A Look at a Cashless Society with Cryptocurrency

RHEA CRAIB
Oct 4, 2018 · 5 min read

The idea of a ‘cashless society’ is no longer an imaginary concept from a sci-Fi — movie, we are already well on our way to living in a digital cashless world, perhaps in more ways than you realise. Many of you will already favour the convenience of your plastic cards over cash when paying for your daily expenses, while others might be in the habit of using mobile payment options.

Digital payment options have been evolving before our eyes for some time now, there are in fact so many payment options available to us that there is little reason to visit an ATM regularly, if at all — and yet many people are still very opposed to the thought of a ‘cashless world’!

According to business consulting corporation Capgemini’s 2017 world payments report, there were a total of 115 billion non-cash transactions made in Europe alone in 2017, 162 billion in North America and 93 billion in emerging Asia. These numbers are set to rise to 123 billion in Europe, 168 billion in North America and 121 billion in Emerging Asia by the end of 2018.

In some countries such as Sweden, the law already states that a shop has the right to refuse cash at the sale of goods, something that people are adapting to quite well. And yet, when we talk about the revolution of the cryptoverse and how it is set to change the world and money as we know it — people are still resistant.

But why, when the transformation from a cash world into a cashless world is already happening right before our eyes? The answer is lack of knowledge and education about cryptocurrency. If you do not fully understand something then how can you believe in it for a better future?

There are in fact many benefits to a cryptocurrency based society aside from ROI, so let’s take a minute to imagine a world where cash no longer exists and everything is paid for by cryptocurrency.

Privacy

You will be able to shop in complete anonymity, no longer will your every purchase be analysed by your bank manager or credit card company. Paying for goods with crypto eliminates the need for the middleman such as a bank,which can track where you are, how much you are spending and on what — with cryptocurrency your identity and spending is kept private.

Efficiency

Just think how much quicker you will be able to do your weekly supermarket shop if you don’t have to stand around in a queue full of people waiting for change! No longer will you need to stand in the bank for hours waiting your turn to withdraw large sums, and you will not have to drive around town looking for an ATM that is not ‘out of order’. There will also be the added benefit that you will not be charged a fee for accessing your own funds (many ATM’s in Europe still charge users to withdraw funds).

International Transfers

You can send assets to friends and family in other countries around the world almost instantly and without fees — there will no longer be a need for the long anticipated wait of the ‘Western Union’ transfer.

Crime

Cash has always been a prime target for thieves. Removing cash from society has the potential to reduce crimes such as robbery and muggings. If cash no longer exists there will be no need worry about being ‘pickpocketed’ in the London underground, or of being mugged while walking the streets of Barcelona alone. Why? Well let’s face it no one is going to carry their cryptocurrency wallet around with them the way they carry their actual wallet, are they?Cryptocurrency will also solve the issue of counterfeit money and the printing of extra paper money to try to save banks and countries,and hence, cryptocurrency will boost global economy.

Financial Inclusion

Globally 1.7 billion adults remain unbanked! In countries such as Latin America, South Asia and in Sub-Saharan Africa many people do not have access to a bank account but statistics show that two thirds of this unbanked population do have access to a mobile.

A cashless society would not only allow these people to access a financial alternative that is scalable and efficient,but it would also transform businesses locally, for example farmers would benefit from the convenience and security of digital payments for agriculture sales and blockchain technology would allow them to build a secure payments history.

In countries such as the US, you would expect the unbanked situation to be almost non-existent, but it isn’t. According to a survey conducted by the Federal Deposit Insurance Corporation, only a few years ago 7% of the US population was unbanked in 2015. This number has now decreased to 5% today, which is still over 16 million people in a developed country that do not have access to a bank account. Being unbanked in a country such as the US incurs hefty fees to make transactions, time and effort to pay bills in cash and a lack of security options when it comes to physical cash — things that a cashless world can quite easily solve!

Suddenly it doesn’t seem like such a scary concept now, does it? If you take the time now to learn about cryptocurrency and blockchain technology you will soon begin to understand just how much a cashless world with cryptocurrency can benefit everyone. It all starts with education!

If you have not already done so, you can now download B21 Life our cryptocurrency education and training app for free. With B21 Life it takes just three minutes of your time per day to learn about the world of cryptocurrency, blockchain technology and the investment process.

B21Official

Personal Wealth Manager For Cryptoassets

RHEA CRAIB

Written by

Content Marketing

B21Official

Personal Wealth Manager For Cryptoassets

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