Posted on 04/08/2014 6:52:04 AM PDT by SeekAndFind
Paper currency is dirty and is a major transmitter of disease as it goes from unwashed hand to unwashed hand. It is easily lost and stolen, and can be easily destroyed by getting wet or burned.
It physically wears out in a short time and is costly and troublesome to replace. So why do we still use the filthy stuff in the electronic age?
When given a choice, people find credit cards, debit cards and bank account electronic payments more convenient than cash. In many parts of the world, payments can be made from cellphone to cellphone, with the phone companies serving many of the functions of traditional banks. Money can be stored and transmitted from and to almost any form of computer.
Also various forms of electronic money can be made more secure than paper currency. Electronic monies and payment systems do not spread disease.
Governments like electronic money payment systems that they can monitor, such as credit cards, but they don’t like nongovernment created electronic monies and payment systems that they find difficult to monitor like bitcoin. So, predictably, last week the IRS ruled that bitcoin is not money, thus the users must report the capital gain and loss against the U.S. dollar for each transaction made with bitcoins. Even with advanced software, an individual who might use bitcoins for the purchase of many goods and services will find trying to comply with the IRS an accounting nightmare.
Some 15 years ago, I wrote a book forecasting the demise of paper currency. I expected paper currency to gradually disappear like paper checks have. However, I was wrong. Rather than disappearing, the demand for paper currency is rising faster than inflation or population,
(Excerpt) Read more at washingtontimes.com ...
Do you want in on this one?
Keep paper money for those that prefer it
Use debit cards (or E transactions) if that
trips your trigger.
Problem solved!
Yup. Absolutely.
But if I pay cash I lose.
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