So I have posted my thoughts about the Philippine currency of having a coin version of the 20 peso bill at noise.cash. Some shared their insights about it and it was a fun exchange indeed.
A comment enlightened me about the lifespan of a paper bill. She said that paper bills tend to have shorter lifespans compared to coins. Paper bills usually last 2-5 years in circulation and the 20 peso bills usually run out of production upon it because it is the most overused bill in the market.
What's your opinion on making it as a coin? Is it really something big to deal with?
In the first place, it still has the same value as it was a paper bill. However, many people would share different opinions about it.
Long existence throughout the history
Have you noticed that our grandparents still have those coins back in their younger years? As I said, they last longer as they have longer lifespans compared to paper bills.
These coins serve as a commemorative in the past. If you are a hoarder like me, I have kept several coins in the early 2000s where I still have those big carabao-designed coins and a 5 centavo coin with a hole in the center.
Requires small transactions
Coins are the most convenient when you make a transaction to small merchants: like stores, bakeries, barbershops, shoe and watch repairs, jeepney drivers (barya lang sa umaga) etc.
You can't give a 1000 peso bill to a repairman for his service early in the morning. That's ridiculous. In situations like these, coins are at most convenient. Your transactions get faster because you wouldn't have to mind about the change.
Made of metal content
Coins are usually made of nickel and copper. Through these metal contents, it increases the durability of the coin. This means to say, it can't be easily torn or damaged compared to paper bills.
Heavy and wallet space demanding
On a personal basis, it's also annoying to have too many coins in your wallet. It adds up the load you carry from your bag and it requires bigger space from your wallet. You wouldn't want to get your wallet ruined because of the coins.
Lightweight and Space saver
Who wouldn't want to carry a big amount of money with a light feeling? Paper bills don't require too much space for your wallets too as their structure shows like a fine thread.
Require big transactions
With paper bills, it helps you a larger amount of transactions like depositing to the bank without having to worry about carrying a huge bag, unlike coins. Five 1000 bills are way more convenient than carrying a 5 thousand 1 peso coin.
Paper bills are made of abaca. It is a special form of fabric that makes the paper bill firm and unique. However, with the level of recklessness people have become, these bills may be prone to tearing, burning, shredding because you forgot to take them out from the laundry.
Some of this may be unfortunate for you because torn paper bills are no longer accepted upon making transactions.
In our generation today, as technology evolves, money transactions have also taken the ladder to step up and do the work. With cryptocurrency, you wouldn't have to worry about filling out forms to pay to the cashier or counters. All you have to do is to scan a code and make a payment.
Realtime, instant productivity
Technology has helped us a lot in terms of doing many transactions online. May it be scanning through different websites to googling what name best suits your pet.
With cryptocurrency, making a payment online is real-time and instant. You wouldn't have to ask the assistance of a human because everything is made right at that moment.
Almost free transaction fees
What's best with cryptocurrency especially BCH is that the transaction fees wouldn't even bother you. It has almost zero transaction fees so you would not have to worry about it when transferring.
With your transactions going online, there's no need for you to fall in line and transact. With cryptocurrency, even if it's late at night or dawn, you can transact anytime.
Secure, private, & decentralized
This is the best part of investing in cryptocurrency. You are your own bank so you control your money. You can monitor your assets through your phone and you can carry them anywhere. You just have to make sure that you secure your private keys in case you lose your phone.
As mentioned, you are your own bank so that means that you can transact anywhere in the world. You can send money to your friend in Australia while you are in the Philippines, with fewer transaction fees, and with your pajamas.
Each cryptocurrency has its own price and its volatility can be a risk and an advantage at the same time. Knowing how fast cryptocurrency has emerged in the world now, it's not far that these prices will go to the moon and help you grow your money.
I advise you to hodl your money as much as you can so you can get a big profit in the long run.
So that's it. I have to be biased here, particularly in cryptocurrency because since I discovered Bitcoin Cash, it has been my mode of payment online. I get funds from my Bitcoin Cash wallet when I pay bills, go online shopping, and buy games online. Where else could you ask for?
Lead image source
Thanks for reading.
Keep safe everyone! ❤