This article was first published on Loom Network - Medium
Libra is the Future of Money
Anyone living in Asia already has seen the future. In China, you no longer need to walk around with a wallet. A cell phone will allow you to buy noodles on the street using Alipay or WeChat Pay. Last time I was in Shanghai, the vending machines didn’t even accept physical coins or bills.
Digital payments are happening worldwide, whether the US government likes it or not. Many people in the crypto community are focused on decentralization, privacy, and self-sovereignty, and are therefore skeptical of Libra. Let me tell you, the old lady running the noodle shop on my street corner doesn’t care about those things. However, she does use Facebook, and so do all of her customers. If she can all of a sudden accept payments with nearly zero fees and not have to handle cash, there’s no doubt in my mind that she will.
In Thailand, many people buy and sell items peer to peer via Instagram stores or over instant messengers like Line.
Norway, Sweden, and Denmark are a few other largely cashless countries, as both individuals and retail stores continues to embrace online payment systems. Norway has the lowest cash usage in Europe thanks to companies like Vipps, which is used by two-thirds of the Norwegian population.
The desire for convenience is too great. Once the average person starts adopting online payments into their life, paper bills and coin-filled pockets only become an annoyance. So now the important question is: ”Would we rather have a global digital currency controlled by governments and banks or let a company like Facebook bootstrap it?” And is it really bad for us crypto ...
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Loom Network - Medium