Since the dawn of mankind people have been trading, swapping, buying, selling and occasionally stealing. Commerce has been around since the first caveman first wanted the second caveman's rock. This sort of deal would have initially resulted in some sort of altercation until the first glimmer of reason appeared in one of their eyes and a trade of some kind was established. Fast forward to the present day and paper money has replaced trade items and this has been used for now hundreds of years to pay for goods and services. Bank vaults are full of cash and gold and generations of bank robbers have donned masks and demanded it over many a cashier's desk. But now credit cards and online payment systems threaten cash as an efficient basis for commerce. But what would be the pros and cons of cash being eradicated?
Pros
Highwaymen out of work - With less cash and coins jangling around in our pockets, prospective robbers would have less reason to mug someone. So people could feel safer walking alone at night knowing that they are less of an inviting target for criminals.
Less impact on environment - How many trees do you think go into making all the billions of trillions of individual notes in the world. A lot. And so with no cash in the world, there would be no need for new currency to be printed and so no more trees would need to be cut down. Although US dollars are in fact made of cotton.
Cleaner - With physical money passing through thousands of pairs of hands, and sometimes noses in its lifetime and hands occasionally going to mouths. Money is an easy source for the spread of germs. Without it you would only ever need to touch your own bank card. Or maybe you could have a microchip in your hand or something
There may be a lack of cash, but
payment gateways will still allow supply
money transfer services for online ecommerce stores.
Cons
Empty charity boxes - With no loose change in shopper's pockets, charity workers would have nothing to catch in their buckets. Plus street performers and buskers would be forced to carry PDQ machines with them if they were to make a living.
Poor countries would suffer - The infrastructures of poorer countries may well not be able to handle working entirely from electronic money. With only about 22% of the world having access to a computer with internet it would take a lot of time and money to get the whole world up to speed.
No more cool Australian money - Their money is really colourful and waterproof and has animals on it. It would be a shame if it didn't exist.
A world without cash would be for some people, a very different place. While for others it may already be a reality. How would your life be different and could you live without it?
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