The poor are often some of the most marginalized and overlooked factions within the society, being the last to benefit whenever a new technology or craze sweeps through our lives. However, this does not seem to be the case at present. In fact, as much of the modern world begins to abandon all transactions requiring cash, it may, in fact, be the most economically disadvantaged who are among the first benefit from this new form of money.
Cash Falls Out Of Favor
Globally, the rate at which hard cash is used within economic transactions is on the decline, in the same breath, credit and debit card use has escalated rapidly. Many are now of the opinion that cash is becoming a thing of the past. However, this has a troubling side effect. The D.C. Council member, David Grosso, pointed out that through businesses banning cash transactions they are stating to the public that economically disadvantaged persons and members of the youth who are unable to have cards are not permitted in their businesses.
Advantages And Disadvantages
At present this paradigm, not only pushes out several facets of society who do not make the cut due to age or income reasons, but also people who are unwilling to take part due to fears over personal security. On the other hand, the world of money is changing, and an end to cash is fast approaching. The prospect of an economy without cash has many advantages include more efficient and safer transactions, as well as cost minimizations for businesses.
Some of the ways businesses will be able to reduce cost is through the reduction in staff they will be required to hire, and accounting will be more seamless since money can now be effortlessly tracked. Of course, the governments of the world will also be benefitting from this situation due to the increased likelihood of higher taxation that will be possible in a society that disenfranchises physical currency. However, there are questions on how best to facilitate this new way of life and Cryptocurrencies may hold the answer to this fundamental question.
Why Are Cryptocurrencies A Solution
Cryptocurrencies, such as but certainly not limited to Bitcoin, are perfectly suitable alternatives to physical currencies. Citizens of the global economy will be able to use Cryptocurrencies as a modicum for money when engaged in a transaction and will not have to worry about exposure of sensitive information due to Blockchain technology. Cryptocurrencies further enhance security due to the empowerment of people in an economy that is not controlled solely by big businesses and government but rather by many little entities or individuals.
Many believe that if businesses that are still in operation today are continuously put under pressure to allow physical cash to be used as a payment mechanism that companies are being held hostage to primitive times. Rather businesses, consumers, and society as a whole should be thrust forward into the modern age, and to think that it all begins with shopping. Yet, during all of this talk of the new age, it is important that society does not forget the lower income sectors of society and rather seeks to bring them within this journey into uncharted territory.