🔗 Link to entire post on Cashless Society
https://www.moneypeach.com/what-are-the-disadvantages-of-a-cashless-society/
👉 At first thought, a cashless society may sound like a good idea. No more having to carry around paper money or coins, you’re less likely to lose your cash or even less-likely to get robbed, right?
👉 And for most of us, we may have already started moving in that direction without even realizing it. Think about how much more we use send money through mobile apps or even how much more we shop online with a card versus just five years ago.
❓The question you may be asking is what are the disadvantages of living in a cashless society?
❗ The Disadvantages of Cashless Society
Whenever we add in convenience to our lives, we should be asking what are we also giving up?
So, what are giving up when moving to a cashless society?
📢 Banks Have Full Control Over All of Your Money
📢 Every Transaction You Make is Recorded
📢 The Government Can Decide What You Can Buy
📢 Your Bank Accounts Could Be Frozen (For Your Protection 😉)
💥 The Scariest Disadvantage of a Cashless Society
I can sum this up in three words: Negative interest rates
This one doesn’t get nearly enough attention and for me it’s the scariest.
❓ Are There Benefits to a Cashless Society?
📢Lower Crime Rates
📢 Less Likely to Lose Your Money
📢 Less Expensive for the Banks
📢 Cash is Dirty
Note: So is the same thing you will be paying with in a cashless society - your phone.
Final Thoughts on Cashless Society
At first glance, a cashless society doesn’t sound too bad. In fact, for many you may think it is no big deal. But after looking over the details closer, you can see what you are gaining is nowhere near what you are giving up.
Powerful people, the banking industry and the government would love for us to go to a cashless society. Before you are ready to move to a cashless society, ask yourself who benefits: you or them?At first glance, a cashless society doesn’t sound too bad. In fact, for many you may think it is no big deal. But after looking over the details closer, you can see what you are gaining is nowhere near what you are giving up.
Powerful people, the banking industry and the government would love for us to go to a cashless society. Before you are ready to move to a cashless society, ask yourself who benefits: you or them?
