Table of contentsIntroductionAdvantages of getting rid of paper moneyDisadvantages of getting rid of paper moneyAlternatives to getting rid of paper moneyConclusionIntroductionShould we get rid of paper -cash ? Paper money has been used for centuries as a means of physically exchanging goods and services. However, with the rise of digital payments and cryptocurrencies, there has been debate over whether paper money is still necessary in the modern economy. Getting rid of paper money completely would have both advantages and disadvantages for individuals and society. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an Original EssayBenefits of Getting Rid of Paper MoneyEliminating paper money could offer some potential benefits. First, it could reduce the risk of theft, counterfeiting, money laundering and other financial crimes associated with cash. Paper money is easy to steal because it is untraceable and anonymous. It can also be counterfeited quite easily with current technology, allowing for illegal currency replication. Money laundering also becomes more difficult without paper money, which is often used to make illegal transactions appear legal. Moving towards fully digital money transfers offers greater security, accountability and traceability. Second, eliminating physical cash can increase the efficiency of financial transactions. Digital payments enable instant, transparent and convenient commerce without having to manually count paper notes and coins. This makes everyday shopping faster for both consumers and businesses, who no longer have to make changes. Electronic transactions are also easier to record, categorize and analyze using software, simplifying accounting and bookkeeping. Finally, the use of paper money can spread germs and transmit diseases when bills change hands regularly. Cash easily picks up bacteria and viruses when exchanged and is not sanitized between transactions. The phasing out of cash means improved hygiene and cleanliness for the public. The COVID-19 pandemic, in particular, has raised serious concerns about cash management and has been a catalyst towards contactless digital payments. Abolishing paper money reduces risks to public health.Disadvantages of eliminating paper moneyHowever, there are also notable disadvantages if paper money were abolished. First, it would disadvantage certain demographic groups who rely on cash, such as the elderly, the unbanked, low-income people, and technophobes. Removing physical currency excludes groups who prefer to use cash or who do not have access to digital payments. Older people often use cash out of habit and unfamiliarity with apps and cards. Unbanked people lack accounts to use wire transfers. Low-income people may not have smart devices or credit to make cashless purchases. Forcing money to be digital-only impacts them disproportionately. Second, going completely cash means a lot less financial privacy. Digital transactions generate.