The future of money has been put in question quite a few times already. Not too long ago, it appeared mobile money would take over from paper bills and coins. But it looks like plastic cash is still an adamant contender as well. Smart people, however, use Bitcoin to be in full control of their funds at any given time and conduct global business transactions.
Plastic Cash Has Its Perks And Drawbacks
Convenience plays a big role in the future of money. Plastic money is very convenient to use, as most people consider this concept as using credit cards. But there is another form of plastic cash out here that is often overlooked. In fact, there are quite a few bills being printed in a plastic form, including UK, Mexican, Canadian, and Australian bills.
It is not surprising to find out these new polymer bills only account for 3% of all of the cash in the world today. At the same time, it is expected this number will increase over the next decade or so, and eventually overtake traditional paper currency altogether. So far, 30 different countries are shifting towards this plastic form of cash, which is quite a significant milestone already.
For all of the flaws, Bitcoin enthusiasts like to point out about cash, a lot is going on behind the scenes. Introducing new notes in existing markets takes a lot of research, as the decision is not made overnight. For example, it took five years before the polymer £5 note was introduced in the UK, a change that occurred in September of 2016.
Crafting plastic bills costs a few cents, which is twice as expensive as their paper counterparts. However, they last about five times as long, which sets off the initial costs. In fact, it is possible to put these notes through a washing machine without major issues. They are not indestructible by any means, though, but it is a significant improvement.
In the end, using plastic cash will be an improvement over paper bills. However, that will not change the issues associated with the way fiat currency works. There will still be inflation over time, and the economic woes will not go away overnight either. Moreover, merchants dealing with plastic cash may require specific scanning hardware in the future to ensure they are not dealing with counterfeit bills.
Taking full control over one’s finances will not necessarily improve through plastic cash. The bills will still be issued by banks, and bank accounts will still be mandatory for most people. Bitcoin, an entirely digital currency, provides users with full financial control at all times. However, it is the digital-only aspect that makes it less appealing to mainstream users right now. An interesting future lies ahead for the way we think about and use money; that much is certain.
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