digital money

[Gerianne]

is the future.
the expense of printing money is contributing to inflation.
will we still need banks?

[monnee]

Yes, we'll still need banks for safe deposit boxes, atms, and for people who don't use online banking.

[oldbuddy]

I would be happy with just an online account like PayPal if it were FDIC insured and regulated like banks are now.

[mrsmere]

That's a very good question.  Things are changing so fast and so many things are no longer here, so who knows it could happen.  I really enjoy paying bills online even is its risky.

[hawkeye3210]

Yes, there will be a need for banks. The US dollar is and will be the digital currency.

[ancmetro]

      Money has power: Either you have it or not. Money (of any type) is needed for most business transactions. Once in awhile there are some free deals online. But that is very rare. There are many types of money in this world. But there is nothing like having your own money: "Yes! That is me in that piece of paper". Do you agree? Give us some of your comments. What does money mean to you?

[lvstephanie]

A completely digital economy would be scary, esp. since we have a terrible track record for maintaining a balanced budget. If we continue to borrow money in order to meet our country's financial obligations, the strength of the US dollar will continue to decrease. One way that countries have to shore up their currency is to drop interest rates below 0%; when a country (like Japan and Germany, currently) has negative interest rates, it means that you have to pay the bank interest in order for them to keep your money. If the economy becomes purely digital, then all of your money will have to be in a bank, meaning that you will be paying interest on all of your money with no way to avoid paying it.

[ghunter]

it may be the way of the future, I'm not sure

[southernhorizons]

I do think a cashless society is in the near future, although I dislike the idea. Almost every day you read about some business getting hacked. I prefer having cash I can actually hold and keep track of. I don't want some hacker wiping out my life's savings in a second. I also won't get the chip implanted.

[hawkeye3210]

One way that countries have to shore up their currency is to drop interest rates below 0%; when a country (like Japan and Germany, currently) has negative interest rates, it means that you have to pay the bank interest in order for them to keep your money. If the economy becomes purely digital, then all of your money will have to be in a bank, meaning that you will be paying interest on all of your money with no way to avoid paying it.

That's not the case. The negative interest rate doesn't apply to your individual deposit accounts. It applies to banks who put their additional reserves in the central bank. It's designed to encourage banks to lend more money.

[teenangel]

i'm not sure

[jenniferhoder]

Well I don't know if I like the idea. There are too many HACKERS that would jump all over the opportunity leaving many broke. Not sure I like this idea!

[ktheodos]

what happens if our systems crash or are hacked?

[tfw6693]

Well, evidently the Government needed cash to pay Iran off. (Just sayin)

There has always been a movement toward a cashless society because that way money can be taxed and not have black market deals that get around revenue laws.

Oldfriend

[alina6]

I think there are enough people still hesitant with doing everything online that banks will still be around for a while. I do think there will be more virtual banks.