If the financial operations of everyone were made transparent to the public, as we have in this Hive platform, the truth is that there are advantages and disadvantages to it. If we examine it, the advantages are well balanced against the disadvantages.
Just as the prompt explanation mentioned the possibility of using the method to check those involved in crime, because the inflow and outflow of income can be observed by everyone, the other side of it is not good either.
For the good course:
I remember a time on this platform where a user was caught for fraud and the easiest way the user was fished out was because of the visibility of everyone's account. The questionable transactions were very visible, and when everything was traced deeply, we saw that yeah, the user was all out for a scam. That's really one of the advantages of the visibility of people's money to everyone. Although this thing is being practiced partially in my country because banks and governments have visible access to everyone's accounts and transactions. I remember a time I followed a superior of mine to the bank to clear the money sent to him by his relatives in the UK, he wasn't allowed to clear that easily; he was called to the manager's office to answer some questions...from his previous heavy transactions. This is very uncomfortable for people into crime, this is why a lot of them have switched into crypto where traces can't be linked to a name, but rather, a crypto address. So if you really want to track crimes and fraud, this is a good step.
The other side;
When a user wanted to scam a friend of mine on this platform, the user first of all went to my friend's wallet, saw the amount of money there and cooked up a story to clear all. Yeah, the user wanted to clear all the money but luckily, my friend paused, observed and saw the story funny and stopped.
We have a lot of people here who we know as very big people due to the heavy amount of money they have in their wallets, and because this money is visible, anybody can decide to exploit them in any format which is very bad.
I have been begged many times to borrow out the money I have in my wallet with very sympathetic stories. I won't lie, most of those times I borrowed out even without having to nurture the thought that the person could actually scam me. Some of those times, I refused because I wanted to use the money for something but do you know what? The few times I refused, I know the friends saw it as if I didn't want to give them. All this is because they saw the money there. If there was no way to see through my account, they wouldn't have thought of coming around. So yeah, that's one bad side of it. When people see the amount you have in your wallet and transaction history, they will have the effrontery to beg for money and when you refuse, they start to think otherwise.
Thanks for reading.
Photo: Screenshot of my bank account.
