The Michaels near me has really obvious signs that are discouraging cash. It’s in the suburbs of Tampa, Florida.
Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
I always try to pay cash for coffee, cigarettes, etc. I always pay with bills, scrutinize the change then into a quart soup container by denomination. Wouldn't it be more economically sound to use dollar coins? A dollar bill lasts what; a few years. Coins last forever. It would wear holes in our pockets but i wouldn't mind.
@GiveMeProof said:
I always try to pay cash for coffee, cigarettes, etc. I always pay with bills, scrutinize the change then into a quart soup container by denomination. Wouldn't it be more economically sound to use dollar coins? A dollar bill lasts what; a few years. Coins last forever. It would wear holes in our pockets but i wouldn't mind.
Actually, recent studies show that bills last longer and it is not economically sound to switch to dollar coins.
All comments reflect the opinion of the author, even when irrefutably accurate.
As with most things though, there is a segment of society that only uses cash, which I would refer to as the un-banked. They don't have a bank account. And without a bank account cash is your only option. It's just fundamentally wrong for society to require someone to use a bank to pay fees to and hold and process their money. These are usually the poor, the homeless, and people with low or no credit. So while some of these solutions seem fine for most of us, it's really harmful to that population.
As with most things though, there is a segment of society that only uses cash, which I would refer to as the un-banked. They don't have a bank account. And without a bank account cash is your only option. It's just fundamentally wrong for society to require someone to use a bank to pay fees to and hold and process their money. These are usually the poor, the homeless, and people with low or no credit. So while some of these solutions seem fine for most of us, it's really harmful to that population.
Actually if you read the article, they suggest that a Fed digital currency actually benefits the unbanked by actually decreasing their finance costs. If you've ever been in a PO near the first of the month, you'll see people spending $20 on money orders to pay their bills.
The problem is not the unranked. It's the digital divide. But there are ways to overcome that and it has been decreasing over time.
All comments reflect the opinion of the author, even when irrefutably accurate.
As with most things though, there is a segment of society that only uses cash, which I would refer to as the un-banked. They don't have a bank account. And without a bank account cash is your only option. It's just fundamentally wrong for society to require someone to use a bank to pay fees to and hold and process their money. These are usually the poor, the homeless, and people with low or no credit. So while some of these solutions seem fine for most of us, it's really harmful to that population.
Actually if you read the article, they suggest that a Fed digital currency actually benefits the unbanked by actually decreasing their finance costs. If you've ever been in a PO near the first of the month, you'll see people spending $20 on money orders to pay their bills.
The problem is not the unranked. It's the digital divide. But there are ways to overcome that and it has been decreasing over time.
I do agree that the digital divide is more of the problem and digital currency will eliminate fees and costs. That segment of the population and the unbanked are almost the same group. Their lives are too chaotic or disorganized to effectively manage anything other than coins and paper in their physical possession.
Comments
The Michaels near me has really obvious signs that are discouraging cash. It’s in the suburbs of Tampa, Florida.
All the Coinstar machines and bank coin counting machines show that coins are still used, but perhaps in a different way than years ago.
Not as many people carry coins as in the old days. More people save them up and then cash them in.
I always try to pay cash for coffee, cigarettes, etc. I always pay with bills, scrutinize the change then into a quart soup container by denomination. Wouldn't it be more economically sound to use dollar coins? A dollar bill lasts what; a few years. Coins last forever. It would wear holes in our pockets but i wouldn't mind.
Actually, recent studies show that bills last longer and it is not economically sound to switch to dollar coins.
All comments reflect the opinion of the author, even when irrefutably accurate.
https://www.pewresearch.org/short-reads/2022/10/05/more-americans-are-joining-the-cashless-economy/
The trend is pretty clear
All comments reflect the opinion of the author, even when irrefutably accurate.
https://www.google.com/amp/s/www.brookings.edu/opinions/cash-will-soon-be-obsolete-will-america-be-ready/amp/
Major countries already running trials of a digital currency.
https://www.frbsf.org/cash/publications/fed-notes/2021/may/2021-findings-from-the-diary-of-consumer-payment-choice/?amp=1
Only 19% of payments were made in cash.
All comments reflect the opinion of the author, even when irrefutably accurate.
As with most things though, there is a segment of society that only uses cash, which I would refer to as the un-banked. They don't have a bank account. And without a bank account cash is your only option. It's just fundamentally wrong for society to require someone to use a bank to pay fees to and hold and process their money. These are usually the poor, the homeless, and people with low or no credit. So while some of these solutions seem fine for most of us, it's really harmful to that population.
Actually if you read the article, they suggest that a Fed digital currency actually benefits the unbanked by actually decreasing their finance costs. If you've ever been in a PO near the first of the month, you'll see people spending $20 on money orders to pay their bills.
The problem is not the unranked. It's the digital divide. But there are ways to overcome that and it has been decreasing over time.
All comments reflect the opinion of the author, even when irrefutably accurate.
I do agree that the digital divide is more of the problem and digital currency will eliminate fees and costs. That segment of the population and the unbanked are almost the same group. Their lives are too chaotic or disorganized to effectively manage anything other than coins and paper in their physical possession.