Microsoft Word - ECCU Creative Youth Competition Essay KAH

on establishing digital transactions, systems would have to be set up to provide the technology

for those susceptible to poverty and educate those who are not technologically literate about the

use of digital cash systems. After becoming familiar with this, people would need to understand

crypto-assets and crypto-currencies for example; the popular Bitcoin. It must be understood that

cryptocurrencies are digital currencies with a blockchain which utilize cryptography. (Samuel,

2018) quoted that … before we could get into digital currency, persons must transition through

generally e-money before they could deal with currencies that they are not accustomed to. He

continued that if the region is to seriously consider the transition from cash to electronic money,

‘ solutions must always be inclusive ’ and ‘ if the solutions that are being developed and

implemented are not packaged and put in a way that they can be broadly adopted by everyone,

in terms of access and circulation, then it makes it even more difficult .’ Not only will technology

affect how some conduct transactions, it will also make the process difficult since some will

have no choice but to adhere to the cashless society movement. If this execution is successful,

security concerns may arise.

Unlike cash transactions which are anonymous, digital transactions can easily be tracked

and recorded, and although these transactions are said to be on a peer-to-peer collaborative

network according to article on Steemit (2018), what if criminal organizations come up with

ways to infiltrate these digital systems and access different accounts? Marria (2018) states

concerns of this. “There are also worries that the rich may be better equipped to buy themselves

privacy, while the average person with a traditional bank account receives no anonymity.” This

will also add expenses to businesses since they may spend more to secure/maintain accounts.

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