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Banknotes or Numbers-2: what if only numbers left?

Popularity 1Viewed 1600 times 2016-2-6 17:20 |Personal category:Economics|System category:Economy| numbers

Jack is walking in the street aimlessly, he has no plan to get anything. But he is attracted by the nice jacket showed in the window of a shop he passes by. He goes into the shop and tries the jacket on. He feels good, and after bargained with the seller, he decides to buy it. Unluckily, he finds he doesnt hold enough cash in hand, the bank is a little far away, it will take him too much time to withdraw the money from the bank and come back to take the jacket. So he is going to tell the truth to the seller and cancels the order. Happily, the seller offers him few ways to finish the payment. First and most direct way is to pay with cash, secondly, he can also pay with credit card or debit card, whats more, alipay and paypal is also workable. Then Jack takes out his credit card and pay for it.  What a happy ending. 

As an old saying goes: all roads lead to Rome. This story tells us that things can be done in many ways. It also tells us sometimes we have no need to hold money in cash while shopping, what we need is there is a useful number of money in our account. 

Money is a current medium of exchange in the form of coins and banknotes, which can be used to pay for goods, to save in the bank, and so on. As mentioned before, money was created by human beings, and learn from our history, people used many different things to represent it, like silver, gold in the past, and paper we are using nowadays. Currently, people widely use coins and banknotes as money. But like many other mankind inventions, it can be replaced with something, or even abandoned. And in the past few decades, with the development of science and technology, especially the rising of computer and internet, many huge changes about money have taken place.

Those changes happen so fast and make me to think that what if all the banknotes and coins disappear, only your account and numbers in your account left. In other words, banknote and coins will be put in museum, as the numbers in our account will substitute for them. 

At that time, people will ask what the number in your account is when he wants to know how much money you have; people neednt to count the banknotes while buying things, but to confirm the number he sends to the sellers account. People also have no worry about counterfeit currency, numbers can not be fake, they just need to pay attention to the number they receive and send.whats more, people can feel much safer while walking in the street in the night, as the robber can not rob him of his money from his pocket as easy as before, for those careless men, they will not blame himself for losing money.

Now we can also imagine one day morning he go jogging very early, and you take nothing with you except the smart watch on the wist, and the pants and T-shirt you are wearing. After you finish the exercise, you would like to buy something for breakfast on the way home. So you enter Mcdonald, get one big hamburger and a cup of coffer. But you dont have money in hand, then you touch your watch, and open your bank account, type the receivers name, just one minute you finish the payment easily. You continue to walk home and start to eat your breakfast, but at a corner, you see someone is selling fruit in the street, the fruits look nice. You want to go get some. So you ask the seller to pick 15 dollars. Then you realize your hands are not available as you are  holding the fruit and your breakfast, you ask the seller to set the machine the seller use to receive money to the right page and type your account. Then you put your face very close to the scanner in the machine, the scanner scan your eyes, seconds later, it show up that payment done, and the 15 US dollars has been wired from your account to the sellers. Finally, you go home happily. When you get home, a message pop out on your smart watch telling you have got a new email. In order to check what is the email about, you turn on your phone, and start to read it. Then you realize the email comes from the bank informing the amount deducted from your account just now. 

Perhaps more and more people have the same feeling with me that banknotes are no longer as important as before, but the numbers in our account will count more. 

I have no idea when it will com true, because it really needs a great system to support it. All people around the world have to follow the new rule. Perhaps it will be into being hundreds years after i pass away, but i hope this environmental friendly way can serve us as soon as possible. 

So i will continue to think: why cant this happen? And how to make it happen?

 (end)

 

 

(Opinions of the writer in this blog don't represent those of China Daily.)


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Reply Report baggins 2016-2-12 18:19
The good thing about banknotes is that they cannot be traced to what you use them for, thus advertisers cannot bombard you with Google or 'relevant' ads, but governments lose tax on sales as they can be hidden as there is no trace of the money. Paying by cash is quicker than cards, especially when things don't work.

Once cash is printed, it requires very little energy to spend it, but a credit card terminal is always on; the servers that connect to it is always on, as is the payment gateway, and the server that holds the credit card owner's details, so electronic payments always consume energy, contributing to carbon emissions.

Banks have far too much power as it is. To make it compulsory for people to buy everything through the bank will give them even more. Governments might favour card only transactions so they can trace the flow of money. Banks could leak information to advertisers who can then follow you offline, so when you go online, you receive even more unwanted offers for things you do not want.

When you spend electronically, it doesn't feel like your spending, which could lead to overspending and debt problems.

Unregulated currencies, such as BitCoin could become troublesome with fluctuating exchange rates.
The death of cash will be a sad time.

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