Would it be better to do away with coin and paper money? The debate continues as some people disagree and others agree. Because it’s simpler to manage and easier to keep taxpayers honest, government tax collectors would prefer only electronic or digital money. But are the benefits worth the drawbacks? What’s wrong with cash, really? You can use it to buy anything, pay for services like a babysitter or go to garage sales or lemonade stands, all of which are considered to be acceptable forms of money transfer in our underground economy.
Then there are the illegal items. Since digital money leaves a trail, no one uses it to purchase items that are prohibited by law or that someone else is prohibited from selling. Therefore, does it make sense to get rid of the money that permits illegal transactions, shut down the entire underground economy, and, if we do, will our society and civilization be better or worse off as a result of that decision? Shall we talk about this?
Yes, a digital currency would be comparable to regular currency, and in reality, we have already reached this point. If we go to “digital units” and change the paradigm to cover the needs of people who contribute who are not rewarded fairly now, then we will get more of what we reward, as is the famous axiom. A technocrat would find this discussion and the idea of micromanaging the precise value of each job to be enjoyable, but technocrats aren’t so good at taking into account unintended consequences they’ve created as they blaze the path to hell.
Simply put, things and options are more complicated now than they were when our species was merely a hunter-gatherer and trader-based society, which is why humans use money. You see, if I make hammers and you need one, but you only have cattle, then you cannot cut off the tail of your cow to buy my hammer, so instead you give me $11, and you can sell your cow in the future for $1100 and give me the one-percent of it so you can build a new barn.
In order to facilitate trade, money and currency are nothing more than units of account; however, despite the fact that this is why they are used, I do not agree with the criticism of money, whether it be digital or physical, with some people claiming that it is the source of all evil. I disagree, with due respect. Please give all of this some thought as it does have an impact on your life.