#Technology is Taking Cash Off the Street; How Will it Hurt Your Wallet?

Is this the end of cash for good?

Many forms of technology are pushing trends this way. The government wants more control over the flow of money, banks are restricting ATM withdrawals and online payment platforms, and mobile payment services are becoming easier and more fashionable to use.

Digital currency is easier than dealing with old school banks and much cheaper for businesses. Take a moment and think about the money lost on theft, counterfeiting, and other fraud and the labor costs associated with security.

Of course many fail to admit or publicize the horrific threats digitization of money brings too. With ID theft out of control, mobile phones one of the most commonly stolen items, and hackers on a rampage, digital currency could be far more costly in the long run.

Yes, your wallet could be stolen or you could become a victim of a home invasion at any time, but that’s why you usually don’t carry all of your savings with you or have a good home security system. However, it is technically a lot simpler to wipe out someone’s wealth in the digital environment. So instead of losing $100 from your wallet, you open a bogus email or you misplace your cell phone.

The bottom line is that while many will continue to hoard cash at home, online and mobile payment startups will continue to pop up and grow rapidly, while cash is harder to access and spend.

Perhaps Internet security, insurance, and ID theft prevention will become not just much more important than stocks to watch but the fastest growing.

You can embrace this trend and find ways to cash in on it; whether through stocks, investing in startups via crowd-funding, or just making it easier for your customers to pay via mobile or online, or ignore it and lose out.

What will you do? Will your business rise to top or flop on new tech for taking payments? Where can you stash cash and gold to be 110% safe today, and will it be worth anything in a few years if you can keep it hidden?