Is paper money going obsolete?


Julie Guevara

Your wallet is soon going to be more empty than it already is. Yes, physical money is now obsolete. Apple, Bitcoin, and Paypal are taking over the world using a cellular device.

Most people aren’t complaining either. Money is pretty germy if you think about it. According to a recent article published by the Wall Street Journal Robert Lee Hotz said that “The NYU researchers identified 3,000 types of bacteria in all — many times more than in previous studies that examined samples under a microscope.” This will have you rethink the way you touch paper money.

Which nations are in the lead?  USA? England? Germany?  Nope, Kenya and Tanzania are the global electronic payment leaders. A mobile payment system called M-PESA is sweeping Africa that allows you to transfer money, finance, and micro-finance. This is insane thinking that first world countries aren’t ahead. Faith Howell, a sophomore at LMHS, said that ” It’s crazy how even money is being effected by money.”

There are some downsides though. You can be tracked and judged based on how much money you have. RFID tags in phones allow stores to not only know who you are when you walk in but also know your spending habits. Cheapskate? No service for you. Big spender?  Everyone will help you. Madison Anest, a sophomore at LMHS, said that ” Even though there are a lot of hackers, technology is improving to ensure that people don’t step, which is very cool.”

Money has evolved quite a bit from the lightweight paper like substance that was made from leather during the Han Dynasty. It is said that the “first known banknote” was developed in China during “the Tang and Song dynasties.” Now all over the world we are making greater strides towards efficiency by saving trees and making spending a little more sainitary for everyone.