When’s the last time you paid in cash?
I carry a few bucks, but rarely use bills anymore. Store clerks don’t want to handle dirty money, and I can’t blame them. Payment apps and credit cards are germ-free…and our future.
It makes me wonder, how long before cash is obsolete?
It started with cashless slots, parking meters and vending machines. Then EZ Pass displaced toll collectors. In a matter of months, we’ve made a seismic shift away from currency. Now, we’re blazing towards the ‘no dough’ tipping point. Experts note how quickly we embraced e-commerce. Now, they predict that moving to a cashless society is inevitable.
And it won’t be pretty.
Millions of Americans don’t have a bank account, and rely on cash. How will we tip doormen and hotel maids? What about panhandlers who survive on spare change?
Aside from being a logistical nightmare, what will a cashless world look like?
Here’s my take. We’re already veering towards virtual currency, led by PayPal, Google Pay and Venmo. At some point, transactions will be authorized by a micro-chip or facial recognition.
Then, the floodgates open.
The U.S. Mint will close. Bank vaults become racquet ball courts. Rapper 50 Cent will change his name to ‘Bitcoin’. ATMs will be worthless boat anchors and cash registers will be artifacts on American Pickers.
But before you dig up those coin jars in the backyard, big questions remain.
Our country has racked up trillions in debt because we just print more money. Now what? Imagine millions of people carrying briefcases stuffed with cash, trying to redeem them. Watch for the rise of a black market.
And what will guys stuff in strippers’ G-strings?