Here’s How a Cashless Society Would Affect Day-to-Day Life
by Daisy Luther
Posted September 25, 2020
Have you ever thought about the ramifications of a cashless society? I’m talking about the real, first-person effects, not some ephemeral conspiracy theory or possible biblical prophecy. This is bad news for a lot of reasons, not the least of which are the ways it would affect day-to-day life.
Cash would no longer be legal tender, therefore you could not make purchases with it, pay bills with it, or spend it in any way. You would not be able to deposit cash into your bank account so you wouldn’t be able to accept cash for an exchange of goods or services.
What happens when there’s a Cyprus-style event and the government decides a bail-in is in order? If you don’t recall, back in 2013, billions of dollars were seized from depositors to protect the small country’s banking system. This was done to make good on an $11.6 billion dollar debt owed to creditors outside the country. More…