We are living in through a great era in 2017 governed under a reliable and decentralized economic system, since we can remember the blockchain technology exists in our system and we can say that everything seems to work in a fair and transparent way. We have a system of payments, withdraws and online transactions with very low commissions and without intermediaries. We are able to track what we think should be known by the whole population, from the political elections to an appointment with the doctor, everything goes through this system where the information is indexed and is inalterable, being available to everyone who wants to verify it's authenticity, showing fidelity in the actions of higher entities.
The simplicity and speed, not only when sending or receiving money, but when making any type of purchase has made this system the most reliable and fair for all resident sapiens. Buying a house, a vehicle, or a plane ticket can take a couple of minutes and no intermediary is needed to guarantee that the transaction is true. The law system and the approval of them is also ruled by the same technology giving us all this possibilities to be closer to what the government chooses for us, with all the encrypted and unalterable information it is quite simple to control in which things the higher entities decide to take sides.
I must say that this technology so far has no cracks, and if we add that the currencies we use are totally independent and are ruled by the same technology as well, it's the most equal system in terms of income and possibilities of getting this money equals thousands of flaws that a society may have in a centralized economy.
However, for about a year now there has been a lot of people talking about a new technology so up to say, that will revolutionize our economic system. There will be some thing called House Banking, and even a new currency and an economic system totally different from the one we know.
The fiduciary currency would be entering the market, but what does it mean?
Fiduciary money, or fiat money is the money that is based on the faith or trust of the community, manipulated by the propaganda, that is not backed by precious metals or anything that is not a promise of payment on the part of the issuing entity. -Wikipedia.
The idea of the government with this new initiative seems to be to have total control of money and all kinds of economic transactions, whether through physical money orders, deposits, or any type of acquisition. The new currency carries the name of dollar, it will be produced by a unique entity, a private one, dedicated purely and exclusively to monopolize the control and creation of it. This means that the mint will manage the money issued, the amounts and to whom it is addressed, all with a high % interest. The new mandatory and unique order will be the only eligible entity to regulate the costs, percentages and prices of this new currency.
We will lose the simplicity we had and the freedom not to need a third party to make transactions, we will have the obligation to manage all types of purchase / sale through a third party that endorses our transactions and can prove to the law that everything is legal. This also cancels transparency when providing us with the information about it, since the total control has a private entity and is not available to all of us.
