In different instances we have seen major pushback from the public when it comes to various stores opting to go completely cashless. The idea of a cashless future economy is one that has been criticized by many.
But what do most people mean when they say cashless?
If they are considering that the only alternative is big credit card companies, these alternatives come with different risks.
For example, one criticism of going cashless is that alternative payments cost more, that they can be bad for privacy, as well as inefficient for those who don't have a regular bank or identification papers.
Cryptocurrency can and has been accessed by the unbanked and has been floated as a solution to involve millions in the economy who are unbanked.
Credit cards that charge fees to merchants have also been ridiculed, there is the issue of chargebacks for stores too when people are shopping online with credit cards. Cryptocurrencies don't have the same issues, there is also a wide variety as far as fees go too for payment options.
When lovers of fiat currency say that this is what they always want to be able to pay with, paper money, do they mean the continually eroding paper money that over time will be arguably even more worthless?
A lot of risk and problems can come along with centrally manipulated currencies. This is why currency competition would benefit the market in general because when one option fails there would be alternative solutions to facilitate exchanges.
Despite having a preference for cash there are millions of people today who don't carry cash. It isn't common for people to pay with cash or have a lot of cash on them. But they still want the freedom to choose paper money, many folks have made this clear, they don't want the option to pay with paper cash to be taken away from them. Because of that concern for the potential of a cashless society or economy it also sparks fears and misunderstanding for cryptocurrencies too. Despite the fears we've been told that such an environment isn't likely to come about anytime soon and might not even look like what people assume it would.
Pics:
pixabay
This is not financial advice
Sources:
https://www.theglobeandmail.com/business/article-cashing-out-the-inevitable-shift-to-cashless-payments/
Maybe it's the fear of change that's holding most people back from accepting cashless economy. They seem to not be able to imagine not moving around with cash at any point in time.
The fact that most are trying to get cashless is "effing" around with all the humans not having the possibility to have a bank account or the ones living off-grid..! To what i observe in the network of the folks living on a "business" out in the "field" it wouldn't go through. Though i like they try... that may is the day of the real revolution. :smirk:
It's good to have some just in case.
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I went cashless a long time ago. I live on goodwill. Can't tax it. Can't steal it. It never expires until people die.
Works for me.
Thanks!