Cash And Bitcoin Are Being Opposed Because They Both Offer Financial Freedom

There is an apparent correlation between the usage of cash, and being excited about Bitcoin. Both forms of transferring value provide financial freedom, albeit there are some significant differences as well. But in these days of governments wanting to get rid of cash and opposing Bitcoin, it seems both worlds are bound to collide sooner or later.

Governments And Banks Do Not Want Financial Freedom

It is not in the best interest of any bank or government to provide individuals and companies with financial freedom

. These overarching bodies are designed to exert full control over one’s finance and future. When people have access to cash and other solutions, such as Bitcoin, they cannot impose their will and guidelines.

Granted, cash allows anonymity, which can be both a good and bad aspect. A lot of illegal activity is facilitated by cash, albeit that does not mean using paper money and coins are bad. Humans make up their own mind and bear the responsibility for their own decisions. How they decide to transfer value has nothing to do with the payment method being used.

To put this into perspective, bank accounts allow for setting up shell corporations and tax carousels. The Panama Papers highlighted the involvement of a lot of banks around the world. Moving large amounts of cash around the world is tough, as it will attract a lot of attention.

Getting rid of cash will not happen overnight. Although various countries are pushing towards using less cash, that doesn’t mean the option should go away entirely. Using less cash can be a good thing, but removing the option completely will create a lot of bad blood. People enjoy controlling their finances themselves even if it means dealing with cash, which is not exactly user-friendly.

Throughout the years, some experts referred to cash as being printed freedom. In a way, they are correct. It is a way to get out from under the tight control the state has on our daily lives. Bitcoin offers a similar opportunity, albeit it is distanced even further from the state, then cash is. Governments oppose both concepts as it reduces their influence, which is only to be expected.

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.