DV Asks: Does Money Need a Holiday?
Yesterday money took a holiday for many people. Isn't that a bit odd?
Columbus Day is celebrated (more or less) in many countries in the Americas as well as Italy. Cristoforo Colombo was an Italian after all (a citizen of the Republic of Genoa).
This is all very well for history and culture but it struck me as a bit odd this year after gaining more perspective on blockchain technology and cryptocurrencies.
Does money really need a holiday?
If you sent -or are expecting to receive- funds through the traditional banking system in a locale where banks close for Columbus Day you now have an additional 1 day delay in the transaction. At least I know that's what's happening to one of my business transactions right now.
This isn't something one would expect when transacting in Bitcoin, sending some ether or tipping a fellow Steemian. Maybe Bitcoin transactions take longer than those on STEEM but they're super-fast compared to an ACH, right? No Columbus Day holidays either.
Imagine the annoyance and inefficiency if your internet connection paused very weekend and on some holidays. Maybe your electricity too. Oddly this is just how things are with money and banking.
That's changing though and it will be interesting to see what the future holds in a world where money is "always on."
What Do You Say?
- Are we close to widespread, "always on" money?
- Did the Columbus Day holiday delay anything for you?
Although the banks may close during a holiday, money can still be sent and received, stores are still open and credit cards still transact.
The financial exchanges also go on holiday and that may change at some point and be like the forex market. (Crypto markets)
There has been talk of a one world government in the future (I'm not sure about it). And there may be a one world currency system, if so, I would assume that it would be on a blockchain.
Hey thats a really great insight. I think since the banks are too lazy to address this problem, the cryptocurrencies will take the full advantage of that and attract even more people, step-by-step becoming a primary payment method. Cheers to that.
Agreed...Broadband for money instead of dial-up.
Excellent post, very well articulated. thank you so much.
Glad to share it
I know the stock market was still open on Columbus Day. No point in delaying money for a holiday LOL. Life still moves on.
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