Do you think cash will stay around ?

CryptoGuru Level X³

August 4, 2016, 11:22 pm

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as free lancers we all know how crucial it is to make sure we get paid and with this digital I got to thinking to my self about a simple concept the us prints so many bills a year in money which as you know decreases the value of our dollar the more bills we make but now and days you don't see to many people taking out cash as much every thing is either credit or debit so my question is do you think it'll ever get to the point where physical money won't be involved in transactions? How do you think currency would be dealt with in the future ?

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Everett

Everett

I'm assuming we will use gold as a fall back currency in the future, not necessarily a currency that will be exchange but as a medium to detect how much the money is worth. This is already in place, however since the topic is about a cashless society it can be a bit different. For instance, we have the crypto currencies, and they are usually backed by how hard it is to generate a Bitcoin by mining, they don't need a federal reserve to say how much a dollar is worth. For debit and/or credit this is usually done virtually, and it's hard to tell how much money is in circulation due to a lot of it being in online bank accounts, etc.

It's a tricky system. But in the future cash will cease to exist, and our currency will be in the form of "credits". It'll work along the same lines as cash, but think of it in terms of the Bitcoin. There is numerous reports, research, and other articles you can read. It'll paint a picture of how the future will work in regards to the economy.

10 years ago

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Lynne

Lynne

I hardly ever carry any cash. I find it terribly annoying if I have to go and withdraw cash from the bank for anything. I don't think cash will stay around much longer. Most things are done electronically now anyway.

10 years ago

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ajlancer

ajlancer

Hi jkeyz2 thanks for your question. I do believe no other option will take place for cash as exchange on goods in near future. Yes technology can change or more develop. Few years back we never think people will exchange anything by credit card or debit card, which nowadays more common. But how many people still using such way. I am sure no more than 5%. So, over 95% people still using cash for any transition. I agree trend may change, more people may come on for getting some more technology as way of exchange, but cash, should be there. I believe cash never be past.

Regards by Ajlancer

10 years ago

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Barida

Barida

It is going to take a number of years or decades to see total elimination of physical cash from the public domain. There are places that are yet not developed, so talking about non-usage of cash is going to affect such persons in no small way.

9 years ago

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coolavender

coolavender

I have several credit cards and debit cards but they'll never take the place of cash in most everyday transactions. It's simply because not all merchants or service providers have the technical savvy or inclination to deal with credit/debit card readers. With issues like ATM skimming, not all card owners are confident enough about the system that they would use their cards just about anywhere. Where I live, I don't just need to carry currency around but coins, too, because it always helps to pay the exact price and not lose loose change when the seller or service provider don't have coins to provide change as in the case of public utility vehicles.

Some telcos are promoting cashless payment apps but it has yet to catch fire with most consumers and anyway, these apps still need cash for funding as again, not many people are confident about online banking. So yeah, there's always a trust issue with anything online and that has been a major deterrent to the widespread adoption of electronic or digital currency in many areas.

9 years ago

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augusta

augusta

With the rate the world is going about cashless policy, I see the world going cashless soon and it even more convenient too.One would stay in the comfort of his or her home to buy and sell everything, then no need of exchanging cash.Nothing is impossible and I think this is also very possible.

9 years ago

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mildredtabitha

mildredtabitha

I also think cash will not stay around. I think digital ways of doing transactions will involve using cards and banking apps.
I see how notes get old easily and tear. Even coins get old and have to be replaced by new ones. To solve this problem, other means will be created to replace money or money will still be used but not in the cash form.

9 years ago

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Corzhens

Corzhens

I had read a futuristic movie about a man who was ignorant of technology that he needed someone to help him purchase with the use of the credit card since cash is not being used anymore. That movie looks prophetic because the trend is towards a cashless society which is convenient for both buyer and seller. The world will be operated by technology for our convenience and cash will be forgotten.

9 years ago

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Adesuwa08

Adesuwa08

This is really a deep question and how to answer it is another problem, I have thought about this myself and I didn't speak out before I will be consider a weirdo, this is really something in the society we need to look at closely.

For me something like that will come to be, there will be a time when the physical cash policy will not be available anymore, inside we will transact with either a card or chip which we must have always with us. The physical cash policy is beginning to leave the social scene as bitcoins has taken over, now some sites prefer you have a payoneer or PayPal account when getting paid for your services rendered, this is coming into light that very soon physical cash will become just memories.

9 years ago

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Kakashi2020

Kakashi2020

I do think that Cash would still be around in the next 100 years. People are not yet comfortable and ready to use electronic, virtual, crypto currencies as of today.

8 years ago

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