Introduction
After spending a few days down at the shore in New Jersey, I was quite shocked to see how many places were cash only businesses. Not only was it the bars, but also restaurants and shops where no cards of any nature (nor crypto-payments) were accepted. This felt remarkable to me because of the fact that the rest of the country seems to be moving in the complete opposite direction as cash has become something that is more of an inconvenience to accept.
Why Has Most Of Society Begun Ditching Cash?
Here is my source for all of the findings here.
Health Reasons
Cash is actually pretty gross. If thousands of people have used the same bills, we can't really expect that each of those people took "good care" of them. People probably sneezed and coughed on your cash, spilled drinks and food on it, and in certain "venues" those smaller bills may have seen quite a lot of use.
Safety Reasons
It is much easier to cancel a debit card by calling a bank than it is to run down someone who just swiped your wallet filled with cash. It is also the case that you could pretty easily misplace or drop cash whereas if you do that with a debit or credit card you just cancel it and get a new one.
Accountability Reasons
There are many people who are talented at producing counterfeit bills that are spent daily around the country. If businesses are only accepting a debit or credit payment, all fraud is handled with the banks themselves.
Payments that take place using a card are verified through banking statements and often remove much of the risk involving a counting error or a failure to record specific transactions done in cash.
Banks can charge a lot of fees for businesses that are consistently depositing cash, if a business is using a debit/credit only policy, things are taken care of electronically and do not need to be driven over and deposited to an ATM.
On The Other Hand:
I have heard some theories that the reduction in the number of businesses accepting cash can actually be seen as a type of class warfare or oppression.
This article was an interesting read on the issue.
There is an argument to be made that (as historically it always has been) the US government and the corporations that operate within its borders often do not keep low-income people in mind when crafting laws and policies. For example, to hold a bank account and get a debit card, many banks require proof of permanent residency, meaning that someone who is homeless is not even allowed to have a bank account.
By taking cash completely out of the equation, those who are in bad financial situations to begin with will find themselves with more issues on their plates. This is something that many see cryptocurrency fixing in the future, but for the time being the mass adoption of cryptocurrency may be more difficult than just making sure businesses accept cash.
A cashless society may one day be ideal, but laws need to be considerate of everyone in order to begin that transition.
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