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 Replies: 63 / Views: 9,281 |
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Bedrock of the Community
United States
20753 Posts |
Quote:
TV didn't eliminate radio.
eBooks haven't eliminated paper books.
Cell phones haven't eliminated land lines.
Electronic transactions I doubt will ever eliminate physical cash.
True radio is still alive. ebooks have put many book stores out of buisness and more and more libraries now have Computers, movies and many other things since so few use the books. As to cell phones eliminated land lines. Out of most of my neighbors, I'm one of a few with a land line for phones. Most don't have one and don't need one. The biggest reason eventually coins and currency will no longer be needed or used is the international trading increasing. And as people go from country to country, constantly changing the monitary system is just to much of a problem. All monitary systems will just have to be computerized. In a very short time now people will be able to go anywhere and use a plastic card for money. Why change from dollars to something else? Let the computers just tell you what it will cost and that is all it will take. No need to even think about sales taxes either since all will be done electronically. And if card companies keep giving people money to use them, why use cash. |
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Valued Member
United States
211 Posts |
I will periodically read stories about how businesses will start to include surcharges for credit card and ATM transactions at their businesses. There are several stores that I frequent which offer a 3-5% discount for using cash. If this becomes more prevalent, I think cash may actually make a resurgence. .
I think that there will always be a need for physical representations of money. Even as we get more technologically advanced, we can't change the fact that we live in a physical world. I wouldn't be surprised if money changed forms, but I'd be surprised if society ever went 100% electronic in my lifetime.
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Bedrock of the Community
United States
17884 Posts |
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There are several stores that I frequent which offer a 3-5% discount for using cash. If this becomes more prevalent, I think cash may actually make a resurgence. . This is because the credit card company charges them 3% or so to accept the cards, but forbids the stores from charging more if you use a card. So instead of charging more if you use the card they charge EVERYONE more and then give a discount to those who use cash. |
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Pillar of the Community
United States
561 Posts |
I don't think it will ever happen. There are far too many reasons to list but the largest being control.
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Pillar of the Community
United States
899 Posts |
Quote:
"I will periodically read stories about how businesses will start to include surcharges for credit card and ATM transactions at their businesses."
It is illegal to charge a surcharge on ATM transactions. |
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Moderator
 United States
188213 Posts |
I do not think it is illegal. I think it is a stipulation made in the merchant agreements with the payment card industry. The work around is, as mentioned above, to advertise higher prices and offer a cash discount.
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Pillar of the Community
United States
561 Posts |
Quote:
It is illegal to charge a surcharge on ATM transactions. I am assuming you mean at a POS terminal because ATMs all over the country charge surcharges. I am sure that merchants that accept credit and debit cards factor those costs into their pricing mechanism. Just like any other costs, they get passed to the consumers directly or indirectly. |
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Bedrock of the Community
13014 Posts |
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There are several stores that I frequent which offer a 3-5% discount for using cash. If this becomes more prevalent, I think cash may actually make a resurgence. . Those generally seem to be mom and pop stores and away from large cities in my experience. The large chains really dont care about fees and theyre the ones that really drive the market for what people use. If they were to offer a discount it could catch on more, but the discount would also have to be greater than the rewards you would get for using the card |
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Valued Member
United States
325 Posts |
If currency wen't away, time to start saving those 2013 quarters lol. They'd be rare one day.
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Pillar of the Community
United States
899 Posts |
No charging extra for an ATM transaction is illegal - so is requesting a minimum charge. I just read a story about this exact thing the other day. Most people don't realize that these aren't allowed under the recent law allowing for credit card transaction fees. _ http://money.msn.com/now/post.aspx?...4f7920a45a1bI actually found the article relating to the fees. ATM/POS term it how you like, but using your debit card and getting a surcharge as if you are using a credit card is illegal. Like I said most people don't know this. Edited by Doug58s
05/22/2013 2:32 pm
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Pillar of the Community
United States
1796 Posts |
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ebooks have put many book stores out of buisness Very true, but there has been a renaissance of hand bound and indie-published books. Quote:
and more and more libraries now have Computers, movies and many other things since so few use the books. Yes, libraries so offer a plethora of additional media other than print. That's how they're evolving: They're more becoming social hubs with additional programming, talks, and art shows as well. However, as a trained librarian I can say you're categorically wrong about "so few using the books." Many public libraries -- especially in urban areas -- have difficulty keeping up with current demand. People like free books. :-) Quote:
As to cell phones eliminated land lines. Out of most of my neighbors, I'm one of a few with a land line for phones. Most don't have one and don't need one. Even in saying that I must admit that *I* don't have a land line phone line. However I can't think of a single brick-and-mortar businesses that uses cell phones exclusively. Consumer use is what's changing the most. Business use isn't. But I must admit, things are ever-changing. Who knows what the future will bring? :-) |
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Pillar of the Community
Canada
3692 Posts |
Vinyl records can never go obsolete. All you need to build is a turntable, a needle, and an acoustic device like a horn or a tin can.
The same can be said of books. The existence of digital books doesn't automatically wipe out the use of real bound books.
Money and credit will work on the same principal, but that doesn't mean that people CAN'T accept payment in ancient coins.
New ways of doing things are like translations of our age. They don't really change the core of the invention, only the method of delivery.
Kind of like goats: many people have become weak - I mean vegetarian! - so they won't accept goats as payment.
Coins will be around, but perhaps they may not be issued by governments anymore. Doesn't mean that a free society can't accept them, because historians will always value them.
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Pillar of the Community
Canada
3692 Posts |
@ justcarl:
Well back when the world was on a gold standard, currencies were just an expression of different weights of gold. All money was accepted around the world. I could spend a guinea in the USA or a 2 pesos in India. The difference you got back was in silver coin. I think it couldn't be done today because currencies fail all the time, and stock markets don't exactly help with that.
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Valued Member
United States
329 Posts |
I've been saying this for a long time. All coinage and currency will shortly vanish. Already it is getting to be something that seldom is used around larger cities. Of course smaller communities and places where computers are not as common will still be using coins and currency for a while but as things are going now, not much need for anything except a plastic card. Since BOA nows has that 1%, 2%, 3% cash back on all purchases, why would anyone use cash? I use that card anywhere it is accepted. And why not? Eat at a restaurant, get 2% of what you spend back. Go to a grocery store, get 2% cash back. And with the prices of gasoline for my car, 3% cash back. No matter what I buy, at least 1% cash back. I really see no reason to spend money as we know it now. If it wasn't for flea markets and coin shows, why use cash?
I wonder if someday a criminal will say this is a holdup. Please swipe your card in this device and consider yourself robbed. "
I still use cash for most small purchases. I wouldn't do business with BOA no matter what they are offerring. They are really terrible.
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Moderator
Australia
16826 Posts |
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I wonder if someday a criminal will say this is a holdup. Please swipe your card in this device and consider yourself robbed. As I said above, electronic money is less secure than physical money. With electronic money, a crook doesn't need to have the guts to stand face to face with their victims - they can do it all remotely, at no risk to their person. They don't even have to be in the same country as their victims; for example, the most active thieves of electronic money here in Australia are criminal gangs in Romania. All a criminal needs these days is computer skills. The first their victims know of the theft is when they see their monthly statement, or check their balance online, or attempt to use their card and get their transaction declined. Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Replies: 63 / Views: 9,281 |
First Page
Posted 05/22/2013 11:42 am
