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Posted Yesterday 3:44 pm
In many areas, multiple businesses - a majority in some areas - have moved away from cash trade for exactly the reasons already stated. I'll add a couple additional reasons: prevalence of counterfeits, increasing bank requirements for pre-processing deposits, surcharges on loose coin deposits, gasoline costs for runs to and from banks or cost plus gasoline surcharges for armored carrier services, and the relative length of time it takes for cash transactions (e.g., the little old lady delaying everybody in line while counting out cents one at a time to make an exact transaction).
EDIT: We can also add the environmental harm caused by minting coins and printing currency. The paper processing, inks, metals mining and processing, and recycling burdens are not without environmental cost.
I started the pandemic with a $20 bill in my wallet. I still have $3 from that bill in my wallet today, six full years later. Cash transactions, like checks, are largely dinosaurs. Debit or credit transactions are quick, efficient, traceable, easier to integrate into annual tax accounting, safer, and reduce time indoors and the associated COVID and other airborne viral risks.
"Legal tender" is not forced tender. All transactions ultimately come down to a willing buyer and a willing seller. If there are fewer buyers, there are fewer trades. If there are fewer sellers, there eventually are no trades. Cash isn't king. It's a needless nuisance in the 21st Century.
JMHO.
EDIT: We can also add the environmental harm caused by minting coins and printing currency. The paper processing, inks, metals mining and processing, and recycling burdens are not without environmental cost.
I started the pandemic with a $20 bill in my wallet. I still have $3 from that bill in my wallet today, six full years later. Cash transactions, like checks, are largely dinosaurs. Debit or credit transactions are quick, efficient, traceable, easier to integrate into annual tax accounting, safer, and reduce time indoors and the associated COVID and other airborne viral risks.
"Legal tender" is not forced tender. All transactions ultimately come down to a willing buyer and a willing seller. If there are fewer buyers, there are fewer trades. If there are fewer sellers, there eventually are no trades. Cash isn't king. It's a needless nuisance in the 21st Century.
JMHO.
Edited by fortcollins
Yesterday 3:49 pm
Yesterday 3:49 pm
