Why do we use paper for money?

It is said that the first recorded use of paper money was in the country of China during the 7th century AD, as a means of reducing the need to carry heavy and cumbersome chains of metallic coins to carry out transactions. The modern, cashless way of paying with a simple touch of our phones has surpassed some of the most vulnerable members of society. Depending on the gold or silver standard, you can take your paper money to the bank and exchange it for an amount of gold or silver according to the exchange rate set by the government.