In some developed countries today Digital payments are one of the most preferred options of people in transactions. People tend to prefer payment by credit card or through digital payment methods like PayPal or another e-wallet. Indeed payment with a cashless concept is relatively more practical. From the side of the government as an economic regulator, cashless payments are more traceable in terms of tax payments or transactions that are suspicious.
Unfortunately in some developing countries payments using digital payments are not yet popular. They are still accustomed to paying with paper money or coins available. Whereas in a data revealed the production to make paper money and coins is very large. In fact, it is not uncommon for such magnitude that the intrinsic value of the money is greater than the nominal value of the money itself.
For those of you who previously may have learned about the value of money that exists in economics certainly little understood with the term intrinsic value and face value. Intrinsic value is the actual material price of a money. While face value is the value that applies to the money.
For example, if you have 1 USD and 100 banknotes, basically 2 pieces of money have the same intrinsic value (not much different) because basically, it is just a paper that has a printed image or design. The cost incurred to make a sheet of paper either USD 1 or 100 USD is relatively the same. What is needed is the cost of how much paper costs the size of money, printing costs, and production costs (including employees and money-making factories).
However, if the assessed is face value, then these two pieces of money will have different values. If 1 USD can only be used to buy 10 pieces of candy, then 100 USD can be used to buy 100 times the amount of candy that 1 USD can buy.
The current issue of data published by CoinDesk in 2014, the cost required to produce banknotes globally is 26.5 billion USD. As for the cost of making coin money is amounted to 1.5 billion USD. So to just print physical money costs 28 billion USD. The cost is only calculated using the cost needed to make money and not including other costs such as energy cost and environmental cost. As we know the raw materials of paper, in general, are of wood. The more paper you create, the more trees will be cut.
The development of digital money is strongly supported by various parties because it is beneficial to many parties as well. From the side of the government or regulator, of course, the change from physical money to digital money will certainly reduce the cost of production of physical money. From the consumer side or the public, the presence of digital money will certainly make the transaction more practical. And from the environmentalist side of this certainly can be a solution in terms of more environmentally friendly exchange tools.
The above issues inspire DigitizeCoin (https://digitizecoin.com/) to perform simple steps but this is quite a solution. DigitizeCoin offers a solution to make loose change for digital money. Loose change is considered easier because they are relatively small and often taken for granted by buyers who should get them (especially if in coins). People tend to be lazy to accept or carry coins.
Even the data mention in Australia every year each person loses approximately $ 60. If accumulated the value will be $ 466 million every year. A very fantastic number is not it? It is expected that the process of digitalizing loose change can gradually change the money in circulation that original form of physical money into digital money.
DigitizeCoin uses smart-contract technology and stands on blockchain technology. So loose change that exists in digitalize into a cryptocurrency. Maybe some of you will feel how to compete with existing e-money technology in fiat currency that has been running for this? The good news is what DigitizeCoin does is targeting a market that still uses paper money or can be said not touched by e-money. Most of them are apsar in developing countries as is the case in South Asia or Southeast Asia. DigitizeCoin has a market that is currently not yet realized.
Currently, DigitizeCoin is conducting ICO or Initial Coin Offering, which is a form of crowdfunding done to fund their company’s operational and strategic activities later. For more details about Initial Coin Offering you can visit the links provided below:
Official Site: https://digitizecoin.com