Look around you, observe your friends and colleagues and the kind of payement options they use, you will find that in most metropolitan areas, the dependence on cash is gradually dwindling.
As technology improves with every passing minute, people are moving towards a cashless economy. And why not, going cashless offers a number of advantages over the conventional method of carrying around a bundle of notes, and leaving a paper trail behind.
It is undoubtedly a move for the better. Going cashless has a number of benefits including greater security for your money. Plastic money is the new money of choice and most people are overly dependent on their cards and online payment apps.
Recently, the popular US prime time talk show host Trevor Noah of ‘The Daily Show’, did a segment on why Americans are increasingly favouring plastic money over cash. Albeit there are some sections of the society who will be at a disadvantage with this new system of payments, however they are a minority in the society.
Now the question is, does this move towards a cashless economy signify an era of cryptocurrency upon us?
Let’s not put the cart ahead of the horse here. While it is true that virtual payments are becoming increasingly popular, it would not be prudent of us to conclude that it signifies an end of fiat moeny usage, because let’s face it, if you are asking yourself ‘Will Cryptocurrencies Replace Fiat Money?‘ the answer is no, not anytime soon. But it is spreading like wildfire.
“MIT bookstores are now accepting Bitcoins. Micro merchants can go cashless via crypto currency.”
– Jordan McKee, Senior Analyst, Mobile Payments, Yankee Group.
The spread of cryptocurrency trading cannot be ignored any longer, and it should not be ignored any longer. It is, afterall, the currency of the future.
While it is true that use of crypto will help bring the rate of financial crimes down and will also make transactions quicker and easier, it is not the immediate substitute to cash. It is however, a very viable alternative that should be considered.