I don't know about you, but whenever I used to go buy grocery the lack of change made me accept the 1 buck worth of the chocolate from the shopkeeper. This was so painful as slowly I started losing money on that front. I had to make a lot of changes to my current mindset and switch to electronic money to avoid leaking the small cents and dollars.
Now that got me thinking where the paper money would be usable in near future?
Paper Money has Trail
Gone is the time when people used to accept the paper money to avoid being logged. These days if you do get such paper money authorities would openly say that you had a trail of illegal income. For example, say govt officials repair something from your house or colony and then ask you for cash. They do it outside the requirement, like you are not supposed to pay for certain govt work but if they want to take that as a bribe they just force cash on you. This type of stuff can be reduced with the digital money.
Paper Money is Suffering on Storage Front
I remember some of the shop keepers who used to hide the money under the floor and also in the wall. I know that is a kind of disaster in context of storage of the money into the wall. I know people would still want to own the cash for this reason. But let's disagree here and choose what we want, some people may like digital and some may continue to like the paper money.
Disclosing Your Funds
I know many people who don't want to disclose their funds at home for many reasons. Some don't want to disclose for taxation. Some for family rivalry issue. In such case having the cash in hand is going to cost you a lot of issues. So the digital money is very handy in this case where you can hide your income and also not get attention. It stays in cloud and you just focus on being frugal when you don't want attention with wealth.
Digital money now has it's own time from this generation onwards. You are going to find the people who will be struggling on adopting the digital cash. But that time slowly has come. People are going to move to the digital money sooner or later. It's just the matter of time. There are lot of hurdles and the gap of knowledge but its going to happen soon.
What's your opinion on Digital Money and Paper Money?
