“if someone hacks your account and digitally wipes it out and all record of it, you have what exactly?”
Perversely, it works to your advantage: no debt.
Digital currency is “debt currency”. Starting from the Federal Reserve and their “(1) + (-1) = 0” bookkeeping techniques, digital currency is a chain of who owes value to whom. If your bank account is 0, then you don’t owe any value to anyone.
This is different from classical currency, where the physical unit of currency is imputed with inherent value.
As is now, we have a mixed economy, so that $1 in your checking account is partly positive value and part debt. Too screwed up to address in a casual post.
At least that’s how I’m viewing it.
No advantage of mine.
We already have no debt.
And I doubt anyone would wipe that account.
They’d wipe the one with the money in it and you could still be left with the debt and no means to pay.
I’m not interested in the mark of the beast kind of economy anyways.
Explain then what happens when your electronic balance is 0 and you need to buy food or pay the rent. Sure, you have no debt. So what?
What happens when the power grid goes down? You won’t be able to keep an emergency stash of cash to get through a temporary inability to access your accounts.
What happens if you are locked out of your accounts for some reason, like a hack?
I keep a couple of $K in cash just in case and I think anyone who does not keep at least a few hundred in cash aside for emergencies is a fool.