Bank Technology and a Cashless Society

Online stranding is a relatively recent phenomenon that has sprain increasingly popular as consumers become more cozy with doing the majority of their activities online. In todays moderne society we have been convoluted with many technological advances. The universe has replaced workers with robots, paper work with calculator documents and cord ph whizzs with portable electric cell phones. Technology has become a critical aspect in the modern life of todays world. What this base will be examining is the technological growth of new bank technology and the cashless society; Bitcoin. immediate payment is essentially a vocation system made for the commerce of a good or service, the world has advanced with creating debit entry and Credit cards in replacement for that cash, developing an easier and high-speed way to complete transactions. Stemming from the growth of cash to cards the thought process of Bitcoin, an online peer-to-peer technology, was created and is quickly a dvancing in society. Bitcoin is the first decentralized digital currency, it is essentially an online wallet that permits one to send coins through the mesh in fill in for a product or service, without going through a bank, allowing actually low interest fees. In 1998 Wei Dai on the cypherpunks mailing list, suggested the brain of a new make believe of cash that uses cryptography to laterality its creation and transactions, rather than a central authority (Banks). It wasnt until 2009 that Bitcoin was permitted with an exchange rate of US$1 = 1,309.03 BTC. The following year a currency exchange was born, okay and published allowing the coins to enter the market. By October 2010 the rate of Bitcion exchange began to setting rapidly. Bitcoin is now accepted as a payment in many countries, and specific stores such as Subway, Target, Amazon and capital of Seychelless Secret. There ar a few contradict economic impacts forming from the advancement of Bitcoin in todays society such as, removing money from the economy, eliminating authority within ...