Mrs. Diana I was needing a reply back to these two peers

Reply to Phil listed below 75 words only listed below

When I think of money I think of two different things. The first is a bill. A bill being an approximately 6 inch piece of “paper” with a value stamped on it in multiple places. This can also be defined as currency “held by the non-banking public” (Yongzhi, p.227, 1993). But the most common form of “money” I have carried for the last several years is in the form of a card. This card somehow communicates between the place I’m shopping and my bank. Through this card, a transaction occurs that allows me to leave the store with an item. Businessdictionary.com defines money as, “anything of value that serves as an accepted medium of financial exchange or legal tender” (www.businessdictionary.com, 2018).

I have never really given much thought to a cashless society, but it makes me wonder if cash is necessary in this day and time. Over 50 years ago, an article was written about the inevitability of a cashless society. The author wrote that in the future our dependency on cash would drop due to “electronic fund transfers” (Reistad, p.23, 1967). It is rare that I ever have cash in my wallet, simply because it is not necessary. Almost every place of business accepts bank cards as a form of payment. This to me is an advantage of a cashless society. I can shop and buy products all over the world with my card via the Internet. No exchange of physical currency and no need to drive to a store. These to me are advantages of a cashless society. The main disadvantage I see is our dependency on bank security to ensure our money is safe.

Reply to Ken 75 words listed below

“Strictly defined, money, or currency, is anything generally accepted in exchange for goods and services” (Ferrell & Hirt, 2015). There are four different kinds of money: commodity money, fiat money, fiduciary money, and commercial bank money. Commodity money has been around the longest and more people understand the meaning of commodity money the most, because this is the kind of money that most individuals are use to. North America was the place to use paper money. Fiat money comes from the government, they allow people to accept payments this way in the form of money. Fiduciary money holds it own value. “Unlike fiat money, it is not declared legal tender by the government, which means people are not required by law to accept it as a means of payment. Instead, the issuer of fiduciary money promises to exchange it back for a commodity or fiat money if requested by the bearer” (Varian, 2014). Commercial bank money is when an individual has a debit with a bank, in return for goods or services. In my opinion, the best advantage of a cashless society is the cut down on robberies. People are robbed most of the time looking for cold hard cash. Some people are robbed for valuables such as jewelry, shoes, and rims on cars. It is not easy to track cash money, so a cashless society would be a good idea. A disadvantage to a cashless society is that everyone is not knowledgeable to go on in everyday life to make digital transactions. Fraud is such a rise, you have to question your digital transaction more than you would have to using cash money.