The world already has a digital currency, a group of experts told CNBC: the US dollar.

CNBC sought comments and opinions from market analysts such as ConvergEx’s chief market strategist, Nicholas Colas, as part of a CNBC 25 special report on the future of money.

In the piece, authored by Ted Kemp, Colas and others argued that the USD possesses many of the strengths associated with bitcoin.

He said:

“The $100 bill is the world’s bitcoin. It’s anonymous. It’s easy to use. It’s actually easier than bitcoin, because you don’t need a computer or even power.”

Money is already digital

One of the reasons merchants are drawn to digital currencies compared to current methods of payment acceptance is the lower transaction fees. Businesses that take BTC as a form of payment typically pay around 1% per transaction.

The experts told CNBC that digitized money can reduce cost barriers in a big way. However, for them, it doesn’t require a big shift in technology.

Christopher Vecchio, a currency analyst for the DailyFX trading news site, said that for many, money is already digital.

Said Vecchio:

“The bank isn’t holding a lot of money in there. The money in your account is data. It’s a set of zeros and ones.”

Bitcoin’s role in reducing transaction costs is noteworthy, but for Vecchio, this shift is part of a broader evolution in use of money worldwide.

He said:

“The future of money will really be on finding ways to transact in a lower-cost way, and that’s a societal trend, not just bitcoin.”

Competition will cut costs

Another prediction focused on how, eventually, the resistance by banks to a low-cost payment environment will begin to shift as tools like PayPal and Square broaden their customer bases.

Even social media platforms could one day serve as a means to cheaply move dollars between parties, experts told CNBC.

For more on how Facebook may be pursuing such an initiative, read our full report.

Bitcoins and Dollars image via Shutterstock