Digital currency finds people divided into two opposing thought camps; “the coming of cashless society” and “society without cash is a society without liberty”.
The End of Money is a book that promises to be the harbinger of what it claims, the end of cash, as we know it. The author David Wolman, narrates his journey, how he decided to shun cash for a whole year and spent time interviewing a convicted counterfeiter and alternate currency evangelist, the latest anti-counterfeiting wizardry among other things.
On the other end of the spectrum is Brett Scott, a self-styled “economic activist”, who maintains the importance of cash for a free society.
The relationship between digital currency and cash has been likened to the “oxcart and car”. Here’s why the digital currency will soon overcome the cash and coin system.
Cheaper transactions, cheaper prices: Digital currency transactions usually have a very small fee or nothing at all.
Zero international transfer fees: Say goodbye to international transfers, currency conversion costs. Digital currency transcends boundaries and the Internet is the limit.
Zero account fees: Bitcoin account wallets can be created free of charge and do not require a minimum investment balance.
On the supply side:
Transparency: Bitcoin, one of the most popular digital currencies, is upfront about the supply of Bitcoins in the world. Central banks on the other hand, have maintained discretion about money supply or how much currency has been issued.
Fixed supply: The supply side of Bitcoin cannot be manipulated unlike central banks, which can print currency at will and manipulate the market.
Speaking of ethics:
Trust: Money invested in banks aren’t simply guarded or saved. They are used as working capital for the bank’s trading activities and in the event of a global economic fallout, such as the one the world experienced in 2008, banks were unable to pay back their customers.
Digital wallets on the other hand do not use money for trading. Your money remains safe in your wallet.
Too big to fail banks: The global recession in 2008 saw US banks responsible for the recession being bailed out by governments at the cost of the ordinary citizen, stating the impact upon the national and global economy. Digital currencies promise to rid the world of unethical lending and borrowing transactions.
Responsible money creation: As opposed to creating interest bearing debt, digital currencies are created as utilities, and not profit making machines, creating money only in order to effect consumption.Digital currency promises a breath of fresh air and a brand new way of thinking in a world shackled and shaken by traditional banks.