I am in favor of the elimination of cash, and you ? what is your opinion ?

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Bill Stankiewicz
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As I don't have much I don't think it will be a problem !!

Eliminating cash would be such a huge mistake I hope it will never happen.

The reason I do not like cash is I understand it is just a form of ‘debt with interest’. The longer I hold it, the less it is worth. The value of the US Dollar is going down so fast. Yet, if I put the Cash it into a Profilo, Cytpro, Commodities, or Real Estate, I now own something instead of debt. 

Good Debt is debt that makes you money. For example, it is like a loan for a house that is rented out, and the rent covers the mortgage, and you keep the profit.  Bad Debt is debt that does not make you money. The best example of bad debt is college loans.  Cash is no longer based on the gold standard, it is now a form of debt, and loses its value due to inflation. Thus it is bad debt.

I agree with @Lada 🏡 Prkic. Why does it have to be one or the other? I use cards quite a bit (especially at the grocery store) for the convenience this offers. However, there are cases when a POS isn't working or a venue prefers cash, so it's good to have that option too. Just like the motorbike didn't make bicycles obsolete, there is room for both plastic money and cash in today's society. Cheers

I use the system very sparingly.  I use mostly barter now.  Much less tracking.  

There are countries where eliminating cash is simply not feasible (in less developed economies…), others on the other hand, have stopped using it for a long time (like in Scandinavia). So, as in everything, the reply to this debate for me would be, it depends. Depends on the general situation of each country and its economy/society. 

I am against the elimination of cash because eliminating cash eliminates freedom.

We have not really used cash for the past two years. It just pisses me off that every time you use your bank card for a purchase, the bank gets a percentage that comes from the  retailer's side. For small purchases it wiped out their margins.

I always carry some cash. When I go for a coffee with my friends, we always pay in cash (including tips). On weekends, when I go to the green market, I pay in cash because it is the only means of payment. Besides, you can always bargain with vendors for slightly lower prices. :)

Also, the number of private medical and dental practitioners charge for services in cash only. In Croatia, we still use cash, although much less than before.

Another reason why I am in favour of eliminating cash is because there are many people who ask for subsidies or aid from the state or local administrations, having incomes in the black, and they are granted, causing a prejudice to the rest of the people who pay taxes. There is a huge black economy in black money.

 @Francisco Lopez @Fay Vietmeier  thank you for your contribution to this text, but are you in favor of eliminating this payment method for good? 😊

I can’t remember the last time I used cash here in Oz, Javier. We have become a virtual cashless society, with most people paying by tapping their smart phones on the card reader at the checkout, thus connecting through to a chosen debit or credit card.  This works across retail, supermarkets, government departments, public transport, even at small street market stalls. The phone transaction is activated by fingerprint or eye recognition. No doubt Big Brother sees all, but the benefits are many, including instant access to transaction details and excellent online management via various bank provided software. The only people who appear to suffer from an absence of cash here are buskers and the odd beggar down on their luck. Apart from this I would say there is little ‘digital divide‘ here and that COVID has precipitated the death knell of cash and the reinforcement of digital transactions. I’d even go as far to say that the odd person paying by cash here is given quizzical looks by others in the queue behind then at checkouts, because cash transactions are so slow compared to digital. 

I remember being amazed when visiting Japan 4 years ago. For such a techno crazy country I found it quite paradoxical (even comical) that they had, back then, a predominant reliance on cash, with very few retail outlets offering card transaction capability. 

Very little of the money currently circulating is cash, less than 7%. Most money is created when banks lend money.  Central banks reduce the amount of money in circulation by selling debt obligation from their governments. The effect of money circulating depends on the velocity of money (how fast it changes hands). Interest rates (the cost of money) can modify economic activity, therefore consumption, employment, inflation.

@Javier 🐝 CR

Interesting subject Javier ..

Regardless of the form of currency .. I made to wonder if the fiscal irresponsibility that exists in every nation will change?

Global debt approaches 300 TRILLION 

No one talks about fiscal responsibility .. balancing national debts

Personal fiscal responsibility is being corrupted from the top down 

The endless printing of money in whatever form (USD or Euro’s – or whatever) is pure unreality  

This I can say with assurance:

Greed will find its way & have its way .. whatever form of currency unfolds.

Some more few comments on LI

Javier, I'm reminded of conversation with a CRM specialist who could not understand why I wanted a printable paper calendar in the app. I told him to open up a cell phone coverage map of the United States and note how much of it had no coverage. Digital solutions require the infrastructure to support them. You may be comfortable with that in Europe but there are parts of the world that have no infrastructure. Money is still of use there and among those in the urban areas that have no access. 

There is on very simple reason to let go of cash, it makes it difficult to launder money and criminals can't hide behind it, they will be tracked.  As the saying goes, you can run, but you can't hide.

@Javier 🐝 CR , I have not used cash over the last 15 years.  Today I am back to Teaching today’s And tomorrows leaders in Savannah Georgia with Bill Stankiewicz