How long until paper money is obsolete?

Question

How long do you think it will be before people using paper money is rare? I make and spend about 7,000 a month and I can't remember the last time I've had paper money. I use my bank card and or checks. How about you guys and girls?

Answer 1

I had a visitor this weekend and I went to the bank to get some paper money. We would be travelling and you never can tell when you will run across someplace that only accepts cash. It had been the first time in a very long time that I had paper money. As soon as the weekend was over, I put what was left over back in the bank and went back to using my check card.

How long till we leave paper money behind? I can see it happening in the next generation or so. We have too many people today that do not trust electronic money. However, in 20 years or so we will have a generation that grew up on credit cards so the idea of getting rid of paper money will make sense to them.

There will be a lot of people who drag their feet and kick and scream about it. I know some businesses will freak out because they will need to get equipment and lose a bit of money to fees. I have even heard of people giving religious objections to converting away from coins and paper money.

What will happen is that businesses will see the benefits of not accepting paper money. They will stop accepting it. The shoppers who only want to use paper money will have a hard time finding a place to shop. They will have to convert over.

Answer 2

I'm like you, I carry a $100 on me at the most and I only get that a couple times a month even though I regularly spend between $4,000 and $5,000 each month. It would certainly be much easier if we never had to carry cash on us but I don't see printed or coined money going away anytime soon. It sure would be nice though. I'd like to see cards linked to a thumb print that you also give when making a purchase over say $50.00 or maybe even for all purchases. For some reason, people just like to be able to see and touch their cash, it seems to give them a sense of security for some reason. Lord knows it would save the government a vast some of money if they didn't have to print it constantly as old bills wear out and are replaced.

Answer 3

Paper money will be with us for a very long time. There are people out there that prefer to pay cash then pay with plastic. While paying with a credit card is very common now a days cash will still be king.

Answer 4

funds is ALL i exploit. I threw away my playing cards years in the past. that's only a privateness situation for me. i do no longer want each and every transaction and my personal thoughts being tracked on databases each and every time i purchase a loaf of bread or tube of toothpaste. If funds ever will develop into out of date there'll immediately be different sorts of inner most substitute to modify it. As one individual reported, digital archives might want to be truly manipulated, which may contain the flexibility to freeze your money owed and close off your get admission to on your digital money. different examples: what percentage situations have you ever been in a save even as the cardboard terminals aren't from now on operating? you note maximum of those human beings lined up attempting to pay for products yet they can't because the terminals are down and they do no longer have funds on them. have you ever pumped gas on your automobile then lengthy gone in to the keep to pay such as your card, in ordinary words to verify it doesn't paintings and also you do not have any funds with you? Now you've a tank finished of gas and no funds to pay for it. it really is continually interesting.

Answer 5

I can remember when people used to get nasty looks when paying for groceries with a credit card. Back then, nobody would think cash could disappear.

It'll be a collector's item within fifty years.