Critical and Reflective Thinking

Question: About 90% of the world’s currency exists on computers. The rest is physical cash.What could be some potential outcomes from such a large percentage of our currency being digital?

Response: Having a large percentage of the world’s currency stored digitally could lead to potential security hazards. Having everything digital means that if an internet outbreak were to happen then many citizens would not be able to buy necessary things for a day or up to a few weeks. Recently, there was an incident with Rogers in Canada which led to a majority of the population being unable to use debit cards. On a side note, having 90% of the world’s currency digital means that a rise in other currencies such as crypto will happen. Because of the technology behind it, many people and businesses are starting to use crypto currency more often. There are both benefits and consequences to this, however for the most part it is convenient and effective for businesses and people around the world. For example, being able to pay for your groceries with a tap of your debit/credit card or phone which makes it easier for the consumer and workers. There are certainly more potential outcomes from out currency being digital but we’ll know for sure in the near future!

I can examine evidence from various perspectives to analyze and make well-supported judgments about and interpretations of complex issues. Based on my response above, I have considered different perspectives individuals have about the world’s currency being digital. Examples are included in my analysis which provides support to my judgements and gives credibility to my reasoning. I’ve gone in-depth in my response in order to ensure that the reader isn’t left with missing details. This is crucial when analyzing information from different perspectives. To analyze information in various perspectives you need an understanding or experience from those different perspectives. My friends, family, and I were all affected in various ways from currency being digital which has allowed me to gain a deeper understanding and real world experience. That’s allowed me to truly analyze the question in two different perspectives in a fair and unbiased manner.