We Already Have a Digital Currency
Bitcoin and their ilk really aren't my thing, but many talk about the need for a digital currency. But here's the thing - we already have one, don't we?
Iโm not the right person to talk about crypto currencies. Personally, I think theyโre nothing more than a glorified ponzi scheme that collectively use more power globally than most countries.
TL;DR theyโre a joke.
But lots of people think theyโre useful, especially when it comes to talking less about the scummy side of crypto currencies, and more about the potential for a legit digital currency.
The world is becoming more and more digitised. We use our phones to pay things, we use our watches to pay things (well, I donโt, but many do), and banks transfer trillions of ยฃ, $, โฌ, ยฅ etc. digitally every single day.
When traders make millions of dollars worth of trades before lunch, do you think there are trucks scooting around physically moving all those dollar bills? Of course there arenโt - a billion dollars weighs around 3 tonnes, but it can be moved from one bank to another with a single keystroke.
And thereโs the rub. Yes, thereโs still physical currency that exists in our wallets and in vaults somewhere, but the vast majority of currency is moved around digitally.
Doesnโt that mean that we already have digital currencies? Theyโre already here, folks. So pack away the millions of graphics cards whirling away in warehouses all over the world.
Mission accomplished.
Letโs make the world a little a lot greener and turn off all those miners, shall we?