What are the implications of a cashless society ?

[SoBoredHelpMe]

ive noticed more and more places are becoming card only and I think it won’t be long (say within 5-10years) that we will become cashless. So I was thinking of positives and negatives and the main negative I see is the lack of privacy as everyone’s spending will be recorded digitally. A major positive though is that it would make it very difficult for e.g. drug dealers to operate ?

would be interested to hear other people’s thoughts on this …..

I think the whole thing is unworkable

I'm hoping it is. Interestingly a few shops locally that went cashless over the pandemic (like Pret) are now accepting cash again.

Personally I prefer paying by card so that I can see exactly what I've spent, i.e. on the bank statement or transaction history. When I use cash, I tend to forget just where it's all gone as I don't really fancy making a hand written note in a diary every time I buy a coffee

I know what you mean. However, when you use cash you definitely can see ( and touch!) what you are spending. And if you don't want to make a hand written note ask for a receipt;-)

I completely understand about forgetting what you have spent. But this is one of the problems with increasing use of tech. We don't have to remember what we have spent/what time the kids' need to leave for karate/what we need to buy from Tesco because we have all sorts of devices that act as brains for us

Bank notes might be retired but you aren't forced to spend the money as its replaced by new notes. If you forget to exchange them that is on you as a person. And its only if you have cash, if your money is just 'in the bank' you're not affected.

That is the big difference to having time limits put on money which deliberately force you to spend it even if its just sitting in the bank.

That is the big difference to having time limits put on money which deliberately force you to spend it even if its just sitting in the bank.

Do you remember when some banks were offering negative interest rates ? That is you had to pay to keep your money in them ?

The funniest thing about the "debate" about going cashless, is that it would have been bookended millennia ago with a similar debate about "Why do I have to use these metal discs with the Emperor on them ? Why can't I swap two pigs for a cow like I always used to ?".

I would suggest a return to barter for those disturbed by the move from cash. But then I'm just being ridiculous ...

Again 'Some banks' not ALL banks. That means there was a choice involved.

So once again when its a time limit on all money for all people then what. When there is no choice...

Barter isn't the same thing. The benefit of cash over barter was that it was universal: you no longer needed to find someone selling a cow who was willing to exchange it for the thing that your pigs. You could now buy cows from people who didn't want pigs. You only had to both accept the proposed value of exchange in cash. Secondly, you could still choose to swap your pigs for a cow. You can swap them now even though we have a cash system, but people choose not to.

There is no benefit of flexibility in a cashless society over one with cash. In a cashless society, there is no choice.

Barter isn't the same thing. The benefit of cash over barter was that it

Allowed the King/Emperor to get his hands on your work without really trying.

Is another way of looking at it ....

Cash was invented so we could be taxed. You can't tax bartering. So yes I imagine there was a lot of consternation regarding the introduction of currency.

You no longer having control over your money. It all being controlled by banks, if they decide to freeze your assets there is nothing you can do about it.

You can't tax the transaction, but you can still have taxes. If you were a farmer, the 'tax' on you would be that they'd take so much of your grain. Local warlords weren't just generous before the introduction of currency. Taxes in kind and tribute in kind were commonplace.

By the same token (every pun intended) the government could decree that a pound is now worth a penny and you could do fuck all about that.

Why it's almost as if there are advantages and disadvantages to both sides !

One thing I have learned in a long life dedicated to being a techie nerd, is that "I don't like it" is rarely a great hinderance to new technology. And I say that still remembering being told that digital watches would never catch on because "you have to press a button to tell the time".

It would affect homeless people/beggars on street. No one being able to hand out a fiver or handful of change anymore.

Well given the direction of this government, that is a positive selling point of going cashless. Better phrased as You Say That Like It's A Bad Thing ....

I’m finding it really difficult to teach my 11 year old about handling money and shopping alone. I don’t want to give him my bank card that he’ll lose / get robbed, but if I send him into a shop with £5 to buy a drink he often comes out sadly saying they don’t take cash.

Children won't be able to buy things from the shops alone. At the moment many save odd coins and buy sweets/ice creams etc.

There was big hoo ha recently about Tesco ring fencing £120 for pay at pump, surely this is all part of being cashless and automated and something people will just have to manage.

A big deal over nothing. If you're that bothered, then go to a petrol station with a kiosk and pay inside rather than at the pump. Then they'll only charge the value of fuel used, not the £100/£120 pre-authorisation amount.

Drugs are easy to buy through the mail on apps like Wickr and Telegram, a lot use Bitcoin to pay for them which is also very easy to buy and then direct on. I don't think it would do much to the industry. There are groups with tens of thousands of participants in drug-selling telegram groups.

I'm not bothered as I am fairly well off but there was a huge fuss recently about it and that is the way forward, people will need to plan their finances better if they haven't even got £120 spare

How long before all the petrol stations are like that...

Exactly

Very sinister

A preacher called Barry Smith spoke about this in the 80s, surveillance

Also being controlled by food and lack of it

There will be loads of whining threads on here when people have their bank accounts frozen and can't buy anything because the bank didn't like some transactions

So how many thousands of pounds do you suggest that people keep under the bed in cash? After all, if the bank has frozen your account, you're going to need cash to pay the rent/mortgage, utilities, food and petrol for several weeks, etc etc.

Having a few notes in your pocket or bedside table is hardly going to last long is it?

The "cashless" ship has long since sailed.

I went to Sweden in 2019. Have NO idea what Swedish cash looks like, it was cards all the way, even at the hotdog cart.

The Swedes don't seem that bothered...

My local petrol station doesn't have a kiosk... completely self service pay at pump!