Killing Cash

[Gone4Good]

The point that seems completely overlooked is that people are choosing to go cashless because most people find it better. That's true in Sweden and that's the case here in the U.S.

Many of us also choose to go without land-line telephones or printed books or any number of other things that have outlived their usefulness. Not sure why cashless payment technology gets such conspiracy theory treatment.

If a cashless society is in our future (and I believe it is) it will be because the vast majority of us choose it.

For those worried that the government will do away with cash so they can micromanage your condoms and wine purchases you might consider that they already have the power to regulate those things. Cash or no cash doesn't change much of anything. And if that doesn't ease one's mind perhaps you can take heart from the fact that the all-powerful government lacks the strength to even abolish the lowly penny.

[M Paquette]

Barter and bitcoin based systems are not impacted particularly by going cashless.

[cooch96]

Quote:

Originally Posted by Texas Proud Oh, I agree that barter has been around for much longer... But barter is based on trading something of value that you own and someone else wants for something else of value that they own that you want... I do not think a drug dealer is going to want to trade a bicycle that he cannot get any value for if he cannot sell it for cash... Now, jewelry and gold coins he might take... bikes? I think not....

How Tide Detergent Became a Drug Currency -- New York Magazine

How about Tide detergent?

If our government goes cashless, that'll be a significant incentive for black market, conspiracists, militia types, tea partiers, and folks who just wish to remain anonymous to start using substitutes. I imagine Bitcoin and old silver coins and all sorts of things will be used.

I appreciate many consider cash to be a hassle, but I don't like the likely consequences of forcing the issue.

[Music Lover]

Cash still works in a power failure.

[Texas Proud]

Quote:

Originally Posted by Totoro The "I have nothing to hide, so the government can know everything" crowd includes my mother. Doesn't matter explaining it, it seems alot of older people have forgotten what runaway authority can do (and did do in Europe not so long ago). Younger ones vary, but alot of them are used to parents knowing where they are every second of the day, and what they are doing. Don't see anything wrong with it. The strongest resistance seems to come from eastern europe, they still remember. It's a lonely position to hold, favoring room for secrecy.

And Eastern Europe is mostly a cash society....

[Chuckanut]

I find it interesting more for the technology involved than actually doing away with cash.

I can imagine a Gubmint that decides to devalue it's way out of the National Debt by simply doubling the money supply overnight. You have 1 million in the bank today, then tomorrow you have 2 million. And then they tax you on the 1 million dollar gain.

[Nodak]

One should NEVER completely trust any government.

[HadEnuff]

Feel free to send me all of your cash. PM me for details.

[braumeister]

I calculate that between 5% and 10% of my total spending is in cash. That is far more than many here on this forum, but good for me.

I think it goes back decades to when many of us started complaining about the person in front of us in the checkout line at the supermarket. Digging into the purse or pocket for a checkbook, then slowly and carefully writing out a check for $3.95 to pay for some eggs and milk.

Since my youth, it has been anathema to me to use anything but cash for a purchase under $20, and DW grew up with the same mindset.

I've moderated that a bit, since I use a Starbucks card on my infrequent visits there, and I use Apple Pay from my iPhone, but most of the time for those small purchases I haul out the cash. Even more, I try hard to give the exact amount, because I recognize that the average young cashier is incapable of calculating change.

[CaliforniaMan]

I am also almost totally cashless, paying all my bills and taxes online and using an air miles credit card for most purchases. I also agree we are moving toward a mostly cashless society, and that it has a lot of benefits. But I do think we as citizens have to, as in all things, keep a watchful eye on our government, so that we get the benefits without the potential for malice. And I think it is possible, the IRS for the most part has been able to be pretty apolitical in tax collection, so I am not really a doom and gloomer on a cashless society. My previous comments were just that we have to be watchful.

As I said, I am mostly cashless, but not totally .... today I had to put actual physical coins into a parking meter.

[unclemick]

Quote:

Originally Posted by GrayHare "Imagine the worldwide suffering because of crime, from drug dealing to bicycle theft. Crime that requires cash." Umm, how exactly does eliminating cash stop bicycle theft?

Negatively speaking, I still have faith in crooks. Cash or no cash I am afraid 'they' will adapt.

I mean we had 'no beer for you' during Prohibition and then we did.

heh heh heh - AND I am moderately ticked my drive thru ATM won't go smaller than $20's and 'like's $50's.

[kcowan]

Quote:

Originally Posted by Totoro Younger ones vary, but alot of them are used to parents knowing where they are every second of the day, and what they are doing. Don't see anything wrong with it. The strongest resistance seems to come from eastern europe, they still remember. It's a lonely position to hold, favoring room for secrecy.

I am in the group that believes there is not difference. An oppressive government can find a way to track your spending. They will estimate your tips if you are a waitress.

Quote:

Originally Posted by Sunset The opposite which has happened, is you have $400,000 in cash and the govt declares the 'old' cash is worthless in 5 days and you can only change $2,000 worth of it for the 'new' currency. Now you have practically nothing.

In Mexico, after the mid-90s devaluation, the middle class puts their equity in real estate. They want to protect themselves from the government. They rent out the properties and don't declare the income.

Quote:

Originally Posted by Gone4Good Cash or no cash doesn't change much of anything. And if that doesn't ease one's mind perhaps you can take heart from the fact that the all-powerful government lacks the strength to even abolish the lowly penny.

Right the key is to not let such a government get into power.

Quote:

Originally Posted by Music Lover Cash still works in a power failure.

Only if the merchant has no POS device. And most cell phones will operate just fine because the carriers have battery backup.

Quote:

Originally Posted by braumeister I calculate that between 5% and 10% of my total spending is in cash. That is far more than many here on this forum, but good for me.

I pay my housekeepers in cash and I know they do not pay tax on it. In one case, I pay the amount on her credit card because she has no bank account.

To me cash is the least effective form of payment. The only place it is useful is on the bus. But I am sure that will change too.

[gcgang]

I use electronic payments exclusively except for my drug, gambling and extortion rackets.

[HadEnuff]

Quote:

Originally Posted by braumeister I calculate that between 5% and 10% of my total spending is in cash. That is far more than many here on this forum, but good for me. I think it goes back decades to when many of us started complaining about the person in front of us in the checkout line at the supermarket. Digging into the purse or pocket for a checkbook, then slowly and carefully writing out a check for $3.95 to pay for some eggs and milk. Since my youth, it has been anathema to me to use anything but cash for a purchase under $20, and DW grew up with the same mindset. I've moderated that a bit, since I use a Starbucks card on my infrequent visits there, and I use Apple Pay from my iPhone, but most of the time for those small purchases I haul out the cash. Even more, I try hard to give the exact amount, because I recognize that the average young cashier is incapable of calculating change.

I use my credit card for even the smallest expenses, if they'll take it. I hate buying something for $2.16 after taxes and shoving 84 cents into my pocket which will just fall out and behind the driver seat of my car. Of course, in Europe, it won't be 84 cents, it will be more like 17.50 Euro on each occasion.

[HFWR]

Quote:

Originally Posted by gcgang I use electronic payments exclusively except for my drug, gambling and extortion rackets.

Wouldn't it be nice to get air miles or cash back!

[Meadbh]

When you are in an Italian train station and need to use the bagno, a credit card won't cut it.

[Texas Proud]

Quote:

Originally Posted by braumeister I calculate that between 5% and 10% of my total spending is in cash. That is far more than many here on this forum, but good for me. I think it goes back decades to when many of us started complaining about the person in front of us in the checkout line at the supermarket. Digging into the purse or pocket for a checkbook, then slowly and carefully writing out a check for $3.95 to pay for some eggs and milk. Since my youth, it has been anathema to me to use anything but cash for a purchase under $20, and DW grew up with the same mindset. I've moderated that a bit, since I use a Starbucks card on my infrequent visits there, and I use Apple Pay from my iPhone, but most of the time for those small purchases I haul out the cash. Even more, I try hard to give the exact amount, because I recognize that the average young cashier is incapable of calculating change.

Unfortunately, cash is now like that checkbook was years ago...

The person has to fumble for money... then says "wait, I have change" and takes longer... or, the clerk has to count out the change etc. etc...

A swipe of the card is much faster...

[cooch96]

Plus it would just feel unnatural to settle bar bets or tip the dancing girls via PayPal or credit card. I mean, where would I swipe it?

[MRG]

Too many unintended consequences. Besides the drug money how the heck do you snort anything through a credit card?

[Meadbh]

Quote:

Originally Posted by Texas Proud Unfortunately, cash is now like that checkbook was years ago... The person has to fumble for money... then says "wait, I have change" and takes longer... or, the clerk has to count out the change etc. etc... A swipe of the card is much faster...

"Tap and go" (contactless payment) cards for transactions under a limit ($50 or $100) are faster than swipe cards. Use is rapidly increasing. Convenience unfortunately leads to overspending.

‘Tap and go’ credit card purchases are surging in Canada - National | Globalnews.ca