What isn’t digital these days?
We find ourselves gradually progressing towards an era ruled by the digital, as a society and more so as a generation.
Far more convenient then it’s physical counterpart, e-money is beginning to see a rise in use, as retail becomes more common place over the internet and through electronic devices. We are at a point where various forms of monetary transactions, from payments to transfers, can be conducted electronically using smartphones. Thousands of rands moved electronically.
The benefits of e-money may one day see the complete, and total, stop of printing paper cash and rather opting to maintain an e-currency – bitcoin is definitely striving for that – and why wouldn’t we stop printing money? An obvious benefit of an e-currency is that its better for the environment, with the lack of trees having to be cut down.
A second, more complex, benefit of an e-currency is that it is far more accessible. You wouldn’t have to carry around a thousand rand to have a thousand rand, all of your funds would be available to you all the time, but a draw back to that would be that your money would be just as accessible to criminals.
Its a double edged blade, but our generation will be the ones to watch this change unfold – and experience the worst of it – as we move towards maintaining a complete e-currency.