No Cash, No Pain: What if You Woke Up to No Paper Money?

in #bitcoin6 years ago (edited)

If an era of paperless money dawned, how would life change for all of us?

@tysler : Hi all, I am proud to be an official media partner of Blockshow Asia 2018, and I will be bringing you the latest updates during the Asia Blockchain Week directly from Marina Bay Sands, Singapore.

Press Release by Blockshow Asia 2018: Cryptocurrencies, Our Future

Third Press Release.jpg
Credit: Blockshow Asia 2018

What if we wake up one day and find that all the paper money that we are familiar with has disappeared?

We might shake our empty wallets but it would do us no good. Yet all is not lost, we still have access to cryptocurrencies.

Blockchain-based technology has already ushered in a myriad of cryptocurrencies that will soon fill the void left by paper money. One of the first victims of the death of cryptocurrency would be the bulky physical wallet, which would no longer be required. We would be able to carry out all our transactions through our smartphones. However, the real change would begin to happen soon after paper money disappears.

An era of social transformation

Cryptocurrency and its underlying blockchain technology would herald a new era. Now that transactions can be done on a global scale without barriers of paper currency, new systems would be built that allow for novel uses of digital cash.

A student in Nicaragua would now be able get his scholarship directly in his cryptocurrency wallet. An author would be able to donate half of their royalties automatically to a charity of their liking in Canada. As cryptocurrencies gain universal usage and get paired up with technology like Internet of Things (IoT), a smart energy efficient air-conditioner would be able to transfer the savings it made directly to a mutual fund or a bank account.

At BlockShow Americas 2018, experts like Alex Mashinsky, Founder of Celsius Network lent his ideas about the usefulness of cryptocurrencies and how they can, among other, help the underprivileged. Alex’s Celsius Network is already working on a wallet that will help provide financial services to the underbanked.

No cash may mean no corruption… or may it?

Cash as we know it today is completely untraceable. According to the World Economic Forum (WEF), one of the greatest impediments to fighting corruption is cash. WEF states:

“Every year, hundreds of billions of dollars of government payments and transfers are made in physical cash. These include government salaries, health payments, pensions and financial support for families in need. Such payments are often difficult to trace, insecure and inefficient. The anonymity of cash makes it vulnerable to skimming off the top, and to “ghost” recipients who don’t exist. This is not a minor issue. It causes more than $110 billion in losses every year in emerging economies.”

Now that physical money has disappeared refugees can get their dues in digital currencies directly and better tracking can be enabled of what services have already been rendered to them. Homeless, destitutes and the less privileged can get benefits either in cash or kind and immutable blockchain technology can be used to track funds or goods transfers.

This will eliminate pilferage and help in proper deployment of government subsidies. At BlockShow Asia 2018, we have a chance to discuss solutions that can be deployed to create a better world in the future whether we use cash or end up in a world with no paper money.

A future within our grasp

In a world where there is no longer any paper money targeted services like health care would become more efficient as fraud and supply chain losses are cut. Education funding would become easier and more economical as cost of remittances over long distances would fall. Students would be able to keep their degrees and diplomas safely in an electronic format which would be verifiable.

People would also begin to notice an improvement in civic services as obtaining licenses, certificates and permissions from local, state and federal government would become faster, simpler and more convenient through blockchain based wallets. Savers and investors would enjoy a trust in the banking and non-banking financial sector as never before.

The fact that most cryptocurrencies would not be subject to fiscal indiscipline by central banks would reinforce trust in the economic system and things like hyperinflation and bank runs would only be present in history books.

Let us create the future now

What would a world without paper money be like? Today it is not only imaginable but it is also practicable.

BlockShow Asia 2018 at the Asia Blockchain Week is your chance to contribute to the maturity of Blockchain in its critical evolutionary phase. Blockchain is getting mature and you can witness it for yourself. BlockShow is not only creating a venue for people to listen to the ideas of experts but also to participate in the building of a new society, where technology can do good.

Our aim is to work together so that we can evolve a common vision to address the problems of future in the present. Whether you want to become a sponsor or to buy a ticket (more than 80% sold out!), now is the time to participate in BlockShow Asia 2018 and rub shoulders with the best, at the best Blockchain industry conference in the world. 7 days left to get your ticket!

BlockShow is not only creating a venue for people to listen to the ideas of experts but also to participate in the building of a new society, where technology can do good. Our aim is to work together so that we can evolve a common vision to address the problems of future in the present.

Comments:
I am personally very excited about the potential changes blockchain can bring about in our lives, enhancing the current systems we have built in place. Bringing forward the movement with developers, governments, financial institutes, education and the people, blockchain will be re-shaping the infrastructure of future cities.

In my upcoming posts, I will be sharing my lineup for Blockshow Asia 2018 which speaker talks I will be attending and the highlights of the conference that I will be preparing to share with everyone here on Steemit.

-tysler

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I don't even have cash right now. Just a plastic card. I'll admit I do still like tangible money. There's just something about feeling the cash in your hands that makes it so much more real.

It happened in India. People’s cash savings became useless and they couldn’t afford to eat.

A cashless society means never being able to buy your friend a coffee without the government and the banksters knowing about it. A cashless society means that if you every step out of line your abilities to use your digital currency can be taken away at any time. A cashless society means being more vulnerable to being hacked. A cashless society means a total lack of control over your money.

To be honest most of what you wrote about a cashless society is a rich vision. Its been in the works for a long time by the powers that shouldn’t be. Are you familiar with the 1988 cover of the economist?

Hi @venomnymous, I think what you are talking about happened quite some years ago? Here are some points which you might consider or read through to help clarify your doubts:

  1. Based on the Bitcoin technology, blockchain payments are decentralised and not controlled by the government. Hence it it not the same as a cashless world currency reported back 30 years ago on the cover of Economist as you have mentioned.

  2. Bitcoin's lightning technology opens nodes, where small transactions are transmitted through peers. They are hence not part of the blockchain but an additional layer of data. Will can still treat your friend coffee as long as you have a workable cryptocurrency wallet connected to the lightning system. "Government and banksters" won't know about it.

  3. Having cashless options is already happening in our society, e-payments, using payment through apps. I am sorry that you might be still living in a part of the world that is inaccessible to the new technologies.

  4. Blockchain and security are tied together. You cannot talk about one without the other.

  5. There will be better control knowing that government-issued fiat currencies are linked to inflation rates that could not be controlled by the people. Bitcoin's rarity and deflation is the best example of how the people can gain better control of long-term wealth.

  6. Thank you for paying attention to this article, a press release from Blockshow Asia 2018 which I am honored to present. Stay tuned on my Steemit page to gain more insights of the future of blockchain and I will bring back reports from the conference next week.

-tysler

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