Photo: Egor Pavlovich/CoinSpeaker
The world is getting more computerized, payment methods don’t stand back as well. Financial sector has changed greatly since the appearance of digital currencies. Probably we are not far from the time when people will prefer paying in bitcoin or using Venmo and Apple Pay to submit payments believing that it will provide more control over their funds. But is the situation so obvious?
Judging by the amount of cash printed nowadays time of standard forms of payment isn’t over – approximately $1.2 trillion of currency notes are in use in the USA. Jack Lew, director of the US Treasury, compares present situation to the one that he witnessed at the beginning of his career and admits that nowadays much more currency is printed. If the rate of decline isn’t changed within the next few years, we are risking to have cash as a prevalent payment method for 200 years.