Bitcoin currency more than electronic free world is moving toward cashless society

Bitcoin currency more than electronic free world is moving toward cashless society

With the growing popularity of digital currency of different types, including legal tender issued by a bank or a traditional electronic direction moving, people often want to know the traditional electronic money issued by banks and the like like bitcoin encryption currency to the center of what is the difference.

In the past few years, there is a discussion of cashless society into the stage of the world. At the same time, government agencies in other parts of the world through the development of electronic payment and other forms of personal consumption, weakening cash circulation, to further strengthen the idea.

Before 70s, cash is a main form of currency, but now most people are as representative of electronic currency transactions. For example, only 8% of the world’s money is in cash said, and the other is the form of digital electronic currency.

The cashless society is gradually developing countries around the world.

Specifically, such as waste money India enacted last year that has forced the local emergence of a cash shortage, so as to promote the rapid development of digital currency. Cause now the role of cash in India has become not so important.

There are significant differences between your bank account in the traditional digital currency and other encryption currency bitcoin.

One of the biggest contrast between the two is the deflation nature of bitcoin, bitcoin has 21 million limited supply support. Many economists believe that this is a great advantage, because the public know only so many coins, in order to guide people to save bitcoin, it usually will therefore increase purchasing power.

As for the traditional electronic currency, experts say there is no money circulation, no one knows whether the central bank is printing money.

Against the practice of monetary economists, such as the Austria school economists believe that the citizens of the world is experiencing a silent assault, called inflation. Because the central planners usually because of various reasons, produced a large number of legal reserve.

The use of bitcoin, people can move freely in accordance with the wealth of personal wishes, without the need to go through any agencies agree. But electronic legal tender will be the limit of traditional institutions.

Bitcoin users can use it to the center of the money is third party power control operation. This includes the use of encryption to avoid tax money.

Because the public is widely used based on bitcoin and based on block chain technology encryption currency, global efforts in the development of this technology. That banking institutions in many countries, the existing database used today added the word “blockchain” can lead more people to the cashless society.

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