Lately it has been predicted that within the next 10 years Crypto-currencys could replace paper cash. The RSCoin is soon to be introduced by The Bank of England.
In view of recent debates, now occurring frequently, the question whether crypto currency is going to replace cash, has become a big question. We have very little understanding of the impact it will have on our financial sector.
The time this prediction was raised, since then many believe that it is not realistic, given a very slow adoption of crypto currency as a whole. However, all sides are in agreement that digital currency will definitely have an impact on fiat currency systems in the world.
Unfortunately, the anonymity of cryptocurrency has led Bitcoin to take on a rather poor image. Various private websites and individuals used the digital currency for transacting various illegal dealings, like selling drugs, weapons as well as stolen items. I mean come on who hasn't heard of the dark web or how it operates in crypto-currencyies to maintain anonymity. As a consequence, governments all over the world started to crack down a number of these websites and keep a close eye on them. Another issue is money laundering, leading to an entirely new issue as to how Bitcoin travels across borders internationally, although bitcoin can simply be stored on a common storage device such as a usb flash drive and transported without notice.
I don't believe these issues with ever harm the crypto-currency world. In addition, its more environmentally friendly as well as financially friendly. Theres no need to print new bills and replace them all the time. Best of all theres no worry about counterfeits.
Better yet, because of the decentralized nature these digital currencies have, there is no substantial upfront cost for the government to switch to the digital currencies. Still, the predictions are there stating digital currency will fully replace the printed money in next ten years or so. Theres most definitely a physiological issue with not being able to handle cash in hand. I mean will thumb drives replace wallets?
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