The Digital Currency World Causing Financial Abstraction

Have you ever sat down and never seen a huge stack of $100k before, but when someone calls $100k it seems achievable to you because you have probably made it, or almost made it or seen another person made it. Does the world feel like a video game to you where we just wake up everyday to accumulate video coins that we can see on our screen. We see the coins increase and decrease, just like the video game grand theft auto. We accumulate money by doing tasks, and we spend this money lavishly by buying cars, clothes and stuff in the game. It doesn’t feel like anything because it’s a game and we are seeing it on our screen.

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Do you think it’s the same thing currently happening to our generation. Financial abstraction is when money isn’t seen to be concrete, it’s seen as abstract. Although some of us see fiat as concrete as they come as physical cash, but most times spending them feel so abstract, for instance, Apple Pay, PayPal and online shoppings. Then we have cryptocurrencies which are not physical and completely abstract, so people trade them and gamble them. That’s why you see and hear people say they lost over 5 figures trading a meme coin. If the money was concret, do you think they will be able to bare looking at the money go?

That’s why it’s easier to lose money today, we gamble it away, because the process of losing is digital and it all feels abstract. All feels like a video game, rumor has it that in a matter of years, fiat, the physical cash we all know would be abolished and we will probably all go digital, then the full financial abstraction will become a whole reality.