A crash course in changing the world.
I think in the not-too-far future physical money in the way we know it wont exist anymore. Taking into concern that the credit card system like we know it today is not older than 60 years and there are already countries (e.g. the U.S.) were credit cards have successfully replaced money in the form of bills and coins in almost every area of daily life it isnt hard to imagine that, in another 50 years from now, this development has continued to a point were especially in the western world nobody uses "hard" money anymore. With the prices for credit card payments constantly declining there is huge potential for credit card based payments of even smallest amounts of money. As a matter of fact, credit card payment has almost solely advantages compared to the "classic" form of payments with coins and bills. It is faster, there is no need to go to the bank to withdraw money, it is safer than having the money in your wallet and last but not least: governments could save millions through the redundancy of production, distribution and surveillance of physical currencies. Just some weeks ago Canada abolished their one-cent coin because the costs to provide these coins became too high compared to their value. In the EU politicians were discussing exactly the same matter but didnt come to a conclusion.
But along with this development come real social problems: Imagine a world were no one spends a single coin for a street musician or a beggar simply because people dont have coins or bills anymore. What will people give to the poor instead? Or will they simply stop giving anything? Probably there is a real opportunity for an alternative currency exclusively for such social purposes. Think about food vouchers or a coupon system for example.
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