A Future Without Cash: The Benefits Of Blockchain Contact-Free Payments

Cash at some point or another is probably going to be obsolete. It really is not efficient when compared to other means of payments and there are already places in the world that are fading it out. And in countries that still use cash, more and more people carry cards and phones than they do actual cash. Personally I rarely carry any money on me and use cards whenever I can. I am a big fan of the tap, any time I can run into a place and just tap my card to pay in seconds is an opportunity I will take. Now that we have crypto, which is a better system of digital payments, it is only a matter of time before cash will be hard to find. This might seem like a big leap that will take getting used to but the benefits will be a big boon for the economy of a country

Cash Is Dirty

A bill is filthy. You don't know where it has been and you don't know who touched it along the way. It is the same with coins. Money is literally meant to circulate as much as possible and it will pick up a lot of germs along the way and considering the situation we are in now that is something you want to avoid. Being able to pay by just tapping means I have less contact and don't need to handle something that could get my hands dirty.

Exact Amounts

Does anyone really save their change? How many people lose it or spend it on silly things that only cost a dollar or two and then end up throwing that item they just bought out. Those coins can really add up over the long run but when you are using cash you really lose a lot of money in change. When you buy a meal that is $15 plus and use a twenty there is a good chance you don't take care of that left over money as you would have that twenty dollar bill. This really costs us a lot in the long run and it is a problem that you solve by using digital currency. When you use your card you can, to the cent, pay for the amount you want and know that you don't have to worry about being over-charged. If you are a prolific shopper or run a business the pennies will add up over time. The only problem is fees but that is something blockchain can take care of.

Less Fees In Crypto

I have talked about this before and will talk about this again, the fact that you can send crypto for literally zero fees on some chains is what makes this technology one of the main reasons is will be the main way to transact in the future. Think of having a card or your phone and being able to just tap it to buy what you want and never have to worry about fees. In face you could even add a coin to the wallet you are using and get perks the more money you spend.

Micro Transactions

Now that we can spend in a fee-less world that means we can do something that could not be done with cash or even with non-blockchain digital currency: micro transactions. Sure that term still exists today but the term micro is a bit of a misnomer as the cheapest micro transaction is really a dollar. But with crypto you can charge much less, even fractions of a penny if you so choose. This opens up the options to sell goods (real or digital) at prices like 10 cents each and could open the market for goods that had to be packaged into larger deals in order to hit that minimum amount. You can still package things to make them a deal but you can also sell something for really cheap if you so chose. It opens up the options for the seller and especially in the digital world brings in a new market.

Money Is Too Liquid

If you go to a bar with bills in your pocket you are probably going home with an empty pocket. There is a reason the expression I have money burning a whole in my pocket exists. Cash is meant to be spent and when you have it on hand it is much harder to save it. To be far having a card where you can't see your finances (and have access to debt) is just as dangerous as you can just swipe away but having access to a digital wallet where you can see your finances and spend them from the app gives you knowledge of how your money is being spent and more importantly how much of it.

Money Is Expensive

Lastly don't forget how much money costs. Printing bills costs money. So does coins. If you want to send money to a friend you need to pay for transport. Even digital money comes with fees when you transfer it. A blockchain digital world can cut down on all these costs and make the system a lot more efficient. That means more money for you and more money to the person you are giving the money too.

Yes it will feel weird at first to not have cash in your pocket but I really think a lot of us are already there. Cash is becoming a thing of the past and it will continue to be used less and less as the new technology scales better. It is happening faster than one might think and I hope to see blockchain visa cards and dapps become the norm so I can spend my steem on a meal or two.