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Will cash become obsolete?

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07-30-2023 , 04:17 PM

lastcardcharlie

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Join Date: Aug 2006 Posts: 10,485

Or will a non-zero percentage of transactions in cash persist? Who can predict such a thing?

https://www.bbc.co.uk/news/business-60879095

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07-30-2023 , 04:18 PM

d2_e4

certifiable moron

Join Date: Sep 2014 Posts: 12,681

Not responding to OP, but I just want to say - vouching for this guy, he is a posting legend and unbelievable at maths for a cab driver.

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07-30-2023 , 04:21 PM

lozen

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I remember bunch of stores that refused cash during COVID. I really use cash

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07-30-2023 , 04:21 PM

lastcardcharlie

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Join Date: Aug 2006 Posts: 10,485

I thought stereotypes were bad. Carry on.

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07-30-2023 , 04:23 PM

Montrealcorp

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Join Date: May 2007 Posts: 13,876

Eradicating cash would be one of the greatest mistake ever made .

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07-30-2023 , 04:47 PM

formula72

Pooh-Bah

Join Date: Mar 2007 Posts: 4,482

And also the dumbest. Cash isn't going away. It might come.back atronger.
.

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07-30-2023 , 04:56 PM

Luckbox Inc

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It's been surprising to see the differences in cash usage in Brazil vs Colombia-- in Colombia cash is mandatory and I've found that even some grocery stores won't take cards. In Brazil you can buy a coconut from a street vendor with a card. And even if they don't take cards then they definitely take "Pix", which is like their version of Paypal/Venmo/cashapp.

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07-30-2023 , 04:59 PM

Montrealcorp

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Quote:

Originally Posted by formula72

And also the dumbest. Cash isn't going away. It might come.back atronger.
.

Hopefully

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07-30-2023 , 06:32 PM

Willd

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Join Date: Sep 2006 Posts: 16,279

I have used cash maybe a dozen times in total this year, always for petty amounts. It probably won't (and shouldn't) die out entirely but assuming you have a bank card it's rarely necessary for anything nowadays.

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07-30-2023 , 06:46 PM

#10

Brian James

adept

Join Date: Feb 2023 Posts: 1,190

I use cash everywhere I can now. I would encourage others to do the same. If cash goes and every transaction is electronic then virtually everthing you do that needs money can be scrutinized and used against you by the state. You can kiss goodbye to privacy forever if that happens.

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07-30-2023 , 07:44 PM

#11

wazz

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Join Date: Jun 2006 Posts: 14,755

There will always be some pieces of paper that have more value than others.

Through blockchain, it's possible to have basically all value stored electronically, but also with privacy away from the government, bypassing the state. I could live with that.

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07-31-2023 , 04:19 AM

#12

Bubble_Balls

veteran

Join Date: Apr 2013 Posts: 2,694

It’s not uncommon in a lot of Nordic cities to find places that won’t even take cash nowadays.

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07-31-2023 , 12:10 PM

#13

Doctor Zeus

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Quote:

Originally Posted by Brian James

Not just the state, but the company you use too

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07-31-2023 , 01:31 PM

#14

Inso0

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Join Date: Nov 2006 Posts: 8,772

Cash will never be obsolete because there will always be school field trips that require precisely $8.75 in cash, and the teacher cannot provide change.

People who write articles about AI taking over the world or cash becoming obsolete live in privilege bubbles, as the SJWs would say. They've usually never met a poor person.

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07-31-2023 , 03:46 PM

#15

wazz

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Quote:

Originally Posted by Inso0

That's a pretty grand overstatement that is patently not true. Some of them, perhaps. But the fact that journalism remains mainly a middle class endeavour does not mean that all journos are middle class nor that they can't have some useful knowledge and insight to bring to bear.

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07-31-2023 , 06:50 PM

#16

5thStreet

journeyman

Join Date: Feb 2023 Posts: 221

Its absolutely going away.
This makes me way sad since I'm a pretty serious numismatist, but its happening. Smartphones will do it, even guys in their 40s and 50s are largely Venmo now, flea market vendors take it, etc, etc.

It may never totally go away, sort of like paper checks, but they too used to be a standard part of daily commerce for people, when was the last time you wrote one for groceries?
Exactly.

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07-31-2023 , 06:58 PM

#17

Montrealcorp

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Join Date: May 2007 Posts: 13,876

Quote:

Originally Posted by 5thStreet

I just wrote a check last week fwiw .

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07-31-2023 , 07:06 PM

#18

5thStreet

journeyman

Join Date: Feb 2023 Posts: 221

Comes as no surprise,

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07-31-2023 , 07:40 PM

#19

PointlessWords

Pooh-Bah

Join Date: Jun 2020 Posts: 5,097

man the machines are really gonna **** us up when we have to EMP the planet just to kill A.I.

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07-31-2023 , 09:16 PM

#20

formula72

Pooh-Bah

Join Date: Mar 2007 Posts: 4,482

Quote:

Originally Posted by 5thStreet

It may never totally go away, sort of like paper checks, but they too used to be a standard part of daily commerce for people, when was the last time you wrote one for groceries?
Exactly.

Other than both being paper, checks and cash are quite different. Checks are a shittier version of ACH and the time it takes for the funds to gaurantee isn't the same as cash.

For starters, you've got a lot of movement with cash in businesses that need to settle immediately and can't afford, or would prefer not to wait for funds to settle. It also hamstrings a lot of smaller companies and their workers as things like venmo will include time and protection and fees.

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07-31-2023 , 09:26 PM

#21

uke_master

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Join Date: May 2008 Posts: 16,178

Quote:

Originally Posted by lozen

I remember bunch of stores that refused cash during COVID. I really use cash

Do you think you would use cash were it not for being in the trades where a lot is done via cash for tax avoidance?

It’s probably been years since I used cash, and I’d so it was just to pay an electrician or something under the table.

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07-31-2023 , 10:09 PM

#22

Didace

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Join Date: Nov 2009 Posts: 20,072

95% of our cash use is to pay our house cleaner or to buy lottery tickets. We write one check a month to our HOA - eff them if they think I'm going to allow them to auto-charge my credit card.

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07-31-2023 , 11:41 PM

#23

uke_master

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Join Date: May 2008 Posts: 16,178

Why cash for lottery tickets?

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07-31-2023 , 11:43 PM

#24

Luckbox Inc

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Quote:

Originally Posted by uke_master

Why cash for lottery tickets?

I think they only sell them that way-- same with prepaid cards and illegal drugs.

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07-31-2023 , 11:57 PM

#25

formula72

Pooh-Bah

Join Date: Mar 2007 Posts: 4,482

I guess i'll have to expect the babysitter to demand payment with debit pretty soon.

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