Every human being has a different relationship with paper money. Everyone has a different interest and fascination with paper money since childhood. People are involved in various activities such as bringing new paper money during Eid, bringing new shiny paper notes from the bank with enthusiasm. Even when a new note is issued after a purchase, it becomes a big deal for the person being paid. All these feelings cannot be expressed by reason. Everything is emotion. Again the new money has a distinct sweet smell. At one time or another, everyone has gone through this feeling. This paper money is our only hope every day. From going to work in the morning to coming home in the evening, from home to the market, from home to somewhere - the only recourse is paper money.
But now with the advent of modern technology, the use of paper has come down a bit and the use of electronic cards (credit and debit cards) has increased. Now no one has to bother to take money with them. If you use this card after making any purchase, the price will be deducted from your bank account. Again, different banks give more incentives to their customers to use the card, offer different offers, and also provide different vouchers. That is why the number of customers of this card is constantly increasing.
And why shouldn't the bank do that? The cost of making paper notes is a lot. The cost of paper, the cost of ink, the cost of the security fences that are put inside it for the security of money, the import of money, etc. have to go through various other costs. The amount of time and money (!) That is spent to do all this can be easily transacted through electronic and computer and this transaction is very fast and hassle free. With the advancement of mathematics and information technology, these transactions can be transacted through strict security perimeters.
Various banks monitor their customers' computer accounts and digital transactions so that customers do not have to go through any problems. After the card era, the era of cryptocurrency has started. It is also completely computer dependent. But the transaction is faster. The central bank of any country has an account of the way in which transactions are made through bank cards, i.e. the central bank monitors the transactions of other banks at all times. But the center will not be able to monitor a person's money through cryptocurrency. He can make as many transactions as he wants.
Now, with the permission of the central bank, the transaction process has to be completed by deducting taxes, without having to go through so many processes through cryptocurrency. A customer can complete this transaction automatically only if he buys his own crypto with money. Although an account of this transaction is kept in the blockchain. But cryptocurrency is illegal in many countries like Bangladesh. But the blockchain that is needed to use cryptocurrency is so technologically advanced and the work that is being done to further develop it is that the banking sector can use blockchain even if it does not use cryptocurrency. However, the central bank should keep an eye on cryptocurrencies in its own country for the convenience of customers and to use more advanced technology, even if the medium of transaction with cryptocurrency.
After the discovery of Bitcoin, everyone's interest in cryptocurrency skyrocketed. Many technologists and economists say that just as the Internet has revolutionized the world of media, so too has cryptocurrency revolutionized economics and economics. Its use is so widespread that in the future, paper money may no longer exist. At least that's what research says. According to the Asian Times, researchers from the famous Imperial College in London have published an article. That is their demand there. Their research paper Cryptocurrencies: Overcoming Barriers to Trust and Adoption has come up with such news. Their study found that cryptocurrency itself is capable of doing what paper money does.
Money has a value that people have to hold on to, as is true of cryptocurrencies. In some other places, cryptocurrencies are moving forward to prove themselves. For example, we use money as a medium for shopping and import-export. But it remains to be seen how efficiently cryptocurrency will work in these areas. In order to use Bitcoin and other cryptocurrencies, there is a lot of work to be done in terms of their application rules, regulations, designs for customers and the use of these currencies for the benefit of different companies. As technology advances, it will not take long for these issues to be resolved. Because different countries are working on the effectiveness of currency systems like Bitcoin.
The money that is now used as a means of economic transactions did not come overnight. First the transaction starts with the merchandise, then comes the coin, then comes the paper note, then the transaction starts with the card. At present, money is being transacted through mobile wallet without touching it. And the latest addition here is this cryptocurrency. However, even though the appearance of money changes at different times, the quality of money that you want to have for transactions remains unchanged.
From the above discussion, it is clear that if we want to see cryptocurrency as the main medium of transaction, then a few things need to be fixed first. First, a measure of cryptocurrency, like the measure of money, needs to be clearly defined in order to be acceptable to the general public. An agreement has to be reached with the central bank to use only the setuku technology that has been developed for fast crypto transactions. Much more needs to be done on the privacy of crypto use. However, it must be acknowledged that the use of cryptocurrency without the participation of the central bank could be counterproductive for the security of the people and the state.
The way cryptocurrencies are gaining acceptance in different countries, we may not see the existence of money in the next one decade. Developed countries have warmly welcomed this new medium of transaction. There is no doubt that this will bring about a major change in the way shopping, land and asset distribution and deposit methods, business, etc. Now the rest is a matter of how cryptocurrency takes over the whole of paper money.
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