Money makes the world go round, so the old saying goes. Cash is king, there’s another classic. Let’s be clear from the outset here, money matters and the role or importance of cash is still something that cannot be denied. Personally, as much as I am no luddite in terms of digital or online transactions, contactless payments, or even traditional credit card usage, I still love using cash. As I write, I am sure cash is still accepted in more places worldwide than any other accepted payment.
With all that said, it is impossible to discuss finance without embracing and detailing how it has evolved, and how global finance continues to do so at a more rapid pace than ever before. It almost goes without saying, but I’ll say it anyway, that even the most devoted cash user must concede that there are many instances where digital is king in terms of the method of payment or transaction. To put that another way, the online world has ensured that virtual or digital payments are now de rigueur, and on the up, especially as younger generations are now instinctively au fait with them.
International money transfers, stock trading, buying from online merchants, or for the more technically adventurous consumers, purchasing entertainment services or even playing P2E games are just a few examples of how finance has evolved to the point of being digitally exclusive for certain transactions or purchases. But, having established that cash still matters even as digital transactions become ever more dominant, what is next and how does it look for the future of finance, be that locally or globally? Let’s take a look, even if we can’t, admittedly, answer that definitively.
Digital Domination as Cryptocurrencies Continue to Emerge
When Bitcoin first announced itself on the global financial stage back in 2009, it was the first cryptocurrency in existence. Now, though there are over 300 around, it is still the most widely used and valuable cryptocurrency in the world. But let’s take a step back, as it can be argued that cryptocurrencies are still not what you would rightly call mainstream, at least in the pure sense of the word when relating to overall usage.
When it comes to digital transactions, the figures are staggering. Almost US$10 trillion made each year, a number that is growing in parallel to the number of cash transactions declining. According to various monetary fund statistics, almost half of all commercial and domestic purchasing transactions are now made via cards, contactless, or digital online payments. Cash is still incredibly important, but with this and the cryptocurrency landscape, it has new challenges as well as challenges.
What the figures above do tell us is that digital domination is on the horizon, and galloping towards us with greater confidence, chasing cash payments down with renewed confidence. In addition to this, we can also hazard a guess that cryptocurrencies will, even with their chequered history of rises and falls, continue to gain traction within the global financial world, as more and more industries and sectors accept them. Even now, governments around the world are discussing the increasingly possible option of central bank digital currencies. For many, this is precisely where they see the financial future heading.
Real-life Uses of Cryptocurrencies: The Gambling Sector
Remarkably, the gambling industry has eagerly adopted and promoted cryptocurrency use, and this is for several reasons. Crypto offers enhanced security, anonymity, faster transactions, lower fees, and resilience – even when markets drop. Accepting crypto bets also tackles payment issues like chargebacks and delays while cutting costs.
Nowadays, any reputable online casino real money will facilitate digital currencies across popular gambling games, such as poker, baccarat, keno, bingo, and more. As a result, crypto betting volumes have risen steadily, with users wagering an average of $3 million daily on such games. After all, with the convenience of blockchain and digital transactions, the security, transparency, and efficiency of crypto-friendly gambling platforms attract many.
Overall, cryptocurrency integration in the gambling industry has brought us a next level of security for bettors, introducing fresh possibilities for operators to boost trust, lower transaction fees, and improve experiences for users.
Facing The Age-Old Argument: Will Cash Become Obsolete?
Though I may not be an economist by trade, I have worked, and still work and socialize with those who are. Among many others, this cash question often comes to the fore when we have discussions about the future of finance. Put simply, and without going too deep into the reasons, it is fair to say that the resounding replies mainly assert that cash is not something that will disappear. When you consider the importance it holds, as well as cash being the method of payment for those not able, or perhaps not interested in doing digital payments, this becomes clear.
Returning to the question that has shaped this article, it would seem one answer is that whatever else the financial future holds, it still holds cash in its hand, so to say. Even so, between the increase in point-of-sale cashless transactions, the continued rise of online payments, and the resurgence of Ethereum, Bitcoin, and other cryptocurrencies ongoing, the future of finance does seem to be shifting, evolving, even changing irrevocably. Some like this, some don’t, but neither support nor rejection for these changes the reality.
Ultimately, we can make predictions about the future of global finance based on statistics such as those we have mentioned above. From cash transactions to contactless payments, point-of-sale payment percentages or cryptocurrency usage, they are all likely to play a part. To be exact in our predictions, however, is impossible, with ups and downs as likely and inevitable as they are on stock markets. Global events, financial booms, financial crashes, new payment methods, and the list goes on of elements that can affect and change things. One thing is certain; however, the financial future will never be dull.
