It's been frequently reported that there are many countries already well on their way toward establishing and embracing a cashless society.
That is because in that scenario, the push for cashless transactions could result in people using a method that is more easily tracked; one that is detrimental to their privacy. Often instead of using cash, people will be encouraged to opt for debit, visa, a payment app; some other transaction method that is easily traced.
Advocates of the cashless society say that it's only tax cheats and criminals who have anything negative to say about it. Unsurprisingly, we've also heard the same thing said about people who use cryptocurrencies like Bitcoin.
Several different regions in the world have made significant moves toward becoming a cashless society.
1 in 5 Americans believe that they will be living entirely cashless in their lifetime.
Many individuals have reported that they are eager to try using some sort of eWallet or electronic payment rather than cash, if only there were more merchants that they could exchange with. Another concern that many have listed is functionality and that they have a fear about losing their funds when they lose their device. These are some of the challenges that payment providers will need to overcome before more people feel safe going entirely cashless.
It's been suggested that the cashless future which many suspect is just around the corner, might certainly become a reality only 2+ generations away from now.
Right now, although there is a growing prevalence of digital payments, it's reported that cash is still king.
There are still millions of people in the world today who don't engage in traditional banking and a myriad of projects have been initiated that seek to introduce those people to mobile payments, as a way to get more involved in the market. Industry experts have suggested that there are still a lot of people using cash, especially in areas like Southeast Asia and throughout Europe, because it's inexpensive and easy.
The Development Bank of Singapore (DBS) for example, is just one organization that has sought to help influence people's perception of going cashless. They have been striving to highlight the benefits of going cashless, with their nationwide education campaign on the subject, in an effort to try and persuade a change in their behavior. Ultimately, they are hoping more people will soon turn toward embracing a cashless way of life.
Freedom and Money
A free society isn't one that would have a government monopoly established on money creation, but rather it would be an environment that embraced currency competition. People would be free to decide for themselves what they wanted to use as a medium of exchange. Some people don't want to use cash and that's fine, they should be free to explore a plethora of other options.
A free society would afford individuals the freedom to use almost anything imaginable as a medium of exchange: silver, gold, cryptocurrencies, sugar, flour, tobacco, nails, fishhooks, toilet paper, or ramen noodles.
And if you want to dramatically reduce the purchasing power of your ramen noodles, then you might want to put a central bank behind it.
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Sources:
https://www.washingtonpost.com/business/going-cashless-bad-for-tax-cheats-privacy-the-poor-quicktake/2017/12/04/4bb13e72-d93f-11e7-a241-0848315642d0_story.html?utm_term=.5ad0792121c8
http://www.chronicle.co.zw/zim-leaps-into-the-cashless-future/
https://www.nytimes.com/2016/11/04/world/africa/zimbabwe-robert-mugabe-cash-debit-cards.html
https://www.prnewswire.com/news-releases/one-in-five-americans-think-their-payments-will-be-completely-cashless-in-their-lifetime-300654402.html
https://nordic.businessinsider.com/sweden-is-on-the-brink-of-becoming-a-cashless-society--/
https://www.smh.com.au/technology/cashless-future-is-two-to-three-generations-away-experts-predict-20180215-p4z0d1.html
https://www.forbes.com/sites/oliviergarret/2017/06/28/india-is-likely-to-become-the-first-digital-cashless-society/#ff50d823c80d
https://www.cnbc.com/2018/05/22/cash-is-still-the-biggest-threat-for-digital-payments-firms-paypal-cto.html
https://www.reuters.com/article/us-southeastasia-mobilepayments/mobile-payment-firms-struggle-to-dethrone-cash-in-southeast-asia-idUSKCN1IO0PW
http://www.marketing-interactive.com/features/how-dbs-aimed-to-change-consumers-behaviour-towards-going-cashless/
https://www.weusecoins.com/hidden-secrets-of-money-currency-versus-money/
https://mises.org/library/what-has-government-done-our-money
I reworded this sentence for you ;-)
Rabid statists and brainwashed useful idiots say that it's only tax cheats and criminals who have anything negative to say about it.
I for one believe giving up cash is a huge mistake and a loss of privacy, but I’m sure in generations to come they will know no better , when the world does finally go cashless the elite will have full control over us . And it does get on my nerves when people say things like it’s only criminals and Tax dodgers don’t like it , these people in my Opinion have no idea to what they are giving up, thanks mike
Great read. I was talking with my business team the other day and the subject of cashless society came up. I believe that our generation is interested in technologies like Bitcoin because we are beginning to think through what we want freedom to mean in our day. Money and freedom go hand in hand... and I often remind myself... "What's the point of freedom if you don't have privacy." As a society privacy is becoming more important than ever... This is something everyone should be concerned with because it directly relates to the amount and type of freedom we have. I believe that the media and the central authorities would have us become distracted by the "freedom to" but for generations before us they were more concerned with "freedom from". That's what each generation bleeds and sweats for... and Crypto Currency is where today's consensus is being waged. Now is not the time to speculate and compare the new money with the old money hoping to "get ahead". Now is the time to actively participate in that discussion... And that's one of the things I love about Steemit... It gives everyone a chance to do just that regardless of their technical know how.
This whole "push" for going cashless is shtupid!
1 in 3 americans are unbanked or underbanked.
And this is a decently advanced (what once was a 1st world nation)
So, if congress critters voted to go cashless tomorrow, there are a lot of people who would die from being unable to buy food.
Further, i have seen no end of problems at stores. Their electronic cash systems are old, archaic and prone to failure.
If they really want a cashless society, then start putting in the real infrastructure to support it. Get rid of the many inter-bank fees for transfers. Because, that is entirely what a cashless system becomes.
Build the system before you demand that people use it.
Fortunately, cryptos are so far ahead of them, that i believe that bitcoin will be accepted everywhere before cash-less societies are ever mandated. Cryptos are moving that fast, and govern-cements move really slowly.
I agree with your thoughts about the current state of the "digital" fiat system. Crypto Currencies are are light years ahead as they are founded on new and advancing technologies while the old money is built on a decaying infrastructure and is far from secure, trustworthy, and sound. There's a reason they decided to quantitatively ease so much "money" into the system during the 2008 financial crisis... They treated the money they issue like the trash it is because something better is making it's appearance.
The younger more technical generations are not going to trade away their lives for the trash they printed... And that's why it's going to be a wealth transfer... from the financially unsophisticated to the people holding the new medium of exchange.
I think that it is this very reason that the world will become cashless... It will start as a way for the government to simplify and trace money moving into things like Bitcoin. We already see this happening... As an example, on Coinbase they are no longer allowing people to link their credit products to buy crypto. This acts as a bottle neck and slows down the exodus into the new forms of money while also protecting their interests. The next logical step in slowing down the transition from old money into new money will be the elimination of cash from the system... I believe this is only going to bolster privacy coins as crypto currency navigates the waters of regulation in the coming years.
Indeed if every there was a time to promote Crypto its now. Hopefully as people realise the government taking away more and more financial freedom crypto's will take over eradicating the control! 💯🐒
It will be hard convincing the sheeple masses to go cashless and eventually hop into crypto.
TGF blockchain tech :D
Blockchain is the tech. Steemit is merely a manifestation of its potential.
There will be increasing demand for privacy tokens. Expect governments to fight them tooth and nail. This means war!
I personally think it's more convenient not to use cash in transactions. We are not preoccupied with carrying large amounts of cash, considering the risk of crime on the way. But the security system should be prioritized in using digital money. Very interesting article. Thanks for sharing @doitvoluntarily.
Hi my friend! You touched on an important topic. I try not to use bank cards and non-cash payment. I do not like the fact that the state can follow me, and then come to me and ask where I took the money for any purchase. Unfortunately, in some places, only non-cash payment is already in effect.
tho I like the smell of newly printed cash 😎
If this happens and is applied in all countries without cash, this will be very helpful, because we are not afraid anymore to lose money.
And it's more practically effortlessly carrying a lot of money,
Hopefully this can happen soon,
Thanks for sharing @doitvoluntarily
Blockchain is the tech. Steemit is merely a manifestation of its potential.
this is simple payment of cashless...
very secured
my drug dealer takes online payments, once you reach a certain level of income though a whole bunch of online payments are going to be very noticeable. If it happens they will just a get a bunch of flunkies to use their accounts though because drugs never go away. Even in a cashless society
It's harder than I thought to convince someone! Still trying to convince my mum... hahhahah
Generation gap...
One day maybe! Fits to this topic and is a real good song ;)
I have more money in crypto than I have on my bank... like almost 90% crypto 10% in my bank account...
Great post! In the short to medium term, going cashless is a danger for sure in terms of financial surveillance. But longer term, when private digital cash (for example DASH) has gained widespread adoption, the cashless society will no longer be something to fear.
this looks very interesting.
Going completely cashless sound like a dystopian nightmare. Using cash is a form of privacy. Not everyone needs to know what you are spending your money on.