by Justin Splitter, Casey Research:
The line stretched around the block.
There must have been 40 people there.
I jumped behind the last person. But the line barely moved.
It would have taken me 40 minutes to reach the front—and I didn’t feel like waiting that long. So, I stepped out of line and walked a few blocks down the road to another location.
Same scene. Dozens of people in line.
These people weren’t trying to get into a concert or an exclusive party, either. They were trying to withdraw cash from an ATM.
• This was my experience on New Year’s Eve…
I was in the small beach town of Tulum, Mexico.
The good news is that I eventually got the cash, but only after I visited three other ATMs.
The whole experience took me about an hour. By the time I was done, I walked more than a mile.
It was incredibly frustrating. But it wasn’t a complete waste of time. You see, this experience reminded me of how obsolete cash is.
Think about it…
It’s inconvenient (even dangerous) to carry around. And it can be difficult and even expensive to get your hands on.
• I know because I’m a digital nomad…
I’ve spent the last seven months traveling around North America.
Since June, I’ve visited Mexico several times. I spent a month living in Vancouver. I’ve also called four different U.S. cities home during that time.
I’ve had a blast doing this. I’ve met many interesting people and learned a lot about different cultures.
But I’ve also had my fair share of headaches. And many of them have had to do with money.
You see, I’m constantly exchanging U.S. dollars for other currencies. And currency conversion costs add up quick.
I also often pay steep fees when I withdraw money from ATMs outside the U.S.
• The good news is that this won’t be a problem for much longer…
That’s because a cryptocurrency revolution is underway.
Cryptocurrencies are digital currencies built on blockchain technology.
I know that sounds very technical. But the blockchain is basically a public ledger. It tracks and verifies all transactions. This prevents counterfeiting.
Cryptos use peer-to-peer networks. This gives you complete control of your digital money at all times. It allows you to move them around without going through a bank.
Cryptos are also decentralized. They aren’t controlled by a government or central bank.
That’s why so many libertarians like cryptos. But that’s not why they’ll go mainstream.
• That will happen because cryptos are easier to acquire, transport, and store than cash…
They’re even better than credit cards.
Again, that’s because cryptos are decentralized. They’re not tied to a government or central bank. Because of this, you don’t have to pay a conversion fee when you spend bitcoins or any other currency abroad.
You also don’t need a bank account to own cryptos. You just need a smartphone. That’s a huge plus for people living in undeveloped countries.
Cryptos also don’t require third-party approval. The blockchain handles that. This is important because it can sometimes take months to settle a credit card transaction.
Merchants who accept certain cryptocurrencies also pay smaller processing fees than they do for credit cards. They don’t need to buy specialized hardware to process bitcoin transactions, either.
• Once the world figures this out, businesses will start accepting bitcoin in droves…
This mass adoption phase has actually already begun.
Read More @ CaseyResearch.com