Online banking is a relatively recent phenomenon that has become increasingly popular as consumers become more comfortable with doing the majority of their activities online. In todays modern society we have been involved with many technological advances. The world has replaced workers with robots, paper work with computer documents and cord phones with portable cell phones. Technology has become a critical aspect in the modern life of todays world. What this report will be examining is the technological growth of new bank technology and the cashless society; Bitcoin. Cash is essentially a barter system made for the trade of a good or service, the world has advanced with creating Debit and Credit cards in replacement for that cash, developing an easier and faster way to complete transactions. Stemming from the evolution of cash to cards the idea of Bitcoin, an online peer-to-peer technology, was created and is quickly advancing in society. Bitcoin is the first decentralized digital currency, it is essentially an online wallet that permits one to send coins through the internet in exchange for a product or service, without going through a bank, allowing very low interest fees. In 1998 Wei Dai on the cypherpunks mailing list, suggested the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority (Banks). It wasn't until 2009 that Bitcoin was permitted with an exchange rate of US$1 = 1,309.03 BTC. The following year a currency exchange was born, approved and published allowing the coins to enter the market. By October 2010 the rate of Bitcion exchange began to climb rapidly. Bitcoin is now accepted as a payment in many countries, and specific stores such as Subway, Target, Amazon and Victoria’s Secret. There are a few negative economic impacts forming from the advancement of Bitcoin in todays society such as, removing money from the economy, eliminating authority within countries, and the decreasing of US/Canadian dollar. Whereas some positive economic impacts Bitcoin has on todays economy are, faster and more convent ways of completing transactions, embracing the technological future of society and the acceptance of all countries and people into the Bitcoin online community. BODY: s.w.o.t STRENGTHS WEAKNESSES 1) Bitcoin provides higher interest rates and lower transaction fees 1) Security breaches 2) With Bitcoin transactions are much quicker because the currency is going person to person and not through a bank 2) Transaction issues, If a hard drive crashes, or a virus corrupts data, and Bitcoins are stolen. 3) Bitcoin provides easy access, on smart phones and computers 3) Easy spending, personal budgets are easily overcome due to the convenience Bitcoin and online shopping can have. 4) Your account with Bitcoin cannot be frozen or denied 4) Removes money from the economy (Reserve Ratio) 5) There are no prerequisites to join Bitcoin, there for providing easy access to all. 5) Bitcoin Valuation Fluctuates 6) No Taxes with Bitcoin 6) Not widely accepted, Bitcoins are still only accepted by a very small group of online merchants. STRENGTHS AND WEAKNESSES: Analysis Bitcoin is an independent network that has no specific owner, all transactions go from user to user provided there is no third-party involved, eliminating any fees that would be put in place for profit. Individuals may choose to use Bitcoin due to the high interest rates and low transaction fees. This is a benefit to the economy because individuals will enhance their spending due to the low transaction fees, high interest rates and larger amounts of money they will accumulate while using Bitcoin. This enhancement of spending will increasing production of goods and services, allowing the total GDP to expand. The increment of individuals total spending can help increase our economies worth and total production over all, putting Canada at a higher standard. Todays society is all about convenience and improvements, much like computers and phones, Banking has developed to become quicker and more accessible. Because Bitcoin is coordinating with the development of technology it provides the speed and convinced demanded from consumers. Bitcoin is known for the speed and convince it provides, allowing more transactions to take place in a given time period, allowing higher demand for products and increase in spending possible. Bitcoin has a higher chance at surviving in todays society due to the technological advancement and