Is a cashless society a possibility or a delusion?

Question

The very idea is intrigueing, but what are some of your thoughts?

Answer 1

From looking at the other answers, I don't think people realize that we are already living in a largerly cashless society. For most people cash is just not practical. When did you last time pay mortgage by going to a bank with a pack of cash in your hand? Or paid a bill in person using cash? Even small purchases like groceries are much more practical with some sort of plastic (debit or credit).

Cash will be around for a while because there are nitches where it's hard or impractical to replace with a cashless method. Examples could be bus fares, vending machines, mobile vendors, parking tolls, etc.

Also, ther is a large percentage of population that, for various reasons, prefers to hold on to real in-hand cash rather than to some imaginary computer record. And, don't forget criminals. Many criminal activities would not be possible if cash did not exist.

But the largest percentage of US dollar cash users is overseas. Although on the dramatic decline, US dollars (cash) are still currency of choice in many places.

Answer 2

Of course it is possible, the question is whether it is likely.

Our grandparents generation would have thought a society that is forced to report their entire life to the federal government once per year (April 15th (tax day)) is not likely. But we've been living with just such a "Big Brother" system for years.

Personally, I think it is inevitable. The government knows that they can control every aspect of our lives if they force us into a cashless society, so it is only a matter of time.

Gee, wouldn't it be nice if we had some document or law that protected us from the government controlling every detail of our lives?

Answer 3

A society without a monetary system is basically a barter society. Nothing inherently wrong with that except that it makes the exchange process really slow and the value of production extremely difficult to quantify.
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Addition:
It seems people do not understand the difference between cash and currency... Cash is any currency, coin, legal tender, and check. A debit card IS a check conducted electronically and thus it is a technological form of a check. While technically a credit card isn't a check or hard currency, the credit company pays the business (in the form of a check) and you pay the credit company back in either a currency or check. If this question means a society that no longer trades legal tender (hard currency) but maintains a monetary system then... yes it is clearly possible.
P.S. Yes most businesses are incorrect when they say cash only, no checks... What they mean to say is legal tender only, no checks.

Answer 4

In a truly cashless society (all money is tracked electronically) then a sufficiently skilled black hat could make himself a billionaire overnight. There is no system design possible such that someone couldn't figure out a way to counterfeit e-money. At that point, even the bits become worthless--what's the point?

Also, enough people would be suspicious of the government or Big Business tracking each and every purchase they make that people would revert to bartering--the most ancient economic system.

Answer 5

It's already here, in the form of debit cards, and will only accelerate as the world races to its' inevitable end, as lemmings going off a cliff.

Answer 6

I'm sure there are many obediant slaves out there who will be just fine with allowing the government to put micro chips inside of them for cash transactions and OTHER THINGS!
Just look at how many people still support the current President.

Answer 7

Wouldn't work. People work for money. Nobody would be a garbage man unless he got something out of it(money). It's just like communism where ppl wouldn't work hard for no reward. Also if someone wanted an airplane how would they get it if their is no money? who would have the motivation to build it and give it away for free? Money is motivation. Take away motivation and what do you get? Why should lazy ppl have as much as hard working motivated ppl?

to the comment on top....children don't see the need for money becuase (usually) what they want is given to them, by their parents. They are on a free ride and dont have to work for anything becuase ppl work for them.

Answer 8

Hope not. I like being able to spend my cash and not have the government or credit card companies track my every purchase.

Answer 9

nothing wrong with money per se, but check out the problems with the current "Central bank" system--that should be dealt with first before anything else is touched.

Answer 10

Hard to make work properly