CBDCs And The Upcoming Battle For Metaverse Dominance
Two major developments are nearing completion and will impact the state of our economic freedom irreversibly if allowed to proceed without opposition.
Unless certain steps are taken to block the plans for financial centralization and custodial authority, the future looks bleak for the 99%.
These two concepts are the Metaverse and CBDCs.
Two different technologies with the Metaverse possibly carrying the Internet to the next level, and CBDCs as a technology aiming to keep the legacy financial system intact and relevant as progress initiates.
Besides these two technologies, innovation is growing in more fields leading analysts, visionaries, and scientists to claim a new industrial revolution has already commenced.
We herald today the era of rapid technological progress unless perhaps we allow corrupted dictators to destroy humanity first.
The Battle For The Metaverse
The future shape of the Metaverse will be formed today, not ten years later when it will be a full-blown technology.
The master plan is to intertwine CBDCs with the Metaverse and strictly forbid decentralized cryptocurrencies to approach the financial aspect of the wonders in VR/AR technology.
The Metaverse will become a trillion-dollar industry in just the next two or three years. The race for the control of the future has started, and we should not allow one single person or a team to take control of it.
While it should be open for all, like the internet is, there are many concerns. To achieve such a concept the Metaverse can't run on any blockchain. So, there will always be centralized servers. We will however find concepts with Web3 and smart contracts integration. Maybe it will be EVM which is probably the best guess we can make at this point.
The Metaverse is expected to produce 1 trillion revenue yearly, but this is just a modest estimate, perhaps for just the first few years between 2023-2025. It can reach the size of the real economy within a decade. So, as investors, we know where to put our money today.
CBDCs are not just a danger to cryptocurrencies but also a threat to financial freedom.
Upon entering the Metaverse, CBDCs will aim to dominate 90-95% of the transactions.
CBDCs are a financial menace we should avoid and explain the drawbacks and dangers these tools possess. It is totalitarian finance. Metaverse or not, CBDCs are a threat to everyone and should consider all future implications of censorship and financial exclusion they will create.
An authoritarian regime will be able to easily shut down the accounts of political dissidents and limit the freedom of the population.
An excuse CBDC supporters claim is that it can also be done today.
Not at the same scale CBDCs will present.
The money we deposit at a private bank is controlled by this bank alone. A government can seize and freeze accounts but it takes a lengthy procedure. With CBDCs, governments can bypass the third party (in this occasion the bank), and significantly reduce the time required to freeze or confiscate funds.
CBDCs are expected to be fast-moving money, perhaps offering instant transactions, for an insignificant fee.
Why We Should Fight Back Today
To counter the threat of CBDCs dominating the Metaverse focus of the decentralized blockchain field should be on promoting fast and cost-efficient networks.
Decentralization should exist in all stages and constituencies of a consensus-based network, not just in the mining sector but also in development, to avoid power distribution to a small team of devs or a corporate takeover.
Code constantly changes. There is no perfect code that doesn’t need upgrades. The world is not static, countless variables are changing and a network that respects itself should adapt to changes and a new financial environment.
When Satoshi released Bitcoin (2009), the bank systems were stagnating with developments stuck for three decades. For e-commerce, Bitcoin was a revolution 12 years ago, but not anymore since it never scaled for reasons not important in this discussion.
We should prefer to spread financial freedom to the entire world and not just a small elite. You wouldn’t use dollars if you had to pay $50 for each of your daily transactions.
You wouldn’t even want to pay a $0.30 fee on every daily payment, but you would choose the next currency in line, offering a better alternative.
Everyone should recognize their financial incentives and invest in cryptocurrencies working towards enhancing their currency features.
The Metaverse has already surrendered, as the popular alternatives to CBDCs in the cryptocurrency field are weak and impractical to perform as money. We also observe a negative sentiment against cryptocurrencies that could be competitive. This sentiment is generated by the command centers that favor CBDCs while presenting themselves as champions of Bitcoin and crypto. Those that tell you that regulations are important.
Consider what is this you are missing from your version of the future.
This is beyond mere investing and speculating.
It will either be authoritarianism and control of finance by the State and a small elite once again, or decentralized cryptocurrencies with low fees and instant transactions that can perform as cash for the entire population of the world.
This is the competition, CBDCs, and authoritarianism. Focus on envisioning the future and then you will be wealthy and free.
Originally Published at Hive
Cover Photo: by Carelox88 on Pixabay (modified)
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Just like a tale, metaverse has become the strong financial future everyone is looking up to and I believe that this is the right time to get into it.