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7/26/07

Will Paper Money Become Obsolete?

Just as coinage gave way to paper, paper will be run out of business by two different mechanisms. The first is plastic and the second is the computer.

It is undeniable that plastic is everywhere. All you see on television these days are VISA checkcard commercials. It is a convenience and security issue. It is lot easier to swipe a card through a machine than to hand the cashier money and receive change. Additionally, if you lose your card, who cares?! Call your bank and cancel the card. However, if you lose your cash, it is gone forever! The same is true in the case of destruction. How many of you have left money in your pocket and then thrown your pants in the dryer? Your plants are nice and clean, but the money in your pocket is ruined! Have you ever accidentally torn paper money, spilled liquids on it, or accidentally burned it? If this happens to your debit/credit card, it is no big deal. Your money remains safe and you get a new card.

The other device the will put an end to the reign of paper money is the computer. Your bank accounts, savings accounts, stock accounts, IRA accounts, and any other account you can think of is on-line. Wire transfers happen in the blink of an eye and you never have to worry about whether your money is safe. Additionally, with internet sites like Paypal, sending and receiving money via the Internet has never been easier or safer.

It is time to say goodbye to paper money and hello to the new ways to use currency.


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