Bank Technology and a Cashless Society

Online banking is a relatively youthful phenomenon that has mother increasingly familiar as consumers become much comfortable with doing the majority of their activities online. In todays modern social club we devour been involved with many technical advances. The world has replaced moveers with robots, paper work with computer documents and cord phones with take-away cell phones. Technology has become a critical cheek in the modern life sentence of todays world. What this report will be examining is the technological growth of impertinent bank technology and the cashless society; Bitcoin. Cash is essentially a barter system do for the trade of a unspoiled or service, the world has move on with creating Debit and Credit card game in replacement for that cash, ontogeny an easier and faster way to get it on transactions. Stemming from the evolution of cash to cards the idea of Bitcoin, an online peer-to-peer technology, was created and is quickly advancing in society. Bitcoin is the first deconcentrate digital currency, it is essentially an online purse that permits one to send coins by dint of the internet in supervene upon for a product or service, without going through a bank, allowing very low touch on fees. In 1998 Wei Dai on the cypherpunks mail list, suggested the idea of a modern form of money that uses cryptograph to control its creation and transactions, kinda than a central function (Banks). It wasnt until 2009 that Bitcoin was permitted with an re-sentencing rate of US$1 = 1,309.03 BTC. The following course of study a currency central was born, approved and published allowing the coins to ship the market. By October 2010 the rate of Bitcion exchange began to climb rapidly. Bitcoin is now certain as a wages in many countries, and limited stores much(prenominal) as Subway, Target, virago and Victorias Secret. at that place are a few negative economic impacts forming from the patterned advance of Bitcoin in todays soci ety such as, removing money from the economy, eliminating authority in spite of appearance ...