May 16, 2018

Digital Currency: The Age of Cashless Society & Future of Money

The Age of Cashless Society
Due to lots of innovation in this 21st century, nothing seems impossible around the globe. Reality is in front of us, as money will strip off its tangibility and cryptocurrency will appear out as individual units for virtual exchange. This requirement can be fulfilled with the help of Internet, iPhone or any Android-Gadget.

Cashless transactions are practiced globally. Various countries like India, Sweden, and Belgium etc... have taken a back step from paper currency. Sweden has an objective to become the first country in terms of cashless economy. Two years ago, demonetization took place in India and most of the population in Belgium does their payment through cards or mobile phone apps. Even, there is a creation of law to limit the cash transactions up to a certain amount.

The capability of digital currency Exchange

There is a great opportunity for everyone to invest in tokens. The waves related to Cryptocurrency may give an allowance to receive the tokens with respect to employment, offering local services and many more. In spite of getting a like for posting a blog on a social media website, individuals can appreciate with a token which is a broadly accepted method to work in an efficient manner.

Types of Digital Currency

Following are distinct types of digital currencies:

1. Virtual Currency: It is unregulated digital money that has a proper control by the developers. The currency has an acceptance among specific members of the virtual community.

2. Cryptocurrency: - It is defined as the virtual currency that is strongly secured using cryptography. It acts as a sub-part of digitized currency and come up to notify the flaws of bad security problems linked with basic digital currency.

Cryptocurrencies utilize a decentralized ledger which means transactions made by its users are not regulated by any authorized body. Common examples include Bitcoin, Litecoin, and Ethereum etc…

Proceeding towards Digital

Besides the monetary benefits, there have been several technological advancements which portray as a benefit to digitized currencies. It is cheap as compared to printing and distribution of notes or coins. Also, tracking of developments in the economy takes place in an accurate manner.

Benefits of entering into Cashless society

There are several advantages of going cashless, some of them are stated below:

1) Less Robbery: The advantage of a cashless society will lead to the reduction of black money as well as crimes like money laundering.

2) Increased Efficiency in Transactions Processing: Everyone has an experience of being stuck up in a line at a store or at a vending machine and many more areas. Payment of things using the stored value cards will make the transactions very quick and efficient.

3) Saving of Money & Time: All private and government sectors can get a better work efficiency and level of their expenditure will be reduced as there will be no use of manual accounting work.

4) Convenient: The system is very convenient for the users because it eliminates the requirement to carry cash. Digitized payments can be made with the latest technology gadget such as a smartphone, tab etc.

Conclusion

The money future is programmable because when there is a combination of software as well as currency, it becomes more than a static unit and there is no need to rely on any institution for security purpose. In this world of technology, money direction will be done by the software and its arrival will be secured under the individual who has a charge for it.

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