I suggest reviewing the recent history of India, where cash has been replaced with biometric identity and digital money.

Then consider the prospect of biometric data being hacked. If your pin is hacked, you can replace it. Once your biometric data is hacked, you are fucked for life.

I find it relevant that Indians recently protested the lack of onions far more than they did conversion to digital money. It reveals that money is not wealth and people innately know this. Onions are wealth. Money is merely the mechanism for exchanging wealth, and as long as it functions for that purpose other details of it matter little - except that the added functionality of digital money is precisely that it's functionality can be selectively disabled.

Steem is the model for digital fiat IRL. While we generally haven't critically discussed Hive as an experimental model of a counter to global imposition of digital fiat, we should. I have always maintained that money is only useful as long as possession and use are securely controlled by the bearer. Because Hive is only accessible through ISPs which are owned and controlled by investors, Hive is not secure.

Goats or beaver pelts are more secure than Hive in that respect, and that is something that investors necessarily reckon in their due diligence.