Money is the legal tender through which all forms of transaction are made for goods and services. And it plays a lot of roles in our world today, and with the advent of technology and the digital era we are in, money isn't only all about the physical cash anymore. Nowadays we've digital currency use to make all forms of transactions online. And with this new style of legal tender, there has been an outcry among concerned citizens that the government should scrap physical cash and keys and adopt digital currency. But is that a good idea, and won't it raise another form of concern again? Find out my take on this below.
You see, regardless of physical cash or digital ones, we must first understand that money is important and plays a vital role in transactions and how we measure wealth. So should we ditch physical cash? I understand it has its downside, like how having a lot of it can clutter your space and how you're at risk of losing it unknowingly when it falls or it getting stolen from you by thieves who know you've got cash or just came randomly and ended up carting away with all you have. Including your physical cash. Seeing some of these flaws, it'll be difficult not to agree with people's cry to not adopt digital currency.
But then, is digital currency the solution to escaping theft or loss of money? I think not, and that's because digital currency is as risky as physical cash, if not far riskier. I've used this form of money before and still do, and I know it's just as dangerous as cash. I mean, we have hackers all around who are ready to hack into your account and carry away all your digital currency; we have people sending phishing links just to gain access to your digital wallet. We even have people who would create a kind of bank to get you to trust them with your funds, and before you know it, they'll disappear into thin air in the future.
Although I love the ease that comes from online payments and transactions, the risk involved is also enormous, and so for that, eradicating physical cash for digital currency. And that's because both can complement each other, and even when you happen to lose some funds in one aspect, you'll still have something to fall back on in the other aspect. Take for instance, if you fall victim to losing your digital funds, you can have something to hold on to in the physical cash that's hiding in a bank, safe, or anywhere else.
When we've or depend solely on digital currency, what then will we do when or if the world runs out of internet or electricity? Won't all the funds be lost forever, or wouldn't you be unable to pay for your needs, even though you have the money to pay, but you'll be unable to do that because there's no internet connection or something that will help you access your money?
All photos are mine.
