The Real Challenges of the Cashless Society

Accordingly, the greatest danger from paper-minded technophobia is ignorance of the true power of digital technologies. To clarify, the danger is not grandma starving to death because she cannot get cash.
The real danger is a grandma taking out unsecured high-interest loans through her phone. To put it differently, we might face something like the US mortgage meltdown of 2007-2008 on a global scale.

A point often overlooked is that paper cash requires a modern banking system for distribution. Therefore, paper cash cannot reach most people in the developing world and many poor people in the emerging and developed nations.

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How Cryptocurrency is changing the World

Cryptocurrency will emerge from the correction stronger than ever and with a greater power to disrupt. Those who expect the market correction to be the end of cryptocurrency will be sadly mistaken.

Cryptocurrencies and smartphones give middle and working class people the ability to create alternative digital economies.

Those economies function outside of the government paper economy. Such economies are developing in Venezuela, Colombia, and Africa. A long-term effect will be to give citizens the ability to ignore government economic policies and potentially central banks.

It is already possible to evade currency controls, price controls, devaluation, and other economic policies at the touch of an app. Uphold claims you can transfer funds through cryptocurrency, fiat currency, and gold through its Android and Apple apps.

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