Why we should fear a cashless world

[McDonalds5]

Poor people and small businesses rely on cash. A contactless system will likely entrench poverty and pave the way for terrifying levels of surveillance

http://www.theguardian.com/money/commentisfree/2016/mar/21/fear-cashless-world-contactless

Discussion

[1714182313]

1714182313

[markj113]

A cashless society is giving complete control over to the bankers.

When implemented (which will happen sooner rather than later) you can expect the following -

1) Negative interest rates - spend your money or watch the balance shrink daily

2) Bail in's - Laws already in place, you are classed as an investor in the bank.  When the bank folds you loose your cash.

3) No more bank runs due to point 2 as there is no longer any physical money to withdraw.

4) Every transaction you make is logged and audited.

5) Not classed as a "good" citizen, they will freeze your account leaving you destitute instantly.

[RomerZolt]

5) Not classed as a "good" citizen, they will freeze your account leaving you destitute instantly.

This is the worst point of the system. At this point laws can manipulate any person on the planet to do anything.

[alyssa85]

It's our fault this has happened. Hands up those who use credit cards simply to get cashback (which is a small rebate on the fee VISA charges the vendor)? We did this. Once the majority are using cards, it's easy for govts to argue, "why not scrap cash, it is expensive to print it and no-one uses it".

[romero121]

Cashless world as mentioned in the document, it will ruin the poor and the growth of small scale traders. On the whole the technology will make changes but it should be developed in a equal manner to reach all.

[RomerZolt]

I think we will never reach cashless world till USA is printing money. It will hit its economic system and bring it to default.

[SFR10]

Well in case some didn't knew, Sweden was the first cashless country since past 4 or 5 months (IIRC) and they haven't suffer any problem so far and the route for other countries is surely the same, it's just the matter of when it will happen. Some say cash is good and they could leave without the need of other monetary systems like credit/debit which is connected to banks and online options like BTCitcoin. We can't hold too much of cash at our hand or disposal but we could have them saved on either banks or in our BTCitcoin wallets (no matter how large the amount). Some sited that the poor people would be the ones who will suffer the most for this evolution but surely there will be a way for them as well although it's not going to be a smooth one. We never know, maybe in the near future, every single person will have a single card (regardless of being rich or poor) and all their wealth automatically stores there (still long way though) or even some sort of genetics wallet, connected to someones genes only.

[poptok1]

Even if "they" introduce cashless society as a standard mode for world to operate,
people will find another means to trade.
There are always thing like valuable metals, ore or jewels.
Barter trading will get reborn again. Im more then sure that when its needed some
new unknown ways for easy trade will be invented.
  

[Amph]

a cashless world can only work with a decentaralized system, not a centralized autorithy like bank and governmetns, so bitcoin is the correct answer for this

therefore only if somethign like bitcoin will be very big, you can get rid of cash completely

[Raimonn]

The problem isn't cashless, the problem is a centralized bank system. Bitcoin coud solve the problem for users that don't rely on banks. Bitcoin in this context its like cash (it has no central system that could block your money).

[alyssa85]

Well in case some didn't knew, Sweden was the first cashless country since past 4 or 5 months (IIRC) and they haven't suffer any problem so far and the route for other countries is surely the same, it's just the matter of when it will happen. Some say cash is good and they could leave without the need of other monetary systems like credit/debit which is connected to banks and online options like BTCitcoin. We can't hold too much of cash at our hand or disposal but we could have them saved on either banks or in our BTCitcoin wallets (no matter how large the amount). Some sited that the poor people would be the ones who will suffer the most for this evolution but surely there will be a way for them as well although it's not going to be a smooth one. We never know, maybe in the near future, every single person will have a single card (regardless of being rich or poor) and all their wealth automatically stores there (still long way though) or even some sort of genetics wallet, connected to someones genes only.

Surely it's expensive for retailers though? The VISA network charges vendors up to 5% of the transaction. Whereas when you accept cash there is no cost.

Shifting to a cashless system would cost retailers 5% of their sales -which they would pass on to their customers. Have prices risen in Sweden since they implemented this?

[pereira4]

This is good news... people that's bright is already seeing the game and how it's going to be played: They will keep pushing for the anti cash agenda, smart people will keep stocking up on Bitcoin so when Bitcoin becomes the only way to deal with money outside of the governmental control, we will go up to the trillion+ dollar marketcap easily, rendering anyone holding a couple of Bitcoin very wealthy.

[Jmild1]

What if we dont let our wallet address be hold by bankers and instead we'll just make a direct transaction with no middlemans like banks

[BellaBitBit]

Cashless world as mentioned in the document, it will ruin the poor and the growth of small scale traders. On the whole the technology will make changes but it should be developed in a equal manner to reach all.

I agree with this statement.  While I like the idea of a cashless society I do not like the possibility that small business or the poor will fall through the cracks.  Maybe the concept of the "basic living" through crypto would be good for that to make sure that it is distributed equally, then of course you can make much more beyond that through a semi-capitalistic system.

[Raimonn]

Surely it's expensive for retailers though? The VISA network charges vendors up to 5% of the transaction. Whereas when you accept cash there is no cost.

Shifting to a cashless system would cost retailers 5% of their sales -which they would pass on to their customers. Have prices risen in Sweden since they implemented this?

In europe credit and debit card rates are too low, always under 0.50 %, it will not affect the prices of product.  http://www.theguardian.com/money/2015/jul/27/cap-on-card-fees-retailers

[markj113]

Surely it's expensive for retailers though? The VISA network charges vendors up to 5% of the transaction. Whereas when you accept cash there is no cost.

Shifting to a cashless system would cost retailers 5% of their sales -which they would pass on to their customers. Have prices risen in Sweden since they implemented this?

It is also expensive for retailers to handle cash.

Why do you think they offer "cash back" when you pay by card, they want the physical money out of the shop.

[sallymeeh27]

Business occurred in our daily basis only depends on a cash. All types of transaction do practice using only by cash. Business establishment most of them depend on cash basis and person to person transactions. It will be somehow very difficult for people to move without cash on hand like buying a fresh cooked food and others..

[countryfree]

I can't imagine a cashless world this century, except in a few fascists countries like Sweden or Denmark. The only credit card I have doesn't work in the country I'm currently living, where I don't have a bank account, so I just couldn't live without cash. I withdrew cash before coming here, and I will have to leave the country when my cash will dry out.

What would the homeless and the poor do without cash? In western Europe nowadays, it's getting more and more difficult to live without a bank account, and you'll end up paying much more for some services. The cashless society that some see as the future will be hell to the poor.

[john2231]

for me, we should not fear a world without money. because, when there is no money. the way we see items is equal. Example: trading , when we are trading. what we want is what we get.

[maudevang]

We should fear a cashless world because the government can then now how much money we have and they would have to much control in my opinion. The balance in the world would not be fair at all.