Kiss cash good-by! Eswar Prasad claims that we will become a cashless society in a couple of decades. More and more people use credit cards and their phones to pay for their purchases. Some stores are refusing to accept physical cash (partly because of Covid-19 concerns).
The trend is toward cryptocurrencies like:
- Ethereum (ETH)
- Litecoin (LTC)
- Cardano (ADA)
- Polkadot (DOT)
- Bitcoin Cash (BCH)
- Stellar (XLM)
- Dogecoin (DOGE)
If you want a peak at what the future of money will look like (and sooner than you think!), I recommend Prasad’s The Future of Money. We still use cash and checks so we’re in for a shock! How do you pay your bills? GRADE: A
Table of Contents:
I Laying the Bedrock
1 Racing to the Future 3
2 Money and Finance; The Basics 23
II Innovations
3 Will Fintech Make the World a Better Place? 61
4 Bitcoin Sets Off a Revolution, Then Falters 106
5 Crypto Mania 150
III Central Bank Money
6 The Case for Central Bank Digital Currencies 193
7 Getting Central Bank Digital Currencies Off the Ground 239
IV Ramifications
8 Consequences for the International Monetary System 277
9 Central Banks Run the Gauntlet 313
10 A Glorious Future Beckons, Perhaps 354
Notes 363
References 453
Acknowledgments 467
Credits 469
Index 473
Usually not cash, with the odd exception of the water/sewer bill for the township when I let it go till the last day. (And the fee for electronic payment is annoying, though not usurious.)
Todd, I’m still a cash guy. Our credit cards–which we use rarely–have been hacked twice over the years. Not a fun experience either time.
Being a Luddite, I am very wary of cryptocurrencies. I’m old enough to (almost) remember Holland’s Great Tulip Bulb Mania in the 1630s.
Jerry, like you, I consider cryptocurrencies to be a fad. But, I know a lot of people who made a lot of money on Bitcoin.
(puts fingers in ears, refuses to listen – la la la la)
NO to cryptocurrencies, the latest scam. Our new Mayor (Eric Adams) took his first paycheck in bitcoin, and if he loses it all I wouldn’t be sorry, as it would teach people a lesson. Not as old as Jerry (who is?) but approaching that level and I agree with his assessment.
We do pay for most things these days with credit cards, I must admit, and use cash less and less every day. But I draw the line (so far, anyway) at paying with my phone.
“Not as old as Jerry (who is?)”
Dirt, Jeff. Dirt is as old as Jerry.
Jeff, I don’t have a cell phone so I won’t be paying bills using that method any time soon. But, I see people paying for stuff with their phones all the time. I’m concerned about hacking.
No, no, no!
I use cash. We write checks for our utility bills, or have auto deduction for a few things. The day I’m refused when offering cash is the last day I’ll use that business. Cryptocurrency is fine for gamblers, which I am not.
Rick, we’re on the same page! We rarely use our credit cards. Diane writes the checks, I stuff the envelope, seal it, and put a stamp on it. Then, I mail it at the Post Office by going inside and putting it in the Mail Slot. Even then, we’ve had issues with the mails last year. Diane sent her check paying her bill with Kohls TWO WEEKS EARLY. Somehow, the check arrived “late” and Kohl’s hit Diane with a Late Fee–despite her record of over 20 years of on-time bill paying. Diane was furious!
Most months I write ONE CHECK, for the rent. (If I have a book from Crippen & Landru, I send them a check.) I have some bills taken out automatically, and pay the rest directly through the bank’s website. It takes me five minutes or less. (Just checked. In the last 5 months I haven’t written more than two checks in any month.)
Jeff, Diane pays all our utilities with a check. The same for our VISA bill.