David Wolman: Electronic Cash

Posted by admin on Monday, September 10, 2012

David Wolman Money Quote saying we’ve seen the death of physical recordings, dead tree books and newspapers – but we cling tenaciously to minted cash. David Wolman said:
 
In an era when books, movies, music, and newsprint are transmuting from atoms to bits, money remains irritatingly analog Quote
 

“In an era when books, movies, music, and newsprint are transmuting from atoms to bits, money remains irritatingly analog” — David Wolman

 

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In this quote, David Wolman is noting how most traditional media and information have transitioned from physical/tangible formats to digital forms accessible online (such as ebooks, streaming video and music, and digital news), yet money itself remains primarily physical in the form of paper bills and coins.

He describes this persistence of “analog” cash as “irritating” given the digitization of so many other aspects of modern life and commerce.

The quote suggests Wolman believes it is past time for money to follow the path of other media and fully embrace digital/virtual forms of currency now that the necessary technologies exist, in order to bring money into alignment with the increasingly digital nature of information and transactions in the modern era.

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