Why Bitcoin is key to a cashless world

07 Jul 2020

BitcoinTraditionally, it has always been said that cash is king – but in several countries around the world, this statement may no longer hold any truth, as cash transactions are slowly evaporating.

In Sweden and South Korea, people only use cash for 20% and 14% of transactions, respectively. Whilst these two countries are known to be at the forefront of the cashless revolution, other nations are now following their footsteps. 

As the popularity of digital payment methods balloons, and with it do the modes of payment – such as credit cards and mobile applications – the number of people carrying around cash in their wallet is continuously on the decline. 

Needless to say, one of the main advantages of living in a completely cashless society is convenience. Furthermore, in light of the recent global pandemic, cashless methods of payment have surged in popularity as people opt for methods of payment which do not involve the transmission of banknotes and coins in order to curb the spread of the virus. 

However, most digital transactions are monitored by some sort of middleman. Does this mean that we have traded in the financial privacy brought about by physical cash, for the convenience that digital transactions provide? 

The solution is simple – Bitcoin. Chief strategy officer at the Human Rights Foundation Alex Gladstein explains why Bitcoin will be vital for a future of centralized digital money, SingularityHub.com reports. 

Dealing with paper money means that people afford not to lose their financial privacy. By contrast, digital transactions can lead to the revelation of personal information to corporations and governments. Bitcoin, however, provides the groundwork for a peer-to-peer electronic system, whereby there are no corporations or banks which lie in the middle of the consumer and the person being paid. 

Gladstein hereby describes Bitcoin as the “people’s money,” offering consumers money that is easily accessed by anyone, and therefore making it crucial to the future of the cashless world.