Is a 'No Cash' society a threat?

Malthusian

spadoosh wrote: »

Drug dealers dont take card, from this its pretty easy to deduce were not going to have a cashless society.

They take Bitcoin though.

Missus_Hyde wrote:

When the bill came we were ready to pay with our cards, but for some unknown reason the card machine wouldn't connect to the internet, despite several futile attempts (including getting the manager involved, who knew no more about the machine than the waitress.) Eventually we managed to rustle up the cash between us and scraped up enough to pay the bill, but it would have been a bit more of a problem if the cash hadn't been acceptable as a means of payment (I suppose we would have ended up doing the washing up!

Unless they had a big sign on the door saying "Card machine not working - CASH ONLY" they would have had to issue you with the bill, take your name and address and let you walk out, and use the usual legal channels if you didn't pay up.

If there was a cash machine down the road it might be reasonable to ask you to go and use that. If not, it's not your problem if they're incapable of taking immediate payment and they would have to give you a reasonable amount of time to pay by alternate means.

No judge or jury in the world is going to convict you of theft or award damages for late payment because you weren't carrying enough cash.

spadoosh

Malthusian wrote: »

They take Bitcoin though.

Maybe in the movies and the news papers. Dave down the road certainly doesn't.

alphabravocharli

The money in your hand is ONLY your money. One day people will understand that these Banks will be in a position to make you live in a financial prison. This is already happening.

Uxb1

It makes the possibility of negative interest rates a reality.
At the moment it would result in a mass bank run to cash - once cash no longer exists then you would have no option.

Thrugelmir

LHW99 wrote: »

How easy will it be to teach young children the basics of money if there is only digital? It strikes me it would be rather like the days when they were allowed to have calculators in primary school without being taught how to do basic arithmetic first.

In my early days of accounting took me 6 weeks to get a trial balance out of a sizable engineering companies books. That's all I did for the duration of the audit. Now , normally, such things are available at the press of the button. With it was lost the ability to use one brain. Technology has made people "lazy".

Thrugelmir

spadoosh wrote: »

Drug dealers dont take card, from this its pretty easy to deduce were not going to have a cashless society.

Need a way of legitimising the sizable proceeds though.

[Deleted User]

If we ever get to being a 'no cash' society how on earth am I going to make cash-in-hand payments?

ruperts

Do people keep large quantities of physical cash? If not then presumably your money is in the bank which is all digital anyway. Why would you be worried about a tenner in a digital wallet and not your life savings in the bank?

Thrugelmir

johnsmith1890 wrote: »

If we ever get to being a 'no cash' society how on earth am I going to make cash-in-hand payments?

Probably explains why the tax take is increasing year on year. Becoming harder to deal in cash. Many more ways of being discovered.

Zero_Sum

ruperts wrote: »

Do people keep large quantities of physical cash? If not then presumably your money is in the bank which is all digital anyway. Why would you be worried about a tenner in a digital wallet and not your life savings in the bank?

1.2m people apparently dont have a bank account, so presumably are entirely cash

https://www.google.com/amp/s/www.bbc.co.uk/news/amp/business-48006905

It always amazes me the amount of people i see in the supermaket paying for £100+ of goods in cash.