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 Replies: 7 / Views: 1,571 |
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New Member
United Kingdom
37 Posts |
Hi Everyone
Just a newbie today so thought I would make my first post. And it about the lack of coins funnily enough! As we enter another century and technology progresses I shudder at the thought of whats to come. The things you need hard cash for is dwindling, credit, debit, internet banking an so forth we pay our bills, buy off the web etc, got on a bus today guess what dont need cash I was blown away! Whats it going to be like in 20 years say, will anyone use cash? Will people romanticize about bygone days, Will it drive prices up? I can go days now without touching cash what are all your thoughts on this.
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Pillar of the Community
United Kingdom
2624 Posts |
It would undoubtedly drive prices down... think of stamps and phonecards, both of these collecting area's have lost much value since they are largely irrelevant to everyday life now.
Fear not though because I can't see Britain going cashless for a very long time. Culturally it just would not be accepted in this country. Like ID cards and other abuses of civil liberties. The freedom to make economic transactions without a third party just wouldn't be given up. Sure there is a certain kind of person who pays for a packet of chewing gum with a credit card but in lots of area's cash is still king. It is the most convenient and secure method of transaction and if it disappeared it would get replaced naturally by some other tangible asset to facilitate black market transactions...
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Valued Member
United States
288 Posts |
I do know people who don't carry cash and do all their business with plastic or smart phones, but the vast majority of people seem to enjoy having money on their person. I know it is comforting to me to know I can buy something I need with the cash in my pocket. With that ingrained in so many people I think it may take a few more generations at least. I shudder at the thought of coins and currency no longer being relevant, although I have gotten used to not carrying gold and silver, hmmmmm.
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Bedrock of the Community
United States
10048 Posts |
Too many private transactions still exist and I don't see a way around this unless people would go back to bartering goods and services. Where people, in the States, do not live in metropolitan areas, there is still an exchanging of coins and bills.
In local things like flea markets, hobby shows, garage sales, and nationwide things like Craigslist, cash is almost always used. Anyone can get a credit card reader for their phone, but its not yet the norm.
Another downside to not paying physical cash is that electronics can be hacked and tracked. Hacked - not good. Tracked - its no ones' business and eventually only serves as compiled data so even more consumer-specific advertising can be shoved in our faces.
Edited by Earle42
10/27/2015 9:05 pm
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Pillar of the Community
Canada
5324 Posts |
There will always be a need for cash in all economies.
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Valued Member
Spain
239 Posts |
 100%, it's not a matter of opinion either, there will always be a need for cash. |
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Pillar of the Community
Australia
560 Posts |
All I know is Australia and Hong Kong, and every year in these countries the demand for cash increases. See the Reserve Bank of Australia and the Hong Kong monetary authority for details.
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Valued Member
China
171 Posts |
Bitcoins. If countries start phasing out cash, I can see a rise in their usage.
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Replies: 7 / Views: 1,571 |
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Posted 10/27/2015 8:00 pm
