THE FUTURE OF PAPER MONEY?

What is the future of paper money?

First, millennials, modern-day millennials, most people, most people that I know preferred to use their credit card, Apple Pay, tap with their phone etc. Some people like doing it with their Apple Watch.

The big critical issue that Apple has is that most people don’t or don’t want to go through the 30 second process of linking their Apple Pay with their VISA credit card. A simple suggestion for Apple is maybe… Is there a way in which you could make the new Apple credit card included with a new iPhone, iCloud account? Maybe have a new user start off with five dollars USD, or $10 USD, and then… You can trap them in the Apple Apple payment ecosystem?

Why are so many people so anti-paper money?

The number one critical issue here is having to do with change. For example, Americans, all the Americans that I know, and all the Americans I have witnessed see change, coin change as a positive nuisance to their life, a positive bad thing, something they would otherwise want to throw in the trash rather than collect.

The upside of traveling and going abroad etc. is looking and witnessing that interesting thing is in other countries, such as in Europe, because Euros are so popular, everyone has a coin purse or a coin wallet of some sort. And as a consequence, europeans don’t really mind coin change, especially if they could use it later down the line to leave a tip, or to buy a cup of coffee etc.

Fraud?

So I believe a big issue here is that apparently a lot of employees steal. They steal money from institution, and they could game the system and get away with it because you cannot trace or track paper money.

Traceability?

Chain.link — one of the great promises of chain-link, is the fact that you could start the building in track ability to finances, have a paper trail for things. This is very very useful because one of the big issues at hand is that when it comes to finances, the financial sector etc., there is often no paper trail or accountability.

Why does this matter?

I think a lot of the financial sector, finance has a big issue with efficiency. For example, a really big issue with the financial sector is that a lot of money is lost in fraud, lost money, etc. Or money that has randomly disappeared, and nobody has any idea where it is.

For example, just read the book “going infinite“. One of the most interesting things that I learned from the whole book was with FTX, the collapse of FTX etc., all this random money disappeared but nobody has any idea where it went? Even Sam Bankman Fried, who seems to be a genius, but is mostly inept, he has no idea?

You can track the bitcoin

But I love about bitcoin is that you can easily track it, it may not be the fastest system out there, but for the most part, it is tamperproof, reliable, permission list, and isn’t bitcoin truly open source?