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For a long time now, Cash it was seen as one of the old forms of money, and the movement to replace it in the more developed countries began long before the cryptos were even conceived. Initially, it began with various cards and, after the emergence of smartphones and similar smart devices, even the ability to make payments with the app has become a reality.
While this is nothing new to developed nations, there are still some consequences of moving to a world without Cash.
Problems of the Cashless Society
The most recent example of problems that could bother a cashless company was June 1 of this year. On this day, many people in the UK have discovered that their VISA cards no longer work. That's right, the piece of plastic that offers people endless possibilities has become useless. This, of course, caused a serious discomfort, despite the fact that the accident lasted only for several hours.
However, this was enough to remind Western civilizations, especially those who do not bother to bring cash, that there are disadvantages of having all your money in the form of information. While they can be forgiven for seeing the world this way because of simple convenience (when everything is working properly), the fact is that everyone has been penniless in those few hours.
However, the cashless lifestyle continues and many believe it is becoming more and more popular. New York, for example, has grown in recent years to become so cash-free, that there are entire establishments without cash. Customers can not pay cash in these places and instead, only things like cards or apps can be used to pay for goods and services.
The appearance of such places alarmed several legislators, particularly New York board member, Ritchie, J. Torres. Torres believes there is a risk of being considered a second-order citizen if he "dares" to try and pay cash for goods and services. While this has not yet happened, critics warn that it is a real possibility that it could.
Social issues with the Cashless trend
The elimination of cash is a new trend that comes from our desire to achieve the highest level of practicality. Without cash, people should not wait for the person in front of them to pay for the items with the right amount of change, the stores should not take their daily earnings to the banks for fear of being robbed. There are many examples where the elimination of cash is a useful, practical and smart thing to do.
Even so, there are side effects that could introduce big changes for the worse in the whole society. There are already countless members of society who are marginalized for one reason or another and are not able to access the devices needed to lead a life without cash. Those who can not afford clothes or food can hardly buy a smartphone to download a payment app. As such, the poor, the suspicious minorities and those with a bad reputation will be expelled.
Money was universal money for a long time and everyone used it. This is why Torres believes that only card policies should be declared illegal.
Not to mention the fact that all payments and transactions can be traced, which eliminates user privacy. As such, those considered "undesirable" and "unwanted" could be rejected, while everyone should be monitored.
If governments had this kind of power, they could choose to control people, or even entire groups, by freezing their funds in case someone breaks the rules. With cash, this is impossible. With only the cards and the app, it would become easy.
Are cryptocurrencies the key?
For as long as they existed, cryptocurrencies were called electronic money, and this is not a coincidence. While they have numerous similarities to cards and electronic payment systems in general, they actually have a lot more in common with cash. They are non-discriminatory, fungible and it is impossible for anyone to freeze them in order to punish an individual for any reason.
Regardless of who owns them, they always have the same value, and no bank account or credit history is necessary to own them. Furthermore, no bank can control them. Cryptocurrencies are the new form of money: a combination of traditional paper money and electronic systems. They have taken the best of both worlds and created digital money, which can not be controlled by the authorities, and is still practical and useful.
The cryptocurrencies are still young and mostly disheartened, but experts believe it will come a day when they will exchange both old payment methods. Although this day may not come soon, there is almost a universal opinion that makes money from the future cryptocurrencies.
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