Lighting a cigarette with a banknote
We all have the feeling, given the increase in the use of digital currency, that it will disappear at some point in the history of the planet, although some economic thinkers assure that this is impossible, the elimination of paper money will be real in a few years, given the great technological leap that this matter has been made in recent years.
There are many countries that have already addressed this issue in a serious and definitive way, as is the case of Denmark, which started this process in 2016, certainly a slow development, but equally safe and with the certain goal of dispensing with paper money circulating among citizens. Sweden is another country that is taking giant steps every day to achieve this goal. In the Americas, Mexico is perhaps the country that has made the greatest contribution in the direction of eliminating the movement of cash from its transactions, creating very effective financial instruments through digital platforms.
Let's remember that traditionally, since man has lived by exchanging salt or bartering, the material was important to him, using cash provides a feeling of autonomy without requiring to make any purchase of intermediary either people or machines. This psychological impact can affect consumer behavior in countries with very old populations whose habits are more difficult to change, on the other hand it also has a logical impact on the visual and mind, feeling empty pockets in countries with low digital communication development will certainly be an impact that must be faced.
Venezuela does not escape from this reality; the digital bolivar has been announced for the next few days, another reconversion that not only has serious implementation problems but will also act directly on people's attitudes towards paper money. Legend has it that very wealthy people, in order to show the great amount of bills they had, used to throw away the lower denomination bills or even light a cigarette using a lit bill as a fire. As a sign of a culture of backwardness that has not yet been completely uprooted from the population, on more than one occasion a Venezuelan went out to show the amount of paper bills he had in his wallet as a sign of having, a verb that has been given greater importance than being.
We will see how this digital transformation results in the country of electricity interference, low connectivity:* "The absolute digitalization of legal tender is not very feasible because the electronic means of payment are not 100% reliable, nor do they cover the entire population, especially in the case of rural or urban populations where the power supply and connectivity services fail with some frequency, as is the case in Venezuela "* Link
Hello @aplausos, certainly the technological era is present and with it the digital money, in the medium term I do not see the total disappearance of banknotes because there are still countries like Venezuela, where there are many problems for citizens to have access to the internet for example. In order to achieve a greater scope for the use of digital money, large investments must be made in technology so that every citizen can operate in this world.
I still remember a very similar image which is true of people who boast of the large amount of paper money, it is said that it has no value and for that reason they used it to light a cigarette. And in another order, which is also true, there are many problems that Venezuela presents in terms of power cuts, poor connection and that many times the points of sale do not work.
Hello @aplausos
A very controversial topic, "absolute digitization of legal tender is not very feasible because electronic means of payment are not 100% reliable", imagine and you are making use of transactions on the blockchain is somewhat contradictory.
Best regards, be well.
That quote is not mine there I left the link to consult its author, remember my dear @lupafilotaxia that it is a post not of my opinion but for the reader to fix opinion, also the piece you quote is out of the general context: "reliable, nor do they cover the entire population, especially in the case of rural or urban populations" thanks for your kind comment...and yes thank God I can use blockchains and digital money. Much success
Greetings, Although it is not a good situation to see someone using the thing that most people need (money) to light his cigarettes, the idea of the importance of digital money is correct because, in my opinion, it is the future. On the other hand, we cannot overlook the importance of banknotes and paper money these days because it is more popular than digital money.
Perhaps there will be no paper money in the world in 2050, and the entire globe will wish they had invested in crypto since 2021, lol.
Thank you for sharing this excellent piece.