The international community’s idea of replacing the monetary system’s paper dollars and coins with electronic accounts of credits and debits has its pros and cons. However, the cons far outweigh the pros. Switching from paper currency to electronic accounts will leave people’s money and personal information venerable to hacks by tech-savvy individuals, hurt small business owners, and could ultimately fail.
Although technology and computer programmers are constantly developing stronger and safer security there will always be someone just as smart that will be able to crack security codes and hack into the government computer systems. In 2013, following the Thanksgiving holiday; Target had a breach in security. Millions of customers’ credit and debit card information was retrieved from the black magnetic strips. With such information, the thieves could easily make duplicate cards to use for ATM access for steal each victim’s hard earned money (Wallace, Pepitone and O'Toole). A similar situation could easily take place in a society where all money is handled electronically and more than several million individuals would be effected.
Small businesses that only accept cash as a means of pay will suffer with such a change. Businesses like flea markets, thrift stores, and consignment shops only deal with cash transactions because they are easier to work with, either you have the money or you don’t. Buying and setting up the equipment
We do not live in a perfect world. No matter how perfect we think electronic accounts might be, something could easily go wrong. All technology is susceptible to glitch. If each living person in the world, over 7 billion people, had their own account that would be a lot of traffic on the servers of these accounts. Without careful watch and frequent maintenance, money could easily be placed in wrong accounts or even come up missing.
Altough only a few downfalls were named, there are many more. Further research and surveys will...