Facebook revealed an ambitious plan on Tuesday to create a new digital currency. A technology expert believes they should first & # 39; convince people to trust & # 39; with their personal information to succeed. (June 18)

Does the use of cash have an expiration date?

The evidence that physical soldering is on borrowed time is slowly but surely mounted. But don't read the last rituals for money yet.

If anything, the checkout registration in the Target stores over the weekend was a reminder that vending machines are not foolish and nothing beats cash when technology fails.

With that in mind, you might want to keep a modest stash handy.

Still, you have been quite comfortable leaving most bills and coins behind. More of you actually place your smartphone or smart watch near the checkout registers to pay for this or that thing using services like Apple Pay or Google Pay. Your wallet and any money stashed inside will remain in your pocket.

You're just as cool, and then your friends are settling debt and exchanging money digitally via Venmo, PayPal or Zelle.

Screenshots of the digital wallet app Calibra. (Photo: Facebook)

The Americans generally become less dependent on physical currency, with 29% of US adults indicating in a recent Pew survey that they are not making purchases by spending cash in a typical week up from 24% in 2015.

Facebook's crypto competition

You can't help but look at the future cash attacks. At least you're curious if you're far from being sold yet, on the idea behind Libra's global "crypto competition" announced by Facebook on Tuesday. The social network pushes this alternative digital payment system with more than two dozen financial and technical partners, including eBay, Uber, Lift, PayPal, Spotify, Coinbase, Mastercard and Visa, and bases the price of other financial instruments.

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Just remember you is still confused by terms like Bitcoin and blockchain, and is not exactly thrilled with Facebook's miserable reputation for privacy. It should be a cause for concern for Facebook as it also launches a new subsidiary with plans for a crypto-digital wallet called Calibra, expected to launch on Messenger, WhatsApp and as a standalone app by 2020.

You may even be Wondering where you might be able to pay cash one day, given the inevitable long-term loss of Costanza-size physical wallet.

Sixty-six percent of smartphone owners surveyed by SurveyMonkey Audience on the US TODAY's behalf recently says it is likely that smartphones will ultimately replace the need for wallets altogether. Almost half (45%) think wallets will be outdated in five years or less.

How much money do you need for an emergency?

The target section showed that you should not count money. Some target customers on Sunday reported that the stores could accept cash (or checks), but did not process their credit cards, although this snag was much less than much larger outbreaks that took out Target registers a day earlier, preventing plastic and payments payments. Yes, also cash.

"I think (Target episode) is a blip that everyone will quickly forget," says Greg McBride, Finance Director at "However, it is a reminder to all of us that we need a certain amount of money just in case of isolated incidents," as in the aftermath of a hurricane when the power goes out.

Of course, how much you pay for emergency situations varies depending on your circumstances. McBride, who often travels for business, says he holds enough to jump into a cab to the airport.

Other People USA TODAY canvassed said they typically carry between $ 20 and $ 50, although the amount is sometimes smaller.

"The big picture is still you don't want to have a preponderance of cash either in your pocket or filled under the mattress because of the risk of loss and theft. Plastic offers protection against these scenarios, cash doesn't," McBride says.

As you would expect, Mastercard Senior Vice President of Communications Seth Eisen makes a similar pitch.

"Electronic payments – credit, debit card and prepaid card we are all familiar with, whatever form they take – is an opportunity to give people and businesses greater security, greater openness and greater security when paying or paying himself, "he says.

Cash is still king when it comes to the smallest purchases. Forty-five percent of consumers owning rewards credit cards last year by used cash for purchases under $ 10. This is equivalent to 30% of consumers using debit cards for such purchases, and 23% using credit cards.

The study also showed that $ 25 was the median purchase, with rewards cardholders saying it was sensible to use credit. 19659005] "I'm tempted to quote Mark Twain. The death of cash has been greatly exaggerated," McBride says. "It is clearly in decline and will continue to decline. When it goes all the way, it's hard to set a time frame on it."

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