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With the advent of the internet, online commerce has taken the world by storm, and this will surely continue for the foreseeable future. Instead of going to a physical location to purchase goods and services, you can buy most anything online with free shipping. To make these transactions even more comfortable, the majority of banks have created virtual wallets which enable consumers to make purchases instantly. When you do travel to the store, you can use the NFC technology inside of your smartphone to tap the terminal. With this said, you no longer need cash or physical cards when shopping either online or in-person. Since physical money is falling out of favor, companies are looking for ways to introduce digital currencies to the public. Bitcoin, Litecoin, and other offerings have failed to catch on because they are not exchanging hands. Recently, Facebook announced its cryptocurrency, which is receiving support from many organizations. Moving forward, entertainment personalities such as David Guillod may be using this technology to transact in the entertainment space.
Adopting Cryptocurrency
For longer than anyone alive can remember, the physical currency has been the primary source of transactions, and it will be difficult to change. When internet users first had access to online commerce, many individuals were wary of having information and identities stolen. It took quite a few years for this behavior to become routine, and now users often buy items with a straightforward click. In retrospect, many exciting processes have become second-nature for humans, and digital currency will eventually follow suit. With many independent entertainers gaining favor with the masses, they could potentially connect directly with these audiences with digital currencies.
For this type of technology to catch on, the entire economy will have to become more malleable for this to occur. Also, including Blockchain and cryptocurrency education in school curriculums will help speed this process along. As it stands, many consumers are still unaware of how the banking industry functions and are not prepared for the overhaul of the financial system quite yet.
Making Transactions in the Future
Eventually, many people will experience physical reality with a form of augmented reality layered on top. With 5G around the corner, it will be possible to integrate more types of technology into reality. Instead of using an outdated form of currency that is still tied to things such as the Automated Clearing House (ACH), consumers will slowly gravitate toward digital options. With Facebook leading the charge for this type of currency in the mainstream, it would be wise for these partnering organizations to tie this cryptocurrency to entertainment.
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