Are We Moving into a Cashless Society? The Signs Are There

Are We Moving into a Cashless Society? The Signs Are There

We’ve been experiencing a digital revolution for the past 2 decades, with the Internet fast becoming a virtual reality, and the emergence of digital currencies has given the consumer a range of payment methods that are relatively new.

The Covid-19 Virus

Even with social distancing, one can still become infected by touching contaminated surfaces, and cash does fall into that category, which means people are being encouraged to use digital currency whenever possible. Bitcoin is the leading contender in the global fight for digital currency supremacy, and today, you can pay for your coffee and croissant in many coffee shops with Bitcoin.

Eliminating Fraud

By switching from fiat to digital currency, you are eliminating the risk of receiving counterfeit money, although the cyber criminals are working hard to discover ways to steal digital currencies, playing a cat and mouse game with the cyber security industry. It is next to impossible to alter a blockchain (a binary system to record digital transactions), and after a few years, consumers are now starting to have faith in such currencies. If people are not carrying cash, there’s little motivation for robbery, and with Bitcoin, all you need is your private key and a digital device and you can access your wealth.

Online Lenders

In the event that you need a quick instant cash loan today, there are online lenders who can arrange such loans, often within minutes, making it a very convenient way to borrow. Some will even credit you with Bitcoin, rather than dollars, if you prefer; indeed, more and more investors are moving into digital currencies, where there are investment opportunities.

Digital Currency Regulation

Governments and banks do not like Bitcoin, as they have no way of controlling the system, which runs on an open blockchain that acts much like a public register, which is constantly updated. Blockchain technology will empower governments to the point where all personal data (ID number, assets, qualifications, patents, copyrights and credentials) will be stored on a blockchain, and all of the financial gurus are predicting the end of fiat currencies within 5 years, or less. There is likely to be some disagreement regarding the deployment of digital currencies, as banks, governments and the private sector all seek to find a favourable outcome, but it does very much look like the beginning of the end for paper and coin currencies.

Bitcoin ATMs

These are springing up across the developed world, with machines that transfer Bitcoin into cash, or vice versa, plus you can use your mobile device to safely (and anonymously) transfer funds to anyone in any location. The gradual disappearance of cash is a milestone that signifies a leap into another world, and whether you like it or not, the days of cash are numbered.

If you have yet to invest in Bitcoin, simply download the virtual wallet software, buy some Bitcoin and away you go.