Post
Topic
Board Economics
Topic OP
Transactions and Medium of Exchange: A paradigm shift from cash to numbers
by
JB_F
on 08/01/2025, 14:25:09 UTC
Economic transactions is powered by money with is the medium of exchange all over the world.
What is considered as money is subject to the values placed on such items.

Over the year, certain commodities such as cowries, aluminum, gold, metal, etc were considered as money.
But today, reverse is the case for some of these items, apart from gold.

When  paper and coin money were invented to serve as money, they  have stood  the test of time. The features and qualities of money is one that portray why it is called money.

However, in this era of technology, the use of paper money is becoming obsolescence.
With credit and debit cards, transaction are sealed.

This boils down to the change of figures that reflects on the account of the buyer and seller.
When I buy from you, with my card, the number in my account reduced, and the number in the seller's account increased.

This is evidence that what we are dealing with in this technological era is NUMBERS and nit MONEY. Hence, it is  world of digital transaction with the use of numbers as currency.
Bitcoins and other coins are all shown on Numbers also.

What's your take on this?