Studio Brief 1 - Future Of Money CAN POST

Purchasing goods and services is increasingly shifting towards digital. A survey has revealed that the number of people shopping online across the globe has skyrocketed from 10% to 85% in two years. New features such as bitcoins are a new form of digital currency and features such as contactless take away the need for paper notes when you're only a tap away from buying most things. However, because currency can be kept digitally doesn't mean anyone is far from criminal attempting to hack and steal your hard earned cash.

Bitcoin

Bitcoin is a digital currency that is stored electronically. Bitcoin is decentralised which means that no single country or institution owns it. This is one of the biggest advantages when it comes to security and the publics increasing anxiety of large bank controlling their money. Bitcoins are created and 'mined' digitally by people and business with software that solves mathematic problems.

- http://www.coindesk.com/information/how-bitcoin-mining-works/

The way we buy online has grown dramatically. The boom off credit cards had limited the use and need of paper notes. Credit/debit cards are only one single card that the person has the carry around with them, they can spend as much as they like and when they like without carrying a stack of paper notes. However, the biggest downfall of credit cards is the fact that they can still be hacked by criminals. With the introduction of contactless feature hackers have devised a way to scan your wallet and instantly withdraw the maximum of £30 from your bank account. Its quick and more efficient way then making counterfeit money. Lastly, because credit/debit cards are the only way to pay for goods and services online your bank details are stored on each website that you buy something from. These pages are encrypted and very tough to break but all it takes is for one sophisticated attack by a hacker and instantly they have access to your bank detail as well as personal details which then the hacker can either steal the money for their individual use or sell your information on to other criminals. 

In a nutshell, paper money is sometimes a safer option at this time. Its stress free and often possess no risk of it being stolen. This fact is the main reason why paper money will still around for many generations to come unless banks and online business find a way to protect your personal information and make it absolutely impossible to steal and then you will get the loyalty and trust from consumers.