It is believed that the use of diverse types of plastic currencies such as credit and debit cards has become an essential factor of life in recent years. The concept of using banknotes and coins has transformed into an oblivion due to the invasion of digital replacements and conducting an abundance of financial movements using other online methods. In this essay, I will explore the pros and cons of replacing paper currencies with online alternatives.
Considering the numerous benefits of using a digital purchasing tool such as debit and credit cards; using plastic money is believed to be highly beneficial and convenient for an abundance of reasons. To begin with, it is more convenient in making online purchases from a variety of places all over the globe. For example, you can reside in any country and just with a click of a button buy any sort of product from the other side of the sphere -in the most convenient way possible-. Besides, individuals could almost safely transfer a tremendous quantity of cash instantly without the burden of carrying it yourself and avoiding the hazard of theft exposure. Furthermore, cash- barriers can simply get rid of the trouble of being in a constant worrisome situation due to the capability of making immense amounts of transactions online.
As opposed to the previously mentioned advantages, using plastic money can also be a troublesome experience due to a plethora of reasons. An online purchaser can be an easy target for online scams and identity theft crimes. In other words, hackers can easily log into online users’ accounts, use their identities and credentials to either purchase online items without being tracked, or simply use the user’s information to make financial transfers to anonymous accounts without the ability of being tracked.Moreover, individuals who are quite inexperienced and naive when it comes to an adequate usage of technology can be easy targets to frauds and web-related crimes with an a far-fetched possibility of acquiring their stolen funds back as a result of the harshness of targeting and tracing an online thief through the intended authorities.
In conclusion, replacing paper currencies with plastic ones can be regarded as a convenient alternative solution for a noticeable majority of individuals. It also can not be denied that relying entirely on using this type of financial transactions can have its hazardous, – in most cases- non-reversible consequences that can lead to an entire loss of finance- if not used wisely and suitably-.