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100 sats \ 0 replies \ @q 28 Apr \ on: Bitcoin in a CBDC World bitcoin
It depends on how far we would venture into a dystopian world. If CBDCs (Central Bank Digital Currencies) are implemented sensibly, they would not be linked to your identity or a score reflecting your status as a good citizen. However, I think we can agree that even if the intentions are for the greater good, there is a slippery slope here; over time, this system could be used for controlling and establishing totalitarian central control over all people, tying the necessity of having a job directly to putting food on the table.
In such a scenario, we could end up in multiple situations where people might consider Bitcoin as a solution:
  1. Some individuals might find themselves in a situation where all benefits of being a "good citizen" have disappeared for various reasons. The CBDCs might not be accessible to these groups, or they might not function in their favor. These individuals might be interested in acquiring some satoshis and could obtain them by offering something of value, whether it be labor or a tangible asset, in exchange for Bitcoin.
  2. There are those who want to transact with businesses not accepted in the CBDC-regulated world. For example, a vendor selling fruits may not be able to conduct transactions using CBDCs if their business is prohibited from selling certain products due to regulations, such as CO2 emissions or other politically driven narratives.
  3. There will always be those seeking the best store of value, which might lead them to bitcoin. It's common sense to seek this even if it's illegal. For instance, during the hyperinflation in Austria, it was illegal to possess foreign currency. Although you couldn't buy it from banks, there was a black market for it. In a CBDC world, you would need to offer some value in transactions that do not directly trace back to buying bitcoin, but people are creative and find ways around these restrictions.
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