I was just having my cup of tea and watching the ongoing Ashes series... a strange thought came to my mind.
All of us know that one of the main advantage with Bitcoin is that it can't be counterfeited. On the other hand, counterfeiting is a major issue with fiat cash.
According to some estimates, the sale of counterfeits and pirated goods are worth $1,700 billion per year, and the sale of counterfeited banknotes is worth $250 billion.
Is it possible to use this technology to prevent the counterfeiting of bank notes? Don't tell me to install microchips on all the banknotes. We need to keep the manufacturing cost below $0.10 per piece. I thought about it for 2 hours, but no practical solution came to my mind. Do you guys have any suggestions?
I'm not 100% sure, but I'm guessing the goal of the future of our digital age, is to move to a cashless society, as this would save a lot of unnecessary headaches from trying to rebrand notes for tracking and whatnot. If everyone has a smart device, there will be no need for physical cash, the introduction to debit & credit card payments prepared us for this moment, gave us a taste.
Let's talk hypothetically for a second, just for argument's sake. Take Facebook, for example, they are getting ready to launch Libra, after the long drawn out debilitating process of going through the regulatory motions for a co-sign! If it goes off without a hitch, everyone in the world who has access to Facebook will have access to a cryptocurrency. Searchs for " What is Bitcoin?" and "What is cryptocurrency" will skyrocket.
Sounds beautiful to me, unless you be a Luddite (to each his/her/(insert pro-noun's) own. If even half of those people have a smart-phone, they can get started with cashless trading right away. What happens next most likely will result in a boom, almost overnight. You'll see Peer-2-peer cashless trading, albeit transparent, but cashless trading.
Just my two cents!