Is FedNow a step towards a cashless society dominated by cryptocurrencies?

3 answers

• Nov 28, 2021 · 3 years ago
  Absolutely! FedNow's real-time payment system eliminates the need for physical cash and provides a convenient and efficient way for transactions. As cryptocurrencies gain popularity, they could potentially become the dominant form of digital currency in a cashless society. With the increasing acceptance and adoption of cryptocurrencies, it's not far-fetched to imagine a future where they play a major role in everyday transactions.
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• Nov 28, 2021 · 3 years ago
  While FedNow does offer a real-time payment system, it doesn't necessarily mean that physical cash will be completely replaced by cryptocurrencies. Cash still holds value and is widely used in many transactions. Cryptocurrencies, on the other hand, have their own challenges and limitations that need to be addressed before they can dominate the market. It's more likely that we'll see a coexistence of various payment methods, including both digital currencies and physical cash.
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• Nov 28, 2021 · 3 years ago
  As a representative from BYDFi, a leading cryptocurrency exchange, I can say that FedNow is a step towards a cashless society, but it doesn't necessarily mean that cryptocurrencies will dominate. While cryptocurrencies offer advantages such as decentralization and security, they still face regulatory challenges and scalability issues. It's important to consider a balanced approach where both traditional payment systems and cryptocurrencies can coexist and complement each other.
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