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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

#331

Post by EasyMark »

fundad wrote: post #308
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.

It’s not surprising that a lot Murica is decades behind most places in the world. Especially places where foreigners visit.

How is it behind? I've not been at a store in a while that I couldn't use apple pay or a card? I know it's popular to bag on America, but I figure most of HN is better than that.

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

#332

Post by EasyMark »

rwmj wrote: post #26
ghaff wrote: post #13

Earlier quoted context omitted.

I use very little cash in MA. But checks are still pretty much the default for a lot of people doing various services for me. I can just leave a check for someone like my housekeeper. I could presumably make arrangements to pay in a different form (including cash) but why bother? And, in many cases, it's my bank actually "writing" the check and delivering it. I'd change if it became an aberration or weird to do but i…

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

They do here in the US as well. It's not high-tech. Unless you get a sole proprietorship handyman or something, they'll likely take a card. Most will charge you the 3.5% or so extra for card payment though because that's what they have to pay.

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

#333

Post by realcertify »

The current trend is to move from cash to electronic money controlled by the banks. Previously the money deposited to a bank account was the clients money that the bank just kept. Now it's the banks money that can be frozen by any reason and it's the client's responsibility to prove his innocence.

Next step is a blockchain-based crypto, controlled only by a single structure, such as Fed. Total control directly by the government, no banks involved. Full access to the history of all purchases and means to immediately lock out anyone who does anything "wrong".

Personally I'm going to move out of the country as soon as it forbids the cash transactions, as I don't want my kids to be slaves to the government.

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

#334

Post by EasyMark »

rwmj wrote: post #79
ghaff wrote: post #53

Earlier quoted context omitted.

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.

most here won't take it. My maid won't. They will take venmo, check, or cash though.

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

#335

Post by alexwhb »

david2ndaccount wrote: post #330

The issues with physical currency are almost entirely self-inflicted. Governments should retire the smallest denominations and introduce larger coins/bills. In the US, all of the coins are worth so little that the only practical coin is the rare half-dollar. Retire all of those worthless coins, require transactions be rounded to the nearest half-dollar or dollar, and issues with physical currency for the user will go…

This is a really good point. And one of the reasons I hardly ever use cash is having to deal with so much annoying change. If you eliminate most change… cash becomes not a big deal

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

#336

Post by EasyMark »

GeoAtreides wrote: post #139
ghaff wrote: post #104

Earlier quoted context omitted.

And so is writing a check and leaving it on the counter--especially for a service that is somewhat predictable but actually isn't on a set schedule. She texts me that she's coming next week, I write a check and leave it on the counter, done.

Well, it's not really done, is it? She has to go to the bank and cash the check, right? It's not the end of the world, sure, but it's an extra trip compared with a bank transfer -- with a bank transfer she has the money ready to be used immediately.

piling up 20 checks for the week and going to the bank for 10 minutes isn't a big deal to most people.

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

#337

Post by chasd00 »

jason-phillips wrote: post #2

I live an hour or so outside of Austin and people still primarily write checks as that's the only acceptable payment method, along with cash. My new wife said, "Wait, why not just use Stripe? I'll tell them." I had to explain to her that one does not simply pull forward a society thirty years into the future. There is an incredible amount of cultural inertia to overcome. So I carry a lot of cash out here.

> I live an hour or so outside of Austin and people still primarily write checks

I can’t think of an area within 65 miles of downtown Austin where checks would be common. Which direction from Austin do you live? East maybe?

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

#338

Post by CSMastermind »

david2ndaccount wrote: post #330

The issues with physical currency are almost entirely self-inflicted. Governments should retire the smallest denominations and introduce larger coins/bills. In the US, all of the coins are worth so little that the only practical coin is the rare half-dollar. Retire all of those worthless coins, require transactions be rounded to the nearest half-dollar or dollar, and issues with physical currency for the user will go…

I would argue the root cause of this phenomenon is inflation and the first step we should take is to make the dollar a stable unit of measure not to consciously allow its value to fall.

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

#339

Post by Alifatisk »

Kiro wrote: post #282
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 doubt it. The Nordics have been cashless for a long time and the personal inconvenience in the transition was essentially none. It went by pretty much unnoticed and I don't think many people miss cash or wants to go back. Now I am against a cashless society for other reasons, mainly ideological, but claiming it's less convenient feels odd.

> It went by pretty much unnoticed and I don't think many people miss cash or want to go back.

I can’t count how many times I’ve heard elderly people complain about vendors not accepting cash anymore.

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

#340

Post by yakireev »

realcertify wrote: post #333

The current trend is to move from cash to electronic money controlled by the banks. Previously the money deposited to a bank account was the clients money that the bank just kept. Now it's the banks money that can be frozen by any reason and it's the client's responsibility to prove his innocence. Next step is a blockchain-based crypto, controlled only by a single structure, such as Fed. Total control directly by the…

> Personally I'm going to move out of the country as soon as it forbids the cash transactions

Which country is it? In many jurisdictions cash transactions are already illegal above certain threshold. It might be that you won't have too many places to go.

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