Interesting article on the pending demise of money in Scandinavia. http://money.cnn.com/2015/06/02/technology/cashless-society-denmark/index.html
A 15% increase in fraud in one year. Why I am still part of the 47% in the US, that and the banking fees for electronic banking.
Umm, what does this topic remind me of? Ah, the one started about a month ago: https://www.cointalk.com/threads/cashless-society.263317/ Christian
Well, it's new to me. It is interesting how the U.S. seems to cling to cash more than many other countries. I think going digital is a problem for the elderly and people who for whatever reason aren't into technology. People who are into the newest thing always think everyone else is like them, but they're not. Personally I don't own a smartphone, even though I'm in my 30s.
We can't even eliminate the paper dollar in this country. How long do you think it would take for us (US) to go 'cashless'? Eons.........
The point in Denmark is that the government merely wants to allow certain businesses (gas stations, small restaurants, etc.) to accept non-cash payments only. For most people in DK that won't be a big deal, as they tend to pay even small amounts with plastic or via phone. Roughly the same attitude in the other Nordic countries. But that is not the demise of cash. Other places in Denmark are still required to accept coins and notes. The "no cash please" policy, however, applies elsewhere too. When I try to buy a shuttle bus ticket at LAX, it's credit card only, no cash. Here in Germany (where many love using cash ) try paying your taxes using coins or bills. In the Netherlands cash is usually fine with most stores unless you try using 1 and 2 cent coins or €200/€500 (sometimes even €100) notes, and so on. Personally I do not care as long as I have a choice: cash or non-cash. And I suppose that, if the driving force behind phasing cash out is a government, people will find ways around this. Even for perfectly legitimate reasons, not everybody wants every single transaction to be tracked. Christian
Totally agree. That's why cash won't die, despite the expense in maintaining cash in the currency system, and the desire of governments to track-and-tax every penny. But would the expense of trying to keep our "ones and zeros" (digital) money secure from thieves be more expensive than maintaining cash? That's my question. As it seems to me, digital = field day for thieves My credit card company routinely gives me a new card about every 4-6 months after my number was casually used in a fraudulent purchase somewhere. It's as if this activity is just a routine part of their business nowadays.
The thing with a cashless society is for the government to take more control over the people and were the money is . The the security of the system will always be under attack by some one it could be cash or plastic Will it go completely cashless I don't think so but the government is so far winning and most business is cashless One thing to think about it was unthinkable at a time we would go off the gold standard but we did
Cashless society, won't happen, to many things influence the modern world, gold, greenbacks, (I like 500 euro notes) and guns.
Hmm, I never have any. But the European Central Bank now intends to do away with them. The ECB Council voted for that earlier this month, and President Draghi talked about the plan at a European Parliament committee meeting today ... Christian
