Why I believe that Bitcoin and Cryptos will eventually win out and take over are financial system. The world is changing, physical cash is disappearing because it is just too expensive to create. Things like PayPal, Venmo and Cash app are the new normal when it comes to exchanging value between friends among the millennial generation. TransferWise used to be my go to internet site for transferring money to European Bank accounts because of the low transfer fees. Today I read an article on their site that says, “The arguments for ditching notes and coins are numerous, and quite convincing. In the US, a study by Tufts University concluded that the cost of using cash amounts to around $200 billion per year - about $637 per person. This is primarily the costs associated with collecting, sorting and transporting all that money, but also includes trivial expenses like ATM fees. Incidentally, the study also found that the average American wastes five and a half hours per year withdrawing cash from ATMs; just one of the many inconvenient aspects of hard currency” (1).
Just this past week I went to two meetings where the whole office was asked to contribute a small amount of money for something that the everyone was going to benefit from. Funny enough in both instances the first thing that came out of the speaker’s mouth was “yes I know none of us carry cash these days so you can Venmo the office.” Now that creeps me out. How can you Venmo an office? The worst part about this whole situation was this at a finical advisory meeting and none of these people own any cryptos! It just goes to show that the financial world is still very skeptical towards cryptos and most people don’t know what advantages they hold.
This morning I went onto Venmo to see all the new people trading money. It was funny to see a bunch of people transferring money through Venmo and yet when I bring up the concept of digital currency’s like BTC I’m always laughed at. All I can say is that this change will be very fast and eventually Crypto’s are going to be infused into our daily lives and we will learn to take them for granted. This process is called institutionalization it has happened many times in our lives and the next big change will be from digital money owned by one central location to decentralized cryptographic currencies like BTC, ETH, LTC, XMR, DASH, and many others that will come.
@juized creator of the HedgeHog Fund for news and tips on how to trade cryptocurrencyWorks Cited:
1.) https://transferwise.com/us/blog/the-disappearing-paper-why-cash-is-a-dying-payment-method
