Money Talk: The Benefits Of Going Cashless

On November 2016, India’s government did the improbable: it ordered its people and banks to embrace demonetization. Eighty-six percent of the banknotes then being circulated were suddenly rendered invalid. The move was aimed at dealing with the country’s notorious black market, but it led to much chaos in the immediate aftermath, given that 90% of India is dependent on fiat currency.

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The situation eventually improved; the country’s black market dilemma addressed. And the then incredulous and amused watching world is now catching up on the need to migrate to digital transactions. In a word: cashless. Recent technological innovations have paved the way for the decline in cash transactions worldwide, with ATM withdrawals becoming less frequent in both developed and developing countries.

This is complemented by the rise of alternative currency in the form of Bitcoin, Ethereum, and other cryptocurrencies. Blockchain has led to both an independent and interdependent model for decentralizing control of the value of money. And big businesses like PayPal, Microsoft, Expedia, and Shopify are now accepting Bitcoin as payment method.

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Because, aside from decreasing black market activity, going cashless is the best path for countries to reduce cost and increase tax revenues. Making fiat or paper currency requires considerable resources and manpower for administration. In fact, the U.S. alone spends $200 billion per year just to keep cash in circulation. On a more practical note, it’s more convenient not to be carrying cash around or being dependent on it, especially in less urbanized places with fewer ATMs.

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Top Reasons For The Continuous Growth Of Cryptocurrency

While people have mixed responses to cryptocurrency, it flourishes. In fact, it is experiencing continuous growth even in the midst of criticism from businessmen, investors, and others. Its allure of investors getting rich quickly is what makes others doubt its capacities.

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Nonetheless, cryptocurrency is here to stay for varied reasons. Among these is that it’s becoming more mainstream. Governments and corporations are beginning to look at means for their agencies and organizations to incorporate the use of blockchain technology to decrease costs, increase efficiency, or take out the middleman in transactions. Operating with already high expectations for the crypto market, it can only go higher as more applications and determined for possible use in the global marketplace.

This digital currency has become more accessible to the public with recent innovations making it easy to use. Smartphone apps like Coinbase have become a means for investors to buy crypto coins so effortless and any person with a valid ID and bank account may sign up for a free account. Coinbase recently became the No. 1 app in the United States, moving past YouTube to get to the top spot.

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With higher returns than Wall Street, cryptocurrency is the clear choice of investment if one knows what to buy and when. Facebook IPO was not available to all investors as it required an income threshold for one to purchase the IPO. While this seemed to be a bummer for some, it saw huge gains for those who met its standards. Between Facebook IPO and cryptocurrency, the winner for bringing in more returns is the latter.

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