Is my physical money going to become digital?
Moving into a digital age, many have long forgotten the old savings passbook, I recalled the days when my grandparents and parents will visit the bank branch teller to withdraw cash and get their savings book updated, it was later that auto machine teller was introduced and people moved on to queue at the automated teller machine. It is supposed to solve the problem of crowd gathering at the bank branch teller and provides a more efficient way of updating your personal savings passbook and for cash withdrawal.
I can still strongly recall the days where there was a squirrel that comes with the savings book, through education, our Singapore government educates the public how to set up a savings account to start savings. To me, a squirrel is a cute animal that is also a vegetarian and one of the foods it feeds on is acorns, it will bring it back and save the acorns for a rainy day. I love how the squirrel appears as a mascot for POSB Bank and educating the next generation to save.
Established on 1 January 1877 as the Post Office Savings Bank, the bank now operates as part of DBS Bank, which acquired the institution and its subsidiaries on 16 November 1998. DBS was awarded the worlds best digital bank 2018, into this digital age, we are moving towards QR code, efficiency, convenience, security. Gone are the days to queue up to update your passbook, in fact, maybe the passbook is being phased out (do you it takes 626,000 tons of paper to produce books in USA every year?)
As we move into this digital age and with technology, we are seeing the rise of the new currency, digital currency, or Cryptocurrency, with this new $2.24 Trillion market, we are seeing:
𝘎𝘰𝘷𝘦𝘳𝘯𝘮𝘦𝘯𝘵 𝘱𝘢𝘳𝘵𝘪𝘤𝘪𝘱𝘢𝘵𝘪𝘯𝘨 𝘪𝘯𝘵𝘰 𝘵𝘩𝘪𝘴 𝘯𝘦𝘸 𝘥𝘪𝘨𝘪𝘵𝘢𝘭 𝘤𝘶𝘳𝘳𝘦𝘯𝘤𝘺. 𝘗𝘦𝘯𝘴𝘪𝘰𝘯 𝘧𝘶𝘯𝘥𝘴 𝘢𝘳𝘦 𝘢𝘥𝘥𝘪𝘯𝘨 𝘣𝘪𝘵𝘤𝘰𝘪𝘯𝘴 𝘵𝘰 𝘵𝘩𝘦𝘪𝘳 𝘱𝘰𝘳𝘵𝘧𝘰𝘭𝘪𝘰.
𝘔𝘰𝘳𝘦 𝘢𝘯𝘥 𝘮𝘰𝘳𝘦 𝘯𝘦𝘸 𝘤𝘰𝘪𝘯𝘴 𝘩𝘢𝘷𝘦 𝘣𝘦𝘦𝘯 𝘤𝘳𝘦𝘢𝘵𝘦𝘥 𝘦𝘢𝘤𝘩 𝘥𝘢𝘺. 𝘙𝘶𝘴𝘩 𝘰𝘧 𝘯𝘦𝘸 𝘤𝘰𝘮𝘱𝘦𝘵𝘪𝘵𝘪𝘰𝘯. 35% 𝘰𝘧 𝘵𝘩𝘦𝘮 𝘧𝘢𝘪𝘭𝘦𝘥 𝘪𝘯 1𝘴𝘵 𝘺𝘦𝘢𝘳.
𝘔𝘪𝘭𝘭𝘦𝘯𝘯𝘪𝘢𝘭𝘴 𝘢𝘳𝘦 𝘱𝘰𝘶𝘳𝘪𝘯𝘨 𝘵𝘩𝘦𝘪𝘳 “𝘦𝘹𝘵𝘳𝘢” 𝘮𝘰𝘯𝘦𝘺 𝘪𝘯𝘵𝘰 𝘤𝘳𝘺𝘱𝘵𝘰𝘤𝘶𝘳𝘳𝘦𝘯𝘤𝘺.
𝘊𝘶𝘴𝘵𝘰𝘮𝘦𝘳 𝘴𝘦𝘳𝘷𝘪𝘤𝘦 𝘸𝘰𝘦𝘴. 𝘔𝘰𝘴𝘵 𝘰𝘧 𝘵𝘩𝘦 𝘴𝘦𝘵 𝘶𝘱 𝘢𝘳𝘦 𝘥𝘪𝘨𝘪𝘵𝘢𝘭, 𝘢𝘯𝘥 𝘤𝘶𝘴𝘵𝘰𝘮𝘦𝘳 𝘴𝘦𝘳𝘷𝘪𝘤𝘦 𝘪𝘴 𝘰𝘯𝘭𝘪𝘯𝘦. 𝘛𝘩𝘦𝘳𝘦 𝘢𝘳𝘦 𝘭𝘪𝘮𝘪𝘵𝘦𝘥 “𝘳𝘦𝘢𝘭” 𝘩𝘶𝘮𝘢𝘯 𝘤𝘶𝘴𝘵𝘰𝘮𝘦𝘳 𝘴𝘦𝘳𝘷𝘪𝘤𝘦 𝘰𝘧𝘧𝘪𝘤𝘦𝘳𝘴.
What do you think of this new digital currency or cryptocurrency? Do you think it will add value or will be another Ponzi scheme in the next years to come? How would you like to get educated on this topic? Comment below.
𝘋𝘪𝘴𝘤𝘭𝘢𝘪𝘮𝘦𝘳: 𝘛𝘩𝘪𝘴 𝘮𝘢𝘵𝘦𝘳𝘪𝘢𝘭 𝘴𝘩𝘢𝘭𝘭 𝘯𝘰𝘵 𝘣𝘦 𝘤𝘰𝘯𝘴𝘵𝘳𝘶𝘤𝘵𝘦𝘥 𝘢𝘴 𝘢𝘯 𝘰𝘧𝘧𝘦𝘳, 𝘳𝘦𝘤𝘰𝘮𝘮𝘦𝘯𝘥𝘢𝘵𝘪𝘰𝘯 𝘰𝘳 𝘴𝘰𝘭𝘪𝘤𝘪𝘵𝘢𝘵𝘪𝘰𝘯 𝘵𝘰 𝘤𝘰𝘯𝘤𝘭𝘶𝘥𝘦 𝘢 𝘵𝘳𝘢𝘯𝘴𝘢𝘤𝘵𝘪𝘰𝘯. 𝘛𝘩𝘪𝘴 𝘪𝘴 𝘱𝘶𝘳𝘦𝘭𝘺 𝘴𝘩𝘢𝘳𝘪𝘯𝘨 𝘰𝘧 𝘧𝘳𝘦𝘦 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘵𝘩𝘢𝘵 𝘪𝘴 𝘢𝘷𝘢𝘪𝘭𝘢𝘣𝘭𝘦 𝘧𝘳𝘰𝘮 𝘵𝘩𝘦 𝘸𝘦𝘣𝘴𝘪𝘵𝘦 𝘢𝘯𝘥 𝘤𝘰𝘯𝘴𝘰𝘭𝘪𝘥𝘢𝘵𝘦 𝘧𝘰𝘳 𝘦𝘥𝘶𝘤𝘢𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴.