Currency is popular again, especially the $100 bill
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Re: Currency is popular again, especially the $100 bill
#2Interesting topic, but seems like they left out one possible explanation.
Things in general are more expensive. So over time usage of higher denomination bills will increase.
Eventually a $100 bill is equivalent to what a $20 bill was when I was a kid, and those were common then.
Re: Currency is popular again, especially the $100 bill
#3What's the motivation for a store to not accept cash? Is it possible that cash has a > 3% "fee"(or whatever stores pay for cc processing) when you roll in cash registers, armored car services, employee handling time, theft, etc?
Re: Currency is popular again, especially the $100 bill
#4It’s somewhat ironic that the people I know who are into crypto are somewhat more likely to use cash than your average person for privacy reasons...
Re: Currency is popular again, especially the $100 bill
#5I closed my bank accounts in 2011. Cash is my currency of choice for most things. I use bitcoin for long term savings. Cold storage is safer than a bunch of cash under the mattress.
Re: Currency is popular again, especially the $100 bill
#6What's the motivation for a store to not accept cash? Is it possible that cash has a > 3% "fee"(or whatever stores pay for cc processing) when you roll in cash registers, armored car services, employee handling time, theft, etc?
Pretty much
Re: Currency is popular again, especially the $100 bill
#7It’s somewhat ironic that the people I know who are into crypto are somewhat more likely to use cash than your average person for privacy reasons...
Yeah, exactly. I take out $400 at a time on an ATM and then use it at farmers markets and stores over the next few weeks. I only use my credit card for refilling my transit pass, online ordering, and medical bill pay.
No one needs to have a full record of every purchase I make in real time.
Re: Currency is popular again, especially the $100 bill
#8What's the motivation for a store to not accept cash? Is it possible that cash has a > 3% "fee"(or whatever stores pay for cc processing) when you roll in cash registers, armored car services, employee handling time, theft, etc?
From the article: "Businesses are experimenting with going cashless, hoping to speed up transactions, combat theft and create a safer environment for their employees."
As the owner of a brick and mortar business (a bar), I can tell you that we do about 60% cash transactions. I just put in an ATM to try to up that number. I'm tired of paying close to 3% fees on cards.
We have had some cash theft from employees but to eliminate that would require 100% credit, which isn't an option for me. A big part of our clientele is service industry, and they're bringing in their cash tips and spending them.
Re: Currency is popular again, especially the $100 bill
#9I closed my bank accounts in 2011. Cash is my currency of choice for most things. I use bitcoin for long term savings. Cold storage is safer than a bunch of cash under the mattress.
There is a strong use case for that, for my personal spending and utilities it would be very inconvenient for me to convert cryptocurrency to cash without an intermediary bank account.
but business-wise many of my vendors have been able and willing to take cryptocurrency especially in the last 3 years.
I've executed many legal agreements paid in crypto. Its made it extremely practical for Americans to have offshore corporations again since the bank account part became difficult but is no longer needed for international commerce and asset holdings.
Re: Currency is popular again, especially the $100 bill
#10The $100 bill would obviously be more popular nowadays. For a lot of people on here, since they were kids, the purchasing power of that $100 has fallen to about $50. You have to carry twice as much currency to carry the same amount of purchasing power around.