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Although nowadays, transactions using plastic such as credit cards or debit cards has become quite a norm, I do not foresee paper money becoming obsolete.

The reasons are simple. All these electronic transactions depend very heavily on the reliability of the network. Should the network fail, how is one supposed to go about paying for his/her purchases if paper money is no longer available?

Secondly, to installl and use the services of the network, a merchant has to pay certain amount of money. For small shops, this amount may be quite significant amd thus would erode into their revenue, as a form of overheads and thus decreasing their profits. Thirdly, electronic fraud is so prominent nowadays, who knows if the person making the purchases is indeed the rightful owner of the cards?

ALthough one may argue that paper money can be faked as well, it can still be easily detected on the spot if people are alert enough. For plastic cards, it is so much harder to nab the guy on the spot as there is no ready evidence to prove that he/she is a fraudster.

Therefore, with the a/m points, I strongly believe that paper money is here to stay at least for a long long time

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