Digital Wallets Mean Electronic Money

You will be hearing more and more about "digital wallets". The type of wallet varies; but, in essence it is the idea that when you exchange "money" or "cash" the transaction takes place electronically rather than physically. The transaction can be debt based, such as an electronic credit card identified on your cell phone or computer; or, the transactions can be debit based with the transaction being an electronic transfer from your bank.

Yahoo News - Associated Press Story - Digital 'wallets' proliferate at cellphone show

I have talked about these things before because I really think it is important for people to know what is coming and how soon it is coming. I also think it is important for Americans to understand that this technology is much further ahead in Europe and Asia. Recently the FBI leaked a report discussing Bitcoins and what needed to be done to protect transactions using them. Gizmodo - Leaked FBI Report Details How Best to Get Away With Bitcoin Crime. While the report also discusses how "criminals" might want to make electronic transactions using them, the FBI seems more concerned over protecting such transactions.

If you read the first item from Yahoo News on digital wallets you will discover that the information available to the government regarding your purchases will be all encompassing. Every transaction will be traceable once we go to all electronic currency; but, what if we continue down the current road and we only require all transactions over, lets say $1,000 be electronic. Now, your credit card and debit card transactions are already identified by your bank so really, what additional information will they have?

It doesn't take a genius to understand that in order to use your electronic wallet, your biometrics will need to be matched up at the point of sale. It will be the only way to avoid identity theft. As I have previously noted, the technology is already there, just consider google glasses and the Galaxy S III. With google glasses, you would be able to automatically upload a picture of anyone attempting to rob you and shut down your accounts at the same time. With google wallet and google glasses, this is not conjecture, this is current technology.

Anyone who uses the internet must have noticed that most e-mail and service providers now ask for your mobile phone number. Most banks now want your cell phone number and e-mail address. The question I have is how will all of this information regarding our purchases be used. Now for my guesses.

The first part of the world to go all electronic (or just about) will be Europe. The Euro will fail, Greece is ready to go as are Ireland, Spain and Italy. Once they opt out of the Euro, they will not be able to just print their own currencies again in a day. It takes time to put that infrastructure back in place and the collapse will be quick. I believe the solution will be an electronic currency and for that to be accepted by other countries, it will need to be based on a quantifiable something. That quantifiable something will be the natural resources, production infrastructure, standard of living and workforce's capabilities. In other words for anyone to accept your electronic promise, they will need to know that is backed up by something.

We are watching the end of cash in our lifetime. We are also watching our ability to be monitored to the smallest part of our lives via cameras everywhere and cell phone and purchases tracking. On a side note, we are also seeing man create new creatures that are not natural. We are entering some brave new territories without understanding all of the possible consequences. There has been some talk about what it will look like on the other side.

On another side note, you may have heard that drones and super blimps are being used in the United States by the military. What you may not know is that both of these are capable of reading RFID chips. The original plan was to put a chip in every soldier, that plan is being discussed again. Here is an article from Mobiledia - "Super-Soldiers" Fight Disease With Bionic Implants. I have know about this for sometime because I dated someone who worked on a non-secret project involving the blimps.