Difference between Crypto Currency and Paper Money

Updated: Mar 5

By Rayed Hanif. mohammedrayedhanif@gmail.com



In a world run by money, is now taking different forms and shapes.


Technology is changing the world in a good and bad way in terms of every field that ever existed or will ever exist. One of the major topics raised nowadays is about the online currency with majority of people willing to know more about the concept of it have either invested in it or waiting for a miracle to happen knowing it real worth and how it will impact the world in future.


Here are some Pros and Cons about Crypto Currency:


Pros:

- The transfer or access to money is made easier.

- A lot of money laundering, use of fake money and relative threats can be reduced due to the implementation and introduction of Crypto Currency.

- Crypto Currency is itself a new market thus opening new job opportunities and fields related to it.

- Economic factors and impacts of taxes, fluctuation and de-fluctuations will not affect the value of currency.

- Ease of access as it will eliminate the problems like exchanging the money when traveling to different countries.

Cons:

- With great technology comes the fear of error and system shutdowns, the benefit of using money manually is that it will only stop with the end of mankind as there is no end to it but with online currency its completely opposite.

- Increased risk of online hacking as access to accounts will be online.

- Universal events and unknown factors might affect the value of currency.

- Still a new field and somehow difficult to understand for old fashioned people.

- Comes with completely different measures and exchange rates as it is not based on Euro, dollar or dinars values.

Here are some of the Pros and Cons about Paper Money:

Pros:

- Ease of use and already under practice so its easy to evaluate the market and own needs.

- Every country and origin use their preferred currency thus not getting affected by the events or political issues happening in nearby countries.

- More economical as it is easy to evaluate the value you are paying for, making life easier in day to day exercises.

- It is easy and economical for the government to track and generate.

- Easy to use and acceptable all over in comparison to online payments less room for errors.

Cons:

- The fear of duplicating and misuse of money.

- More prone to damage and losing it.

- The problem of acceptance faced in different countries, leaving no option but to exchange it limiting the mobility of a person and resources.

- Highly affected by economic factors like taxes, fluctuation and de-fluctuations affects the value of money.


The comparison of Crypto Currency and Paper money go hand in hand and at the same time it has different impacts on the market. Let’s see what the future holds for us in terms of paying bills and making money.




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