The world is going digital and so a massive population is gradually immersing itself into it. It is just a matter of how long till it takes the entire globe. Looking at the world of fiats; papernotes to be more specific, it has been such an argument of a possible outdating. We have seen such changes without a doubt. Will it be soon or will there be an extension? We will be looking at this from these two points: the locals and the illegals. It seems indeed the printing must continue either as a need or wants.
There was once I talked about how fiat will exist for the sake of security reasons and easy financial access. What happens when a Network server is down? At that time, your banking App is rendered useless. Those who had some paper notes will be the ones transacting. And who knows how long this can last in a world where global shakings like wars and natural disasters can set in.
Coming back to the mentioned two; I can remember when decentralized blockchain tech and crypto came in newly and the government was attacking it for illegal activities. I came to realize the worst form of illegal transactions are the ones conducted offline. Nothing to trace in entirety, just as if it never happened. How has ALL the money embezzlement been going through? Apart from even fiat, we have seen such occurring in the transactions of valuable minerals like crude, gold, silver and the rest.
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Offline transactions is one big industry that I feel won't just collapse off in an instant. How smart it seems for someone to take a bribe only if it is given cash at hand. Can you defend such a case? Every sector has its illegalities, from the security sector, to the judgemental, black market merchanting and even in religious settings. You should see where I am going here. The digital realms expose so many things into light but not so with the offline space. It is mostly a place of no proof, no record.
We are living in a world where illegal and corruption activities are continually increasing. Bribes here and there and this is mostly settled in fiat notes. Those who are enjoying the system are likely to make sure it stays around long Enough for them to do their usuals. Why do you even think there has been a kick against decentralized data? The fiat black market activities has been one long standing business.
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The second part to look at are the locals. technology is yet to break in much deeper than we expect. Many local markets are not interested in digital transactions. It has been one of those scenarios I have seen and heard of. These sets of people are always after their physical cash. The way this local sellers will snub you even with your money will seem as if you came begging for free goods. So how does this have an impact? It does because they are mainly the people that control the food market. Most of our consumed local products are gotten and processed in the rurals.
First, little to no education beats in and secondly, there is no networking infrastructure to keep up within that region. How soon will these two factors be dealt with to transform the localized industries. In the developing scapes of this world this is no doubt going to take some time.
To conclude, let me add, although we are moving into a world of everything digital we may be seeing some delays in the financial aspect. These two major players are going to kick against all odds. The world is an environment full of greed and self satisfaction. Illegality has been practiced long since the inception of notes. In short, we have to admit it was control that brought the use of paper money. I know there are still illegal transactions concerning the fiat in the digital space. Nevertheless, the difference is very clear, one can be hidden but has a track record while the other seems entirely non existing.