Coming Transactions: A Cashless World

June 19, 2017 by Mark Battersby

There’s no denying it: Love it or hate it, cash is playing far less of a role in society. Physical money is rapidly becoming obsolete, due to constant improvements and innovations in the realm of virtual, electronic financial transactions. So, if you haven’t already arrived at the realization of this reality…welcome to the new cashless world.

Make no mistake. Many DJs who remain dependent on cash sales are finding income and profits declining. That’s right: Mobile entertainment business owners who are ignoring developments such as the recently introduced EMV Smart Card technology, Apple’s mobile Wallet and other mobile payment vehicles, cyber currencies and the like, may find profits affected.

One alternative to government-issued cash, Bitcoin made its first appearance back in 2009. Today there are hundreds of other cryptocurrencies, often referred to as Altcoins. Mainly used for large transactions, in the U.S., the IRS has ruled Bitcoin and several of its counterparts are not currencies but, rather an “investment” vehicle that fluctuates in price.

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Mark Battersby Mark Battersby (5 Posts)

Filed Under: 2017, Mobile DJ Business