The Cashless Society The Digital Age of Bitcoin, Blockchain, and Cryptocurrencies
For much of the last decade, when people talk about money, they have been talking in exciting ways about cryptocurrencies, bitcoins that you will never have in your wallet because it is a virtual currency that will soon allow customers to pay for a car in bitcoin. We are starting to see people lending money to get into bitcoin everything you don't understand about money combined with everything you don't understand about computers, but these new digital currencies are something that you should really be concerned about or, as the media to They often say, they are just dangerous and a fad you are not investing in.
I wonder what's in your pocket right now, go and take a look, maybe there is some cash, some coins or some bills, or maybe you just have one card, maybe, you are a little more progressive and have nothing of the above, maybe you pay with your phone maybe you barely have to think about the money coming in and going out of your bank account, but the money keeps flowing even if it's just a phone.
I'm gambling in your pocket right now you have some means to spend money and even though we hardly think about it, the fact that we keep all of our cash constantly shows how important it is, so what if I told you that we are on the edge of systemic change in how we view money in a cashless society where people rely on digital technology to spend, save and earn money, where there is no need for cash or coins, is soon coming up to us, and since money is so critical, the systemic change in the way we use it means a systemic change for young people means you have to worry about cryptocurrencies and other financial technologies that may affect you if you are prepared about how it will affect your bank account, your purchases, your work, what happens if you work or pay cash, and in which case, what will the government know about you to help answer these questions in this video? cashless society what is it when it will arrive and what does it mean so that you never leave the cave without it being separated the next time you may not realize that cash, as we know, is actually quite a recent invention in the grand scheme of things, for example, if this wedge of cash represents the entire history of mankind, only one of these bills represents the time elapsed since the money first appeared, but before that, there were other forms.
Thinking about money and money has changed a lot since money is always evolving and to understand the future we must go back to its earlier evolution, most likely the first societies used the beating when they wanted to exchange things, in other words, they would exchange something they had for something they wanted a cow for a wooden package o However, as time went by, different societies developed a way to simplify this process, they began to use rare objects such as shells to represent value and exchange those items for the things they needed; later, some societies developed small tokens to represent these objects; Those were the first currencies to emerge in Turkey, China and elsewhere, then in the late 1800s.
In the 19th and 20th centuries the first types of cashless payments emerged, then store credit, then credit cards and debit but they were always a sideshow of cash until very recently, for example in 2017 debit cards overtook cash as the most common form of payment in the UK and that is largely a story of technological change increase in stores and other organizations making it possible to use contacts and only pay with the touch of your card and now we are on the cusp of a future where all kinds of technological change will generate increasingly rare cash in society there are all kinds of new trends and ideas that we could point to as part of this next evolution of money, but one of the most important is something called blockchain and the cryptocurrencies it supports, so what is it?
what the blockchain supports with the measurement of this technological part because it is really important to understand the cashless society because blockchain technology has the potential to make cashless payments much faster and much more secure and the It can support a lot of new digital currencies called cryptocurrencies, you may have heard of bitcoin, for example, blockchain is basically a newsuper secure method of keeping records a block refers to a set of records, each block has a unique code which is called a has and each block is linked to another block using the hash of previous blocks, many blocks are linked together in a chain and it is almost impossible to change any of these records without someone noticing because it would change the hash, break the chain and break the system this information is stored in something called a ledger which is a kind of database, but unlike from your bank's database, there is no central authority that maintains this data, which means it is freely available for anyone to check, this can be difficult to obtain your But software engineer idharth malhota has come up with a simple analogy which covers the basics, so traditional centralized systems for keeping things safe, like banks, are a bit like a standard.
multi-story parking, you put your car there and pay a company to keep this space under maintenance and they make sure your car looks safe, but the fees can be expensive If you trust that parking company a lot, if thieves walk in the door main, they can get into everyone's cars, meanwhile, if the population in your area grows, the parking lot will eventually get too crowded, so imagine there are many people near you who have two garages but only one face and imagine there is a system intended to allow you to rent your spare garage to keep your car safe without the need for security maintenance and everything that comes along with a car park Thieves who wanted to steal all cars would have to break into each garage separately instead from just one car parking lot and because people are renting outside spaces that were reputable Notwithstanding this, they are likely to be cheaper than specially designed car parking and if the population increases, the number of spare garages available for rent will grow with it. It is a very simplified version, but the blockchain is a bit like the second example with garages for rent and in the same way, the blockchain allows secure transactions without going through the middle. t could speed up digital payments and why admit those digital cryptocurrencies that I mentioned, that is going to lead to a big change because money, as I said, is always evolving at the beginning of I asked if he understood the technologies that are going to reshape his life now that he understands a little more but in the
I am going to show you what you really need to know what this new evolution means for you, your work and your relationship with the government, not just a second here, no, I don't have your money here, it's at Bell's house and at Fred's house. What the hell are you doing with my money at your house? Fred part two the government and the cashless society A few years ago, many journalists got very excited about a mystery story that revolved around someone named satoshi Nakamoto or rather someone who was not called satoshi Nakamoto that name was a pseudonym given to him The still unknown computer genius and most likely billionaire who created may even be a great of people we just don't know there have been repeated exposures in the media attempting to reveal his identity, each one strongly denied and each fueled because of speculation and, as I mentioned in the last section, bitcoin is a new digital currency or cryptocurrency that uses blockchain technology, the media circus around its founders, especially among the most needy communities in a way illustrates the way that most of people think that bitcoin is a fringe obsession, at best a placer for techno-billionaires to speculate and invest, sometimes getting their money back, and at worst losing it, at worst, it has been used as a tool for the underworld, a murky and impossible currency.
the track that allows naughty people to do bad things with bitcoin and other cryptocurrencies. They have been and are sometimes still used for these fines, but they are destined to become much more significant and much more mainstream, for example, there is a new online banking service called revolt, it is easy to use and allows you to convert your money in bitcoins and other currencies. I am quite a specialized product, but it is very easy to use and the wider adoption of this type of technology cannot be far from traditional banks. They will also likely follow suit in the US government.
ruled in July 2020, banks should be able to hold bitcoins from customers in the same way as other currencies, so ordinary people will trade bitcoins in a matter of weeks probably not, but it's worth saying that bitcoin is really volatile, the value rises, and falls rapidly partly because there is a limited quantity unlike many currencies in which governments can increase or decrease the quantity in circulation so it is not always a good idea for beginners to invent Bitcoin can only handle seven transactions per second compared to the visa, which processes around 1700 per second, but as the technology becomes more adopted, more wealthy people will start using the bitcoin store. Over time and as bitcoin has a limited supply, its wealth will continue to grow as more people follow soon because the idea of digital currencies is definitely becoming much more common and there are other cryptocurrencies that are solving the problems that bitcoin currently has. , another cryptocurrency you might know is ale d ripple and it can complete around 1500 transactions per second and can actually scale to 50000 per second now ripple has a much better use case for financial transactions due to its speed, for example, if you wanted to pay one of the team members I usually have to send money from my bank to an intermediary like xe.com, then they exchange my pounds for dollars and then send the dollars to the bank account of my team members and this process can take time some days if you are sending less popular currencies, while if we use ripple all I have is to get your bill address digital wallet and send them the relative amount of ripple tokens, the transaction will occur almost immediately with no middlemen and very little processing fees and when trillions of dollars are transferred internationally each day, this technology eliminates the need for countless services that save you time and money, and that is why banks and the media are scared.
Of this technology as it really has the power to deter. However, you may see a move towards digital currencies from a totally different direction, government cryptocurrencies like bitcoin are out of the control of governments and governments don't like it when they don't have control so far, that means they have treated bitcoin and other cryptocurrencies with suspicion, but governments do now seek to attack new threats to their authority in a different way by creating their own digital currencies China launched its pilot in April 2020, while Singapore Canada The Bahamas Thailand Sweden are just a few of the countries that are known to be working on their own, so it's a good idea to start learning about bitcoin and digital currencies because if a change comes around, you won't want to be left behind.
Who would have thought that we could have so much treasure? Part Three What the Next Evolution Means to You Remember how I talked about HMV in one of my last videos, they failed because they refused to acknowledge the inevitable shift in tech technology and you don't want to end up the same in the early 2010s when bitcoin received attention for the first time, many companies started accepting payments in bitcoin, for example, Expedia, the travel company started accepting bitcoins in 2014, but quietly stopped that service in 2018, but unfortunately a lot of business that was carried out few people who really wanted to pay with it, but you have to wonder if they are all shortsighted because in 2014 when Expedia started accepting the currency, a bitcoin was worth 639 if the company had kept one bitcoin for them and sold it today, it would be worth more than thirty. Four thousand dollars still maybe jump right into dealing with cryptocurrencies too much during most moments, even so the way you pay and interact with others and with businesses is likely to get much more digital very quickly for a story about how quickly digital payment technologies can change society.
2007 Safaricom a mobile network operator built a service to help businesses obtain loans worked on mobile phones and 54 of the Kenyans had this installed and more people had access to banks.
And m means mobile and Pisa is Swahili for money and the service worked for its intended purpose but people started using another way to send money to each other so what they did was reorganize themselves to make payments and it became A lot of years later, in 2017, there were 1.7 billion annual transactions processed using their service and that totaled almost 50 of the developed countries of Kenya in the developed countries there are many legacy systems that Kenya did not have and that means that mobile payments as a technology They haven't taken off that fast there, but that doesn't mean things won.
Exchange banks are investing heavily in blockchain and other technologies that facilitate mobile payments in Europe a group of large companies joined in and announced a network last year that will do make this type of technology much easier to implement and in 2019 60 financial institutions in Japan created a new payment system for or smartphone. It means good to you on a level that can make your life a lot.
It is wise to assume that you have access to the right technology and know-how just as well, although it can make things more difficult during the pandemic, many people struggled with the new policies alone no cash in supermarkets and if cash flow is a problem or you work with cash in hand, what do you need to do to prepare your finances? For the next few years at least, you should be learning how this new technology works, how to buy, store, and send cryptocurrencies, because if you don't, you're likely to regret that decision when the inevitable adoption comes, because look, society. Cashless is not with us now, but the question of evolution.
Cc:-
@steemitblog
@steemcurator01
@steemcurator02
Written By @ranaa