What would happen if we got rid of money?
If there were no money, we would be reduced to a barter economy. Every item someone wanted to purchase would have to be exchanged for something that person could provide. For example, a person who specialized in fixing cars and needed to trade for food would have to find a farmer with a broken car.
The lack of paper money could leave citizens with no way to pay, as many people aren't connected to checking or savings accounts.
Why Eliminate Cash? Cash can be used in criminal activities such as money laundering and tax evasion because it is difficult to trace. Digital transactions or electronic money create an audit trail for law enforcement and financial institutions and can aid governments in economic policymaking.
If money is destroyed (taken out of circulation) and not put back in by the Central Bank, then the overall money supply in the economy will fall. There will be less money circulating. Prices will tend to fall, and the value of the remaining money increase.
A world without money means that the governing body doesn't have to ensure equal resource distribution, it would just have to ensure that the individual need of resources is correctly assessed and met. In such a world, people would be more driven by passion than their need for earning for survival.
If there were no money, we would be reduced to a barter economy. Every item someone wanted to purchase would have to be exchanged for something that person could provide. For example, a person who specialized in fixing cars and needed to trade for food would have to find a farmer with a broken car.
This privacy also brings greater security in certain cases, since you might not want to give a credit card or share mobile payment info with an unknown small business or individual you're doing business with. But cash provides a good anonymous method of payment, thus keeping exchange going.
The psychological impact would extend far beyond in-store scuffles, though. Life savings would suddenly be lost, and regular incomes would disappear. Regardless of how an individual may have accumulated their wealth – through greed, dishonesty or genuine hard work – they'd now be without the fruits of their labor.
Banknotes and coins are the only form of money that people can keep without involving a third party. You don't need access to equipment, the internet or electricity to pay with cash, meaning it can be used when the power is down or if you lose your card. It's legal tender.
Although paper-based currencies are becoming less popular, they will likely stick around for the foreseeable future. Dollars and cents may become harder to use, but as with many obsolete technologies, there are enough users to ensure demand doesn't disappear completely.
What will replace money in the future?
Digital currency has the potential to completely change how society thinks about money. The rise of Bitcoin (BTC), Ethereum (ETH) and thousands of other cryptocurrencies that exist only in electronic form has led global central banks to research how national digital currencies might work.
In the United States, burning banknotes is prohibited under 18 U.S.C. § 333: Mutilation of national bank obligations, which includes "any other thing" that renders a note "unfit to be reissued".
In simple terms, a currency collapse means that the money people use every day loses its value rapidly, making it difficult to buy goods and services, repay debts, and maintain economic stability.
It's Illegal to Reproduce U.S. Currency
This includes scanning money and printing it from a regular old inkjet printer. So whether your goal is to spend the fake cash or just have some cool-looking prop money, making copies of real currency goes directly against federal law.
Burning or otherwise mutilating money is illegal because the government wants to preserve the integrity and stability of the nation's currency system.
Human beings need money to pay for all the things that make your life possible, such as shelter, food, healthcare bills, and a good education. You don't necessarily need to be Bill Gates or have a lot of money to pay for these things, but you will need some money until the day you die.
Some things that make living without spending money easier, such as vegetable gardens, solar power grids, composting toilets, and water wells, require upfront investment. The financial rewards of reducing or even eliminating most of your household bills are significant, but may not happen overnight.
Cash allows us to make purchases anonymously. Without cash, we would be forced to leave a record of everything we buy. While this may not bother some, there are many who worry that governments and/or corporations could use our purchasing histories as a way to track us, monitor us, and even intimidate us.
Basic Needs: Money is essential for meeting our basic needs such as food, shelter, and clothing. Without money, it is impossible to obtain the things we need to survive.
Money provides a safety net, shielding us from the uncertainties of life. It allows us to cover our basic needs—food, shelter, and healthcare—and grants us peace of mind. Knowing that we have the resources to weather unexpected expenses or emergencies contributes significantly to our overall well-being.
What will happen if everything was free?
If everything was suddenly free, you would quickly discover that many of the things you want — and many of the things you need, such as food — might no longer be available! For example, farmers produce food for you to eat, because they receive income when you purchase that food.
Yes Walmart still accepts dollars as cash payments when you purchase items. They even accept $2.00 bills as well as $50.00 bills and $100.00 bills. I understand that there were rumors that they were going to stop accepting those but it was just a rumor. Walmart will always accept cash.
Over the coming years, it is likely that alternative digital payment methods will become ever more widely accepted and used. In fact, in 2017, debit cards overtook cash as the most frequently used payment method in the UK. Even so, many people will continue to use cash in their daily lives.
Security: Carrying a wad of cash is rarely a good idea, especially when you're away from home and distracted to the max. If your wallet is lost or stolen, any cash is probably gone forever. If you lose your credit card, you can cancel it online or through the app and get a replacement expedited to you.
If there were no money, we would be reduced to a barter economy. Every item someone wanted to purchase would have to be exchanged for something that person could provide.
