A world without cash: working with cryptocurrencies

2019 is the year that digital payments, according to experts in technology trends, will spread to all areas of everyday life. In an ecosystem where mobile payments are already common and more and more people are looking for digital, fast and secure payment methods through the internet or mobile phone.

A world without cash: working with cryptocurrencies

Cryptocurrencies are also a form of digital payment on the rise, and their markets continue to make headlines and mark projects in the field of investments and finance.

Data confirming the new trend

In China, 14% of the population already lives and works without cash, and it is a figure that will increase. Similar are the statistics for Europe: 86% of Europeans, especially young people between 18 and 34 years old, prefer digital payment and 9 out of 10 will switch to this model in the next three years.

In this new playing field, cryptocurrencies start from a strategic advantage by being born already with a totally digital platform, and with many of these new technologies incorporated into the way of doing things. The new “blockchain” technologies need digital currencies by their nature.

The greats begin to recognize the potential of cryptocurrencies

At a time when banks are beginning to take their first steps in creating their own cryptocurrencies, as the North American bank JPMorgan has recently done, and although limited to its own corporate institutional clients and other banks, it is a first step. JPMorgan insists that it is a prototype, they recognize that there is potential in this technology as long as it is regulated and controlled correctly.

Cryptocurrencies have set out to do away with cash, as they are the closest thing to banknotes in the digital field. There are many and very relevant advantages offered by technological development to overcome cash: it is not easily falsifiable, the speed is remarkable, they are safe, convenient and allow to combat fraud.

Based on open source software and decentralized P2P (peer-to-peer) networks, it enables a new field where it is going towards what is already known as the “internet of value”.

Nowadays, the cases of most use of the “Internet of Value” are shown above all in countries where there have been currency crises, such as Venezuela or Argentina, and which have resorted to blockchain to avoid capital controls or restrictions by the government. . The possibilities are endless.

A world without cash: working with cryptocurrencies : 4.2 / 5 of 23 votes
Roger molins Jerome P Allison ( LinkedIn )
I am a freelance writer and consultant for companies and individuals, with a particular emphasis on fintech, technology, startups and online marketing. More information ...