Electronic Cash

I just realized the big difference of sending and spending money now compared to 2016. Five years ago, I had no idea how I am able to get money, send money, spend money and use it to my advantage.

When I came to the City of Manila, I was very noob. Haha. All I know is that I have a 1000 pesos or 20$ and I would need to use it for my transportation fare, photocopies of resume, and payment stuff for medical fees and the likes while applying for a work. Yes before, 1000 pesos is worth a lot. I could live for two weeks with a good budgeting formula.

I remember, when I got my first salary I am very worried where would I put it. Haha. Its not much because I had no Idea what is the salary given to a RCE. All I know then, is that I need work to get money to survive the life in the City. (May tax pa! Jusko) haha

Going back, then, I had to cash out my first salary and the following, one, because all my workmates tell stories about how they lost their money on the atm card. I had no idea how, so being afraid to lose all the money I've earned from working I withdraw them all out the card. Haha. Here comes my other problem, on the place where I live in, my cousin is a living thief. (Glad I left there early). So holding a cash and putting it on my bag or my dresser would not do any good. I can only sleep with when my money is inside my brassiere. Lol. Plus on the road, busses, and mrt thieves also exists.

Having said that, I had nowhere to put my money and I can't take the anxiety given by just putting it on my bag.

So instead of losing it on atm or thieves I just gave all the money I think I won't need and send it to my parents. That go on for two and a half years.

I don't have any idea about financial literacy. Really. I just learned about saving and investing before pandemic starts, which those that I save was used during the time of pandemic and small part was just left. I had to send money to home and support my younger sister which was living with me during pandemic and I had to also pay for her rent. Tough. But we get by. She already got back to work! 🙏

So here is the catch, sending money before is very costly. Electronic cash then is not widely adapted. I need to pay a lot of fees, fare fees and I need to spend a lot of effort just so I could send the money to my parents.

The thing is I need to pay for a back and fort transportation fare, just so I could send the money on a pawnshop. Pawnshop whom you pay for fees to transact your money to another places. Then my parents need to pay for a back n fort fare, just to get the money on that pawnshop. You know pawnshop only exist near the public market on province. And it is a 30 mins drive from our house. That was the scenario before.

The thing is the fee to sending money also varies from the amount you will send. Every pawnshop then, like cebuana and palawan (me is suki) charges 30 pesos or .60$ every 1000 pesos. 3000 would be 90 pesos, 5000 is 115 pesos and the list goes on. Here is the breakdown of fees I always pay.

• My fare fee = 18php (vice versa)

• Pawnshop fee for 5000 = 115php

• My parents fare fee = 50 php

• Total = 183 php or 3.66$

And I would send that every 15th and 30th.

I just realized that sending money before is costly than of today. Plus the two parties involved has to go through the line and wait. Because many are sending and receiving money during that time.

But today as electronic and/or automated cash is widely adopted it easier to move money without a hassle and with less fee. You can open an atm card for your parents send them using your automated app for online bank and viola there goes your money, the only possible fee you pay is withdrawing it on the atm machine of different bank.

Not only that you don't need to bring much money outside for grocery and other stuff. Which make you not vulnerable to thieves outside. (The only anxiety I have right now is losing my phone. Haha back up/import your wallet on your pc or lappy)

Everything becomes easy today in terms of money transactions. Only that a 1000 peso bill goes easy as 500 pesos before.

This proves that soon everyone wants a faster, reliable, low fees and electronic peer to peer transactions and in crypto it is just made to be fluctuating, comes with a twist.

Well I'm rooting for bitcoin cash! Haha xD.

Its just good to reminisce. ;) and everything is made easy and slowly crypto will soon be acceptable as the ages of the people continue to grow. Remember to teach your kids and nephews about cryptos :) hahaha

Also, back then, I am just hearing about bitcoin and how it was a scam and used in a black market. Lol. Haha. So I never really had an idea before.

😃😃

Well have you gone through all these experiences like I did way back some years ago? Quite hectic right? Haha. Specially lining up on pawnshop because there are only two cashiers running the pawnshop.

Well thanks to other electronic wallets it is not so hard to buy commodities, pay bills and send money to your love ones. Ayiiieeee. Specially to those that are living away from their family because of work.

Dahil sa mabilis na pagpadala sa gcash di na laging mainit ulo ni misis! Haha xD

Rawr. Thank you again for reaching this far. ;)

Credits

Thanks to David Shares @davidshares for making the lead photo available freely on Unsplash 🎁 https://unsplash.com/photos/4_41-79dHvE