8 years ago
2
The truth about the death of cash
Will cash disappear? Many technology cheerleaders believe so, but as Rose Eveleth discovers, the truth is more complicated.
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I hate carrying cash (especially coins) around with me, which is one of the things I dislike about traveling. For day to day transactions I use EFTPOS or credit cards. Almost all retailers here have electronic payment capability, so convenience/availability isn't an issue. With regards to reliability, I have a twenty dollar bill I carry around with me for emergencies, and only use that once or twice a year. Anonymity isn't that big a deal when doing grocery shopping or paying for a meal.
I do agree that we have an irrational relationship with notes and coins and realised this playing blackjack in the casino. I didn't have issues making $25 - $100 bets using chips, but when gambling with cash, even a $10 bet makes me think twice.
Anonymity may not be of great import but I believe one day people will realize just how much tracking comes with credit cards and the like. I can't even buy a birthday gift without it being available to my SO in our account details. How is that a surprise? Sometimes giving my nephew a bit of cash is cheaper than a gift card that might require an activation fee. Sure what's two dollars but still. There are plenty of reasons to use cash without need for anonymity, so I don't think it's going anywhere.