The 21st century comes with her cashless society idea. For the purpose of making life more easy people around the world are looking for a time where Cryptocurrency while substitute cash. This is a time where cash would not be necessary for any transaction.
BBC news highlights that The DCEP is not a crypto-currency. Instead it is a digital version of China’s official currency the yuan, which is issued and backed by the central bank. It is part of China’s push for a cashless society, a process which is already well advanced.
Not just China but the whole world is moving to an era where cash would not be use. There will soon be cashless society. These are some truth about Cryptocurrency that will suprise many.
1. Cryptocurrency is digital money. That means there’s no physical coin or bill — it’s all online. You can transfer cryptocurrency to someone online without a process, like a bank.
2. Bitcoin and Ether are well-known cryptocurrencies, but new cryptocurrencies continue to be created. Today there as much as many Cryptocurrency.
3. People might use cryptocurrencies for quick payments and to avoid transaction fees. Some might get cryptocurrencies as an investment, hoping the value goes up. You can buy cryptocurrency with a credit card or, in some cases, get it through a process called mining.
4. Cryptocurrencyy is stored in a digital wallet, either online, on your computer, or on other hardware. Before you buy cryptocurrency, know that it does not have the same protections as when you are using U.S. dollars. Also know that scammers are asking people to pay with cryptocurrency because they know that such payments are typically not reversible.
5. Cryptocurrency, debit cards and credit cards has legal protection. if something goes wrong. For example, if you need to dispute a purchase, your credit card company has a process to help you get your money back. Cryptocurrency payments typically are not reversible. Once you pay with cryptocurrency, you only can get your money back if the seller sends it back
What will happen to those who are not computer literate?
What will the society look like?
Will there be issues of stolen cash?
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