Credit Companies Moving Us Towards A Cashless Society?
In July 2017, Visa began offering restaurants and food vendors across the U.S. rewards of up to $10,000 for upgrades to technology that encourage electronic payment on the condition that they stop accepting physical cash. This is a major step towards a cashless society, and allows major credit companies and banking more control over money. This is also preferential to our current banking because a digital payment system or cryptocurrency will allow roughly 2 billion people access to a banking system that do not have access to a physical bank. There are actually about 1 billion more people who have access to a cellphone than to a bank. In addition Visa has introduced the Monero Debit Card which uses the cryptocurrency known as monero to pay for things. Other credit cards are also trying to get involved in this system. Mastercard recently joined the Ethereum Enterprise Alliance, and will most likely attempt to integrate their payment systems with Ethereum. What are your thoughts on this? Will cash go extinct?
Yeah, cash will be gone soon. They will weeeeed it out eventually starting with pennies... then on and on and on.
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Sadly cash will be a thing of the past very soon. I say sadly as what you don't physically hold in your hand can be taken away and that includes Bitcoin as most of the major exchanges are regulated by governments already. (Bitcoin hard storage is the equivalent of having it in your hand like cash I would say). Nice post.