Cash Is Dead, Long Live Digital Cash

By Tyler Smith – Cryptocurrency expert

The Swiss town of Davos are currently providing their consensus on physical cash. The potential outcome of this is cash vanishing from all markets. This was mentioned during a session of the World Economic Forum in Switzerland. An economic advisor claimed that physical money is almost out, a sentiment echoed by Jordan’s Minister of Digital Economy & Entrepreneurship Mothanna Gharaibeh. He later wished for the public to pick up electronic methods of payment, whether they be mobile wallets, cryptocurrencies or bank transfers.

If members of the public do indeed start utilizing electronic methods more regularly, we could potentially see more users buying Bitcoin and other cryptocurrency, for both money transfer purposes as well as for payment of goods.

Gharaibeh did admit that it would be hard for people to revolutionise from cash to e-money, especially for those with no bank accounts. He does not believe that money needs to be reinvented, just that the anonymous properties need removed. When you buy Bitcoin to transact, these are all verifiable but anonymous, which would not alleviate Gharaibeh’s concerns.

In contrary to the stance of Gharaibeh, Harari foretells a reduced level of privacy in financial matters and considers this a very perilous idea. However, most bankers, economists and politicians at the WEF are in favour of this asset type. It is advantageous for our society in long-term scenarios to buy cryptocurrency to reduce costs and increase the speed of transaction.

Many policy makers believe that with more financial data collection and passive surveillance, the public will benefit greatly. The data collected should be securely maintained as any kind of breach can lead to a disastrous loss.

Many users of cryptocurrencies trade daily, meaning they buy and sell cryptocurrency regularly. If you’re looking for the best place to buy Bitcoin, check out our website to buy Bitcoin in the UK.

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