We have all experienced the rise of digital financial transactions over the last several years.
Of course, credit card transactions and wiring of funds are all digital and have been around for a long time. But the rise of PayPal, Square, and Venmo have signaled a huge trend in the way we transfer money.
I believe most of us don’t carry or use cash as much as we used to. One day, paper currency will be obsolete. It nearly is in countries like Sweden, China, UK, and South Korea.
There are many reasons for this:
- Less chance of loss or theft
- More transparent and verifiable transaction history
- Quicker transactions
- The younger generations have grown up with computers and digitalization, and will favor and adopt the transition easily and quickly.
There’s one less obvious reason, but will no doubt help foster the conversion much more rapidly. And it’s highly relevant today:
It’s the fact that paper currency is filled with bacteria and viruses as it passes form one person to another.
And with the present Coronavirus panic, there will no doubt be a heavy push to begin banning the use of cash, as it is a potential vector in the spread of diseases globally with no way to adequately control it.
This tectonic shift will certainly allow Bitcoin and crypto assets to gain a significant foothold in the future of finance. Already many millennials have shown a propensity to own crypto assets. They trust them more than the stock market, the banking system, and even gold.
These trends are irreversible, and will only get stronger! It makes sense to get on board early and profit with the trend!
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