There are a couple of things I learned from the recent CTT show. You can still listen to it on Twitter at the point of writing.
There are many things I picked up, and each can be a post as I deliberate on them. They are great inspirations for posts on Leo Finance, if you like me, are taking Hive post writing as a record of reflection about the crypto space.
The focus of this post is on the possibility of micropayments through blockchain as the future unmonitored cash in the face of excessive tracking of credit card expenditure.
Exessive tracking is an understatement. If we use credit cards, data on our spending patterns are available for analysis by credit card companies. The insights can be sold to the marketing companies to in turn make subsequent marketing more efficient. Not in favor of us the consumers, if you ask me.
Beyond the commercial realm, our expenditure using our bank debit cards at various outlets also potentially provides governments with our data to understand the situation with the money flow. This is the aim of CBDC, too. Again, may not be best for our interest.
I learned from the CTT talk (pardon me, I don't know who brought up this point) that we are in need of a form of unmonitored cash. We used to use more of the paper form of money or cash for transactions. The expenditure and the flow of money through cash are largely unmonitored in the old days. With the cashless system, we are giving up the privilege of spending our wealth unmonitored.
Cryptocurrency, especially micropayments, could give us back our privileges. Assuming there is no KYC involved when we transact.
Imagine us going to the cafe and paying with our Hive wallet to pay in HBD. This transaction will be unidentified!
Is it a big deal? Well, it depends.
If the collective human race is cognizant of the value of our collective spending pattern data, then the proposition of micropayments through blockchain as the future unmonitored cash would be very much valued.
To this end, we can perhaps imagine a future world in that multiple cryptocurrencies are accepted in shops for us to make micropayments.
That is when I know cryptocurrency as a tool in human evolution has arrived.
P/S: This is not financial advice, and please do your own due diligence before investing.
If you read this far... and if you are a like-minded Hiver who is on the path to learning more about Hive and crypto investing, and if you like to be tagged when I write such posts, I welcome you to leave a comment below and let me know. We can form an alliance to support each other's growth.
You might be interested in this post, @graciousvic, @deflacion, @jacoalberts, @young-kedar, @svanbo, @sumotori, @zakludick, @poplar-22 and @hankanon!