It has been said that "money makes the world go around." That is all very well, on the surface, but what does that orator mean by "money"? Do they refer to money as a global force, a domestic necessity, or perhaps a means of ensuring that the wheels of Western society keep on turning?
It is, if you don't mind me saying so, a statement that could elicit many interpretations and open the door to a vast and varied plethora of discussion points. Indeed, money has often defined the past, driven the present, and is set to evolve the future of finance.
From my perspective, money is something that affects everyone, is used by billions around the world, means many things to many people, and is constantly evolving in many ways. But in what areas of life and our activities has finance had the greatest impact? From the way we do our daily banking to how we spend our so-called "disposable income," money matters.
We can do so many things with digital transactions and online money moving these days. Whether it's paying a gas bill or booking a holiday, paying for a new car, or even playing on casino sites, digital money and now cryptocurrencies are altering everything we do on a fiscal level.
The world of online entertainment is also being shaped by this. Think about an online casino, a classic example of digital entertainment where payments may occur. It is, without doubt, a worldwide phenomenon and one that is blazing a trail when it comes to online payment habits, at least for some. Crypto has had a huge impact in this space too, and one that we simply cannot ignore. Whether we're talking about paying into a poker tournament in the USA or playing a Bitcoin casino in Australia, this is now a global industry that not only encourages the use of cryptocurrencies: it also pioneers it. Indeed, the Bitcoin casino has been a huge aspect of Bitcoin - and by extension other cryptocurrencies - getting accepted in the mainstream. By gamifying cryptocurrency and making it fun to engage with, casinos have majorly aided the widespread acceptance of this phenomenon.
As we look back at how money has developed, from a cash-driven transactional world to one that is increasingly based on contactless payments and online eCommerce, how is this fiscal alteration changing not only finance, but how societies around the world now use and accept money?
From cash-only to cash-free, it seems a small change, if you pardon the pun, but perhaps this is a bigger evolution, or revolution, than we appreciate? Are we really heading towards a cashless society and, if so, how does the future look? Let's see what we can find.
Cashless Currencies To Digital Dollars: Money Is Moving Societal Norms
When I say that financial changes are shaping society, I am not just doing what editors like and coming up with a controversial or provocative title to entice readers. I genuinely believe that society is being changed by the evolving fiscal landscape, both on a global scale, and on a more domestic and granular one.
When contactless cards were first introduced, for example, few establishments were able, or perhaps willing, to adopt and accept them. Now it is difficult to find places that do not prefer contactless payment methods.
The same is true of online payments, which were at first niche for a few websites and vendors. In the world of finance, eCommerce has become the mainstream method of purchasing for billions of people around the world. And then there is the emergence, and now the resurgence of cryptocurrency - something also very worthy of our attention.
Once just the niche financial plaything of the well-heeled and the technologically-informed, the range of cryptocurrencies has now grown exponentially, as has the way they are used and accepted. From purchasing real estate to using cryptocurrencies on casino sites, trading in Ethereum to buying and selling Bitcoin, this is now a common form of payment, and another showcase of how money matters have changed society.
Indeed, as I alluded to earlier, cryptocurrencies have become so common that we are now seeing the increasing rise of the Bitcoin-specific casino, online casinos that offer Bitcoin or other cryptos as their primary methods of payment - often with some nice benefits and incentives for users who opt for them. There's no question that these crypto casinos are a real-life demonstration of precisely what I am talking about here.
Beyond these examples, we are now living in a world where governments are openly talking about implementing central bank digital currencies, something that was considered nothing more than a fictional idea just a few years ago.
With the shift to digital finance and online transactions continuing to move apace, it is perhaps now a question of when, rather than if this becomes a reality too. Yet again, money matters are not just important on a domestic scale; they are important on a societal level, with global implications.
Worldwide Spending Transforming Through FinTech
FinTech is a word that is now widely used to describe the use of technology in delivering financial services and products to consumers. From banking to investing and all things fiscal in between, this word is now commonplace, as is the concept.
As technology has accelerated and evolved, the expanding FinTech industry has changed many things, one of which is how people spend their money, and where they are able to.
As consumers, we are living in a world where financial transactions are now online and digital as much as they are in-person or cash-based. Just take a look at the number of FinTech companies around the world: that in itself shows that our society is being shaped by this financial revolution more than ever before.
With worldwide daily digital transactions on the rise, and society lurching toward a more cashless approach, I think my original thesis holds some water. Money matters are changing things on every level. From daily payments on a domestic level to global transactions worth billions, they can all be done digitally, and that trend is likely to continue.
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