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The Ways in Which Technology Is Changing the World of Finance

Technology has changed a whole host of things on our planet. It has made anybody in the world, wherever they are, as close as a few presses of a few buttons. It has improved the world of business no end. And, it has changed the world of finance forever. To see exactly how technology has done just that, make sure to read on.

FinTech (Financial Technology) is taking over the world. Image source

It has made paying as easy as it ever has been and probably ever will be

Do you ever look at certain aspects of life and think that they just can’t be improved any more? Well, you should be thinking that every time you make a payment transaction. More to the point, you should be thinking that every time you make a contactless transaction and make a payment via your online bank account. You should be thinking that simply because does it or can it get any quicker? Can payment via card (or even via a phone, which is even easier) be any quicker than a quick swipe? Can manual transactions be any quicker than choosing the recipient of the payment, which could be a company demanding a bill or a friend in need of some extra cash, and then subsequently sending them their money straight to their bank by doing it on your online banking portal? The answers to these questions, simply, are no. Technology has certainly made paying as easy as it ever has been, and probably ever will be.
It has changed the shopping game completely

Buying is now just as easy as paying thanks to technology, too. This is because, as you are probably fully aware, you no longer have to leave your home to do a bit of shopping, whatever this shopping may entail. But, this doesn’t just mean you can use ecommerce sites such as Amazon and ASOS; no, you can even do your shopping on social media sites, too. For instance, there are a host of pages on Facebook that are dedicated to regionally based buying and selling.

Rise of the Bitcoin

Technology has even gone as far as to forge its own currency, too. Yes, this currency is known as Bitcoin, and since its inception it has only gone on to rise and rise. In fact, it has risen that much that there was even a documentary made about it titled just that: The Rise and Rise of Bitcoin. Truly, this is modern day phenomenon that started out as lowly way of paying for things over the web and has since turned out to be an actual player in the world of currency. This being the case is evidenced in many ways: one way in which it is evidenced is through the fact that Bitcoins can be calculated next to other currencies (at the time of this writing, 1 Bitcoin equals 8070.01 US dollars); another way it is evidenced is through the fact Bitcoins can actually be put into individual retirement accounts (IRAs). In regards to the latter, especially, the fact that this ‘make believe’ currency can be put towards something as important as one’s retirement fund truly shows the power it holds on the financial market; for more details on exactly how and why this is happening, check out this Bitcoin IRA review. After you do so, and after you realise just how pivotal Bitcoins are to not only the world of online finance, but the world of finance in general, you may just start dealing in them.

Accounting software is changing

Whether you own a business or not, you could benefit greatly from the changes that FinTech (financial technology) is having on accounting software. You see, as a bill and tax payer, you deal with accounting and should really have a personal accountant working with you (upon occasion) to sort your accounts out. But, you can take a huge step forward in being able to look after your accounts and ultimately manage your finances for yourself, or keep them in good order for when your personal accountant comes to look at them, by using accounting software such as Intuit Quickbooks. By using this instead of, say, writing all of your transactions down in a book or typing them out on a Excel sheet, you give yourself the best opportunity possible of accessing exactly what piece of information you need to access, when you need to access it.

Technology truly has impacted the world of finance. And, as somebody that pays for things, buys things, uses currency and deals with taxes and other bills, this means you have been impacted by technology, too.