The argument between paper money and Crypto is getting too much hype in recent years. In this era of digitalization, our day-to-day stuffs along with our very own money is rapidly becoming digital. Some people are seeing this as a monetary revolution while some people don’t want to accept it. I believe that everyone had heard of Crypto currencies. This is totally different from any other digital money. Apart from all the hype regarding paper money and Crypto, also the debate about which one is best, let’s explore this topic by first discussing the history of money.
China is the first country that came along with the idea of paper money in 700 to 800 A.D. Before that metal coins were used to buy everything. From that day till now the form of money has changed remarkably. The valuation of money has also changed year by year. Now we have Crypto currencies such as Bitcoin, Ethereum, and many more. Bitcoin is the first and most popular Crypto among all. An anonymous programmer by the name of Satoshi Nakamoto, created Bitcoin in 2009. By the time the value of Bitcoin has increased in such a way that no one had ever imagined.
The argument is solid if Crypto will replace our traditional way of payment system. Some still hold a strong hope in supporting this argument. In spite of all the benefits and advantages of Crypto currencies, till now it is not trusted in many countries. China and eight other countries have banned payments using Crypto because of its volatile nature. Although various factors are there.
Paper money reigns supreme place at this moment and will stay in the same position for a while. Because the reason is simple, it is trusted by everyone. Almost everyone understands how it works, unlike Crypto.
However, Crypto may not have the support and trust. But we have to accept that the Blockchain technology has the power to change our monetary system. Most of us don’t know how Crypto transaction works. Do you know the reason? The lack of knowledge and education.
We need to have the mindset to implement it in our current payment system. But the change will not happen instantly. In order to accept this change, we must go through the gradual adoption of monetary system.