Our paper currencies today are no longer valued against specific commodities, and evidence from the East has shown that people can fully depend on e-payments to live their lives. Stansberry Research (2019) Jim Rogers: Why I Couldn’t Buy Ice Cream In China
. Available at: https://www.youtube.com/watch?v=XogCJp4s0hs [Accessed 18 Jun. 2019] E-payments have also got more sophisticated nowadays, with further adoption of facial recognition and finger print recognition payments, we may even go away with the use of cards in future.
Since societies are showing signs that people can live and depend on digitized modes of payment and transfer money around, money in the future will likely be regarded as only digits. Where I believe nowadays, most people are already realizing that our means of exchange is only a bunch of digits. Implementation of anything, and it includes having a sovereign digital currencies is something that will have to go through the S-Curve. It is only through implementation then we get to find the problems and issues behind them.
Change is always something uncomfortable. Every new innovation will go through its doubts and questions about security, just like how 13 billion in population having the same questions on their currently popular payment gateways and today they cannot live without, Alipay and Wechat pay.
Accessing and using internet banking to perform TT and paying company staffs their salaries punctually through bulk transfer which is now performed over the internet, were also paradigm shifts from the old cash in envelope or monthly pay cheque system. The worries were the same. From my understanding on cryptocurrencies at this moment, the security measures I have personally came across is through the performance of ‘cold storage’, or server segregation to protect these digital assets. I guess prospective developments will have to boil down to you and me, together with our purpose of taking this fintech course. That is to disrupt the current methods used.