Bank of England Bludges On Bitcoin To Create A Cashless Society!!
Over the past few months, the central bank of England has discussed the significance of a blockchain-based cryptocurrency, and the possibility of issuing its own digital currency as part of an initiative to discourage the use of fiat money in the country. In a "Livery Room" session from the Open Forum 2015 hosted by the Bank of England on Wednesday, former JPMorgan executive Blythe Masters outlined the advantages of a "newly invented currency system" such as bitcoin, and the efficiency of the blockchain technology in the settlement of assets and transfer of value. "The role of central....
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Every day one hears about the impending demise of physical cash - the dirty coins and banknotes that our grandfathers used for everyday transactions, and some filthy criminals still use today - and the upcoming transition to a cashless society. To us geeks that seems initially a good idea - more virtual, more wired, more connected, more cyber - but then one has second thoughts. Cashless society? I say NO, thanks. Not yet. Sweden Leads in Cashless Transactions. Cashless as they intend it means 24/7 surveillance. It's a tool of Big Brother. If you have doubts, let me lay them to rest for....
As Denmark and Sweden spearhead the move to a cashless society, the ramifications of such a transition for humanity as a whole could result in the exclusion of certain groups and classes. A cashless society is one where people do not use physical cash; all purchases are made by credit cards, charge cards, checks or direct transfer from one account to....
Nii Narku Quaynor, seen as “father of the internet in Africa” and chairman of IT solutions firm Ghana Dot Com (GDC), says bitcoin can help create a cashless society in Ghana, according to African publican ItwebAfrica. At the 3rd Ghana e-Commerce Conference and Exhibition, Quaynor claimed the country has a mature e-commerce economy and stressed that it is necessary to intensity engagement and collaboration for the industry to thrive in Ghana. Bitcoin was introduced in Ghana back in February 2016, as a part of a plan to promote a cashless society in Ghana. According to Quaynor, digital money....
Secondly, putting banks in full control of our society's money is the last thing anyone should want. Banks already hold a lot of control over our funds, and they are the very reason why the recent financial crisis took place to begin with. With all of the recent talk about a cashless society, the question inevitably turns to the role of Bitcoin and other digital currencies. Some people would like to see more anonymity in Bitcoin, especially when considering how going cashless would give banks and governments a complete overview of how consumers spend their funds. Although some people might....
Cryptocurrency may emerge as a more widely adopted means of exchange as consumers grow increasingly comfortable with cashless transactions. The recent health scare surrounding the COVID-19 outbreak seems to have accelerated the move toward a cashless society, with cashless payment spiking in concert with viral cases.Yet, our findings in a Genesis Mining study called “Perceptions and Understanding of Money 2020” indicate that a significant majority of Americans are not psyched about parting with their paper money on a permanent basis.To be more specific, we found that 60% of respondents are....