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The Digital Future Of Currency

April 29, 2014, 7:41 AM by Brittany Larson

The Digital Future Of Currency

Buying a tasty treat at Oh My Cupcakes! is just as easy as eating one.

"Sometimes we will turn the screen to have the guests sign when they are completing the transaction and we actually have had before where the next guest in line has picked out their cupcakes on their own because it is so user friendly," CEO and founder of Oh My Cupcakes! Melissa Johnson said.

Johnson says the convenience was a big reason why they made the transition to digital currency.

"You can literally get set up with just a couple of iPads and the app itself is free so with just a little bit of leg work on your own you can get set up with an entire cash register and point of sales system so that made it very convenient for us," Johnson said.

Johnson admits it's a lot different than the system they used in the past.

"We used to use an old fashion register with the old z-reports at the end of the day the long cash register receipts and we wanted to update to something that could help us keep track of our most popular cupcakes and keep track of inventory and updating to square was able to help us do that at a lower price," Johnson said.

One of the benefits of moving to digital is that there are lower transaction fees.

"The lower the transaction fees the lower the cost for the business that makes it much more attractive I would say. But along with that you also have to have adoption. And I think it's taking time and it's going to continue to take time before the masses are going to move more toward a digital currency," Partner at Click Rain, Eric Ellefson said.

Ellefson says the biggest deterrent from the digital currency is trust.

"People are just unfamiliar with digital currency. The same thing we were unfamiliar with buying things online ecommerce with a big fear factor for people for a number of years and now it's mainstream," Ellefson said.

For now, we'll have to wait to see what the future holds because the possibilities are endless.

"Could it be thumb scanning, could it be everything is encrypted digital signature which is in your unique thumbprint of course it could be? Is it going to be reality, I have no idea? The future is the future and I think we probably will see something in 10 years that we would have never of dreamed of today," Ellefson said.


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