Money is simply electronic these days, people prefer carrying a credit or a debit card rather than the paper cash. Even having the cash in their pockets they prefer paying the money through bank transfers, pay-pal, credit card etc because they feel that it much safer and convenient. But is it really safe or just an illusion created by the issuer of these tools.
Previously it was not that safer because of lack of importance given to it, people didn’t had much awareness about it. They use to prefer paper cash more than anything else because their mind set was like you need to pay extra money on it as service charges. To an extent that was correct as when the digital money was introduced there was some really higher amount of interest charged but slowly and gradually it started decreasing making people use it more. The other problem that let people not to choose digital currency was the backup of it.
The other thing that creates resistance for digital currency is the lack of stability. Everyone loves a party until the bill arrives. All the unregulated non-sense we just went through with sub-prime is waiting to happen to people that risk using unstable currency. Use it knowing the risk and be smart about it.
Furthermore, the backup of digital currency is not as strong as compared to currency notes. Currency notes issued by the state bank of any country have a back up of gold but what about digital currency? Did they have any backup? NO. People had a kind of fear using it and considered it as worthless since it’s not backed by gold. Global acceptance and ready convertibility are two major reasons why people don’t prefer digital/virtual currency more.
As a part of custom dissertations, I found out that most of the people globally still prefer currency notes in comparison with virtual currency because of the greater risk factor in it. But again it’s not completely an illusion, if few improvements are bought into it; it can replace the currency notes.
This post has been created by Cyndy Marshall, she is a student and loves to share latest updates of digital world with others. She lives in UK and is a graduate in Media Sciences. She wrote a custom theses back in her graduating year and has been awarded as the best piece of research write-up by her university.