I got this funny feeling this morning when I first woke up. What would happen if we start using bitcoins or crypto currency in our day to day life? It may be true one day but at this date the cryptocurrency are actually used for a few services and a handfull of stores only accept bitcoins.

So lets see in the world where we are actually living in real cash what will happen if we started using virtual currencies? But let me tell you that I am from a country where bitcoins are actually illegal to use and transact.

But still its not illegal to imagine i think. So based on my mere imaginations the post is based. So lets see what happens what will happen if we started using bitcoins instead of real cash. I am describing the topic in some of the points including a simple explanation on each topics.

1. Family Expenses

Can you imagine that you asking for some bitcoins with your dad as your pocket money? Yes that is gonna happen for sure. A child will be asking his dad for satoshis to transfer to his wallet and may even be carrying a paper wallet to scan the QR code on his wallet.

Also you'll be be paying for the grocery and all the expenses for your day to day life with the bitcoins. I know the transactions need to be verified and may take longer time to complete. But assuming it to be quick transactions you'll be paying for your grocery and all other expenses with the crypto currencies. You'll take out your smartphone on any store and scan the QR code to send payment for all the items.

Assuming this paper wallet may be the future of all digital transactions.

2. Government Taxation

As you cannot track the transactions of bitcoins, it is almost impossible to imply taxations on these transactions. Taxation is the main source of government income which is again spent for the welfare of public. That means the government has to look for other sources of income.

3. Creating Bitcoins

As we know new bitcoins are created by a process called mining. Large amount of energy is required for the mining process which is required for verifying the bitcoin transactions and creating new bitcoins as well.

So instead of working for bitcoins some may change their professions to mining bitcoins. And the energy comsumptions may increase. 

4. Thieves and Frauds

I am not excluding it from the list. Imagine this "there came some thieves to a house with some weapons asking then to transfer all the bitcoins they have in their wallet to the account and the thieves waiting for the verification process to receive bitcoins on their account.

5. Future of banking

Can you imagine what will happen to the banks if bitcoins are used instead of real cash? There may be no banks or there may be some banks which will start lending bitcoins instead of real cash.

Also imagine this instead of traditional beggars there would be one carrying a paper wallet and asking the people to transfer satoshis to their wallet.

So these are my mere imaginations. I don't know if anything of this gonna happen for real. Lets see if this happens. If you have anything else to add that you think may happen if we started using cryptocurrency instead of real cash.

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Namaste!