30 May '12, 9pm

The Beginning of The End of Cash

The basic paradigm has been in effect for years. You toil, scheme, cajole, and cogitate, and in exchange you get paid—but probably not in cash. Some bits get altered periodically in a database somewhere, as infinitesimal patches of ferro­magnetism on disks or electromagnetic pulses flitting from here to there. Your earnings, your savings, your spending: Virtually all of it is virtual. 
 Money is the most important abstraction human beings have ever devised. And yet that abstraction has not been fully embraced. Decades after money began going electronic, we all continue to cling to cash, a quaint vestige from earlier eras when money meant cowrie shells, giant stone disks , and shiny
 gold pieces. Of the many things we could do now with technology, getting rid of cash would be one of the more sublime.
 Anarchists, drug dealers, prostitutes, politicians, dog walkers, and nann...

Full article: http://spectrum.ieee.org/at-work/innovation/the-beginning...

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