Money can be either digital or hard. Digital money is a form that does not exist as physical currency, such as credit cards, debit cards, electronic bank transfers, and PayPal. Hard cash includes coins and paper bills. Students should know the difference between the two forms of money so they don’t get ripped off when paying for items or services.
Money is the most liquid asset that can be used anywhere to purchase anything in the market regarding products and services as compared to any other asset. The use of digital money is best for the development of a developing country as compared to the hard currency.
Introduction – Money: Digital & Hard Essay
If we consider the liquidity of the assets which means their acceptance across the globe in return for goods and services then the money is the most convenient and liquid asset a person has. Earlier barter system was in practice which caused so many problems like the person who is selling something must find a person who is ready to accept that product and at the same time can provide the expected product or service. It was a very complicated system and that is why money came into existence. Nowadays two types of money are being used by the people of the world one is a plastic currency or hard currency and another is a digital currency. Here we will talk about the two types of currency and their significance for the country as well as in the life of people. You will get deep insights into the money here along with the problems associated with it.
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Main Body – Money: Digital & Hard Essay
Here are a few hard and fast facts about money like what is the difference between two types of currency that is digital and paper currency. How they play a significant role in the different economies along with their drawbacks. So make sure that you understand things in a crystal clear manner here.
Difference between digital money and hard money
The digital currency as the name indicates money in the form of online wallets and account balances that cannot be touched by the money holder physically. But on the other hand, hard currency is plastic currency made up of paper or metal and can be touched physically by grabbing in hand. Both types of currencies have their own significance at their place when it comes to comparing their benefits. While paper currency is useful in small villages and remote areas where internet connection is not there at the same time digital currency is used in metro and towns very easily. The person who is involved in the digital transaction also has to understand the complete process of such transactions aptly to avoid any kind of accident with him or her.
Which is best out of digital currency and paper currency?
We cannot define a strict line between digital currency and paper currency for their benefits and drawbacks. This is because many drawbacks are associated with digital currency as well as its benefits are also awesome. At the same time, we can cope up with the same words for the paper currency as well. For example, digital currency makes it easy to reduce the risk of carrying money in the pocket where the chances of robbery get very high.
At the same time, it also helps in maintaining a record on the spending of a month when it comes to preparing the budget of business while taking an account of the business cost. At the same time, paper currency is useful in areas where people have low knowledge about online transactions and possess no devices for such transactions. At the same time paper currency is used as a negative medium for funding terrorist groups as well without the knowledge of government or authorities of the nation by anti-social elements.
How digital money transactions are much secured than cash transactions in business?
While you are paying a person in case he or she may deny any such cash paid by you in the future. Under such circumstances, you can see yourself in extreme trouble. But if you are paying for a bill or any other type of business order through digital currency then it is possible to extract the transaction status from online transactions very easily as prove of payment to the account of the beneficiary. Although this argument does not look very important in small transactions when you are making a big transaction in corers it matters a lot, particularly in business deals and transactions. The taxation system can also be managed with the help of digital transactions as compared to cash.
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So from the above discussion about money, you must have gained an idea about how the different types of currency work in a given economy. At the same time, it is not possible to run a given economy only based on digital currency or for that matter paper currency. Both of them have a great and equal role in leading the chariot of development in a nation. Although digital transactions are more secured, rising cybercrimes are making them a bit challenging. People are losing trust and reliability of digital money which can be taken away in one click from the account if there occurs a cybercrime with data loss. That is why mixed reviews can be received from the side of people regarding digital currency as well as paper or hard currency.
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