3.0 technologies coupled with solid money have gradually changed the incentive structures in popular services like Google and Facebook, and platforms are now paying people to use them. This was an unthinkable idea 10 years ago, when technology giants tracked every move and action and turned data-driven advertising into billions of dollars worth of businesses.
Like governments, tech giants have also reconciled. We are no longer the products, we are the customers.
What the future of money looks like
The future of money - that is, the money we will use in 2030 - is indelibly inscribed in the chain and distributed on a large scale worldwide. The free movement of money is no longer a pipe dream, but a reality. Ten years is not a long time, but it's hard to believe that we once trusted the walled gardens of central banks to control the flow of money. We naively think that we once expected powerful elites and kleptocrats to handle money and reduce inequality.
As the source of our money has become much more dispersed, transparency of issuance, allocation and use has become the norm, the physical and digital worlds have been more closely integrated, and government reach has been reviewed, our financial system has become a hub of innovation. Money flows to people from a variety of sources including governments, corporations, and decentralized autonomous organizations of people and communities. It strengthens monetary entrepreneurship and drives further growth and financial opportunity.
The abolition of the monopoly on money has given rise to new incentive systems and entrepreneurship, especially in developing countries. By freeing money, we have repaired democracy and we are approaching a world whose financial system is freer, more accessible and fundamentally fairer. A new age of enlightenment has begun, and it is no longer fearful to contemplate the days and decades enticingly before us. It inspires hope.
See also: Jonathan Beller - How we short-circuit capitalism - and finance the revolution
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Your wallet in 2030 will be full of free money
Your wallet in 2030 will be full of free money

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