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Physical cash is dying–and you don't need to be a conspiracist to worry

prospectmagazine.co.uk

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Re: Physical cash is dying–and you don't need to be a conspiracist to worry

#71

Post by forinti »

madsbuch wrote: post #11

I Denmark we are removing the 1000kr bill as of May 2025. from then on the highest bill. is 500kr which is roughly equal to 80 usd. Denmark Is the most cashless society I have yet experiences (and I have been traveling a fair bit). This comes with pros and cons. and I think the reason why it works is because of an incredibly high social trust.

I have a hard time getting change, because in my country ATMs like to spit out large denominations. But for my daily activities (the bus, really) I need change. In the cases where I would need a large bill I use credit cards.

The highest denomination in my country is worth about US$40, but that is a large amount of money. Yesterday I payed for lunch for 4 with about half that.

So I wish the larger denominations would just go away.

Re: Physical cash is dying–and you don't need to be a conspiracist to worry

#72

Post by asystole »

unicornmama wrote: post #56
berkes wrote: post #25

Earlier quoted context omitted.

I really really really would think that Bitcoin fills this exact need. There's a lot wrong with the cryptocurrency world and with Bitcoin specifically. So much wrong, that I'm afraid we closed the one way out of government and corporate-controlled "digital money" and all the risks that comes with. But maybe it never was a good "way out" in the first place: maybe there never was a way out at all. I keep hoping the gri…

This is preposterous. Bitcoin is more traceable, more transparent and more censorship prone than every form of currency conveyance we know of including cash, diamonds, physical gold, etc… The fact that’s 2024 and some people still believe Bitcoin enables privacy just goes to show how crypto enthusiasts are candy brained fanatics.

Lightning has pretty good sender privacy.

Re: Physical cash is dying–and you don't need to be a conspiracist to worry

#73

Post by rhdunn »

Xplune13 wrote: post #44
Alifatisk wrote: post #33

I believe once we go fully cashless, we'll regret it and wish we could go back. I can barely enjoy a full day without being required to bring my phone / debit card with me because the register does not accept cash.

That's a new one. Genuine question, why do you prefer using cash instead of using a phone or card?

Cash is useful in cases where your phone/card isn't working. E.g. if your phone has run out of battery, you are in a location that has a poor signal, your account has been locked due to a suspicious/unusual transaction (even if legitimate), etc.

You don't need it all the time, just for emergencies.

Re: Physical cash is dying–and you don't need to be a conspiracist to worry

#74

Post by ajmurmann »

charcircuit wrote: post #52
rwmj wrote: post #30

Earlier quoted context omitted.

Because it doesn't solve any problem that anyone has? Bank transfers and card payments are easy, fast and already widespread, at least everywhere except for the US.

Is printing tons of physical money solving problems people actually have either or is it just increasing costs from having to manufacture, transport, secure, etc physical money.

We all just read an article about society going cashless without any Blockchain stuff. No need to print physical money just hand out cheap loans digitally.

Re: Physical cash is dying–and you don't need to be a conspiracist to worry

#75

Post by Our_Benefactors »

okasaki wrote: post #68
Our_Benefactors wrote: post #48

Earlier quoted context omitted.

Currently in China which is pretty much fully cashless and I fucking hate it. Get Alipay. Link your credit card. Put in a pin, but no not that pin because it has two consecutive numbers. Pick a different pin. Forget it by the time you need to pay and reset your pin. Go to the grocery store and have to download a new app to pay, they can’t take Alipay even though it’s the same parent company. Oh the machine didn’t wor…

Okay, but somehow the rest of the billion people manage it?

I don't understand, how does this negate any of what I posted?

Re: Physical cash is dying–and you don't need to be a conspiracist to worry

#76

Post by davemp »

jasode wrote: post #59
Alifatisk wrote: post #33

I believe once we go fully cashless, we'll regret it and wish we could go back. I can barely enjoy a full day without being required to bring my phone / debit card with me because the register does not accept cash.

>I can barely enjoy a full day without being required to bring my phone / debit card with me because the register does not accept cash. But how do you get a regular re-supply of your cash to pay the places that take cash? For me, I would have to make a regular trips to the bank ATM machine to withdraw cash. That type of errand is inconvenient which is why I haven't done that in 15 years. It's been so long that I don'…

Don’t most bank reimburse atm fees? I just keep my cash topped off whenever I go to the grocery. It’s a lot more convenient to pull out my wallet than to look people up on vemno/zelle imo.

Re: Physical cash is dying–and you don't need to be a conspiracist to worry

#77

Post by casperc »

keiferski wrote: post #41

Obligatory Neuromancer (1984) reference: His total assets were quickly converted to New Yen, a fat sheaf of the old paper currency that circulated endlessly through the closed circuit of the world's black markets like the seashells of the Trobriand islanders. It was difficult to transact legitimate business with cash in the Sprawl; in Japan, it was already illegal. I am fairly convinced that using cash will slowly be…

Well to be fair, in my country (Denmark), that is mostly the case. For normal purchases, using cash is very much not the norm.

But paying a carpenter, cleaner or similar, who will give a lower rate (and not pay income tax and VAT), that is very much the norm (though socially frowned upon). Also drugs I guess.

Re: Physical cash is dying–and you don't need to be a conspiracist to worry

#78

Post by baq »

ajmurmann wrote: post #57
glimshe wrote: post #4

Earlier quoted context omitted.

You'd be surprised. I visited South America and all I saw was phone payments... They basically skipped the credit card age, as cards were never popular among the poor.

Aren't the phone payments backed by credit cards or do they by preloaded vouchers?

Bank accounts directly I’d assume. Why add another layer of indirection?

Re: Physical cash is dying–and you don't need to be a conspiracist to worry

#79

Post by rwmj »

ghaff wrote: post #53
rwmj wrote: post #26

Earlier quoted context omitted.

That's wild. Here in the UK, tradespeople usually have a card reader, or some accept bank transfers.

It's becoming more common but for someone like my housekeeper, I may not even be home and can just leave a check on the counter. As I say, I could doubtless make alternative arrangements but a check is the default and it's easy.

For someone I need to pay regularly like a cleaner I would set up a bank transfer recipient in my banking app (or website) and then payments - either one offs or regularly scheduled - are simple, instant and free.

Re: Physical cash is dying–and you don't need to be a conspiracist to worry

#80

Post by ThunderSizzle »

okr wrote: post #58
toenail wrote: post #29

I don't see why I should give a corporation information about all my payments. I already carry a phone with me, that's enough to spy on where I am, they don't need to know what I do or who I do it with. Privacy is a right, not a privilege, I don't see why I should just throw it away for a little convenience.

(Since when is privacy a right? Just curious. I always saw it as a privilege. Having my room with my bed to sleep in.)

Since SCOTUS hallucinated it into being to make their pro-abortion ruling in Roe v Wade. It's the only time I've seen the right to privacy taken to the extreme.
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