Paper money is going to get a new look, even though the $100 bill is the most common piece of cash. The future of physical money is getting more attention as the world moves more and more toward digital payment methods.
Because of the rise of digital currencies and changes in customer behavior, there have been recent talks about getting rid of this famous bill. For now, though, the $100 bill will stay the same. However, things are about to change.
The $ 100 bill needs improvement
Along with the Secret Service and the Advanced Counterfeit Deterrence (ACD) Steering Committee, the Federal Reserve (Fed) and the Bureau of Engraving and Printing are trying to make identification and security better.
The goal now is to keep protecting the currency’s meaning and making it more valuable as money.
The $100 bill is the largest amount in the United States right now. It has a picture of Benjamin Franklin, a scientist and politician who is highly regarded in the country. Franklin is one of the most famous people who were born in the United States.
He not only helped write the American Declaration of Independence as one of the founding fathers, but he also came up with the idea for the lightning rod.
New 100 dollar bill to begin circulation in 2034
Reports from the Federal Reserve, the Bureau of Engraving, the American Council on the Arts, and the Secret Service all say that the new $100 bill will likely be used between 2034 and 2038.
Throughout history, the American dollar has gone through many changes. The most famous thing about the dollar bill is that it has always had a picture of George Washington on it.
It was Alexander Hamilton who started the Bank of America in 1791, which is also where the first dollar bills were used. The 100-dollar bill has been changed four times in the last 100 years.
This is the fourth change. The most latest one was made public in 2013. Because Franklin’s life story is about going from being poor to being rich, putting him on the front of the bill is a symbol of the American dream.
Future of cash in a cashless economy?
Cashless and open banking are becoming more popular, which makes a lot of people wonder if cash will still be used for banking. Digital payments, like Apple Pay, are becoming more and more popular every day because they make deals safer and easier.
That being said, some people do not believe online banking and would rather keep their cash. People have been using cash for a long time, and some people are not going to give it up easy.
Mobile wallets, digital payments, and cryptocurrencies are all very convenient, especially for younger people who like things to be quick and easy.
But this change brings up important concerns about privacy, security, and access, especially for people who depend on cash, like older people, people who live in rural areas, and even undocumented foreigners in the country.
When the government looks into the possibilities of central bank digital currencies (CBDCs) and people keep buying less cash, the use of real money may change a lot, which could make it less important in the financial world.
In the end, cash might not go away completely, but its use and importance might change a lot in the next few years.
In the end, we need to start getting ready for a world where paying for things online is normal. During this process, new cyber risks are sure to come to light, so it is important to stay alert when you are banking online.
The $100 bill is here to stay for now, but “cash is king” is no longer the most important thing. Still, you might want to take some cash with you in case of an emergency.
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