Could Money Be Fully Digital in the Future?
How is it possible to have money is completely digital? This is the question that many people ponder about these days, as the world of the Internet continues to expand. Is it possible that over time, all money would be completely digital and therefore there would be no more need for such as thing as checks or money orders? Would you even care to know what my thoughts on this are?
Well, let me see if I can give you a few thoughts here. For starters, think about how much paper money we use in this country today. There are approximately two and a half pounds per person that are in circulation right now. If you divide that by the entire population of the United States, you would come up with around sixty-five billion pounds. That is just plain gross, although you might not think that is too much.
Now, given the fact that we have this much money in circulation, could it be feasible for all of it to be digitalized at some point in the future? Well, you could get a check at the end of the day, but eventually that check would probably get destroyed in a flood or be destroyed by mistake because all of the information on it would get printed out and then no one would have it anymore. So in that regard, money would become totally digital, but not all of it would be digital. Some of it would still have to be printed out.
What about when you went somewhere and wrote down some bills? Would it be possible for that bill to be completely digitalized? Well, since the Internet has all of our electronic information, it would be possible to have the bill become part of the digital data storage system that is already in place. Any information that you wrote down would be available to anyone who needs it at any time. And in the future that could be a lot of people because there will be more bills that need to be written down.
But what about all of the money that you do not print out anymore. It seems that there may be a possibility that all of our paper money will simply be melted down and made into new money in the future. So, will all of the physical money that we have now ever really be "digitalized?" I doubt that the U.S. government will be adopting any such plan because it is very impractical from a governmental level. In the long run it might come back to haunt them, but for now they seem to be sticking with paper currency.
If you are a person who has been around for a while, then you know that the Internet has changed the way that we do business and have done many other things as well. There is always the chance that technology never fully matures and that something could go completely digital in the future. We just do not know what that will be, but the chances are very good. For now, people just have to do what they are comfortable with and enjoy their lives.