Opinion: Digital money has killed cash
With technology advancing, it is no wonder that there is a newfound controversy over whether or not to keep physical currency. We rely on technology for our main sources of entertainment, to keep in touch with loved ones and, ultimately, to pay our bills on time.
Let’s face it: paying our bills via the internet is the easiest, most efficient way to pay — all without even having to get out of bed.
As much as I am guilty of complaining about how media-obsessed and attached to technology we are, I am also 100 percent on board with ditching the dollar bills and making cashless transactions instead.
A swipe, a tap of the finger or even a simple screenshot, and you’ve paid your bills. Because of Apple Pay and other digital wallets, we have our hard earned money literally at the tips of our fingers.
We no longer need to drive to the nearest ATM, pull out cash and mail in your bill payment (Do people even do that anymore?). The days where you would lose cash in a pair of last season’s jeans or carry around change to make precise purchases are no longer.
Can you imagine all of the loose change drifting around the city? If you were to search part of the city for spare change on the ground, you could probably make a decent amount of money. Physical cash and change are really sort of pointless in this day and age.
Although I am for the death of physical currency, I do have some doubts about the safety of our online money supply. For one, we have hackers who steal our identity and personal information — our online wallets would be at risk as well. By completely eliminating physical currency, we would lose our little cushion in case anything were to happen.
Either way, as technology keeps advancing, our future might include only cashless transactions and online wallets. My challenge for the UW community this week is to look into online wallets, such as Bitcoin wallet, and see if you’re ready for a cashless world. Just make sure to keep your hard earned money safe and sound!
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