When you are studying your primary education you would have come across a law of energy in your science lessons. It states that energy is neither created or destroyed, It resides in different forms. The same aspect is applied to understand our new form of economy. Yes, It is about the cashless economy or otherwise known as the digital economy.
COINS AND NOTES
In olden days the value of commodity or a product is exchanged with the same value of another commodity. As times passing point of ed, the exchange commodity is converted into metal (precious metal) like gold. This further reformed to coined metal pieces with particular values. This again developed further to paper form which seems to be lightweight more convenience. At this point of time, everyone thought this is the final point of cash form and it cannot be further reformed or developed. There came another revolution which is making a huge disruption to this paper economy . The first step is taken towards the new beginning of a cashless economy. There will be no more physical touch and experience with the cash.
The digital currency is completely non physical entity which is created and exchanged under electronic system. This is the lump of electronic data in a device which have a currency value that can be exchanged for a commodity. The storage and exchange operation of this currency happens in a electronic protocols with a secure and reliable conditions.Such operations initially started using a electronic card(debit or credit card) with a swipe machine or a point of sale terminal. The consumer with an electronic card with sufficient electronic cash balance and a secure digital pin. Here, the exchange of digital currency happens for which consumer can take a product from a merchant.
These electronic ways were further simplified with the emergence of smartphones. Here the smartphones with an app (software) which acts as both card (currency) and a swipe machine, which is simplified further, given a better route for the growth of digital currency into every common man’s life. This penetration of the cashless economy is not stopped. The further evolution is happening with bitcoins where the complete transformation of currency value, accounting, exchange, the world is going to experience.