Imagine we have limitless technology and we live in a world where there is no longer any physical currency (no coins, no bills, nothing). All purchases are made via debit card or something similar and the global economy exists only as 1s and 0s in a global network. Would there be a downside be to all this?|||Sure. If the power goes out, you can't buy or sell anything.
It's going to be awkward to pay the kid next door for shoveling your driveway. Either the kid would have to have a card reader hooked up to his bank account, or he'd have to give you all his banking info so you could transfer money into his account. It's a lot easier to just hand him a ten.
I'm also one of those people who doesn't like the idea of all my financial transactions being traceable. I'm not doing anything illegal, and I'm not paranoid--it's just not a capability that I'm not willing to hand over to the government.
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