Will paper money ever go obsolete?

[Dis]

http://www.cnn.com/2003/TECH/ptech/02/08/cash.smart.ap/index.html

I can't see it happening in the next 50 to 100 years. Perhaps after that.

Of course there will always be money around I suspect. Money will never go away like in ST TNG. It is just human nature to have it.

The problem with paper money going away is many if not most poor people still do not have bank accounts. They deal only in cash in many cases.

As an add on to this thread. Feel free to discuss any economical issue you forsee in the future.

[Propaganda]

When Russia destroys the United States of America.

"History is on our side. We will bury you!"

[Urban Ranger]

Ever? I am sure it will, at some point.

[Richard Bruns]

Paper money is already obsolete. Nobody prints paper money. All currency in circulation is, technically, a type of cloth. This is why it does not go to pieces when you wash it.

The bills we use today will be replaced by plastic in less than 50 years. But it will not necessarily be smartcards or anything like that; it will be plastic cash that works just like cash does today. Plastic cash is cheaper to print, looks cooler, and is almost impossible to counterfeit if it is designed well.

[Kaak]

i think it could be in a serious transition in as little as 20 years.

frankly, it wouldn't take much.

look: many universities across the country have a system where students use their student ids (the same id they use to get into the cafeteria, library, dorms, etc) as debit cards. Students put money in an account, and anytime they want anything, from a cup of coffee from the on campus shops, or to make copies on a copy machine, all you have to do is swipe your id.

In my city, many of the local restraunts also take these "bear bucks." it is supremely convenient. most students here don't even carry cash, only their id, and maybe a credit card.

This is significant in a couple different ways. first, a growing percentage of the population is already going to be comfortable with the idea. secondly, it shows what is necessary for this to be feesible. That is, convenience. Don't give someone something extra to carry around, and make it easy.

The solution? your driver's license, or state ids. If the gov't would make some kind of initiative to set up a program with a bank, or start a bank, where everyone in the state could have an account linked to their id, the transition could be seemless. most state ids and DLs already have magnetic strips on the back.

And with the way the internet is taking the (non-geek part of) the country by storm, people would have no problem managing this account online, as so many people are starting to do with their bank accounts.

[Gangerolf]

australia (and mexico?) uses plastic notes. they last much longer than "paper" notes and they don't carry as much bacteria. I'm not sure if they're cheaper to make though

[Al'Kimiya]

I seldom use money anymore... maybe because I'm unemployed now

[Ming]

It will probably come down to a privacy issue. A paperless (or clothless) money economy is totally feasible and could happen tommorrow. However, many people don't want ANYBODY to be able to track how they spend their money. As some have noted, many more transaction every day are being done without coins or bills. This will continue to rise... but there will be still be some form of cash. Thre real question will be is when will people stop accepting "cash"... It will get to the point where the only cash transactions will be illegal ones. At that point, maybe then we will be able to convince people to give up on cash entirely.

And then, I'm sure some kind of barter system will happen so that illegal transactions will still be able to occur "off the public record"

[Al'Kimiya]

I give you ten bars of gold pressed latinum

[aaglo]

Yes it will be obsolete - when all the trees are gone...

[Dauphin]

I'd imagine cashcards would come along at somepoint if not already here. They'd work like phonecards, but usable anywhere and for anything rather than just at phone booths.

There is an element of traceability, but there is no security risk like those normally associated with debit cards or credit cards. It would also remove the threat of til pilfering.

I look forward to the day I can go to the pub without returning home with ten pound of shrapnel or half-torn notes.

[Solly]

Originally posted by Big Crunch
I look forward to the day I can go to the pub without returning home with ten pound of shrapnel or half-torn notes.

I look forward to the day when I do that.

[Dauphin]

You pay with exact change?

I went out with just a £20 one time, and came home with 47 coins.

[Solly]

Somehow I seem to always get any money I had at 10:00 stolen from me between then and when I get home.

[C0ckney]

i can't see it happening, paper and coin money will still be useful in certain situations no matter how far into the future you go. i can't see it being bettered for going down the pub, or getting your fags and paper in the morning.