It was just last year that I blogged about the use of Apple Pay, a form of “near-field communication,” as an upcoming alternative to credit cards in making a purchase. As I mentioned, technology is moving at the speed of light—and it is. The latest alternative to hard currency, i.e., cash, is digital currency, a technology-driven currency.
My colleagues, friends, and family members are all talking about digital currency. Not surprisingly, the market is responding. Bitcoin, a form of digital currency, was trading at around $600 per coin last October and it’s now over $6,100! It may seem complex and confusing, but we do need to know about it.
Digital currency can also be explained as digital cash. Blockchain is the underlying technology that facilitates the generation and transfer of such currency. Moreover, the seamless transaction of digital currency allows a point-to-point financial transaction that bypasses any middleman, such as a bank.
It is no wonder that big banks are investing billions of dollars into blockchain, in order to preserve their roots of business while protecting their clients from fraudulent or otherwise illegal transactions.
The way we exchange money is changing and we can expect it will continue to do so. At three+one, we will keep you informed of upcoming trends and how they may impact you. You can bet, sooner or later, we’ll all be impacted.