Paying with cash is obsolete. Coins and banknotes are dying out, and bitcoins and other coins are coming up as successors. Will cryptocurrencies become the new standard?
The development of society towards a completely cashless system is almost complete. Whether in a restaurant or in a shopping center, hardly anyone pays in banknotes these days. Paying with a debit or credit card is easier. Many no longer have a wallet, just a smartphone, and a small card wallet.
Cryptocurrencies, on the other hand, are on the rise. Because money, no matter what form, is not interested in what you think. It’s a primitive means of getting something in return. Nobody cares whether you pay with paper bills or digital coins. This is why blockchain 101 is becoming popular among entrepreneurs and private individuals.
Coins and notes only exist because some frightened purists are desperate to hold on to them. What they know but don’t want to admit: Cash will soon be extinct.
Coins and notes – let it be cryptos
Cash did not exist when human commerce emerged as one of the first economic activities. At that time, traders paid with commodity money, i.e. with goods such as food or precious metals. Strictly speaking, they didn’t pay, they exchanged. There were no coins or notes, but everything worked smoothly. The economy flourished. By the way, even today, the payment process is still a simple exchange whether in cash or electronically.
What is the difference between cash and cryptos?
In the eyes of many, what makes money – wrongly – so much better? Ignorant financial experts call Bitcoins and other coins a speculative bubble doomed to fail because the crypto market has all the usual characteristics such as overvalued assets. The problem with the previous crashes was not the cryptocurrencies per se, but the much too high valued Initial Coin Offerings and the associated too-big sounds that the initiates spat.
Cryptos were new, on everyone’s lips, and ready for big things but they were overestimated at the beginning. However, Bitcoins and other coins have survived the crashes. Investors have learned their lessons from it and have further developed the system.