Does digitalisation establish a digital currency?

There is a lot of discussion about the possible developments and the future of money. Will our currency system be digitized in addition to all other business areas? At Bitcoin and Co., the future of money remains unanswered.

By Tobias Lilienthal
Jr. Communication Manager  /
Tech & Digitalization

Digitalization has not stopped at any business area in recent years. New technologies have always changed the way we live and do business. However, our currency system has hardly changed in the last 40 years since the introduction of credit cards. New currency systems offer a variety of possibilities. Now we have to make sensible use of the newly acquired technologies.

Bitcoin was one of the first crypto currencies. After its introduction in 2009, however, it took almost 10 years for it to be reported intensively in the media. After a real Bitcoin hype at the end of 2017, it has now flattened out a bit. However, this does not change the relevance of the technologies behind Bitcoins and other crypto currencies.

Digital currencies offer a number of advantages that make them very interesting for the future. Unlike conventional currency systems, Bitcoins & Co are absolutely counterfeit-proof. Digital currency is not only extremely secure, but also very clean. This means that the chain from production to the current owner can be traced back completely. They function independently of banks and financial infrastructures and thus soon enable global, smooth transactions – and all this with minimal transaction costs.

These and other advantages make digital currencies very exciting. The technologies, such as blockchain, it needs to do this have long been available. Now it’s up to politicians and business, for example, to make good use of them. For why should the production and service sectors be completely digitalised, whereas our monetary system remained static in the 1970s?

The complete article you can find here.

Source cover: iStock  / VallarieE