There’s a reason they say cash is king. Commodity money—physical objects like coins and paper bills that hold value—has been used since ancient societies made the switch from bartering goods like salt and cattle. America started issuing its own currency, which evolved into the dollar we know today, in 1776, just before the country declared its independence.
Cash is still the second-most-used form of payment in America today after debit cards. But many advocates for “going cashless” believe that the paper dollar’s time is nearly up.
As the coronavirus pandemic ravages communities around the globe, the use of cash is raising concerns around cleanliness and viral transmission, even though the cotton that paper money is made of has been proved to carry virus particles for around the same time or less than plastic credit and debit cards do. And as digitization tightens its grip on the world, new technologies are popping up left and right to make paying for goods and services easier and more frictionless.
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Cash is still the second-most-used form of payment in America today after debit cards. But many advocates for “going cashless” believe that the paper dollar’s time is nearly up.
As the coronavirus pandemic ravages communities around the globe, the use of cash is raising concerns around cleanliness and viral transmission, even though the cotton that paper money is made of has been proved to carry virus particles for around the same time or less than plastic credit and debit cards do. And as digitization tightens its grip on the world, new technologies are popping up left and right to make paying for goods and services easier and more frictionless.
Read more
Cashless' downsides hurt
