Electronic Currency

"Money was originally a physical substance like gold and silver"
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In this 20th century, even though most of the individual is still using notes and coins as money for their every day transaction, there is no doubt that electronic currency (also known as electronic cash) is currently replacing the money role in the market.
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Electronic currency is refer as money or scrip which is exchanged electronically. It is an intangible money which only exists as entries in bank records. People nowadays do not prefer to carry so much money in their pocket, instead they prefer to use a card as their money transaction to purchase item, use public transport and so on.
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One of the successful electronic currency system is the Hong Kong's Octopus card system. It actually started as a transit pay system and now it has grown into a widely use electronic cash system. Most of the citizen will use this card to pay fare for the public transport, shop for their daily use accessories at the super market and etc. Malaysia and Singapore had also implement this method in their public transportation system.
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Advantages

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With the electronic currency system, the user can feel more secure with their daily transaction since they won't need to bring so many cash with them. This can provide convenience and security the user.
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"This situation usually occur in the train station or purchasing something"
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With the electronic currency system, it can increase the effectiveness of transaction, people won't need to queue so long to make their cash payment or waited for their changes since everything is done electronically. Besides that, it also lower the transaction fees and it also can be use to deal with internet transaction.
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Disadvantages
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The issues that occurs for electronic currency is how to levy taxes from the transaction from the purchase through the cards.
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Other than that, electronic currency can also be abuse to be use as money laundering. Money laundering is the practice of disguising illegal obtained funds so that it seems legal. Since all the transaction is done through the bank accounts, it is hard to detect to track that crime.
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Besides that the wide usage of electronic currency can also leads to macroeconomics effect such as exchange rate instabilities and shortage of money supplies in the market.
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In conclusion, the electronic currency system do proof a lots of advantages to the peoples and it the system will keep improve in the future and be able to use in wider range as secured credit cards or internet transaction. However, laws and regulation should be set to prevent abuse of this system.