During the last decade, most western economies have begun to move away from paper currency.
Indeed, the majority of wealth in the world is now in digital format, with paper making up only around 8% of the total money available.
With that in mind, this post will take a quick look at some of the reasons for that move, and some of the advantages.
Digital Currency is Secure
There is no getting away from the fact that it’s easy to steal paper money. Thieves could grab your wallet while you’re not looking, and many criminals would plan bank robberies in the past.
Digital currency protects you and ensures that stealing your funds becomes much more challenging than it was years ago.
Digital Currency is Flexible
When people used paper money, it was hard to make purchases abroad without having to convert it into the local currency.
We live in the digital age, and you probably purchase items online from all over the world. Digital money is flexible, and there is no need to convert anything in most instances.
Digital Currency is Convenient
Just imagine how much storage space banks would require if they kept all their customer’s deposits in cash. The entire building would have to double or even triple in size to accommodate all that paper money. That is yet another reason digital currency has become so popular.
If you’d like to know more about digital currency and why it’s prevalent in our society today; just take a moment to look at the infographic below. Enjoy!
Infographic from the Commodity.com team