The future of the dollar bill is changing whether we like it or not. The unknown can be exciting, scary, and mysterious all at once to the casual observer. The dollar or some might say the “Benjamin” is something Americans can’t get enough of, the more we get the more we want. Money is like an addictive drug and there is nothing wrong with that. Don’t take this the wrong way, money is a source of motivation, a reason why most Americans stay in their miserable job, or deal with their terrible boss.
Just like any other things in this world money has a beginning and an end. At first
It all started with trade of goods and from there it evolves to silver, gold, and as you all already now paper currency. If you are not living under a rock or in the stone age I’m sure we all have seen the decline of paper. Cash is no longer king, according to more and more consumers.
According to CNBC “In an average week, roughly 3 in 10 adults said they make zero purchases using cash”. Those who do carry paper money around have less than $50 in their wallets.
As we witness the decline of the paper dollar bill we will also witness the rise of
digital currency. One form of digital currency is the cryptocurrent. “Cryptocurrency is very much here to stay,” said futurist and author Thomas Frey, when he was speaking to the Federal Reserve in September on the topic.
He predicts that “cryptocurrencies are going to displace roughly 25% of national currencies by 2030. According to Frey they’re just much more efficient, the way they run.”
While they might make day to day life easier to manage financially. It also brings a lot of worries and concern with hackers all over the world it’s only a mater of when if you get attack. A lot of financial institutions don’t like this not only it will take them out of the game eventually but it cost them a lot. To keep with the trend.
Most Americans can easily go without a bank account now days because there are a lot of other ways to manage their money a lot better than a bank. The major benefits Americans receive by banking is the ability to do mobile banking particularly anywhere in the world as long as you can get access to WiFi. While this is convenient and easy because it saves us time from leaving the house to travel to the bank.
The real question who is really benefiting from this convince of online banking? The real beneficiary is the institutions. By going mobile they are able to cut cost such as cutting staff by closing local branches once there is less brick and mortar it affects everything. From my point of view if they are transitioning why they still charge all the fees and fines? Why can’t the customers benefits from it also?
The answers to that question is pure and simple people and its called capitalism. Capitalism is an economic system. In it the government plays a secondary role. So the next question who really benefits of Capitalism? Typically wealthy people who have a large amount of capital (money or other financial assets) invested in business, and who benefit from the system of capitalism by making increased profits and thereby adding to their wealth.
Most Americans don’t want to talk about it but when you really think about it isn’t that the american dream? Most americans are now embracing socialism while forgetting what makes us strong, powerful and mighty it’s the dollar the idea of anyone can make it. The less you rely on government the better off you are.