Will all currencies be digitized in the future? According to Bitt founder and director Gabriel Abed, the answer is “yes.” At the TechBeach retreat in Jamaica just days ago, the crypto-mogul explained: “All currencies will be digitized … cash has seen its days”.
Cash Already on the Way Out
For many, Abed’s words confirm what they’ve always believed. These ongoing days of bitcoin, bitcoin cash and ethereum are just the beginning of what is bound to be a long and somewhat arduous journey.
It leads into a completely digital world that many are still unfamiliar with. It won’t be easy, but if the rise of cryptocurrency over the last several months is any indication, digital money will likely take over the financial sector as we know it.
To a degree, the days of cash have already started coming to an end. Yes, people use it on occasion, but cash has been significantly overtaken by plastic (credit cards) and PayPal.
People have sought other ways to pay for goods and services that are inherently more convenient, and provide opportunities for getting funds back should problems occur.
With cash, those issues don’t disappear; if cash is stolen or is lost somehow, it’s nearly impossible to get back.
Some Kinks to Work Out
To an extent, cryptocurrency is still in beta phase, and the technology hasn’t been perfected just yet.
We’re facing similar problems with digital currencies as we are with cash. For example, if digital funds are ever sent to the wrong address, the person cannot get them back unless the holder of the receiving address chooses to send them back. Thus, it’s the other person that’s in control, which is why mistakes in the crypto-world are a little harder to handle.
Abed’s Enthusiasm Remains
But Abed isn’t allowing this to alter his feelings. Like all technologies, issues need to be worked out, and he’s confident this will happen in due time.
While speaking in the Caribbean about new blockchain startups, Abed let audiences in on his enthusiasm for bitcoin and its digital cousins, saying they’re about to take over the world.
“There’s a future coming that completely disrupts what we know today,” he explained. “I see a different future when central banks are issuing digital dollars… A new economic age of digital dollars.”
Abed made headlines last October when he returned to his alma mater Queen’s College and planted 20 new trees on the compound. He’s now embarking on a quest that will see him planting several additional trees throughout Barbados, thus giving viewers a taste of his environmental nature.
Do you agree with Abed? Will all currencies be digital? Post your comments below.
Images via Jamaica Observer, YouTube