What is the future of cash, will we still be able to use it?

cash

Many people use cash in their daily lives. They pay for services and goods, withdraw from an ATM or even save under a pillow. This form of money has been around for a very long time and to some extent ensures the privacy of users. But digitizing the world requires the use of a different form of money. A digital one. The pandemic and its consequences have also shown us that cash may not be an ideal medium of exchange. With ever-increasing pressure, cash is receding. How long it will be here with us and what will replace it?

Why it matters

Cash is still an anonymous form of money, where no one (except you) has the ability to track how and where you use the money. For many people, this form of money is natural and perfectly sufficient. The pandemic has shown us that cash is not always advantageous, and following government action, they have begun to push for greater use of payment cards, where money is in digital form. Subsequently, governments began working on the central bank digital currency (CBDC), where cash would essentially cease to exist and everything would work on digital basis.

What you can hear

It can be heard from all sides that cash may appear to be an obsolete form of money that needs to be replaced. But how? Money has always evolved as humanity itself and reflects the movement of humanity. Central banks are working and testing their form of digital money. Whatever the future will be, it is quite possible that cash will no longer appear in it.

What it could mean

The digital form of money would give the whole world access to basic financial services, but would cut off those who reject technology and to learn new technologies.

What you can do

Basically, there can be two forms of the future of money. One is the centralized future, where money will be issued by central banks and sent directly to your wallet and traceable anywhere. The second form is a private digital currencies and decentralized currencies, where you will have control over your money.

Source: medium.com

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