Money was printed on paper, and change was made into metal coins; Printing money on paper greatly reduces the cost, and scientific anti-counterfeiting technology can make counterfeit money nowhere to hide, making the function of the general equivalent of money easy and low-cost to achieve.
Nowadays, Internet banking, network settlement, Alipay, wechat payment and other methods make Internet finance rapidly popular; Online payment is convenient for consumers. Of course, these network receipt and payment functions are associated with bank cards, which undoubtedly promotes the large-scale use of bank cards, making cash payments less and less in life, and some units are unwilling to accept cash (counting, storage, and bank deposits require more manpower) - either mobile phone payment or bank card payment. Bank card payment in China began in the 1980s, but very few opportunities to use, most units do not have POS machines, at that time with a bank card cash handling fee is very high, the use of people are very few. After about 2005, bank cards became more and more popular, and it was convenient to swipe cards, and ATM machines were available; A lot of people get their wages sent to payroll cards, and you know there's a lot of bank cards out there. The rapid development of e-commerce in China has enabled Internet payment to be completed; Online payment has increasingly penetrated into the physical store consumption, and now the sellers of vegetables and breakfast have scan code payment, China's mobile payment is the first in the world!
The widespread use of online payments has, of course, reduced the use of cash; Assuming that the vast majority of consumer payments are made through the Internet, it can be said that it has indeed replaced the use of cash.
unable
With the Internet and mobile communication becoming an indispensable part of People's Daily life, mobile payment and online payment have gradually become an important means of payment. With the popularity of Bitcoin, online banking, mobile Alipay wallet, mobile banking, wechat bank and various mobile Internet financial tools in 2013, electronic money has become not only a vague concept in people's minds, but a tool used in people's lives. Whether electronic money will replace traditional paper money has become a hot topic.
The advantages of electronic money over traditional paper money: transaction costs are reduced, transaction efficiency is improved, and economic development is accelerated directly. In addition, the risk of paper money loss, theft and robbery is greatly reduced. The author believes that with the progress of science and technology and the improvement of laws on electronic money, it is an inevitable trend for electronic money to replace paper money, but at this stage, electronic money cannot completely replace paper money, and there will be a long period of co-existence of paper money and \"electronic money\
The reasons why electronic money cannot completely replace traditional paper money in the short term are as follows:
At present, offline payment is difficult to achieve full coverage of daily economic activities, and can not achieve payment settlement between individuals. There are two main forms of electronic money: one is based on the Internet environment to store the data representing the value of money in the electronic account in the banking system, namely our online bank and mobile bank account; The other is an electronic wallet that stores the monetary value in an IC card and can be circulated out of the bank payment system (that is, electronic cash stored in the IC chip of our financial IC card). The former is mainly used for online payment and electronic remittance, which is already highly mature. The latter use environment is not yet mature, can only be used for consumption in specific merchants, can not be used for payments between individuals. And due to the high cost of offline payment terminals (POS machines with flash payment function), poor portability, and high transaction threshold, it is difficult to popularize small business vendors with small transactions.
Failure to meet all the conditions for currency is also the most fundamental problem. Electronic money does not have the measure of value, the means of circulation and the means of storage that paper money has as currency. Electronic money does not have its own independent monetary price standard, and is completely dependent on the value measurement function and value storage function of real money. Buyers pay through electronic money transactions, and merchants need to go to the bank to obtain physical paper money before they complete the recovery of funds. It can be seen that electronic money is just another form of payment based on the real value of existing paper money at this stage. Bitcoin, which became popular in 2013, has its own independent value and can measure the value of other commodities. It basically has the functions of currency value measure, circulation means, storage means and payment means. However, due to the non-decision of various governments on Bitcoin, there are considerable legal risks and it cannot be widely used commercially. So it's a different story.
Electronic money will increase the risk that central bank monetary policy will become ineffective. Due to the substitution effect of electronic money on cash in circulation, the direct decline of M0 in cash in circulation will affect M1, the testability of base money and money supply, and the effectiveness of monetary policy pegged to base money will be reduced. Central banks generally adjust interest rates through open market operations. However, due to the alternative role of electronic money to traditional paper money, the scale of assets and liabilities of central banks decreases, and the scale of funds in open market operations is limited, which makes it more difficult to control interest rates. The intermediate indicators of monetary policy should be measurable, controllable, relevant and anti-interference. However, electronic money increases the instability of these indicators such as interest rate, money supply, excess reserves and base money, which increases the difficulty and the risk of invalidity of the central bank's monetary policy implementation.
Based on the above three reasons, it is difficult for e-money to replace paper money as the only currency in a short time, but with the development of science and technology, it will not take a long time for the use of e-money environment to mature; With the formulation of relevant laws and policies of the central bank, it is not far away for electronic money to be issued independently and have the function of currency. The economic theory of electronic money will gradually mature, and the intermediary index of monetary policy will be controllable and measurable at that time, and the monetary policy will be stable and effective. At that time, it is the true arrival of the era of \"electronic money\"!
Online payment is also in RMB.
If you say that Bitcoin and other online currencies will replace the RMB, it is still a problem, but if you ask that online payment will replace the RMB, it is not a problem.
Credit card is a means of payment;
A check is a means of payment;
Do these means of payment replace any currency?
no
Then online payment is almost impossible to replace real money!
Online payment is only a channel of payment, it can not replace real money. What can replace real money is virtual money.
Money is a general equivalent that can be used as a medium of exchange, a store of value, a standard of deferred payment, and a unit of account. Virtual currency refers to money that is not real. For example, Tencent's Q coin is one of the famous virtual currencies. However, Q coin, as a game currency issued by an Internet company, is impossible to replace fiat currency. For virtual currencies to replace real money, two basic conditions must be met. One is that it can be circulated globally; The second is to be recognized by the global government.
So far, the closest virtual currencies to replacing real money are Bitcoin and Facebook's Libra.
Bitcoin (BTC), born on January 5, 2009, is a digital currency consisting of complex strings of computer-generated code. Compared with fiat currency, Bitcoin does not have a centralized issuer, but is generated by the calculation of network nodes. Anyone can participate in the production of Bitcoin, and it can be circulated around the world, and it can be bought and sold on any computer with Internet access. No matter where you are, anyone can mine, buy, sell or receive Bitcoin. And in the process of transaction, foreign people can not identify the user's identity information. At present, Bitcoin (BTC) has been regarded as a legal currency in Germany, Japan and other countries, but China is not yet recognized. There is still a long way to go to be accepted by the world.
Libra (Libra) is a new virtual cryptocurrency launched by Facebook. Compared with Bitcoin, Libra (Libra) has more users than Facebook. Although Bitcoin has been around for 10 years, it has fewer than 30 million users worldwide. Facebook is available in more than 130 countries and has more than 2.6 billion users. Even if only 10% of Facebook users use its cryptocurrency, it will be a staggering number, thus changing the entire cryptocurrency industry landscape, and even the sovereign monetary system. As a result, Libra (Libra) has been warned by the Group of Seven (G7) of the world's largest economies, while payment giants Mastercard and Visa launched the Libra project on the grounds of regulatory uncertainty.
To sum up, online payment is a key step to realize the circulation of virtual currency, but even if the level of scientific and technological development can support the circulation and issuance of virtual currency, countries still have concerns about the security of the financial system, political factors and so on. Therefore, although it is possible for virtual currencies to replace real currencies, it is still difficult to achieve.
There are five functions of money: measure of value, means of circulation, means of payment, means of storage, and world money.
The measure of value is the gold content of legal tender, the means of circulation is to act as a medium of exchange, the means of payment is to act as a carrier of claims and debts, and the means of storage is that the currency of sufficient value can be stored as wealth across the boundaries of time and space, and the gold buried in the tomb of Haihunhou two thousand years ago can still be traded as a commodity when unearthed two thousand years later. The world currency is accepted by the world because the currency is worth enough.
Money is proprietary, the means of storage must be full value of money, others can be used in bills of exchange, bills of exchange is a time or long-term payment of mint standard metal settlement of claims and debts. When the arable land loss of overdraft bank credit infringes on the survival rights and interests, it will inevitably cause the liquidity liquidation of gold standard metal to restrain the loss of survival blood.
After the currency is issued, it performs other functions except the function of storage means before liquidation, which can be replaced by shadow currency electronic bills to save circulation, transportation, storage and insurance costs. At this time, shadow currency acts as a means of settlement, and digital currency and online payment can be used to improve the turnover speed and save circulation costs.
Online payment can replace part of the monetary function, that is, the function of means of transaction and means of payment. Online payment can be used to circulate commodities, and computer networks can be used to clarify the creditor's rights and debts of owners, but the means of international settlement are completed by the output and input of gold standard metals. If the output commodities cannot press the deserved gold standard metals to the lowest level, at least they should be transferred to the municipal storehouse, which will cause the bank to issue bills without a root to anchor. It will lead to the operation of destroying tillage for profit, under the condition of limited land resources, the burden of damaged tillage is shared by the whole people. Because the central bank has a guarantee of final liquidation of gold reserves, it can serve as a means of international settlement, but it cannot replace the function of a full value currency, which is the storage of the gold standard metal. Online payment is not the movement of the currency itself, but the movement of the currency shadow, which can not effectively prevent the crisis of the loss of the arable land caused by the non-restoration of the old capital. The society is the soil, and the millet is the grain, because the state is the soil, and the people depend on the millet for their livelihood, so the country is the richest when the currency of sufficient liquidity to prevent the destruction of the land is the highest, but it must work for the land to obtain the means of subsistence. Therefore, Western governments at all levels store gold as a base asset, in order to freeze the liquidity of debt for sustainable use of arable land to change its survival of the basic nature of the people's survival, the implementation of a strict gold standard financial budget. Break the budget and the government will be forced to shut down!
In order to maintain the maximum cost of survival, the whole nation must pursue the maximum business direction of gold standard metal. If people build houses and build roads with cultivated land to make a fortune, the country will continue to shrink fundamentally. Because the means of survival of land growth is money, and after the land is hardened, it can not produce means of survival every year. If the country relies on the development of mineral resources to maintain, those things are one-time, can not withstand the annual cultivation to continue to provide survival information, because this belongs to the unlimited recycling of survival blood!
To sum up, online payment can replace part of the function of full value currency, not full value currency ontology, when the debt relationship is clarified, to protect the survival rights and interests of currency owners, it will inevitably bring liquidation, so debt consumption is an expedient, emergency can, no way to make a fortune! Online payments cannot replace real money, and the resulting excessive consumption will only increase debt pressure.