To get on with the business of living, all of us need money on a constant basis, we continue with the humdrum of everyday life oblivious to the fact that money has a life of its own – present life, the hard cash you can touch and feel, and the virtual cash in virtual wallets.
Concept of Money
It is interesting to note this humble money has got the past as well and it goes without saying the same will evolve in the future and take a different shape and form. Primarily the underlying concept of money is unwavering ever since it made an appearance for the very first time.
The Value of Money
Have we ever taken out time from our busy schedules as we go about our lives, to find out what is the basis and the value of money, why is it required in the first place, can we ever do without it, is there even a remote possibility for the same?
Medium of Exchange
Simplistically put money is a medium of exchange of goods and services. In the early times, grains were the chosen medium of exchange. They gave way to our currency and current monetary system. The transition was not as simple and effortless as is made out to be.
Barter was the chosen medium of exchange of commodities and services, for a very long time. With the advent of metals and the attendant advantages of value combined with the divisibility factor, the ease of transportation coins gained currency, temples at that time were considered a safe refuge and constantly guarded, therefore gold was deposited for safe keeping. This eventually gave way to paper based monetary system.
With changing times and the availability of technological infrastructure, society as a whole is moving towards cashless transactions and electronic money, the vantage point lies with bank job in India. Virtual wallets have made everyday living easy, transactions are instantaneous in nature and in the coming time virtually every internet enabled device would be a vehicle for commerce, electronic commerce to be precise if the present day statistics are anything to go by.