I saw a YouTube video this morning stating that the USA may soon go to a digital currency. No more paper dollars or coins. No more paper checks or money orders. No need to touch that dirty money that may harbor bacteria and viruses. I personally don't think this is a good idea. I fear losing control of my money. If this really becomes a reality, I believe people should have a choice of whether they want to go digital or stay with paper money and coins. What do you folks think?
Where's crypto when the power goes off? It's better to learn a skill while your young - barbing is a good choice. People will be forever needing neat haircuts.
This is step 1 to 'negative interest rates' (which is just a funny way of saying 'fine you for saving money'). If banks start fining us for savings now, everyone withdraws their savings and the system crashes. So first they have to ban cash so theres nothing to withdraw. Then the screwing really commences. At the end of the day, if you have cash, someone has to physically take it from you to get it. If you have numbers on a network, then taking them is just a matter or permissions. You cant really protect your wealth in such a state.
True, but thats a risk regardless. Even now someone can hack ur ID, get a loan, split with the cash and you get the debt. But I spose they still eventually have to send men with guns to take ur stuff, so fair point.
They are really two separate issues. Electronic money effectively already exists. I seldom if ever deal with cash or checks. Almost everything is money in and money out digitally. What the US is exploring is creating a separate crypto from the US dollar. I cannot imagine that it would be that popular. It would add nothing to the digital transaction system we already have, would not have the privacy protections that crypto has for people who actually use it, and unlikely would have the investment value of crypto. Maybe third world people could benefit, but I doubt organized crime and such that are the bread and butter of crypto really would take to it.
NOT Gonna Happen... So...NO Worries... "may soon"... "Soon" is relative, it could refer to some time the next century...
And I'm not sure how you would put virtual money in a birthday or Christmas card. Hopefully I don't experience a cashless society in my lifetime.
Negative interest rates, which exist in Europe, is one of the dumbest ideas yet. At a time when people should be saving for their retirement, the government and the banks have found a new way to discourage it. STUPID! Digital currency will give the IRS the power to crawl up your butt, literally. The is a great idea for “Big Brother.”
I pay for almost everything with a credit card. But, every once in awhile I like to handle real money. I don't want it to go away. And I don't want anyone to see how I spend every dime of my money. With digital money, I'm afraid this is what will happen.
It will have an influence on businesses which don’t declare all of their incomes. May increase the amount of tax collected. Often, small businesses like nail and hair salons will only deal in cash. Must admit, I always ask is there a discount for cash?
Yup. Health insurance will know how much ice cream and wine you buy, the carbon exchange will know how much gasoline and beef you buy... and most assuredly you will be charged extra for consuming too much.
If cash is banned, count on gold becoming a popular currency again. Its a good idea to put some savings in gold as a hedge against market crash, but also it will serve as a safety if the govt bans cash, labels you an 'undesireable' for opposing it, and turns off ur ability to buy food (as an extreme example of what happens in places like China where this is already the standard)
Ultimately that is exactly what would happen which is why I don't think we will go away from paper money anytime soon. They want to capture the records for the IRS for all those wink wink transactions that people never report on their taxes. Once you have everybody's bank records 100%, you know everything there is to know about them in pretty short order.
I can't imagine a system without physical currency, either. But I hear it's in the cards for the future. At least it will cut down on begging and robbing people of their cash on the street. If it's all digital there is nothing to steal. But is digital cash harder to handle than a physical currency? It sounds like it.
Digital cash seems to be just giving the govt total oversight of your finances. It’s not their business.
That risk has existed for decades, since you have your money in a bank which can be accessed electronically. I carry some cash, but use debit card most of the time, as do most others, so in a sense we have been digital for a long time. How do you figure? Do they have total oversight of your finances today?
I don't know if its dumb, or smart, but clearly it has been trending that way even since the credit card was invented. It does add to convenience, as is seen in Europe, where paying your bill bar tab takes 5 seconds as opposed to 5 mins in US, and Europe is not even fully cashless, they are just leading the US somewhat in that regard.
I've got no problem with having digital currency in addition to paper money, but getting rid of paper money in order to do so would be a terribly bad move.
