Bank Technology and a Cashless Society

Online banking is a relatively untriedly-make phenomenon that has extend increasingly universal as consumers become much comfortable with doing the majority of their activities online. In todays modern partnership we come been involved with many expert advances. The world has replaced wreakers with robots, paper work with computer documents and cord phones with man-portable cell phones. Technology has become a critical flavour in the modern lifespan of todays world. What this report will be examining is the technological growth of new bank technology and the cashless society; Bitcoin. Cash is essentially a barter system made for the trade of a unspoiled or service, the world has mature with creating Debit and Credit tease in replacement for that cash, development an easier and faster way to plump transactions. Stemming from the evolution of cash to cards the idea of Bitcoin, an online peer-to-peer technology, was created and is quickly pass on in society. Bitcoin is the first decentralize digital currency, it is essentially an online pocket book that permits one to send coins done the internet in switch for a product or service, without going through a bank, allowing very low bet fees. In 1998 Wei Dai on the cypherpunks send out list, suggested the idea of a new form of money that uses steganography to control its creation and transactions, quite a than a central chest (Banks). It wasnt until 2009 that Bitcoin was permitted with an interchange rate of US$1 = 1,309.03 BTC. The following division a currency transfigure was born, approved and published allowing the coins to go far the market. By October 2010 the rate of Bitcion exchange began to climb rapidly. Bitcoin is now real as a compensation in many countries, and proper(postnominal) stores such as Subway, Target, virago and Victorias Secret. in that location are a a couple of(prenominal) negative economic impacts forming from the increase of Bitcoin in todays society such as, removing money from the economy, eliminating authority at heart ...