With the growth of digital currency alternatives such as Google Wallet and bitcoin, cash may become less relevant over time. In last week's CI CyberNews, we asked readers if they think the U.S. will eventually halt the production of physical currency. Many respondents (90%) said no, but 10% of respondents said the shift will be inevitable.
"This digital currency is a fad and is pure nonsense. Even financial experts have commented that they don't have a clue as to what a bitcoin or Google Wallet really represents. This is a contrived Internet fad that will outright fail or simply fade away into cyber oblivion!"
"The black market will not allow that to happen."
"It is possible that the US Dollar and other simialr currencies will one day change to all-electronic. However, it is not very likely that currencies backed by companies (such as bitcoin) will become more dominant than currencies backed by governments (such as: USD, JPY, Euro, Renminbi, etc.)."
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