The question is no longer when will the way we exchange money change, but more how do we adjust to the age of mobile money?
How do we protect ourselves and our accounts from bitcoin hackers?
Should I go for mobile fiat currency, or do I choose bitcoins or other digital money?
Which sites are the best websites to mine cryptocurrencies?
Should I invest and hold for a period of should I sell my bitcoins?
In 2008, governments had concerns about the stock market crashing, currencies devaluing and the effects of a global recession.
Now in 2018, we are discussing the last five years of bitcoin hacks and how hackers have stolen billions in value, of bitcoin.
Times and the way we do business have changed in 10 years. According to the trends in technology, the next 10 years, will bring forth even greater discovery and innovation.
Banks vs. Cryptocurrencies
At the moment, banking institutions are trying to contend with this next level competition.
The popularity of ethereum, bitcoin, mobile fiat currency and other types of digital money continues to grow by leaps and bounds.
Lawmakers are trying to keep up.
Strategically, different countries called for more regulations and governance over this new frontier.
Cryptocurrency threatens the future of banking and currency exchange. There is no doubt of that. It is threatened and being pushed towards the edge of the abyss.
Consumers are looking for improved functionality.
We now live in the digital money future with mobile fiat currency and bitcoins.
People are seeking a simpler way of doing business.
They are trying to conduct transactions faster. The days of standing in long lines at the bank are archaic and inconvenient.
They are looking for 0% interest rates, transaction fees and monthly credit card fees.
All of this is what digital money provides.
People are always in a state of anxiety, for particular countries, when the international rates changes, dollars devalue and it costs them more to business or currency transactions with other countries.
When you have digital money or mobile fiat currency, it lessens this anxiety.
The Impact of the Internet
With globalization, the gaps in the world have closed. Countries are forming tighter partnerships and people are using the Internet as a gateway.
This push was not dependent on governments but instigated and catapulted by consumers.
What a great invention, the Internet.
This has been the catalyst for so many other changes, for the way we do business.
In countries like the United States most of what we buy online at Amazon, Groupon or EBay comes from and shipped from China.
Who can compete with China?
Their prices are competitive. The products are plentiful and their marketing, though secreted, is effective.
We now live in an age where your grocery comes to your door, ordered online, delivered packaged and you save on gas. That does not only apply to packaged products, but also to fresh vegetables, fruits and meat.
There are hundreds of companies across the world that are pushing pre-packaged, uncooked dinners or meal prep services.
All of this saves consumers time, money and energy.
We are in the digital future we contemplated 10 years ago.
Gone are the days when men were scavenging for gold and digging in pits, in distant lands for a chance of making it rich.
These days that mining is done virtually.
The days of the barter system is done and gone.
The days of walking around with gold as payment is gone.
Soon, the days of paper money will soon past as well.
“Jetsons” was one of the most futuristic cartoons when I was younger. However, those things that made up their society, is now a reality in our society.
Flying cars, check.
Android or robots helping with housework, check.
Robotic machines capable of preparing meals, yes, check.
There are no longer any limitations in this advanced future, so why should there be limitations on how we do business or conduct transactions using money.
Bitcoins and fiat money is just the start.
Mobile Fiat Currency
In this world of abstract cash, fiat money is on the rise.
Telecommunications companies, international retailers, local business are progressing towards this trend.
In Kenya, they use M-Pesa. Their example is the idle fiat money definition.
So to understand the fiat definition let’s examine Kenya’s model.
Safaricom launched M-Pesa.
They are a telecommunications company trying to augment the culture of poverty in that land. This company understood that 80% of the nation had mobile devices, but less than 30% had bank accounts.
It was a logical progression.
Now, the people use the text-messaging feature to send money from one phone to another.
No need for bank accounts.
But mobile fiat currency is seen as a temporary bridge towards the ultimate goal and that is trading with digital money.
Going forward into the future, the questions will continue to change as digital money continue its rise to becoming king in the financial world.