Saturday, 10 October 2015

Vasanth Nagulakonda

Advantages of e-currency. Alternatives.

eCash | Electronic Currency.

I had a childhood dream of something unique inside me being associated with currency/ money wherever I go in the world and the payment systems across the globe automatically bill me or pay me. I used to visualize myself getting into a bus and the bus' eCash/e-currency system automatically withdrawing trip fare from my bank account once I get down from the bus. I even used to think satellites can track everybody on Earth so that there are no bad people trying to harm others.

I believe a world without paper currency, but only with eCash brings in a plethora of advantages to our global society. Let me list them below-
  1. eCash makes transactions faster and easier.
  2. eCash avoids the hassle of counting currency.
  3. eCash avoids people from standing in queues to pay bills.
  4. eCash saves trees, forests and is environment-friendly, unlike paper currency.
  5. The eCash system with good security measures can put a check to fake paper currency.
  6. eCash is easy to carry to any part of the world.
  7. Printing paper currency needs a lot of money and effort, whereas eCash doesn't need them.
  8. Paper currency transmits diseases, whereas eCash is safe in terms of health.
  9. Once the banks of all nations deduct the tax at the receiver end of all transactions as per the laws of the land, then Governments can prevent black money.
  10. With eCash, one never needs to go to ATM or bank.
  11. All the transactions can be tracked with eCash, thus tracking the flow of money across the globe.
  12. eCash with good security measures can be free from theft or fraud. eCash can be secured with the DNA of its owner.
I hope the world soon moves towards 100% Electronic Cash Age. I wish players like Google Wallet, Apple Pay, and Microsoft Wallet have a healthy competition among themselves and make this dream of mine a reality. Look forward to an alternative to paper currency soon!