Going Toward a Cashless Society, Why Should You Be Worried?

We have heard much over the years about how we are moving toward a cashless society. Much like the paperless office that was once heralded as both imminent and inevitable, we have hit many bumps on the road to making this happen. Maybe we don’t want to part with cash as much as we think.

Cash is the Last Expression of Freedom

Paper money with a coin
Paper money with a coin

When we look at all the different methods of payment that we have today—cash, check, credit card, debit card—cash is unique among these options. Checks, credit cards and debit cards all rely on banks to process payments. This makes them mere promises to pay. But cash is payment in and of itself. Once cash changes hands, there are no charge-backs and no reversing of the charges. The payment has been made with no intermediary, no middlemen, no unnecessary delays and no exorbitant fees.

When you hold cash in your hand, you are holding actual money. Money in its rawest form. No bank or financial institution is required to convert it to something you can spend. The bank doesn’t have to approve of your purchase or lock down your funds because they suspect fraud. You can do whatever you want without having any authority to intervene.


You may also be interested in checking, The Emergence of Decentralized Finance by Kenny Fowler


Cash has its disadvantages. Carrying large amounts of it around is understandably dangerous. Businesses often limit the denominations of money that they will accept for fear that they could become targets of theft. Even with such limits, businesses often require safes to be located on-site and frequent trips to the bank are required to process all of the funds.

There is also the fact that cash is fiat currency, which is subject to inflation and deflation, as manipulated by the central banks who control it. Luckily, there is an alternative to cash that has the potential to mitigate many of these issues.

In the Digital Era, Bitcoin is the New Cash

Bitcoin in a pocket
Bitcoin in a pocket

Bitcoin has a whole host of advantages over cash. Since Bitcoin wallets are protected with encryption, it is much harder to steal someone’s funds. Just as many people have historically deposited cash in banks to earn interest, users can earn interest from their Bitcoin balance. But they can do without a bank, eliminating another layer of oversight and control between a lender and a borrower. This also means that those who are presently underserved by today’s banking system can obtain equivalent services. They can pay or get paid without the regulatory or income hurdles that are present in today’s banking system.

Bitcoin is pseudonymous, which means that your name and identity are not tied to a transaction. But it is possible if someone knows your purchase history and can deduce what your address is, they can link your purchases back to you. This takes a tremendous amount of effort though and would require someone to know quite a lot about you. Cash is often said to be anonymous, but this is not entirely true. The serial numbers that are found on banknotes can be used to trace where the note has been. So, we must admit that even cash is not entirely anonymous.

We have seen that Bitcoin is similar to cash and holds many advantages when compared to cash. How can Bitcoin be as easy to use as cash?

How Bitcoin Can Replicate the User Interface of Cash

Girl paying cash at the counter
Girl paying cash at the counter

One of cash’s great features is that it is portable. Bitcoin wallets on the other hand, while generally small, are typically not easy to carry around. They don’t fit in a wallet very easily. They could be carried around in your pocket, but the chances are pretty good that you might lose it. Census Note is a cryptocurrency wallet that does fit into your wallet easily. In fact, it is the same size as a payment card and can be carried around just as easily as a payment card.

You can easily interact with the Census Note through the Census app on any smartphone. You can use the Census app to pay or receive funds, with features like lending, borrowing and the earning of interest coming soon. With its small form factor and ease of use, the Census Note replicates the way people use cash. This also makes it an ideal gift for those who are used to cash, but who are ready to step into the world of cryptocurrency and participate in the growing blockchain financial system.

Conclusion

Cash offers freedom from financial institutions with their rules, delays and fees. While the cashless society has been a long time coming, Bitcoin offers a solution to the unbanked who are not a part of traditional finance as well as those who appreciate the freedom that cash offers.

As the use of Bitcoin and other cryptocurrencies expand, the world will need a solution to help not only the technologically savvy easily and conveniently use Bitcoin, but everyone. The Census Note brings the ease of use and tangibility of cash to the exciting and dynamic world of cryptocurrency and delivers all the benefits that come with it.


In-House Articles:

What if We Go Back to the Gold Standard?

Big Money is Hedging with Bitcoin

Bitcoin Adoption: Where are We?


Recent News-Bytes:

The Future of Cryptocurrency is Now

Learn About Money, Bitcoin, and Decentralized Finance

Bitcoin Transformative Expansion Amidst Pandemic COVID-19


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