Cash less Society

Cash less Society



Cash less Society

Introduction

"Money - in the traditional sense no longer exists. It died two decades ago when Richard Nixon forever abolished the gold standard. Since then, money as we once knew it has been replaced by an unstable new global medium of exchange that is called 'megabyte money'... megabyte money is a threat not only to our country's long-term growth and prosperity, but to the individual as well."The purpose of this writing is to make people aware of the issues surrounding the topic of electronic cash and it's tendencies towards the cashless society.  Electronic cash, or other disguised methods of conducting business transactions without cash, have been around since the 1960's, and have become more predominant in today's society.  Social aspects are a part of our everyday lives, and certainly not trivial in regards to this topic.  A few points of interest of the social impacts of electronic cash will be discussed, such as time and convenience.  A darker side of money will be briefly talked about, and whether electronic cash will make criminal activities a thing of the past, or simple move them to a white collar level. The world is run by computers in today's society.  It was only a matter of time for this to be transferred into the money market.  Waiting in line at a bank is now a thing of the past, ATM's and internet banking have entered the market share.  One thing that will be discussed is the “Big Brother” image that leaves a bad taste in your mouth when you know that anything done on a computer can be traced.  Privacy now has an important role to play in society, and will be discussed further in this essay.Electronic cash in itself is not evil, nor is money itself; it is the love of money that is evil and breeds greed and other nasty habits.  The age of electronic cash is slowly ushering in the cashless society, where no buying or selling will be done with cash; rather it will be computer based, hence the need for electronic cash. 

During 1995 we saw some of the most profound changes that the world has ever known move out from the shadows of secrecy and intense preparation. The world of finance led the way in such changes. The most basic area of finance presently undergoing massive change is the very means by which transactions take place - the use of money itself.

We all have used paper to obtain goods and services that we need and desire but have we ever thought about why the use of paper in the form of bank notes entitles us to cars and entertainment and food and shelter? The only way that paper with writing on it can entitle us to goods and services is through our faith in the ability of the Reserve Bank, the government, or private individual to redeem or back that paper with something of ...