
Amazon & Walmart Are Looking To Ditch Credit Cards in Idaho
The world is changing with each passing second. Has there ever been a time of uncertainty and prosperity? Artificial Intelligence will either make our lives easier or destroy humanity. Thankfully, we won't be delving into that topic.
Just twenty years ago, buying something was very easy. Consumers carried cash, dollars, quarters, and even pennies. Cash is now one option when buying and selling things. The state of Idaho recently passed a law guaranteeing that cash will always be used in commerce in the Gem State.
Today, consumers pay with credit cards and cash; some people still use checks, and a new trend involves digital currency. The most valuable cryptocurrency is Bitcoin. There are other digital coins available with varying degrees of worth.
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The Trump Administration has embraced the cryptocurrency economy by creating its own coin. They've held several summits praising the currency as a new means to attain wealth.
Will crypto replace your credit card? Will you have to carry a bag of gold with you to buy your favorite beef jerky at Walmart or Amazon? We are seeing more and more self-checkout kiosks that only accept credit cards. Could crypto be next?
The Wall Street Journal reported that Walmart, Amazon, and others are exploring the creation of their own currency, known as stablecoins. The Journal points out that other retailers, such as Expedia, are actively working to create their currencies.
Why would the world's largest retailers want to develop their monetary systems? The reason it's very simple and involves money. If an organization creates its currency, it can generate more revenue. In other words, Amazon and others will not have to pay credit card fees, allowing them to keep the money.
A move to stablecoins could spell the end for credit card companies, which have made fortunes by being the preferred system of commerce.
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