Lately it has been predicted that within the next 10 years Crypto-currencys could replace paper cash. The RSCoin is soon to be introduced by The Bank of England.
In view of recent debates, now occurring frequently, the question whether crypto currency is going to replace cash, has become a big question. We have very little understanding of the impact it will have on our financial sector.
The time this prediction was raised, since then many believe that it is not realistic, given a very slow adoption of crypto currency as a whole. However, all sides are in agreement that digital currency will definitely have an impact on fiat currency systems in the world.
Unfortunately, the anonymity of cryptocurrency has led Bitcoin to take on a rather poor image. Various private websites and individuals used the digital currency for transacting various illegal dealings, like selling drugs, weapons as well as stolen items. I mean come on who hasn't heard of the dark web or how it operates in crypto-currencyies to maintain anonymity. As a consequence, governments all over the world started to crack down a number of these websites and keep a close eye on them. Another issue is money laundering, leading to an entirely new issue as to how Bitcoin travels across borders internationally, although bitcoin can simply be stored on a common storage device such as a usb flash drive and transported without notice.
I don't believe these issues with ever harm the crypto-currency world. In addition, its more environmentally friendly as well as financially friendly. Theres no need to print new bills and replace them all the time. Best of all theres no worry about counterfeits.
Better yet, because of the decentralized nature these digital currencies have, there is no substantial upfront cost for the government to switch to the digital currencies. Still, the predictions are there stating digital currency will fully replace the printed money in next ten years or so. Theres most definitely a physiological issue with not being able to handle cash in hand. I mean will thumb drives replace wallets?
Please comment you opinion below and resteem. Also be sure to follow @longfield98 for more great content.
interesting question. I think it is the future but even though I think cryptocurrency is ultimately safer, it might take a while to move away from cash.
People need to be clued up though as it is so easy to become a victim of fraud if you don't understand the technology or don't take appropriate precautions. This is where banks can keep their customers by protecting them from fraud when using crypto.
I do agree with you although I feel as people educate themselves on crypto currencies they will understand how much safer it is.
Interesting thought, maybe it truly is heading that way???
I definitely believe it will. The only issue I personally foresee is the volatility of the currencies. I mean bitcoin has gone up from 900USD (Jan 2017) to around 2700USD (Currently)
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://www.linkedin.com/pulse/crypto-currencies-replace-cash-bryant-nielson
I think that it may become a big deal, but there are a lot of illiterate people, who can't afford technology. They will need to feed themselves, so to say. So for complete transfer to crypto, I don't believe it.
I see the predictions, but I have my doubts. Most of my friends don't hold or use crypto , and are very poorly informed on the topic. By the time they ever start choosing to use it, BIG GOVT, will have found a way to track and tax all transactions etc... I could see the American IRS accepting payments in crypto.