💵US cash hasn't modernized, while other countries have shifted to digital and polymer notes.
💰Americans are embracing electronic payments, but cash demand is still growing.
🌍The $1 bill is losing popularity to the $100 bill, and there's speculation on its use for illegal activities.
🤒The US has tried introducing dollar coins, but it hasn't been successful.
🙌Innovations like electronic value and blockchain connections could bridge the gap in modernizing cash.
Why hasn't US cash modernized?
—The US has lagged behind in modernizing cash, while other countries have shifted to digital and polymer notes. There are debates and challenges in making the transition, including complex banknotes, special interests, and the belief that cash will always have a valuable spot in the US.
Are dollar coins a practical solution?
—The US has tried introducing dollar coins, but it hasn't been successful. People prefer paper notes, and the coins haven't gained widespread usage. However, dollar coins last longer and could save money in the long run.
Why is there pushback against modernizing cash?
—There are various reasons for pushback against modernizing cash. Some argue that cash is cheaper, provides anonymity, and is preferred for certain transactions. Businesses and special interests also play a role in maintaining the current cash system.
What innovations could bridge the gap in modernizing cash?
—Technological advances like electronic value and blockchain connections could be instrumental in modernizing cash. These innovations could make cash carry electronic value, connect to the blockchain, and offer convenience and security to users.
Should businesses provide cash and digital payment options?
—Yes, businesses should provide options for both cash and digital payments. While electronic payments are becoming more popular, cash still offers anonymity and convenience for certain individuals. Providing a variety of payment options allows businesses to cater to the preferences of different customers.
00:02The Federal Reserve will spend $931.4 million on printing bills in 2023, but US cash hasn't modernized.
00:12Other countries have shifted to digital and polymer notes, while the US hasn't made similar changes.
00:49Americans are embracing electronic payments, with 41% not using cash in a given week in 2022.
01:36The $1 bill is losing popularity to the $100 bill, and there's speculation that large bills are used for illegal activities.
05:09The US has tried introducing dollar coins as an alternative to paper notes, but they haven't gained widespread usage.
08:49Innovations like electronic value and blockchain connections could bridge the gap in modernizing cash.
08:57Businesses should provide options for both cash and digital payments to cater to customer preferences.
08:55Cash still serves its purpose well and offers anonymity and convenience in certain transactions.
