Money has been evolved for many years through many forms. Starting from trade by barter to using coins, and to paper notes, and now digital currencies (crypto). The more technology advance, the more the global finance is being reshaped to fit into it. Now the question is: WILL CASH DISAPPEAR COMPLETELY?
In this era of crypto many people believe that we are moving gradually to a cashless society. Let's look at how crypto reshape the use of cash with it's benefit and challenges ahead.
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**The shift from physical money to digital money:
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cash for decades has dominate the medium if exchange for centuries through it's universal acceptance. The new ways of payments has made a lot of people stop using cash, like trying to pay money using mobile transfer like online banking and payments apps. But this wasn't the main trait, untill 2009 when people starting sending money throughout without using banks with the help of Blockchain and Bitcoin. Since then millions of people has adopted crypto as a medium of payment of salaries, rents and even buying of things.
**Why will Crypto Replace Cash: **
With your smartphone replacing cash is possible, some people are still in doubt that crypto will replace cash but humans love freedom, and crypto gives that to them.The decentralization is the freedom, no central banks, no one can imposes any discussion on it base on his political views. The speed of crypto transactions is faster and easy than using the traditional banks. The worst is transferring money from one country to another using banks. These transactions will surely take days while crypto gives you a free access inside your room and everything is done in just few seconds. With even lower charges than banks. In terms of corruption, some countries that the government has destroyed their trust with it's citizens base on money laundering. Crypto can build the trust again because everything is on a blockchain which is not hidden. Everyone can see the records of transactions and monitors the flow of the money.
Just like in hive here we have HBD which people use to buy and sell using the spendHBD app. It's already started and it will actually replaced the cash.
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**What is delaying the cashless Society?
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Crypto needs internet connection and in some third world countries some people still find it difficult to access the internet which without internet theres not digital transactions. More awareness should be done for them to know more about this evolution.
The level of trust for crypto is bad because people do not trust it because of scammers. The problem if customers support that will help you when ever you forget your ATM pin or is not in crypto anytime you forget your password the money in that wallet is gone. This alone brings fear to people.
The cryptocurrencies are not stable except for the stablecoins while others can rise and fall anytime. This instability has caused fear making people not to use them for their daily transactions as they use cash.
Physical cash can not just disappear like that it will take time and trust from the people. Many countries are already setting central banks for digital currencies to support the digital version of their fiat currency.
Posted Using INLEO