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chuhyun1206's avatar

If cash becomes obsolete, what form of cash-in service do you think would be available beforehand?

Asked by chuhyun1206 (11points) May 1st, 2010

Assuming that with technology and sustainability boom that physical paper money will eventually become obsolete (say in next 100 years), what do you think would be the best way/method for people to “cash-in” their physical money? How would government deal with transition problems? How long should the cash-in service last to prevent the continuing money laundering, terrorist funding, etc. before it becomes completely value-less?

(Also, would cellphone technology be developed to even make credit cards obsolete? )

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15 Answers

Captain_Fantasy's avatar

If cash becomes obsolete, it no longer has any value so there probably wouldn’t be any cash-in program.

jaytkay's avatar

I know I’ve read of countries changing their money, and having a trade-in period, after which the old money becomes worthless. But I don’t recall which countries.

East Germany? The USSR? How about all the countries using the Euro?

Captain_Fantasy's avatar

East Germany had a trade in period for the old currency and after that point, you were out of luck.

parkts's avatar

Above all, ATM cash-in services will remain valuable, but i guess it will be quite cumbersome to find an ATM each time you encounter some “cash” that should be transformed into the electronic money. How about providing cash-in services at the check-out counters of Walmart, Safeway, etc.? Just like we have cash-back services.

nebule's avatar

can I just say I’m drunk fluthering…so….

Cash will never be obsolete,,, it’s ridiculous it just couldn’t happen.. there would be riots can you imagine… money wouldn’t be real any more!! ;-)

jaytkay's avatar

@lynneblundell I shall put down my beer a moment to write

there would be riots can you imagine… money wouldn’t be real any more!!

No riots, that’s exactly the scenario with the Euro or East Germany. Your old money becomes worthless, you have time to exchange it for the new thing, and life goes on.

nebule's avatar

no….I mean really…..oh i see… :-)

chuhyun1206's avatar

New currency like Euro gives me the idea that it is plausible for certain cash to become value-less all of a sudden or in a two-month period as was in the case with Euro, but is cash becoming obsolete suddenly be a problematic? I think so. Technology would have to develop furthermore…. i guess it will be a gradual process.

wundayatta's avatar

People would just spend their cash, and when it was gone, there wouldn’t be any more. After a certain period of time, people could trade in cash for credit on their cell phones or credit cards or whatever. This would happen a designated points that were still able to handle cash. But more places wouldn’t honor cash any more.

Cash is nearly obsolete in my household. We get some to pay for sundries, but mostly we use credit cards. Our town is experimenting with cell phone payments, such as they already have all over Europe. The only people who will need cash in the near future are those without credit cards or cell phones. Technological luddites. They’ll be forced to get with it, because no one will be able to sell them anything.

jaytkay's avatar

There are very few cases where I need actual cash. I am not saying everyone is in my situation. For the most part, I use credit cards, online banking, Paypal and a debit card.

But off the top of my head, I only use cash for:
—Buying/selling from strangers on Craigslist
—The tiny coffee shop near work
—Splitting a check at a restaurant is easier with cash
—Lending a friend $10 or $20
—Vending machines
Average maybe $20/week. $500 for a big Craigslist sale.

chuhyun1206's avatar

I want to rephrase the question to then: Do you think you would ever use the cash-in service much like cash-back service in places like Safeway and Walmart?

Or would it be useless if cash were to become obsolete naturally?

poisonedantidote's avatar

i dont know about anyone else, but ill always let people pay me in gold. failing that i may consider also accepting silver, gems and other things that have value

downtide's avatar

Before cash becomes obsolete there would have to be an easy way to transfer small amounts of money between individuals. There would have to be an easy way to give money to a child. There would have to be an easy way for that same child to make small purchases.

Retailers would have to stop refusing to take card payments for small purchases (most places in the UK have a £5 minimum transaction and everything less than that has to be cash). Banks would have to stop charging a fee for them.

steven_howard_ray's avatar

The answer would be to make money totally irrelevant. Just like on the Next Generation of Star Trek where the captain says to a man found on a far away planet (who was obssessed with riches and things of value), ” Man no longer has any use for money; the goal is to improve yourself.” Unfortunately, we’ll all be dead and gone before mankind reach this level of reality. Sad.

steven_howard_ray's avatar

Why does God, assuming existence, provide man the ability to exercise free-will while knowing all along man is culpable, evil-natured, and downright wretched? Can or should we conclude then that thers’ no God after all?

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