Americans don’t want to give up their paper money, but they should
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....
Related News
Without proper crypto regulation, the U.S. government might create a massive roadblock to financial inclusivity. The crypto community has a saying: “Not your keys, not your coins,” which means that if you hold your crypto on a third-party custodial wallet, you don’t truly have ownership of the coins. The entity controlling the private key of the wallet ultimately has power over it. Self-hosted wallets, or non-custodial wallets, allow individuals to receive, send and store their own cryptocurrency without the need of a custodial entity.As life has become increasingly more digitized, the use....
A society without paper money might be a less equitable society. Those lacking digital connectivity would suffer. In Sweden, cash in circulation represents only 1% of the country’s gross domestic product, and some experts predict the nation will go “totally cashless” by 2023. In China’s largest cities, over 90% of people use WeChat Pay and Alipay as their primary payment method, with cash a distant second. It may seem that the transition to a world without paper banknotes and metal coins is inevitable, but this week, a survey reminded us that reports of hard cash’s death may be greatly....
Introducing Bitcoin to the family is no easy task. The same goes for close friends and sometimes even your partner. The discussions can be daunting and sometimes fall to the wayside. Some even find their way into ridiculous theories of absurdity. Why is it so hard to explain Bitcoin to others? Most likely it is because people don’t understand the concept....
Kenneth Rogoff, the Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard University and former Chief Economist at the IMF, recently posed the question about the future of paper money. I reported the academic paper myself last month and the arguments he put forward for Cryptocoinsnews. At that time, I agreed with Rogoff on the technological obsolescence of paper money however I now wish to look at some of the reasons, that society must consider, for holding onto paper money. I have an acquaintance that works as a handyman, he has two prices that he charges per....
The season of giving is here, and there’s no better way to spread the incredible benefits of cryptocurrency by giving our loved ones bitcoins. Giving bitcoin to family and friends will help spread adoption and can also be a pretty unique gift. This holiday season bitcoiners can relax about thinking of gift ideas for their friends and family. The gift of....