Do you remember the last time your employer handed you a check on a Friday afternoon encompassing your pay for the week? Do you remember then taking that check to your local bank to cash it and withdraw as much as you needed to, putting the rest into your savings or checking account?
It may not have been that long ago, but it sure seems like its been a lifetime since that scenario played out.
Okay, let’s take it to the next level.
Open your wallet or purse and check out what’s inside. You might have a twenty or two floating around in there, but the vast majority of components inside consists of credit cards, debit cards, discount cards, and other pieces of plastic that are apparently necessary for everyday living.
Fast forward again.
The past couple of years have brought out Apple Pay and similar applications that you can download onto your phone. Next thing you know, you’re at the cashout register putting your phone to the payment screen to electronically pay for what you’re buying. At that point, all of your cards are indebted into your phone, and all you need is to have the phone screen connect with the transaction screen to follow through with the transaction.
Even still, applications like Venmo, PayPal, and Cash App now allow you to transfer money to your friend’s digital wallet instead of going to the ATM to withdraw however much you owe them.
Technology is crazy these days.
Which begs the question, “Everyone’s going digital, it’s not if, but when.”
So, there’s now direct deposit for paychecks. There’s now debit and credit card pieces of plastic instead of cash. There’s now Apple Pay if you don’t want to carry your cards around. And there are now applications like Venmo to pay your friends the money you owe them.
What about digital money? Instead of the dollar and the euro, what were to happen if digital forms of money were created?
Well, this just in, cryptocurrency has been out for quite some time.
So now, we have to be aware and understand that it MAY be the future of all money transactions. Honestly, it’s probably not an if, it probably is a when – we just don’t have the entirely correct answer to that question just yet.
In recent years, Bitcoin (the #1 cryptocurrency on the market currently) has been gaining popularity to those willing to participate in encryption money service platforms. With Gemini and Libra on the rise, cryptocurrency programs will only get better – or so crypto-evangelists claim.
Predictions claim that in the next five years, cryptocurrencies will take a turn for the better.
However, we don’t have enough statistics to firmly state that’s true.
This period of trial and error will prove the direction of the futuristic digital money. Specifically, the year 2020 will point us in a more precise direction – and we’re not entirely sure if everyone is ready for it. But bring it on is the thought process we’re aiming to have.