Thursday, 07 July 2022
Englishman in Dubrovnik Englishman in Dubrovnik

If you thought Croatia ditching the Kuna and taking the Euro is a new dawn you are way behind the curve

Written by  Jun 05, 2022

“Do you really think that the introduction of the Euro is good news for Croatia?” asked a friend recently. Yes, I do, is the short answer. The advantages greatly outweigh the disadvantages, and we basically have a Euro-light currency anyway as the Kuna is linked directly to the Euro anyway.

But the introduction of another currency, a digital currency, will have much more of an effect on us in the future.

“We didn’t even think of a bank when we wanted to take credit, the Euro and the Kuna weren’t even in our thoughts. We work digitally, online all the time, and have just got used to paying in digital format,” explained a young couple the other day. They started to explain but most of it flew over my head.

However, the point of the story was that this couple had bought real estate in Dubrovnik in Bitcoin!

We are all thinking about how the Euro will change our lives and the younger generations have moved a step further and are paying in digital gold.

“It literally took us five minutes to get the credit approved, we spend more time having our morning coffee,” they smiled. I seem to be meeting more and more people who earn and spend almost exclusively in Bitcoin. And I have the same problem with all of them, when they start explaining my brain just shuts down. The whole system is just so radically different to what we are all used to, I’m just not sure I’ve got room left in my brain to add digital currency.

“The main difference of Bitcoin from traditional currencies lies in the fact that no one controls Bitcoin as it is decentralized,” stated a professor to me once.

I’ve got a feeling that Bitcoin might be a step too far for me, but clearly not younger generations. And this is the clash of the analogue world and the digital world. We’ve seen it so many times, from climate change to how we consume the media and to travel and much more.

Don’t get me wrong I have nothing against digital currency and I know that our great grandchildren will probably only be using Bitcoin, it’s just that I have probably come too late to the party.

Yes, before you ask there are already companies accepting Bitcoin as a form of payment in Dubrovnik. And hats off to them for being ahead of the curve. And I believe that they have clients, normally digital nomads, who pay them in crypto currency. I suppose that this is just the next natural step. We moved from paper money and coins to smart cards and paying with our phones, so why wouldn’t we flip to another digital currency.

Banking has moved online, I can’t even remember the last time I physically went into a bank. We not only use our mobiles to access our traditional bank accounts but we’ve also moved into digital banking.

One of the true visionary minds of our generation is Elon Musk. He isn’t just ahead of the trends; he actually sets the trends. In 2000 he formed the online bank PayPal and just two years later he sold it for $1.5 billion. Creativity, and above all innovation, have made him the richest man on the planet. Yes, the richest man in the world is African!

“Bitcoin’s structure is very ingenious. The paper money disappears, and crypto-currencies are a much better way to transfer values than a piece of paper, that’s for sure,” once said Musk about Bitcoin.

One day in the not too distant future we’ll be buying our daily bread in Bitcoin, getting our salaries in Bitcoin and buying houses as well. Oh, wait that is already the present not the future.

“I couldn’t imagine dealing with a conventional bank anymore,” said another friend. “Just look at those bank charges every month and for every transaction and interest rates, imagine how much better off you’d be without those,” he added. I guess I will have to start to learn, I’m just going to make some room in my brain.

They say you can’t teach an old dog new tricks, but this old dog is going to try. Who knows, I also might end up buying real estate with Bitcoin. 

Read more Englishman in Dubrovnik…well, if you really want to          

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