Will paper money every disappear and what would be the pros and cons to a credit society?
With everything moving to electronic transactions will paper money disappear and what are the downfalls and the high points of moving to a paperless money society?
Most likely, the answer is Yes. Some countries are already moving towards a cashless society, e.g. Sweden. The downfall is that a fiat currency becomes an even more abtract form of payment, as a fiat electronic currency. Not exactly something that instills confidence in a currency. The upside is that street crime over cash will be elminated and tracking illegal uses of money will be easier. Of course, criminals will switch to other currencies, like Tide :-), and big brother will be watching all transaction, legal or not. Brave New World!
I would hope that cash doesn't disappear and there are still a number of holdout merchants who only accept cash. There are too many people who steal credit card and debit card information and the smart ones steal it from afar, literally out of thin air. I hope that a paperless money society does not occur within my lifetime. I like the anonymity of cash and the fact that once my payment is made there is no storage/transfer of my info or other concerns.
The vast bulk of money never makes it to cash so we are already well on the way. Technology will allow us to transact without coin - swipe cards on city transport systems do this - but the real question is will the slow phase out of cash change the way we think about money?
No. Cash provides anonymity in purchases in a way credit does not. And a government can devalue money overnight or seize bank accounts; cash is portable and can be taken with you.
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