Money is money. What really is money and its future? According to Neha Narula money refers to all things that are generally acceptable as means of payment for goods and services and as payment of debts. Money functions as a unit of account, medium of exchange and store value or standard of deferred payment. The demand for money is a very important in our day to day life. People hold money because of transactions motive, precautionary motive and speculative or portfolio allocation motive.
Today as we speak, what is the future of money? Neha Narula said the future of money is cryptocurrencies. Cryptocurrencies is a designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units and to verify the transfer of assets. This new era of programming money is known as the Bitcoin and Ethereum which is the new face of money. Cryptocurrencies is the new digital currencies that will transform the world according to Neha Narula. These new technologies and advanced mechanisms in carrying out our various transactions implies that indeed we are now living in a cashless society.
This new face of money has its positive and negative impact to the society and economy of the country. The positive impact would be it saves as a lot of transaction costs, convenient payment systems and an easy payment of things around the world in a second thru smart phones. Whilst, negative impact would be people consume most of their time to technologies or smart phones, money will no longer be acceptable as means of payment and it will greatly affect the monetary institutions of a country.
Therefore, I conclude that cryptocurrencies are not guaranteed that it will help to maintain price stability conducive to a balanced and sustainable growth of the economy. Today’s 21st century technologies has a lot of discoveries and innovations that makes life easy, convenient and instant.