Electronic money instead of cash (coins & bills)?

Isaac R: Electronic money instead of cash (coins & bills)?
Is it possible in the future to swicth from coins and bills to e-money?……(actually debit cards are kind of e money)…

What would be the benefits or downturns of do that.?..

Some analysts think that gold and silver are good means to back and support some currencies in periods of financial crisis….(so gold or silver coins could help to mantain the currency value)…if this is true….how could the governments mantain the value of the e -money if such currency will be electronic rather than a coin or a bill…..

Answers and Views:

Answer by kяisty ©
well when technology sheeeits the bed then we’d all be screwed. ie: systems that read the cards down and not working. although it’d be safer and more convenient than cash/coins.

Answer by mt_pelion
Backing money with something does not mean actually using it in the manufacture of the money. You can back e-bills with gold or silver in the exact same way they used to back the paper money (before the government decided that the “take our word for it” approach was much more stable).

Answer by Justin W
It’s not necessarily safer. The new way to steal someones identity (and the easiest) is to walk past them. New technology already exists that can pick up the new forms of ID (the chip kind), credit cards, anything with a magnetic strip, etc. At least with coins and bills, you have to make physical contact to pick pocket someone. Could you imagine how easy it would be to do if it was electronic?

When you buy a new purse/wallet, make sure it has a signal blocking material weaved in to it.

Answer by robrobiii
95% of money in the US is electronic today.

None of it is backed by precious metals.