Bank Technology and a Cashless Society

Online banking is a relatively recent phenomenon that has ope target progressively popular as consumers become more comfortable with doing the legal age of their activities online. In todays juvenile partnership we have been involved with legion(predicate) technological advances. The human race has replaced workers with robots, stem work with computer documents and corduroy phones with portable cell phones. applied science has become a deprecative aspect in the modern life of todays world. What this report go forth be examining is the technological growth of new bank engine room and the cashless beau monde; Bitcoin. Cash is basically a barter governing body made for the trade of a good or service, the world has advanced with creating Debit and commendation cards in reserve for that cash, developing an easier and faster means to complete transactions. Stemming from the evolution of cash to cards the idea of Bitcoin, an online peer-to-peer technology, was created and is apace advancing in society. Bitcoin is the freshman de centralized digital currency, it is essentially an online wallet that permits one to circulate coins through and through the internet in exchange for a produce or service, without going through a bank, al impressioning very low interest fees. In 1998 Wei Dai on the cypherpunks mailing list, suggested the idea of a new form of money that uses cryptography to control its man and transactions, rather than a central indorsement (Banks). It wasnt until 2009 that Bitcoin was permitted with an exchange set up of US$1 = 1,309.03 BTC. The spare-time activity year a currency exchange was born, approved and published allowing the coins to enter the market. By October 2010 the rate of Bitcion exchange began to climb rapidly. Bitcoin is presently accepted as a payment in some(prenominal) countries, and specific stores such as Subway, Target, Amazon and Victorias Secret. There are a few negative economic impacts forming f rom the advancement of Bitcoin in todays society such as, removing money from the economy, eliminating authority within ...