My 365 post from 2017 provided a good example for my cryptocurrency class today about some of the characteristics of cash transactions:
» Third-party “approval” is unnecessary; this is a person-to-person, or “peer-to-peer,” arrangement.
» No sensitive identity information must be given.
» Payment cannot be undone.
» No “double-spending” problem.
For some or many of these reasons, cash is preferred or required in many transactions.
There are few risks in cash transactions; cash is a “bearer asset.”
These are precisely some of the motivations for crypto- and digital currencies.
Today’s presentation — “Interbank payments” — was one of the hardest or most time-consuming of all five of the topics for the class for me. This is evidenced by the fact that I snapped nine frames of five subjects in the last eight days. » My March 2022 grid.
Retired economics professor (“dismal scientist”). Married 40+ years to the love of my life; we have two grown daughters, both married, two granddaughters and a...