Cash vs Digital Currency
Our society is embracing the “Virtual Century” and a major transformation that is taking place is in the area of digitized currency and virtual finances. Today’s show will explore the disappearing flat currency(the dollar bill), and discuss the digital counterparts, the systems used to make it, manage and spend it.
We will go to where none of my “By the Numbers” shows have gone before, by crossing new money frontiers breaking down what we need to know about digital currencies, fintech and e-commerce. How to make it, manage and spend in our digitized economy and what that means for the business owner of today and tomorrow.
Show Objectives - The Why
The first $1 bill was issued in 1862 as a Legal Tender Note with a portrait of Salmon P. Chase, the Treasury Secretary under President Abraham Lincoln. Our society has moved towards digitization of many areas of our lives and currency as we’ve known it in our world today has been transitioning for some time.
An American cryptographer, David Chaum, was at the forefront of this digital cash creation. In 1983 he published a scientific paper, Blind Signatures for Untraceable Payments, that outlined anonymous digital money. In 1989 he created ‘DigiCash’ which put the concept he outlined in his research into practice. DigiCash revolved around Blind Signature technology which warranted both the safety and privacy of transactions between individuals not dissimilar to the cryptocurrency concept we know today.
Utilization of some form of electronic payment systems, currency and ecommerce has increased over the years, with digitization of finances fastly becoming the mainstay of how we transact, conduct business today and in our future.
Business owners need to begin to understand the why, who and what of the digital transformation of money. We as business owners need to have strategies for implementation. One major trend that we see is, less brick and mortar vs. more virtual, how does this trend impact our products, services and bottomline.
There are major complexities to understand but we will provide a broad overview into the world of digital currency, e-commerce business opportunities and fintech.
Key Issues - Owner/Manager Perspective:
What You Need to Know:
What You Need to Do - The How
Previous: Episode F4.009 5G Your Business Finances
Next: Episode F4.011 Investing vs. Spending
Written by Celia L. Powell CPA
Facebook,Instagram and Linkedin @celiapowellcpa
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