Americans don't want to give up their paper money, but they should

gepubliceerd op by Cointele | gepubliceerd op

The recent health scare surrounding the COVID-19 outbreak seems to have accelerated the move toward a cashless society, with cashless payment spiking in concert with viral cases.

Our findings in a Genesis Mining study called "Perceptions and Understanding of Money 2020" indicate that a significant majority of Americans are not psyched about parting with their paper money on a permanent basis.

To be more specific, we found that 60% of respondents are opposed to the idea of paper money being replaced with "Digital-only money." This could be a "Devil-you-know" versus a "Devil-you-don't-know" situation where familiarity with paper money is the driving force behind the wariness of giving it up.

Embracing the benefits of digital money could ease our transition into a new financial frontier.

The U.S. news outlet Axios cites several figures and facts indicating that increased health-consciousness amid the global pandemic has accelerated the migration toward a cashless society.

In some sense, the increase in cashless payments has not been completely reflective of voluntary consumer attitudes.

Foregoing physical money in favor of primarily-digital payments could be increasingly viewed as yet another way to protect oneself from possible viral infection.

A greater difficulty for muggers and thieves to rob you of your physical money.

Security standards used to protect cryptocurrency wallets are being adopted for other purposes, as Big Four audit firm Deloitte noted, and the further adoption of such practices could further bolster asset protection in a cashless society.

With proper oversight and security, the move toward cashless payment mechanisms could provide numerous benefits, and cryptocurrency-level security may be an integral feature of the move toward cashlessness.

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