Apple Pay + Virtual currency = The prelude to the demise of paper money?

Cooilya Subkhankulov, a BTX Juno of the electronic Money trading platform, wrote a stand article on the theme that the rise of Apple Pay and virtual currencies could lead to the demise of paper-based currencies. Please add micro-letter to the following translation, the point of the better points of the quack, please eat ramen:

Electronic payments are rising, and the main means of payment in the lives of ordinary people are increasingly far from cash cheques-disruptive changes are taking place, with cash, checks, credit cards and debit cards all history.

Apple Pay is not the reason for the action: does it believe that consumers want more convenient ways to pay? In return, many of the companies paying for it also expect an evolutionary leap in the form of payment, and Apple's Easy-to-use mobile device has earned it a dominant position in the mobile market and a unique advantage in its mobile payments. With mobile devices to cut into pay, there are a number of ready-made cases, such as: Japan, Korea consumers have long been accustomed to using mobile phone to pay.

Payment strategy and consulting firm Glenbrook said consumers ' acceptance of the new payment mechanism depended largely on two aspects: convenience and/or (perceptible) a sharp rise in economic benefits.

In both ways, Apple's Pay Stagen, the main card-issuing organization and the bank, has a good relationship with Apple Pay. Like Bitcoin, this means of payment can become more convenient than other methods of payment once people have crossed the cognitive learning curve stage. On the other hand, economic gains may not be anytime.
With the bitcoin analogy, Apple Pay is also a great security--apply Pay has deployed tag information within the network, so it is the safest form of personal payment, as in cash.

Apple Pay can make mobile payments ubiquitous – 220,000 of businesses are now signing up to support Apple Pay's LED.

It is worth noting that the 12 banks that work with Apple's Pay are responsible for 83% of all U.S. credit-card spending, and the debit cards issued by 14,000 of Apple's partners are even better. Gen Y is thought to be a debit card generation and hopefully Apple will cover the market.

What's the advantage of Bitcoin? It is rooted in the internet and survives the Internet. As long as the consumer has mobile equipment, it can be convenient, the cost of the polar to pay. And Apple will allow consumers to further develop this habit, while ensuring that consumers choose to pay the way, security as the main consideration-the recent bank, the merchant's payment information has been frequently invaded.

As a payment network, Bitcoin currently has room for improvement in global design, affordability and security. Apple Pay will also benefit from the development of Bitcoin, the leader of mobile payment development. Some people feel that Apple Pay = the threat of Bitcoin. Not so, on the contrary, Apple Pay will achieve a big leap of virtual money development, become the virtual money industry eagerly awaited killer App.

When it comes to virtual money, it doesn't take up a penny in your pocket, it doesn't add to your burden, you don't have to worry about it coming out of your pocket; it doesn't require you to slack paper, it supports online payments. For casual bystanders, the other advantages of virtual currencies may not be especially obvious--I mean, lower transfer fees + no central issuer--users don't have to be loyal to a particular banking system. You know, history is constantly educating us, and some traditional banking systems are quite disappointing.

According to the San Francisco Federal Reserve Bank's 2014-year cash use report: In the United States, the cash is still dominant in retail payments below US $25. Debit cards are increasingly used in peer-to-peer transfers, as well as gifts, food, transportation, entertainment, and so on-cash may not be due to lack of other means of payment.

The average size of these deals is relatively small, and cash becomes the preferred or secondary option for the means of payment because of the dominance of small-scale transactions in these areas of expenditure. The conclusion? Businesses, retailers are raising prices by setting minimum or tax-included taxes, and encouraging cash in small deals – after all, the smaller the deal, the higher the erosion of the profits by credit cards and debit cards.

With the further development of Bitcoin, and the subsequent growth of Apple Pay, there will be less cash usage. The government will use incentives to encourage the use of virtual money--well, isn't it just like some of the news you saw that was depressing the virtual currency? The reason is simple: it makes it easier for governments to access trading information.

Blocktrail, Coinalytics and other Bitcoin analysis startups have got funding to help people better understand the Bitcoin world. It is equally beneficial to observe and study the traditional banking system.

Apple Pay + Virtual currency will play a key role in the process of changing consumer perceptions and paying low prices. The industry will soon recognise this and benefit from it.

The existence of paper money has entered the countdown.