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Are we on the verge of a cashless society?  
 

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Bedrock of the Community
United States
10455 Posts
 Posted 06/26/2018  10:02 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply
The USA wonít be a cashless society during the life time of anyone alive today. Cash is still used a lot especially out side of large cities. Yes credit cards have been taking over and will continue to do so which is not only for confidence but the rewards as well, but we are a long long way away from being cashless.
Valued Member
United States
91 Posts
 Posted 06/26/2018  10:02 pm  Show Profile   Bookmark this reply Add mikem007 to your friends list Get a Link to this Reply
Here is the kicker. It actually costs money to move coin and cash around. So for big enterprise, State and Federal, highway toll systems, big chain restaurants, to have cash on hand and to move that cash has a physical and security element to the cost. I can see why big businesses have been moving in the cashless direction. They did the math and found fully digital to be cheaper.
Pillar of the Community
United States
3381 Posts
 Posted 06/27/2018  06:22 am  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply

Quote:
The USA wonít be a cashless society during the life time of anyone alive today. Cash is still used a lot especially out side of large cities. Yes credit cards have been taking over and will continue to do so which is not only for confidence but the rewards as well, but we are a long long way away from being cashless.
This I agree with. I have a family of four, I use a credit card maybe two, three times a year. My wife, she is 99% CC (she racked up six figures in CC debt before we were married.)

I donít see the use of cash in this country disappearing for two BIG reasons...one, drug deals (gasp) and two, politics.
When I listen to LED ZEPPELIN...so do my neighbors...reluctantly

Roll hunting since '77
Pillar of the Community
United States
8235 Posts
 Posted 06/27/2018  06:58 am  Show Profile   Bookmark this reply Add dave700x to your friends list Get a Link to this Reply
It will likely happen sometime in the future but I still use cash for many local purchases. It sure is nice to have cash in your wallet when the "system" is down and not accepting credit/ debit card purchases...
Member SSDC
Bedrock of the Community
Australia
14421 Posts
 Posted 06/27/2018  09:27 am  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
If you are worried about demise of the coinage system, forget about it.

Collect ancient Greek coins instead. The Ancient Greeks invented coinage.
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United States
57920 Posts
 Posted 06/27/2018  11:48 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
The USA wonít be a cashless society during the life time of anyone any adult alive today.
I think this makes for a more accurate statement. I can easily see my son, nieces, and nephews (those that are under 18) giving up cash. They seem to find it burdensome. I feel like their kids will never use it and by the time we die no one will.

Of course, I could be wrong. If I could predict the future that accurately I would be rich, right?
Bedrock of the Community
United States
10455 Posts
 Posted 06/27/2018  5:42 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

Quote:
. I think this makes for a more accurate statement. I can easily see my son, nieces, and nephews (those that are under 18) giving up cash. They seem to find it burdensome. I feel like their kids will never use it and by the time we die no one will.


I agree itíll deminish but in order to go cashless it would mean that money is no longer printed and no longer used at all. Itís one thing for some small nations to try it, itís another when itís one of the worlds major reserve currencies. Also countries like Panama and Ecuador just to name a few use USA cash on a daily basis.

More people may live their lives in a cashless way but weíre no where close to eliminating it. It gets used a lot more than most people realize by all demographics of life, thereís just no way to track it
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United States
57920 Posts
 Posted 06/28/2018  11:31 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
We are probably much closer than we think. People like us who care will eventually die. If future generations never use cash, why defend its existence?

The thing about fiat currency is that it can be eliminated with one stroke of a pen.
Pillar of the Community
United States
870 Posts
 Posted 06/29/2018  09:36 am  Show Profile   Bookmark this reply Add n9jig to your friends list Get a Link to this Reply
One of the pushes for a cashless society is security in transactions. Many places that have converted entirety to plastic realized an end or dramatic decrease in shortages, most likely due to employees not pocketing cash. There was a couple articles in the media recently about airlines reporting an increase in revenues along with decreases of product shortages of on-board sale items (meals, drinks etc.) after they went cashless. This same phenomenon is repeated elsewhere.

Of course this brings up other types of fraud, all to common, with card number theft etc. At least that is occasionally traceable.

Personally I think coins will be gone altogether in the next 2 decades and paper money will follow soon therafter once there is a way to securely and anonymously conduct plastic or electronic transactions.
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United States
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Pillar of the Community
United States
1376 Posts
 Posted 06/29/2018  11:34 am  Show Profile   Check Andrew99's eBay Listings Bookmark this reply Add Andrew99 to your friends list Get a Link to this Reply
If we have a frictionless way of doing small transactions without cash, it will be possible. However, placing a 3% drag on the entire economy is no way to promote growth. This will only be possible if banks reduce their costs by adopting a system that avoids them having to deal with all the cash.
The collection is in your mind. Dispose of your albums and free your mind from the tyranny of holes.
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United States
4900 Posts
 Posted 06/29/2018  12:46 pm  Show Profile   Bookmark this reply Add Finn235 to your friends list Get a Link to this Reply
Even if we were to stop all the mints and printers today, it would probably take a century or longer before we could reach the point of being cashless, i.e. demonetizing all physical coin and currency. Consider:

1) Eisenhower dollars haven't been made in 40 years; Kennedy halves are approaching the 2 decade mark since they officially stopped circulating. I could go out with a pocket full of either and complete a transaction with them at maybe 9/10 stores without any issues beyond a strange look.

2) All coins made since 1793 and most notes made since the early 1900s are legal tender for all debts, meaning they can be refused for a purchase, but not to settle a debt. That can only be reversed by passing a new law, which would likely amount to career suicide for whomever proposed it.

3) Related to the above, a few years ago I was called to appraise and liquidate a coin collection for a member of my father in law's church who passed away. He made some very good investments with his money, but never told anyone and lived in a tiny house in Middle of Nowhere, NC. But the collection isn't important--his family discovered a small shoebox at the back of his sock drawer that contained six hundred thousand dollars in cash. Nobody knew he had it. Imagine missing the redemption deadline on that, or even having to go through the ropes of being investigated as a potential crime lord just for having that.

My children will know about money and it's value (at 2 and 4 they both raid my change to "save up to go to Disney!"). I can't guarantee how long cash will be used, but I guarantee it will be a long, uphill battle before cash is legally dead.
New Sale! Inexpensive classic Greek silver, over 2,400 years old!

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United States
57920 Posts
 Posted 06/29/2018  4:18 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
I wills say it again, our fiat money can be made worthless overnight with the stroke of a pen. I doubt it will happen that way, but at some point the government might put an expiration date on the physical coin and currency to flush out the last holdouts. Cash might continue to circulate underground, but would you accept it for payment knowing that it was not longer backed by the Full Faith and Credit of the USA? I know I would not (unless I needed it for my collection, of course).

Perhaps bullion and other commodities will fill that void, but society above ground would be cashless. None of us knows when it will happen, but I am certain that it will happen.
Pillar of the Community
United States
1310 Posts
 Posted 06/29/2018  7:46 pm  Show Profile   Bookmark this reply Add jpsned to your friends list Get a Link to this Reply
Well, all I know is that just like we can eliminate money with the stroke of a pen, someone can also destroy our online banking systems with a well-placed hack. And that is scary to me.
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United States
763 Posts
 Posted 06/29/2018  11:25 pm  Show Profile   Bookmark this reply Add Kurrency Ken to your friends list Get a Link to this Reply
As long they issue chits or local paper currency i'll be content.

KK
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