With the technological advancements in the banking system, nowadays people are presented with numerous ways of paying for purchases. It is often said that electronically operated banking cards will displace the use of paper money and coins. However, I don’t believe that modern payment methods will take over completely from traditional banknotes and coins.
There are various advantages of modern monetary exchange. Firstly, it is now increasingly common for people to shop online where they cannot use paper money and coins to pay. Thus, people eventually embrace the modern method of payment to be able to participate in online commerce. Secondly, the security features of credit cards and online method of monetary exchange give authorities the capability of tracing the use of the cards. However, if the person carrying money is robbed then it is difficult to find out where the stolen money is used. Furthermore, the safety features of modern monetary exchange will be invaluable for people who want to keep their hard-earned money safe.
Even though electronic cards have brought tremendous comforts and convenience to people, these cannot entirely replace the traditional money exchange. Paper money and metal coins have long been used as a medium of exchange and a standard of value in almost all societies. Thus, the traditional monetary system has a cultural, historical and social background which are impossible to change. Internet banking is not always fully secured. There is ample evidence of computer viruses, hackers and crimes. Humans have developed a certain emotional bonding with paper money and coins. Coin collectors, for example, will inevitably get hurt after entire replacement of traditional money and coins.
In conclusion, the modern monetary exchange has certainly benefited people by bringing convenience and avoiding certain problems from using paper money and coins.
With the technological advancements in the banking system, nowadays
people
are presented
with numerous ways of paying for
purchases
. It is
often
said that
electronically
operated banking
cards
will displace the
use
of paper
money
and coins.
However
, I don’t believe that
modern
payment methods will take over completely from
traditional
banknotes and coins.
There are various advantages of
modern
monetary
exchange
.
Firstly
, it is
now
increasingly
common for
people
to shop online where they cannot
use
paper
money
and coins to pay.
Thus
,
people
eventually
embrace the
modern
method of payment to be able to participate in online commerce.
Secondly
, the security features of credit
cards
and online method of
monetary
exchange
give authorities the capability of tracing the
use
of the
cards
.
However
, if the person carrying
money
is robbed
then it is difficult to find out where the stolen
money
is
used
.
Furthermore
, the safety features of
modern
monetary
exchange
will be invaluable for
people
who want to
keep
their
hard
-earned
money
safe.
Even though
electronic
cards
have brought tremendous comforts and convenience to
people
, these cannot
entirely
replace the
traditional
money
exchange
. Paper
money
and metal coins have long been
used
as a medium of
exchange
and a standard of value in almost all societies.
Thus
, the
traditional
monetary
system has a cultural, historical and social background which are impossible to
change
. Internet banking is not always
fully
secured. There is ample evidence of computer viruses, hackers and crimes. Humans have developed a certain emotional bonding with paper
money
and coins. Coin collectors,
for example
, will
inevitably
get
hurt after entire replacement of
traditional
money
and coins.
In conclusion
, the
modern
monetary
exchange
has
certainly
benefited
people
by bringing convenience and avoiding certain problems from using paper
money
and coins.
10Linking words, meeting the goal of 7 or more
40Repeated words, meeting the goal of 3 or fewer
0Mistakes