Will money eventually disappear?
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Will money eventually disappear?
Although paper-based currencies are becoming less popular, they will likely stick around for the foreseeable future. Dollars and cents may become harder to use, but as with many obsolete technologies, there are enough users to ensure demand doesn’t disappear completely.
Will bitcoin replace cash?
More than half of experts in a recent crypto survey said bitcoin will replace fiat currency by 2050. 54\% of fintech experts surveyed expect bitcoin to overtake currencies issued by central banks in global finance by 2050. The move could also take place by 2035, according to 29\% of respondents.
Do you think money will go extinct?
Yes, money can and will get extinct. However the concept behind money won’t go away. The money of today i.e- paper currency is essentially a medium to exchange work/effort. When you pay someone money you are paying them for their work/service. The money you have today is a commodity which can be used to buy or sell other commodities.
Will cash disappear or become obsolete?
Will cash disappear or become obsolete? With the increase in the number and dollar value of transactions happening by electronic payment methods, the share of cash transactions is steadily declining. It may be that at some point in the future, cash is eliminated by government decree. But that’s not necessarily a risk-free move by governments.
How will the end of cash affect banks?
There’s little doubt the elimination of cash would enable banks, credit unions, and other financial institutions to reduce staff. After all, it takes more people to handle the business of cash transactions. Electronic payment methods, by contrast, are completely digital. Far fewer people are needed to manage the process.
Will Cash ever be eliminated by government decree?
It may be that at some point in the future, cash is eliminated by government decree. But that’s not necessarily a risk-free move by governments. Barter is the oldest means of exchange in human existence. Since there was no centralized money system, people traded goods and services.