The future of money

[MacLeod]

^At the moment those issues are still around but they can be overcome.

If you know your neighbour's account details you can electronically transfer the money.

Contactless technology allows you to pay for small amounts without entering a PIN or for signing something. And you can get pre-pay cards these days.

Mobile phones could in theroy be used to transfer money from one person to another.

It's just a matter of getting the technology to that point.

The biggest issue is not the technology, but changing peoples attitudes.

 

[Ian Keldon]

"The more they overthink the plumbing, the easier it is to stop up the drain..."

Technology is NOT always the answer.

Physical cash is convenient, easily portable, and not dependent on a data network that can break down or be tampered with.

 

[BillJ]

Cash isn't going anywhere for a long, long time... if ever.

 

[MacLeod]

"The more they overthink the plumbing, the easier it is to stop up the drain..."

Technology is NOT always the answer.

Physical cash is convenient, easily portable, and not dependent on a data network that can break down or be tampered with.

Well ones persons conveinient is anothers inconeniance. With a card all you carry is a small flat bit of plastic. With cash. You carry larger bits of paper and a pocket full of metal. Which can quickly mount up if say the till has had a run on cashback and has to give you your change in coinage. Give them a 20 note and spend only 1.70 that's a lot of change at least 20 coins. (many countries have got rid of the 1 note and replaced it with a coin)

That cash has to be printed/minted in large numbers. Transported to and from stores. Cash machines have to be filled.

Notes have a far shorter life than a card usually a matter of months compared to years.

True there is always the possibility of network failure and the netowrk being hacked. But once again if that happens the customer can be held liable for any loss and the bank would have to give you back any money that was taken from your account illegally/incorrectly.

 

[Miss Chicken]

One think I like about cash is being able to put all my coins into a large money box which I cash in every six months. I usually have several hundred dollars in the tin as Australia has $1 and $2 coins.

Notes have a far shorter life than a card usually a matter of months compared to years.

Australia, and some other countries, has polymer banknotes that last for years.

 

[T'Girl]

Notes have a far shorter life than a card usually a matter of months compared to years.

Depends if your particular money is made of paper or cloth. The oldest (admittedly beat-up) one dollar bill in my purse is thirteen years old.

 

[banzaiduck]

Notes have a far shorter life than a card usually a matter of months compared to years.

Depends if your particular money is made of paper or cloth. The oldest (admittedly beat-up) one dollar bill in my purse is thirteen years old.

Paper or cloth are so last century.
Canada, Australia, and a few other nations have moved to plastic polymers which are supposedly more durable and have more advanced anticounterfeit measures.

BANZAI!!!!!!!!!!

 

[MacLeod]

There is a very good reason NOT to go "digi-cash".

A Carrington Event.

http://en.wikipedia.org/wiki/Solar_storm_of_1859

http://news.nationalgeographic.com/...storms-earth-danger-carrington-event-science/

If that happened today, experts are saying it could take up to a year or more to get things up and running again, just for the power grid.

BTW: Bitcoin is not and never will be legitimate money. It's a fraud masquerading as a way to "stick it to the government" by way of tax avoidance and attempting to introduce a new 'money'.

Well given the fact that most cash registers are electronic these days, paper or card won't make much difference. As the till wouldn't work. True there is the old fashioned pen and paper method of working out the bill.

^And yes I'm aware a few countries use poly notes, but not that many.