2016-09-01 Thu

With the advent of alternate payment technologies experts at the British firm Smithers Pira have predicted that currency note and coins would soon become extinct.

They foresee that the number of bank notes in circulation all over the world would increase at the rate of 5 percent from 2016 to 2026 annually. According to them, after ten years, there will be 943 billion currency notes and 179 billion coins in circulation.

“Fit for Circulation: The Future Lifecycles of Currency to 2026” is the name of the full report that’s available for £4,200.

With the use of the virtual currency Bitcoin, people can exchange credits for goods and services. It is not controlled by any government and transactions happen over the Internet.

Physical bitcoins is similar to bitcoins, but the virtual element comes along with a struck coin.

The pros and cons of virtual currency are being considered by Governments all over the world, some are in favour and some are against it.