Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I love the anonymity of using cash and I love having several thousand dollars around. I have a zero credit card balance and only use credit cards for vacation hotel and flights
Casinos, bars, strip clubs, sporting events and many other types of locations cash is KING. They will try to have cashless society but it won't happen
The gov would love this coz they can monitor things more. But it will never happen. From crypto currencies to underground dealings and off the book transactions, it seems highly unlikely. While it seems like a step forward, there is always a need for cash. Many of them legit too.
Privacy will be gone, but the reduced crime rate may be significant.
Reduced crime is certainly one of the primary reasons touted for cashless society. Although you can steal things other than money, ultimately you will most probably want to convert the stolen goods to money at some point.
It seems similar to the argument about tracking ammunition for guns. Essentially the advocates say that their are hundreds of millions of guns in the USA, and it is useless to try and overcome all the laws to track them. So they are in favor of tracking ammunition, as even someone with a 40 year old gun, must buy ammunition in order to use it.
But, as people are sure to point out, the USA was founded by people committing criminal activity.
How is it minimizing fraud if you don't give people the option to keep their "money" in a safe place of their own choosing?
What happens if a person makes a cashless purchase at target and someone breaches target's system and steals a person's info? Would it be fair to force someone to give Target their "personal info" just to buy a t shirt or a candy bar?
This is exactly the problem. What happens if secure firewalls are breached and this is surprisingly a common enough problem.
This is exactly the problem. What happens if secure firewalls are breached and this is surprisingly a common enough problem.
You have to have an electronic means of duplicating the exact experience with cash (not the way you use credit cards). You have to go the source of your money, download a specific amount, and be able to make payments not involving your personal information.
On the downside, if you lose your phone or your card then you lose your money. But cash works that way as well.
You have to have an electronic means of duplicating the exact experience with cash (not the way you use credit cards). You have to go the source of your money, download a specific amount, and be able to make payments not involving your personal information.
On the downside, if you lose your phone or your card then you lose your money. But cash works that way as well.
There is often theft with this too with pickpockets and what not. I rather goto a carded system even if it is an e-card. That way like a debit card or credit card, you can contest charges and get them put back on your account in cases of fraud by theft.
Two countries are often cited as the potential first to go cashless, Denmark and Sweden. In Sweden people regularly do person to person electronic transfers of money with SWISH, which allows them to see on bank account debited and the other credited within a minute at no fee. You can't board public transportation with cash, or attend a festival. Street beggars accept electronic gifts, and churches have card readers for those who wish to offer to God without cash. You can't get cash from a bank teller in most banks, and there are very few cash machines. All the ATM's are owned by one company, and all the machines in the country have gone down at once. Denmark may remove cash registers from most retail stores (and gas stations). Much of this change is motivated by the lower probabilities of crime (including employee theft) and resultant reduction in insurance rates.
Danish, Swedish, and Norwegian crowns were exchangeable on a 1:1 basis a century ago, but now they move individually. A Danish crown is worth 25% more than a Swedish Crown. Denmark and Sweden are part of the EU, but do not intend to adopt the Euro. Norway is not part of the EU.
But the big difference is that Sweden is systematically removing it's currency from circulation. Since their peak, 91% of the 1000SEK banknotes have been removed from circulation, and 17% of the 500kr banknotes. Sweden is now circulating a mere four million 1000SEK banknotes for a population of 9.5 million.
While Denmark is encouraging electronic buying and selling and personal transfers, they have not made an effort to remove banknotes from circulation. They are still circulating 34 million 1000DKK=$147 among a population of 5.5 million. Undoubtedly some of these banknotes are being held by Germans and French as a hedge against the dollar. While the Central Bank of Denmark is trying to hold a peg to the Euro, currency speculators are trying to break that peg and the DKK drift higher.
Which system would you choose for your country? Increased options for electronic payment, but with or without the cash option?
Cash works everywhere, I don't see it going away anytime soon. I had to take a wad of cash to town hall last year to pay my property taxes as they don't take even take visa (I'll assume due to the fees).
I pay cash for most things under $20. I prefer to keep things simple. A couple of years ago my online banking was hacked (twice in a row) and I had to cancel every sort of card I had. I fortunately always keep some cash stuffed away and was able to live fully on that until I was back up and running. Until they make it safer I'll keep the cash thanks.
Cashless society and chipped humans are nothing but part of the grand schema of the new world order, along with population reduction. This WILL be implemented.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Which system would you choose?
