Revolution, like evolution, is an inevitable process. The digital era, in essence, is an ever revolving system and at no point should we think it will stop. Currency by itself is a susceptible subject. Currency has been in existence almost since the dawn of man. It is the exact definition of why man is the most advanced species.
Digital evolution and currency
Currency in all essence is worthless. Traditional money is worthless pieces of paper that a group of people decides to give value. This is a fundamental concept that the people agree that money is worth a certain amount.
But just like barter trade, which people could not always agree on the value of money and this created a problem. Banks and governments controlled the money. This control watered down the value of money as they decided what its worth is. Many people have been looking for a solution for paper money, but nothing has come close to replace it… yet.
So what is next with traditional money not cutting it anymore?
Humanity is evolving from money and dawning into the era of Crypto Currency. But humanity isn’t that petty. Governments and banks controlling money are not the only reason currency is moving digital.
Problems that have lead to the revolution of currency
“Villagization” of the world
With the internet today the globe has shrunk tremendously to a point you don’t even have to work in an office. The biggest problem with the” villagization” of the world is payment options.
Traditional money is expensive to transfer. Even with services like MoneyGram and more recently PayPal, the process is still so inconvenient, especially with these big third party cooperates involved.
But with Crypto Currency not owned by any particular organization and or government, you can send it directly to the individual without any other person being involved.
Uniform currency
With each country having their currency it became a real problem. Sure the argument that one country is more developed than another and therefore this currency should have more value is sound from an economist post of view. But with the digital age coming across borders mean nothing and therefore the currency is only a nagging variable.
Crypto Currency has a constant value across the board. The digital world does not have a barrier so why should digital currency implement it?
Fraud
Indemnity theft and fraud are quickly becoming a big problem. With traditional money having so many disadvantages people started advocating for plastic money. Credit card for all their advantages has no real security protocol.
Basically what the card does is Phone to the bank and tells them that you want to make a purchase, and the bank sends the money.
But digital currency one of its strongest pillars happens to be security. Interestingly, cutting out third party involvements in sending money increased security tremendously. Who would have known?(everybody). This is because many people changing money will always water down the security of the transfer.
What to expect from the digital evolution
Speed in money transactions
Slow money transfers add to the problem of insecurity that is already rampant with money. But with the introduction of digital currencies, the transfer of money is much faster.
Decentralization of currency
Another big problem with traditional money is that all the money has to cross a certain process leading to a bottleneck scenario and a centralization of the money. With no actual owner of Crypto Currency, this problem deals with free movement in the money market.
Emergence of new money markets
With any emerging of any business, the money market grows as well. Money is as opportunistic as they come and seeks every place to grow. We already see people trading Bitcoins. We’re also seeing people buy with Crypto Currency as the currency exchange.
Marketing becomes more digitized and less aggressive
With traditional money, people had to meet more often than not to carry out transactions. This led to some pretty aggressive marketing tactics that worked due to the setup. But with business moving online marketing has to change because the more aggressive a marketing strategy is, the less the buyer feels you are being nagged, and hence no sale is made.
Reduced in money clutter
Money is bulky, the primary reason for moving from paper to plastic was partly this. This may also be a significant factor to people moving to Crypto Currency.
So Why digital revolution is a big deal
The answer is simple. The world is inevitably becoming digital. Change is inevitable. Companies, businesses better get on board or become obsolete.
