According to recent articles, most consumers use credit and debit cards as convenient cash alternatives.
Instead of reaching for wads of cash stuffed in pockets or purses or a paper checkbook, we simply whip out plastic to pay for almost everything or every service we need or want. Even micro businesses use mobile devices as mini non-cash registers to complete transactions.
Of course there are still people who value having actual cash. And there are many who simply don’t believe that every transaction they make should involve government, at least two banks and Internet data storage. Some of us are deeply concerned that all our savings should be something more than data blips.
Some eschew credit cards for security reasons. They’re afraid of becoming the victim of identity theft.
Similarly, others like the anonymity of a cash exchange for personal as well as financial reasons.
Currency’s symbolism is often an emotional matter. Just look at the recent battle over redesigning some U.S. bills that ultimately reaffirmed Alexander Hamilton as our 10-dollar founding father.”
So, what happens when countries ban cash, as happened last month in India, where bills with denominations above $2 were banned. Citizens were given one week to turn in old bills for government electronic money. Or Sweden where a pliant populace has seen the amount of cash in circulation drop by 50%.
In the USA, we used to have $10,000 and $1,000 bills. Today 80% of $100 bills, or around $1.34 trillion, is held outside of financial institutions at any given moment.
My Interpretation: whether its government or banks or institutions they all think, how in the **** are we going to control these bastards if they can spend money we don’t control?!
In the 1975 Dossier Society, KC Laud theorized a future society with cashless monetary systems and retina and/or fingerprint recognition. A corollary of Orwell, under such a system the government can track your every move and cut you off from everything including food, travel and health care.
Today, for millions of consumers, digital conversion in our daily lives is helping make literal money a moot point.
Cashless is so wonderful, just for starters, look what may be in store:
– A one-stop theft center for hackers. (Online heists through the roof.)
– System Failure: Nothing worse than needing to purchase an emergency item when the power goes out.
(As though that never happens.)
– Seize the account first! Ask questions later. (However long that takes.)
– You accidentally get exiled from “The System”.
– Unlimited statal abuse just waiting to explode.
– Lost property rights. In “The System”, Banks and you are co-owners, therefore it’s not solely yours.
And with everything we read about cyber-warfare, let’s not forget the possibility of the whole Internet crashing.
Unfortunately, these just don’t exist anymore.
But you can get these in any value you would like
from $1,000. to $500,000 and they are not much bigger
than a large silver coin.