cash

[Yvonnelec]

We are heading towards a world where cash is mostly gone, at least in the countries that are called now "developed". Cash is not replaced by crypto but by CBDC. Each CBDC transaction is monitored closely by automated systems as part of wide government efforts to control their citizens.

Crypto's role has been reduced to financial instruments like ETF and various derivatives that are used to trade under government control on heavily KYCed centralized exchanges. Movement of real crypto outside of the centralized exchanges is discouraged and can bring the user unwanted government attention in the form of various audits from the tax authorities and other government agencies. After all only criminals use crypto outside of the government-approved exchanges, so the moment their KYCed customer tries to move his crypto into a self-hosted wallet, the automated systems know that there is something fishy going on.

In most countries privacy coins have either been directly prohibited or usage of privacy coins is made impossible in more indirect fashion by special laws by requiring KYC for every transaction of privacy coins making their use pointless unless the user is willing to break the law.