In the last post we discussed the social transition from cold, hard cash, and the convenience of plastic and mobile apps. Let’s learn more!
What to be aware of!
Here is the description from Wikipedia:
Bitcoin is a cryptocurrency and an electronic payment system invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto. Nakamoto introduced bitcoin on 31 October 2008 to a cryptography mailing list, and released as open-source software in 2009. The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain, which uses bitcoin as its unit of account. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency. Bitcoin is the largest of its kind in terms of total market value.
Sound like gibberish? Well many individuals as well as companies are starting to use Bitcoins as a means of payment. Look at your online Verizon Bill. Be aware that the biggest barrier is your lack of awareness. The next barrier are HACKERS.
Understanding how to protect your money and identity are essential as society moves away from gold and cash. Hackers and thieves have upped their game and you must too. Consider double swipers. Once I was at a Tim Horton’s and purchased a coffee and sandwich. The total came to $4.18. I exchanged my card for my purchase and happily drove off. Within the next 7 minutes, another charge for $4.18 came thru as I receive bank alerts on every transactions. I turned around and challenged the second transaction receiving my full refund.
There are people that electronically duplicate the cards in your pocket. Thieves steal your credit card information without ever touching you, or your wallet — it’s called electronic pick-pocketing, or crowd hacking.
Cash is still king and always trumps credit. The reality is that you will simply access and deliver cash in a whole new way.