The end of paper money is tomorrow – Banks will only trade in Bitcoin from the 1st of September 2016
The end of paper money is tomorrow – Banks will only trade in Bitcoin from the 1st of September 2016.
One can only imagine the chaos such a move would make. To think that after all these thousands of years with using real money, our lives have been reduced to virtual currency.
That kind of decision would be illogical and downright irresponsible. To go full throttle on this would not be taking into consideration all the thousands of people who do not have bank accounts, access to the internet or who even know what a bitcoin is. And considering the many ways there are to steal online, how can we be sure that every company we do business with will be 100% protected? Because it’s not just the bank we’d have to worry about, but also the small businesses, the individuals who would be protecting our Bitcoins as we pay them.
If paper money ceases to exist, I can imagine a whole lot of people who would be totally disenfranchised because of it. What happen if I meet a homeless person on the street and would like to give them money? Oh, here’s five Bitcoins. Say, what? Do you think a homeless person, a truly homeless person, would have the resource to cash in those Bitcoins? Where would they get the card from and how would they keep it safe? Plus, already most people don’t even want them to come into their facilities. I can imagine that the banks would be the same—scowling at them as they try to redeem Bitcoins, or the local coffee shop as they try and sit down for an English scone with a latte because now they have bitcoins.
To be facetious, several businesses would truly do poorly in a paperless world, or maybe it would make it easier for police to catch low end criminals. If I would like to do something immoral, like buy drugs from a local entrepreneur on the street corner, how would a transaction like that go down? “Do you take Bitcoins?” “Sure, but there’s a 15% processing fee.” It would never work. One legitimate business that would become unnecessary would be armor car companies. I guess they could still carry checks, but I suppose checks would also become obsolete. Going on vacation might be safer though, as there would no need for credit cards. Just enter your bitcoin info for everything you’re buying and you’re done, so then I guess pick-pocketing would also become an obsolete job.
But in all seriousness, I can see someone “up there”, thinking that this would be a good idea. The same kind of person who keeps reducing the number of tellers I see at my local bank, replacing them with machines. Maybe this notion is not so far-fetched after all. Stranger things have happened.