Sunday, October 22, 2006

Here we go...

Into the age when money, as in physical paper money, won't matter. Eventually it's all going to be abstract numbers in your bank account when you log into BofA on your computer and use from your debit or credit card.

But aren't business required by law to take your cash? It says on the bill that the cash is "legal tender for all debts, public and private."

As it turns out, businesses are not required to take cash, and some businesses are already switching over to plastic-only. It does make sense -- it's a liability to have all that cash inside a store. Why not let the banks do all your accounting for you?

"But some people like paying with cash. They like tangible-ity (made up word) and being able to see their purchases paid for out of their own pockets." That objection doesn't hold much weight. Since when has the market followed the strongly-held view of a minority? The market is going to do what is most profitable, what protects their bottom line. Also, consumers are getting more and more comfortable paying with plastic; it's pretty much the norm already. Goodbye cash...

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