There have been so many comparisons as to the advantages the digital realms have over the physical in terms of economy, business and global transactions. It is one good article to be looking through. Yes, we can consider the aspect of flexibility and portability of it. You can just stack your millions in your account and carry it about with your mobile phone or ATM card as the case may be. Easy transactions are still part of it, the hassle of meeting transactions in person is eliminated. It has reduced the level of road side thefts; ok, that excluded, we have to be watchful of hackers and fraudsters.
Ok, we will not be looking much into these but something very unique I observed today while I was boarding a tricycle. The rider needed to give the passenger his balance and that particular set of notes was worn out. The customer did take it anyway, it depends on the person, there are people that wouldn't want it with excuses or fact as it may be that no one will want to trade anything for such worn out denomination. It has always been one of those fights that can last a while between passengers and road riders.
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It drew my attention to the fact that no virtual currency fades. It doesn't wear out overtime this is what I mean. Indeed this is something to be well considered. Fiat pape notes lose value over time leading to more CBN or government expenses to print new notes. Have you ever considered how much would have been saved in the process for the last two decades if ALL transactions were entirely digital?
Aside from wearing and tearing, how bout misplacements and damages? How you ever lost bank notes before? Ah! One experience you won't wat to let anyone know about it. That unending search for probably how and where you missed it. This is not same with the digital realms, every transaction is well monitored. Your money will remain intact even in times of hurrying and careless moments unless the banks decide to charge you as usual for maintenance and Blah! Blah!! Blah!!!. I know one of my banks that are fun of doing this without even notifying me; could it be my account manager playing with my head. Always annoying anyway.
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Another thing to consider is damages; think of how fire outbreaks, floods and whatever related disaster does to fiat notes. It has brought about losses on several occasions. Can this be a challenge to digital realms? Ok, for instance, my old phone just got bad yet my bank balance still remains very intact. Consider the same scenario with a bag of money going down the ocean floor. Yes, that's a big-time bye bye.
I was even considering what happens with this fiat note's unexpected losses. How does the accounts get balanced in the CBN quarters? Maybe something to consider some other time. Fiat from here already is proving to be non-accountables. A big flaw when looking at fraudabilities.
To conclude let me add, in as much as the papernotes will still stick around for a while its successor is showing more merits. The issues of wearing and tearing will still remain a challenge. This brings in unforeseen expenses at government level and transaction dissatisfaction between buyers and sellers. Aside from this, bank notes are prone to other damages like disasters. Aside from Network fringes or unnecessary bank charges as we sometimes do experience, keeping our money digital is far much better.
As for the issues of fees, it is gradually being accessed; mobile banks are working on closing these gaps. Secondly, crypto and web3 are also doing justice in this direction. Anyway, be on the watch in the digital space, portability comes at a cost when security is breached. It has been one of the fears that needs proper balancing.