Each country should have its own currency. For example, the U.S. uses U.S. dollars, People's Republic of China use Yuan and Switzerland uses the Swiss franc. The only exception would be Europe where several European countries use the euro as its currency. Some countries such as the Panama has allowed the use of the U.S. dollar as their legal currency as it is more convenient for them.
Digital payments:
Bitcoin is a type of digital currency and is used for sending money through the Internet. The coin allows you to send money to any country and does not hold a particular currency. The coin also allows you to buy things online and is easy to set up. How it works is that you buy the coins online and then you send it to other people or use your Bitcoins to buy items online.
PayPal is another digital payment where you can use it to buy things online and send money more securely. Personal PayPal accounts are usually free so you would not need to pay to join. To set up your PayPal account you would have two at your existing bank accounts/bank cards once the website waiting transfer the money to other people/organisations or purchases.
Cards:
cards are very popular and convenient as they are an alternative way of having to carry cash. Cards are made up of plastic and they have a metal chip on the left side of the card so that when you insert it into a ATM machine or a card reader, it can automatically read your bank account so that it can deduct or add money into your account. There are different types of payment cards such as a credit card, debit card and a prepaid cards.
Credit card allows you to make payments using credit where you would have to pay back to the bank issuer but would usually charge interest fees.
A debit card is similar to cash, it withdraws money directly out of your bank account when you make a purchase or withdraw money.
Prepaid cards would require you to have existing funds in the account and would only be used when there are funds still remaining and can be disposable after the funds run out.
Contactless cards are easy way to make a payment in store, all you have to do is tap your card onto the card reader but you can only use a contactless card if the store has a contactless sign. Due to theft control, the maximum that you can purchase with a contactless card is £30. Contactless cards are only available if you have a debit card.
Apple Pay or mobile payments also allows you to make contactless payments and you could spend more than £30. To make the payment, you would have to set up your contactless card on your mobile device and to make the payment it would require you to either authorise it by using your mobile passcode or by using fingerprint recognition. These type of payments are only available on smartphone devices. To make a purchase, it would be the same as using a contactless card where you tap your phone onto the card reader.
Cheques/physical cash:
Cheques are used to pay someone if you do not have physical cash on hand for unable to produce any money that may be required immediately. To use a cheque, you have to fill out the details from your bank account cheque-book so when the payee takes a cheque to the bank, the money will come straight out of the payer's bank account. Cheques are rarely used now and are slow to process, they may be wiped out in 2018 due to the lack of use. People can still use cheques now because older/elderly people may not understand how cards work and so cheques are more convenient for them.
Banknotes are currently made of special cotton and linen combined, the Bank of England are planning on producing polymer banknotes in 2016. Polymer is higher quality the existing cotton banknotes and are more difficult to counterfeit and also production would be lower.
Banknotes are more reliable and easy to transport as it is not heavy and it is untraceable so that if you buy something that you don't want people knowing, people cannot find out.
The process of printing current banknotes:
Offset Litho: Prints most of the front and back of the banknote .
Intaglio: Prints on the portrait of Her Majesty the Queen.
Letterpress: Prints the number and the lettering onto the banknote.
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