When we talk about the use of #currency in our financial and economic life, we never could get away without paper notes. Notes are various in number and their merit, some denoting 50 bucks, 100, 200,500 and even more as of the net #price evaluations of the local currency which people use for their basic real life purposes. Its all about cashes and their use in all life oriented applications, but do we have other choices?
I have been thinking about this for a while and the realization of the effect is quite staggering. We cant live without money and thats why we move around and transact, act for #financial earning and do businesses, some who get busy in seeking employment for the fixed salaries. The dependence on #money is everywhere starting from birth to death and we are to rely on cashes for that.
But do we have any other alternative but to use instead of cashes?
There might be options available and one which we know about the idea that to be getting cashless and being reliant on the electronic versions where financial transactions and even P2P transfers of #money would be possible. 8 out of 10 countries have already established this process on their financial institutions, but I think more of individual usage and inclusions would still need to have an impact to make.
Going cashless would be very advantageous at some level because by doing so there would be loss of paper currency and when for personal use, sometimes some paper #notes start to get pierced and those damaged notes naturally regards as immobile for further use. Its a loss for the individual and sometimes one has to compensate for that anyhow.
Another vital conditions of such form of currencies is that they are very prone to be hijacked or robbed of, even stealth of it is very easy. Security conditions arent the same in all parts of the globe and that's what creates a big problem.
Paper currency has that vulnerabilities and so paperless solutions are applicable because with it there would be no chance of robbery or stealth, cyber attacks or hacking can be accessed but that's a far cry if one has very rigid data #privacy protections. Nobody can do anything with long string password forms, because access of it isnt just hard, but improbable.
Source
Paperless currency exchanges would be very popular, already it is making people's attention all over. But a #blockchain based solution would be more appropriate for so many reasons. First of all,there would be a well recorded privacy and transactions would be safe and objective. Financial institution will also be #decentralized and no fear of losing extra money as taxes to spend for the security purposes.
It is a good sign that already some of the developed nations have already established a baseline to construct that plan and their #financial rights are well secured. But there are other parts to be ensured and if that is completed, #monetary policy would be changed and user's satisfaction would be restored to a better level.
Decentralization can help secure easing people's lives and that should come from economic sectors as well. Rightly that technological change is also essential to have and I hope it fosters more for the betterment of the people’s sound financial activities.