Bank Technology and a Cashless Society

Online banking is a comparatively recent phenomenon that has stupefy progressively popular as consumers become more comfortable with doing the majority of their activities online. In todays groundbreaking auberge we have been involved with some(prenominal) technological advances. The humans has replaced workers with robots, penning work with computer documents and corduroy phones with portable cell phones. engineering has become a lively aspect in the modern life of todays world. What this report lead be examining is the technological offshoot of new bank engineering and the exchangeless indian lodge; Bitcoin. Cash is basically a barter st directgy made for the trade of a good or service, the world has advanced with creating Debit and doctrine cards in reclamation for that cash, developing an easier and faster dash to complete transactions. Stemming from the evolution of cash to cards the idea of Bitcoin, an online peer-to-peer technology, was created and is chop-c hop advancing in society. Bitcoin is the starting time de aboriginalized digital bullion, it is fundamentally an online wallet that permits one to launch coins by means of the internet in exchange for a produce or service, without going through a bank, al imprinting very low interest fees. In 1998 Wei Dai on the cypherpunks mailing list, suggested the idea of a new form of coin that uses cryptography to control its population and transactions, rather than a central warrant (Banks). It wasnt until 2009 that Bitcoin was permitted with an exchange drift of US$1 = 1,309.03 BTC. The future(a) year a currency exchange was born, approved and publish allowing the coins to enter the market. By October 2010 the rate of Bitcion exchange began to climb rapidly. Bitcoin is forthwith accepted as a payment in many a(prenominal) countries, and specific stores such as Subway, Target, Amazon and Victorias Secret. There are a few negative stinting impacts forming from the advancement of B itcoin in todays society such as, removing money from the economy, eliminating authority within ...