Jumat, 26 Juli 2013

The end of paper money

Talking about the end of paper money at this period of time may be way too early.  However, don't be surprised that even now in the US especially less and less people are bringing hard cash in their pocket. Why ? The reason is so simple, it's for their convenient besides they get some incentive like certain percentage of savings which is accumulated by the end of the month. As more and more retail outlets are accepting debit card and credit card, the use of paper money is getting less and less.

Another advantage of using a debit card or a credit card is for safety purpose.  One does not need to worry about losing his or her hard cash in their wallet or purse should the wallet or purse get stolen , lost or left behind.  So, don't be surprised if you might not see any paper currency in the wallet anymore.

This kind of trend is  moving toward what is known as a "cashless society"  where people will no longer use any kind of paper  money, nor coins as a mean of exchange.  On the other hand, they will be using a smart card with a chip in it which can detect the amount of money they have in their bank accounts.  Even now they have started to integrate the card payment system with some smart phones, so you don't even have to bring your debit or credit cards anymore, but instead you can just scan the price tag barcode directly to your smart phone, the only ing you have to do is to press your personal PIN  to verify the user.

Well, the world of business transactions as we know it decades ago will soon be over and people will no longer deal with hard cash anymore.  No more dirty and stinky money, no more money counterfeit, nor paper  money to collect.  Oh...what ashame especially for us the history preservee.
Well, one day everything will change though for nothing in the world stays permanently.

One of IBM subsidiary companies called "Verychip"  has long found the idea of implanting a microchip (with size smaller than a grain of rice) into human's  right hand or human's forehead, so people will no longer even need to bring their credit card  or debit card, but instead they just need to show their hands which has been implanted with the microchip to pay for the merchandise or service they rendered.  The cashier or an automatic cash register will automatically deduct the buyer's bank account by scanning through the implanted microchip.
However, this kind of approach has been having some opposition from some religeous belivers for this method of buying and selling has long been warned by God in the bible that believers should not attempt to have this microchip implanted in their hands nor their foreheads for trading purpose  Moreover, this is considered as an abomination act towards God.
As a result, this breakthrough in payment method is a bit stagnant or rather slow in progress.

However, The most recent invention has just been released from  China . Now, they claim that they can make a special conductive  ink which can replace the function of physical microchip.  So people don't have to be bothered  with the idea of implanting something into their body or skin tissue anymore, but they just need to get their hands imprinted with this special conductive ink which work out to be like drawing a tattoo instead of implanting an electronic device.

Yes, technology is really advancing at an unprecedented speed these days. What is new today can easily be obsolete  within 6 months or so.  Do you think all this payment system which no longer need a  physical form of money a nonsense  or still a long way to go ?  Well, nobody will know.
One thing we know that the tecnology is here at hand already, the only thing that matter is when will all this should start ?  The answer is when the world strong currencies are collapsing which inevitaby also followed by other weaker currencies, then the world will be in such a chaos that people can no longer withdraw money from banks, stock markets are collapsing, then it will be the  designated time.