Slashdot Mirror
Predicting a Future Free of Dollar Bills
An anonymous reader writes with this story about how a cashless society might work and how far-off in the future it is. "...We're not there yet, but a cashless society is not as fanciful as it seems. Recent research suggests that many believe we will stop using notes and coins altogether in the not-too-distant future. New payments technologies are rapidly transforming our lives. Today in the U.S., 66 percent of all point-of-sale transactions are done with plastic, while in the U.K. it's just under half. But while a truly cashless society is some time away yet, there is raft of groundbreaking technologies that will make cash a mere supporting act in the near future."
As someone who has had a recent issue with a certain major bank(they closed the account and sent cashiers checks to me for the balance. Waiting 2-3 days without money wasn't pleasant)...I will never go cashless. Relying on these financial institutions for every transaction is something I will not trust. I won't get into the whole NSA/FBI/etc. potential tracking of all my purchases.
The other point of view is that cash is needed because the government is still all in our business. Get the government out of the morality game and the cash will more or less disappear on its own. In that way, cash usage is a proxy for government oppression.
W..w..W - Willy Waterloo washes Warren Wiggins who is washing Waldo Woo.
There is a non-trivial fee associated with cash too. Cash requires labor to move/protect it, can go "missing" much more easily than credit card transactions etc. Cards are probably still more expensive, but not by as much as you may think.
Monstar L