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Resisting digital currency is futile


Things I learned today during my economic studies:

1) When paper currency was introduced with gold bullion aback it, people continued to carry around heavy pieces of actual gold nuggets in sacks and pockets (and later they carried heavy-metal coins) for the next 75 years until mass adoption took hold with a new generation of younger people who trusted light-weight paper "cash" as money.

2) When "plastic" currency was introduced via "ATM-cards" in the early 1980's, many people did not understand how it worked and were very uncomfortable with carrying around "plastic" money. Then, point of sale purchases became possible when the ATM-cards were badged with the "Visa-Mastercard" logo. This watershed moment converted the novel "ATM-card" into what became known as the "debit-card" in the early 1990's. It has taken approximately 37 years for the public to prefer the plastic version of money in mass adoption.

We swiped across our plastic money on a mechanical "click-clack" card imprinter armed with carbon-paper. Then we swiped the magnetic strips through a handy-dandy slot. Then we pushed the card in for a chip-read. Then we waved the card in the air. Mass adoption has taken hold with a new generation of younger people who trust "plastic" as money; don't want slow, annoying check-books, never carry cash and don't understand gold nuggets.

3) Digital currency/digital assets is/are the economic disruptors of our lifetimes. Current estimates suggest that it will take about 20 years in order for mass-adoption of the digital currency (that is now replacing plastic money, which replaced paper money, which replaced coinage money, which replaced gold and silver nuggets) to finish the transition.

Resistance is futile.


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