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The End of Cash
The advent of the cashless society
We’ve heard this before. Cash is obsolete, inconvenient, and archaic so it should disappear.
This time might be true.
The end of cash is always round the corner and yet, never seems to materialize. Do we really need cash in this time and age? What are the reasons why we are still using it? What can we replace it with?
Types of currencies
Mainly, there are two types of currencies:
- Fiat currencies. The money we know. Dollars, Euros, Pounds Yens. This could be used as cash or in the form of electronic transactions.
- Cryptocurrencies. Bitcoin, Ethereum, Cardano, Iota, Facebook Libra, and many others. These are the digital money of the future, they have no physical form and all transactions are made online.
Possibilities
In the race to go cashless there are several possibilities. One is simply to use Fiat currencies in electronic form. That’s what you do when you pay with your credit card in dollars, yen, or euros. In that sense, the change is not that dramatic. At the end of the day, you are still using currencies that are controlled by the central bank and credit cards from financial institutions.
