Will there ever be a time when our paper money is of no use?
When Netflix was introduced in 1997, it became a new type of home entertainment in an era where Blockbuster ruled. Suddenly, you could rent an unlimited amount of movies for a single subscription payment. This was already quite a game-changer and people wondered whether or not it would change the way we view home entertainment.
In 2007, Netflix moved into the streaming territory and subscriptions have increased by the millions. They’ve gone into the business of creating original content and suddenly, producers and directors flocked to the company that now offers them creative freedom. We still wondered whether or not this will harm the movie-going experience or the way we consume television. While there are still those who prefer the cinema and enjoy watching a show on a weekly basis, the fact is, it’s changed the way we consume our media.
The same could be said for the arrival of cryptocurrencies. With more companies and countries accepting Bitcoin and other cryptocurrencies, it will inevitably change the way we transact with one another. Will it completely eradicate the cash system?
It will not replace the fiat currencies but there is no denying it’s rapid rise and influence on the economy. A professor in Australia believes that the cryptocurrency will eradicate paper cash within a decade, but the digital currency still needs proper and 100% acceptance by governments if it intends to be the widely-accepted global currency.
It’s non-regulation is a bit of an issue
Cryptocurrencies are not government issued and offer anonymity. Governments and a few companies fear this, which is why you’ll still be paying cash for certain transactions.
Cash, card or Bitcoin?
Government wariness has not stopped a few stores from accepting cryptocurrencies. If you’re looking for a new laptop or a 32 inch television set, Overstock.com allows you to purchase with Bitcoin, Ethereum, Litecoin, and Dash. For potential holiday-goers, travel booking agency, Expedia, also allows Bitcoin payment – although this only extends to hotel bookings. By 2019, it looks likely that you’ll be able to purchase your BigMac, as it’s been reported worldwide that McDonald’s will be accepting Bitcoin payments for meals.
There are huge challenges if cryptocurrencies replace cash but it’s unlikely that will see the eradication of fiat currencies within the next decade. However, this is not to say that the rise of cryptocurrency will ‘blow over’. With companies accepting digital money and the establishment of crypto-exchanges, we’re likely to find a wide acceptance of cryptocurrency within the next decade.