Economic transactions are powered by money which 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.
With time, paper and coin were invented to serve as money, they have stood the test of time. The features and qualities of money is one that portrays why it is called money.
However, in this era of technology, the use of paper money is becoming obsolescence.
With credit and debit cards, transactions are sealed.
This boils down to the change of figures that reflects on the account of the buyer and seller.
When I buy stuff with my card, the number in my account reduced, and the number in the seller's account increased.
This is an evident that what we are dealing with in this technological era is NUMBERS, and not MONEY. Hence, it is a 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?
It simply tells you that the world has grown into a technological space where Binary lead's the other. The technology has reduced the availability of paper currency, which is bulky in size. All this new introduction is to make life easy for everybody, it will come a time, we might even stop seeing physical currency. The truth is that, currency itself is number assimilation, so digitalizing couldn't have been too much of a big deal. However one of the major issues that brought about the campaign by Central Banks of different countries and the World bank, was for them to easily understand fiscal expenditure and the movement of money for easy monitoring and taxes to be easily deducted.