Cashless Society: Cryptocurrency is the Future of Money
How it works
Cash is one of human being invention that most has a negative effect on both government and in personal level. People relying on a paper to buy exchange goods that has no back up or true value. therefore, people often forgetting that paper money can be worth if it is buy by bank to distribute to people. One example, the government of Venezuela uses print cash to fill the economic deficit as a whole. While ignores the fact that paper money needs to be back by precious metal in order to be consider value currency.
Therefore, to avoid further disaster, countries should switch from paper money to cryptocurrency. Cryptocurrency such as bitcoin prevents fraud, good record keeper, and help people manage money more accurately.
Everyone can agree that cash is a problematic in the society. For one, it sets a person up for potential robbery, sometime even threaten one’s life. Secondly, it is inconvenient to always need cash, which is why credit cards have become so popular. Though credit card has its own sets of problem such has fraud and identity theft are common issues with credit card. Even though credit card seems to solve the convenient of easy transfer, but usually cause people to spend money that they have in the bank. Furthermore, cash is the common currency that terrorists always require negotiators to pay them with because they know it is almost impossible to track that money upon receiving.
The only way to solve the cash dilemma in the society is to implement a smart currency such as bitcoin and other forms of cryptocurrency. Most developed countries have already discouraged the use of cash in daily transaction in some forms. However, smart currency such as bitcoin can solve all the problem with cash. Bitcoin currency is the safest from of currency, as it is almost impossible to alter an exchange that is stored in the database. Unlike cash where people can easily counterfeit and use to purchase product in market place. Bitcoin has no place to be used to be counterfeit because any change to a transaction a trusted computer to validate the change. Thus, solves the double spending problem that has bugged economists for century. Plus, Bitcoin runs on a global network of computer that are easily accessible anywhere in the world. cryptocurrency is great record keeper and that will help people manage the money easily. Another benefit of cryptocurrency to the society is that will drastically decrease the realters need for central to manage transaction. Since most of the data would be already stored in the cloud for ease of access and conveniences.
To finish, cashless society will help people make better decision with their money. Most importantly people can live with no fear overspending on a credit card or other form of credit. Economic prosperity in a country will decrease the risk of people of recession in the country’s economy.