The Future Coin

Bitcoin

$32,642.68

BTC 2.29%

Ethereum

$1,429.77

ETH 15.38%

XRP

$0.28

XRP 1.88%

Litecoin

$144.41

LTC 5.35%

EOS

$2.75

EOS 0.50%

  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases
No Result
View All Result
The Future Coin
No Result
View All Result
Home Opinion

The Shift to a Cashless World

by The Future Coin
May 11, 2020
in Opinion
0
The Shift to a Cashless World
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

By spring 2020, it became inescapable that we now live in a world with an unraveling future. The once-imminent shift, now fueled by the coronavirus outbreak, has accelerated the pace of technological adoption, and the financial field was among the first industries to accept it. The shift from a cash-based culture to card payments in many conservative European countries became even more notable, alongside a growing interest in cryptocurrencies and stablecoins in particular. What once might have required a few more years of crypto maturity became urgent as physical cash became a potential virus transmission vector, while new levels of financial stimulus saw inflation fears make cryptocurrencies that much more desirable. 

A new outlook on money

Cash may soon become a relic of the past. Eventually, it may be regarded not only as outdated but a dangerous item in a post-crisis world, as no one is sure when the COVID-19 pandemic will end and what to expect next. Social distancing and remote interactions will likely stay in place for quite some time if not years and things, such as delivery drones, driverless cars and robotics have been gaining more exposure and renewed interest.

Unlike the United States and Asia, which have a positive attitude toward different innovations and new trends, Europe has been well-known for its adherence to traditions and conservatism. But the time has come to embrace change.

In Germany, traditionally a cash-loving country, card payments have recently surpassed cash for the first time in history. It’s estimated that the main cause of this rapid change in thinking is the newly necessary health-protective measures in the European Union and the rest of the world, forcing people to reconsider their attitudes toward cash. More than half of the payments currently made by card are contactless, compared with 35% before the coronavirus crisis hit, according to the German Credit Agency. So, while it seems that cash will not disappear in Germany anytime soon, especially when it comes to smaller amounts, the trend is already there — and accelerating.

Moreover, the value of payments with a credit card function in Germany has been gradually increasing during the last five years. For example, in 2013, the value of payments amounted to approximately 4.5 billion euros, yet by 2018, this rose to 7.8 billion euros.

In addition, millennials have also contributed to the switch for contactless digital payments, as the younger generation’s trust in new technologies, such as cryptocurrencies, has reached record levels.

From digital cash to crypto

Taking into account that Germany’s COVID-19 infection numbers have already surpassed 170,000, conservatism has given way to progress — and it’s not the only country where this is happening. The pandemic has affected the whole world, with the government sector also becoming more interested in blockchain and cryptocurrency developments to speed up the creation of regulatory frameworks and central bank digital currency solutions.

By the end of 2019, the demand for digital currency use cases had become more evident, and governments started to change their views on crypto and blockchain technology, realizing that it’s not a destination for geeks, but rather, a prospective technology to build a new foundation layer for a better financial system that enhances many operations.

Furthermore, under a law that was enacted in late December 2019, digital asset custodians are now required to obtain a license, implying that each company that currently works with crypto and targets German clients must announce to Germany’s Financial Supervisory Authority, or BaFin, its intention to get a license before April 1 and submit an application before Nov. 1, 2020.

The advent of global initiatives

Meanwhile, China has been at the forefront of such developments with its digital yuan, with corporations such as McDonald’s, KFC and Starbucks reportedly joining the initiative.

Assets such as Bitcoin (BTC) have already been accepted in some countries — for example, Burger King is known as one of the first international fast-food chains to accept it as a means of payment. Visitors were reportedly able to buy burgers with crypto back in 2016 at the Netherlands branch of the fast-food chain. Later, the German branch of Burger King began accepting Bitcoin on its website and mobile app.

Nowadays, more Europeans believe that digital currencies are here to stay. Not only are the COVID-19 safety measures leading us further to a science-fiction-like utopia but the underlying technology of cryptocurrencies and blockchain has the genuine potential to disrupt the financial landscape, reducing intermediaries, and delivering a better foundational layer for payments, acquisitions and corporate settlements.

Meanwhile, Europe has already expressed interest in stablecoins and CBDCs, with Malta pioneering European crypto frameworks by creating and growing the trend.

Cryptocurrencies can no longer be ignored by governments. The new year has started with lively discussions regarding a digital Euro issued by the European Central Bank. At the beginning of the new year, ECB President Christine Lagarde claimed that the ECB wants to play an active role in cryptocurrency development, while not discouraging private initiatives. In her opinion, CBDCs may provide citizens with a means of exchange in the event “physical cash eventually declines.”

Not a trend, but a reality

According to a survey by the European branch of the world’s biggest Bitcoin exchange, BitFlyer, based on 10,000 respondents across 10 European countries, 2/3 of the local population surveyed believe cryptocurrency is here to stay.

Moreover, buying crypto is becoming mainstream. Today, many companies enable easy crypto purchases. In 2020, many companies aimed to provide cashless payments, with more players recently joining the cashless payments club. Such advancements present a much easier option to buy investment products, given all credit card purchases are allegedly 100% safe.

The days of hesitation and doubts around crypto are now gone. We live in a changing reality where cashless payments and cryptocurrencies have gained an impressive foothold — with blockchain’s reshaping of the financial landscape more evident and widely recognized by many. 

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Alex Axelrod is the CEO and founder of Aximetria and Pay Reverse. He is also a serial entrepreneur with over a decade of experience in leading world-class technological roles within a large, No.1 national mobile operator and leading financial organizations. Prior to these roles, he was the director of big data at the research and development center of JSFC AFK Systems.

Source link

EDITOR’S CHOICE

Stocks will fall at least 30% in a drawn-out bear market: David Tice

Cryptocurrency Mining Software Market 2020: Potential growth, attractive valuation make it is a long-term investment | Know the COVID19 Impact | Top Players: Genesis Mining, NiceHash, Awesome Miner, MinerGate, WinMiner, etc.

Fintech blockchain Market Growth, Global Survey, Analysis, Share, Company Profiles and Forecast by 2027 – Murphy’s Hockey Law

Romney: Impeachment trial needed ‘for accountability, truth, and justice’

Bitcoin falls back below $32,000 as prices struggle to find steady support | Currency News | Financial and Business News

Altcoin Price Action Analysis – Coins That Are At Key Technical Trade Locations, Volatility Expansions Imminent (ETH, LINK, DOT, LTC & XRP)

Best Pick For You

News

  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Business News
  • Ethereum News
  • Litecoin News
  • Ripple News

Features

  • Market Analysis
  • Opinion
  • Explained
  • Policy & Regulations
  • Top Cryptocurrencies
  • Technology News

Market Tools

  • Market News
  • Price Indexes
  • Bitcoin Price Index
  • Ethereum Price Index
  • Bitcoin Cash Price Index
  • Litecoin Price Index
  • Monero Price Index
  • HeatmapPartner

Cryptopedia

  • Explained
  • Bitcoin101
  • Bitcoin Cash101
  • Ethereum101
  • ICO101
  • Ripple101

© 2020 Coingraph

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases

© 2020 Coingraph

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
bitcoin
Bitcoin (BTC) $ 32,429.00
ethereum
Ethereum (ETH) $ 1,434.51
tether
Tether (USDT) $ 0.996050
polkadot
Polkadot (DOT) $ 18.05
ripple
XRP (XRP) $ 0.276922
cardano
Cardano (ADA) $ 0.355358
chainlink
Chainlink (LINK) $ 24.81
litecoin
Litecoin (LTC) $ 144.63
bitcoin-cash
Bitcoin Cash (BCH) $ 447.41
binancecoin
Binance Coin (BNB) $ 42.23
stellar
Stellar (XLM) $ 0.273135
usd-coin
USD Coin (USDC) $ 0.997444
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 32,594.00
uniswap
Uniswap (UNI) $ 12.04
bitcoin-cash-sv
Bitcoin SV (BSV) $ 174.96
aave
Aave (AAVE) $ 260.83
eos
EOS (EOS) $ 2.72
havven
Synthetix Network Token (SNX) $ 17.79
monero
Monero (XMR) $ 138.87
tezos
Tezos (XTZ) $ 3.11
tron
TRON (TRX) $ 0.029821
celsius-degree-token
Celsius Network (CEL) $ 5.38
vechain
VeChain (VET) $ 0.031016
cosmos
Cosmos (ATOM) $ 8.22
nem
NEM (XEM) $ 0.216790
theta-token
Theta Network (THETA) $ 1.94
neo
NEO (NEO) $ 24.80
crypto-com-chain
Crypto.com Coin (CRO) $ 0.073161
compound-ether
cETH (CETH) $ 28.86
okb
OKB (OKB) $ 5.90
dai
Dai (DAI) $ 0.998766
maker
Maker (MKR) $ 1,498.05
cdai
cDAI (CDAI) $ 0.021012
leo-token
LEO Token (LEO) $ 1.33
iota
IOTA (MIOTA) $ 0.455161
binance-usd
Binance USD (BUSD) $ 0.999997
huobi-token
Huobi Token (HT) $ 5.77
dogecoin
Dogecoin (DOGE) $ 0.008655
sushi
Sushi (SUSHI) $ 8.56
dash
Dash (DASH) $ 107.44
compound-governance-token
Compound (COMP) $ 246.26
compound-usd-coin
cUSDC (CUSDC) $ 0.021491
filecoin
Filecoin (FIL) $ 22.66
yearn-finance
yearn.finance (YFI) $ 32,606.00
zcash
Zcash (ZEC) $ 89.75
avalanche-2
Avalanche (AVAX) $ 12.43
solana
Solana (SOL) $ 3.63
ftx-token
FTX Token (FTT) $ 10.49
kusama
Kusama (KSM) $ 104.72
ethereum-classic
Ethereum Classic (ETC) $ 7.86