The rise of the cashless economy and the impact on the crypto world


It seems impossible to imagine that one-day, coins and debts would disappear, but that means of payment between settlement and extinction. Few people turn to cash when they sell, and the COVID-19 epidemic has intensified the practice. It is the first problem when the demand for money decreases instead of increasing, even if one of the alarm’s activities goes to the ATM.

A cash-strapped economy is where financial transactions can be made through paper money (issued by banks) and coins that require a physical exchange. Instead, a cash-less economy relies on digital knowledge and an electronic way of making money transactions. The use of cryptocurrencies such as bitcoin falls within the currency exchange scope because it is a digital currency used to purchase goods and services through the online ledger and data encryption methods to ensure that transactions are secure.

Today, cryptocurrency is used in almost every industry and will continue to adapt to future use.

2020 and economic growth

Just as the “gold rush” attracted hundreds of thousands of bidders to California in the mid-1800s, today, miners are looking for their computers to get digital gold in the form of cryptocurrencies.

Gold or smoke, depending on how you look at it, bitcoin – the most iconic of 4,000 digital currencies on the market – has been plagued by volatility.

When it was created in January 2009, bitcoin cost less than a dollar. In 2017 it was almost US $ 20,000, the following year it dropped to US $ 3,200, in 2019 it jumped again to the US $ 13,800 and nowadays nearly -US $ 35,000.

Has it been profitable? Those who bought them initially had a profit of 9,000,000%, according to the Bloomberg economic sector.

The year 2020 and the coronavirus epidemic have affected industries and sectors worldwide, including the financial sector. Taking precautionary measures to avoid contracting the virus is the first bet on too many people. The World Health Organization (WHO) and public health experts have warned against the use of paper and cash registers to spread the spread of coronavirus. The virus can live in most places for 48 hours and 17 days on paper, which means the virus can be acquired through physical exchanges.

Aside from being incredibly stressful and time-consuming, even the most challenging dehydration techniques may not work well enough. Another safe way to switch to a cash-strapped economy where financial transfers are handled digitally. With some of the currencies going out of control, cryptocurrency is the only effective way to fund the development of a financially stable society.

The use of digital currency has already been growing, but the coronavirus epidemic has provided an additional incentive to accelerate change in the more impoverished economy.

With the same love, those who work with digital currencies protect their value and profit.

It is one of the few assets with a limited supply, “guaranteeing its long-term success.”

In fact, according to the technological framework for which bitcoin was developed over a decade ago, there could be only 21 million.

Mashinsky compares the 9,000,000% gain of bitcoin over the past decade, with the return of the best stock, Netflix, to 4,000%.

It has been very profitable, and the future will be much better.

What is the future without money?

The year 2020 has already given us a taste of what a cashless economy will look like. Many countries are now adopting cryptocurrencies as a means of payment. After the run of a few bulls, cryptocurrency is widely used in many domains:

  • Buying your groceries
  • Paying for food at restaurants
  • Buy products at supermarkets with a few tapes of your phone screen.

It would not be surprising if nations shifted to a more complete or incomplete infrastructure with no future.

An economy without money will come with its benefits. Some of these are:

  • Improved performance
  • Money management is costly
  • and a moneyless economy will save both time and money.

Financial institutions will no longer need to manage, store, and deposit paper money because everything will be done digitally.

Crime rates have dropped dramatically. Most robberies take place outside ATMs, banks, and homes where there is real money to steal. However, with a low-income plan, the chances of crime occurring are expected to be much lower.

Illegal accounting

A cash-strapped economy will have all transactions recorded in the form of digital receipts. Increased transparency and digital paper routes can help track money laundering incidents.

Economic growth

Have you ever been to a store and bought something and reached into your wallet to find that it was empty? Real money hinders economic activity. A society without cash will improve spending power and lead to economic growth.

1xBit – a small vision for a Cashless economy

Several sectors of the economic market and services industry have already begun to use cryptocurrency (similar to bitcoin) to facilitate their conversion to a cashless system. Consider 1xBit, an online bitcoin sportsbook and casino website that uses the latest technology to allow players to play sports betting and live casino games without spending virtual money. The whole experience is real thanks to the live dealer and interactive gaming, without the hassle of managing tangible money. Also, users can benefit from a welcome bonus of up to 7 BTC for the first four deposits made.

Players will let you know how 1xBit can be 100% anonymous and allows you to play on more than 25 different cryptocurrencies!

Initiating acceleration of solutions Apoorv Gupta (AG) is serial entrepreneur and known for growth hacking, brand management, scalability consulting. He is well conserved in fintech and blockchain space. Monitored and analysed both short and long-term growth plan for startups. Specialties: Investment analysis, competitive analysis, business development & growth marketing.

CFO-CIO Colloquium 2021-Power Packed One-Day Virtual Forum

Previous article

Bitfinex Launches Global Grid Trading Competition

Next article

You may also like


Comments are closed.

More in 1xBit