Summary
The article discusses the lack of a digital version of cash on the internet despite the invention of cryptocurrencies. While crypto was supposed to bring about a digital form of cash, it has not lived up to its promise due to speculation and the focus on DeFi. The industry is currently stuck with regulations and bureaucracy, making it difficult for crypto to function as true internet cash. There is hope that innovation and a focus on real internet cash will eventually bring about economic freedom.
Key Points
1. There is still no digital version of cash available on the internet, making it impossible to give someone cash money person-to-person or to spot someone in need with a $20 bill. The concept of a digital dollar has been discussed extensively, but remains a distant possibility.
2. Cryptocurrencies were created in part to address the lack of digital cash, but progress in this area has been slow over the past decade. The failure of crypto to fulfill its original promise of functioning like cash is a significant drawback, but there is potential for it to evolve in the future.
3. Despite the advancements in payment methods such as cards, Apple Pay, Venmo, and Square Cash, these options come with privacy concerns as they collect data on transactions. The breach of this data can lead to targeted advertising and potential security risks, highlighting the importance of finding a secure and private digital cash alternative.