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15 Comments

cash is dead so I'm giving mine away. who wants some?

I have several bank notes that have been in my wallet for the past 12 months. They are in my back pocket, approximately 2 inches from my arse. I also have a handful of coins that have been in my jeans pocket for a similar time, again a couple of inches from my crotch.

Any takers? ;-)

Anyone squirming yet!? I hope so because that is the point.

The past year of Covid has taught us all a lot about bugs and viruses and transmission rates, etc. Some people say shaking hands or kisses with strangers will end - I am not so sure.

But for me one of the biggest things that surely must go is cash. What a disgusting thing it is when you look at it rationally. There is no way it would be invented now.

So just like working from home and other lifestyle changes brought about by lockdown, it's time to give away our cash!

As a community of people hooked in to electronic cash and online payments (indeed this forum is owned by Stripe), do you see us going 100% e-money soon? Is cash dead? What are the big hurdles to dropping cash?

And most importantly for us entrepreneurs and hackers, what are the business opportunities that will come of switching away from cash?

  1. 10

    I hope cash doesnt go away. It should still be possible to live off the grid and not have all your transactions logged and potentially blocked, especially if you are just interacting with local neighbors. It's also really important for people that are being politically persecuted or similar. On some occasions in the past, gatekeepers like visa/mastercard have unilaterally shut businesses off. Eliminating cash also means giving more power to power. Yes, crypto could/will help with this, but in most of the world that is still not even close to reality.

  2. 5

    Everyone wants better technology, more convenience and without a thought of what it is that they are trading away. Such is our species. And when money drives change, majority don't realize & everyone has to simply adopt.

    The world is moving towards cash-less but it comes with increased surveillance & loss of privacy. Cash, still has some benefits, though monetary policies are killing it.

    As entrepreneurs, we just take advantage of the tide and lift our boats. And when you have what it takes to fight the tide, you take that battle.

    1. 1

      if increased surveillance & loss of privacy is an issue then fight it and find ways to fix it. But do not use it as an excuse not to move forward.

  3. 4

    On the other hand, people from most developing countries can't think about this.

    1. 1

      really? Many developing countries have mobile phones so what else do you need?

  4. 2

    I was in IKEA this morning and witnessed at least three “fights” while waiting in the queue to checkout because they are not accepting cash and this caught out a few people.

    I don’t think it’ll ever disappear completely but yeah it’s going to be the pariah of the transaction world.

    1. 1

      I am sure there is some archaic law still in the UK that says they must legally accept cash. but anyway, yes that is nuts - as if a trip to IKEA isn't horrible enough without that hassle ;-)

  5. 2

    I will gladly help you dispose of your cash.

  6. 2

    Good questions, worth thinking about.
    I live in Europe, Germany, not a developing country. Here it's visible since the pandemic people are going off cash. Even shops without an option for card payment received support from the government for going cash-less. Before the pandemic people said that in Germany you can't live without cash. Now I pay with cash about once a month.
    On the other hand, in my opinion, people should change, too, not just by pressure caused by the pandemic.
    However, I'm not so sure if this related to the growing surveillance as @ashfame wrote. In my personal opinion it is growing, for sure, but not because of this reason, or not because of this reason only.
    I also agree with @fersarr: it shouldn't appear because of those reasons. I also wouldn't like to find myself in a world, in a situation, where I can't go off-grid, however, I'm sure I can't live without a certain amount of technology.
    I also agree that we have to find and grab our options in this changing world, that's why we are here, also in this community.
    @steveprocter Just an idea to make it on the good old way: I give you my post address, would you send me that money in a snail-mail?

    1. 1

      This "go off grid" that a few people have mentioned. Sorry I just don't buy it. We have been on grid for centuries.

      It reminds me of the people here in the UK who are going crazy right now that the Government may introduce a vaccine passport. Yet these same people have jobs and NI/tax numbers and a mortgage and bank account; oh and yes, google, facebook and indiehackers accounts.

  7. 2

    Today I was stopped by someone asking for "spare change" and I said I don't cary any. His reply back was "who does these days... I don't know why I bother".

    We are def. ready to be cashless in the modern society. However, not so sure in areas that don't have access to the internet or technology... but you all prob. know that right?

    1. 1

      in London I've come across homeless people with card reading devices. I can't recall who offers it now, I think it's done in conjunction with a big homeless charity.

      TBH, I think the "oh that sector doesn't have access to technology" is losing ground as an excuse.

  8. 2

    I can't wait until we get rid of cash and cards. Maybe eventually even my driver's license will be on my phone (or some kind of embedded chip).

    In the short term, I can see a few shifts happening:

    • More messaging/community apps will incorporate payments
    • Marijuana dispensaries will move towards crypto (they still rely on cash because it's tough to bank)
    • Phone to phone payments will eventually work cross platform and be as easy as a tap
    • More online only banks will join the market, driving down prices and improving service

    I'm sure there's lots of other things, so looking forward to what others think!

    1. 1

      yep it'll all be on the mobile!

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