The end of Cash

[Born Hunter 17,843]

I think it's wrong to believe that cash will always exist. There will undoubtedly always be people who prefer the anonymity that cash offers but the only reason the pound sterling has value is because of the trust that the market (users) have in it. The moment the Bank of England stop supporting cash currency (as a result of the market moving to digital) I suspect that it will rapidly become untrustworthy, of limited acceptance and be on borrowed time. The digital pound sterling, still supported by the central bank and the market will continue strongly but the cash currency pound will diverge into a separate currency with most probably a falling value until it's death.

There may then be a demand for other trusted cash currencies, like the US$. This is happening in, I think, Zimbabwe now, due to the hugely unstable Zim$. But again, if the reason for this in the UK is because the majority of the market (users and businesses) don't accept the US$ as currency then it has limited use. It should also be noted that the US$ in Zim' has become it's own currency in that it's value doesn't reflect the value of the actual US$ due to it's limited availability in the country. There's a growing demand for it but a limited supply of 'greenbacks'.

The reason I say all this is that I see a strong trend of society moving away from cash entirely with no concern of the power that digital currency gives to the establishment. It's in the establishments interest to not have us using cash and so we are giving them an open goal.

Edited July 26, 2018 by Born Hunter
wording

[Gav 1,708]

2 hours ago, walshie said:

"Only £100,000". lol. 

That's cheap for a5 bed detached in its own grounds with a barn as big  

[shaaark 11,003]

3 hours ago, Kerny92 said:

Foot in mouth......

 

2 hours ago, walshie said:

"Only £100,000". lol. 

Just had to double check I wasn't still on the 'aliens' thread 

[j j m 6,600]

I don't carry cash just my visa

[Chaff 3,636]

Just now, j j m said:

I don't carry cash just my visa

You sound like an immigrant

[walshie 2,804]

24 minutes ago, j j m said:

I don't carry cash just my visa

Must be very handy when you want to buy a stamp or tip the postman. 

[king 11,985]

never carry cash allways card.even a pack of fag papers i scan the card.

[terryd 8,782]

5 hours ago, Gav said:

I paid cash for all my houses, this one was only £100,000 granted, but still have a few hundred grand stashed in cash, don't want the system knowing what I have or the tax man taking my kids inheritance, cash all the way for me! 

you better start cycling them twenties for new tens now

[Gav 1,708]

9 minutes ago, terryd said:

you better start cycling them twenties for new tens now

Mainly £100 notes I get  Can only spend them here though, no one in England will take Scottish notes anyway. 

[Greyman 30,183]

I don't even want to comment but threads like this and the reply,s from many, show that total government control is only one generation away and that generation are walking blindly into it, these things should be resisted by everybody that cares about freedom and liberty, but all you hear is if you have nothing to hide you have nothing to worry about, bollacks, it's all about total control of your life's, the authority's can't turn on and off a pocket full of cash to suit there own ends, but when cash is gone they can just switch you off whenever they want the minute you fail to conform or do what's expected of you, fools blind fools

[Meece 1,958]

Father told me cash is king son, and it has always been so but it is changing rapidly. I usually used to carry two wallets with about 600 in each which was handy if you came across something very reasonable and you could buy it now. But virtually everything is card now so the wallets have gone and it is down to a mix of 20s, 10s and 5s to about quid which is enough If needed. I carry 2 cards and use one of them for aĺmost everything. The other year India scrapped  the two largest denomination notes with only a few hours notice and even government  insiders werent told of the event. You could plant as  much money into bank a/cs but over a certain amount you had to prove that you had paid tax on it. If you couldn't prove that then you had to pay the full tax on that amount and then a fine of 200% of that. Because India is such a rural country it didn't work well with having no card machines. It will co e because the gov wants to stop you having a deal and them not getting any of it.

[walshie 2,804]

As said, I don't mind using a card for the odd bigger purchase, but I think cash is easier to keep control of. If I go out with £50 in my pocket and come home with £20, it's obvious I've spent £30.

If I used a card for a pack of fags, a cup of coffee, a newspaper and some chewing gum at different shops, it soon mounts up and I'd have no idea how much I'd spent till I got my next bank statement in - unless I wanted to go through loads of receipts for a quid here and 50p there. Much easier to look at the two £10 notes in my pocket. 

How can using a card be any more convenient than handing over a fiver?

[dytkos 17,864]

Seen people do the contactless thing in the pub with their Apple watch

Cheers, D.

[Born Hunter 17,843]

10 minutes ago, walshie said:

As said, I don't mind using a card for the odd bigger purchase, but I think cash is easier to keep control of. If I go out with £50 in my pocket and come home with £20, it's obvious I've spent £30.

I'm the same. Take out a lump regularly and I think the act of having to replace that lump is better for self regulating than just 'bleep'.

10 minutes ago, walshie said:

How can using a card be any more convenient than handing over a fiver?

I can see how it's more convenient. You simply don't need to get or carry the cash. Also I honestly think these days there is a growing view in culture of cash currency being illicit, technophobic, outdated and even just intentionally awkward. There's a sense of progress and superiority in using modern tech methods of payment and the people that don't are simply anti-progress.

Edited July 26, 2018 by Born Hunter

[walshie 2,804]

Wetherspoons have an app where you don't even have to go to the bar to order, let alone pay for it.