How Quickly Will A Cashless Economy Exist?May 4, 2019
When I was a little boy, I remember my parents giving me a small allowance each week. Every Saturday, if I had completed my chores, I received a small amount of money. I looked forward to my weekly allowance because I was taught that money had value. I was taught that if I saved my money in a bank that it would slowly increase over time. Once a month I would go to the bank and deposit a few dollars.
As I grew older, I began using credit cards more often and ended up using cash less and less. Every month when the credit card bill would come in the mail, I would write a check from my bank to cover these expenses. Every now and then I would use cash to pay for my purchases but 80% of my transactions were paid for with my credit card.
Then in 2016, I started hearing about bitcoin for the first time. It was very interesting to me to learn that I could send money to someone or to pay a bill without using cash or writing a check from my local bank. I was fascinated with everything I was learning about related to bitcoin and cryprocurrency. I was so excited about what I was learning about cryptocurrency and blockchain that I began telling my friends about it. I was surprised to learn that none of my friends had even heard about bitcoin. They were quick to warn me that digital assets were fake and that I should stay away from bitcoin and other cryptocurrency. Since 2016, much has taken place in the cryptocurrency community. Massive growth is taking place on so many levels.
I went to the store the other day to purchase some electronic accessories. It was a well-known computer store in the United States. I selected two items and walked up to the front of the store to pay for them. There were three checkout lines. I was shocked to learn that only one checkout line accepted cash. The other two only accepted credit cards. I asked the clerk, “Why don’t all the checkout lines accept cash?” He told me that only a small number of people pay with cash. A vast majority of the customers pay with credit cards.
It seems that cash is no longer as important as it used to be when I was a little boy. I turn 62 years old this year. Over the course of my lifetime, I have seen cash used less and less in stores. Most people use credit cards.
With the growing interest in cryptocurrency, there will be even less purchases made with cash. I may still live to see a cashless economy during my lifetime. Several years ago, we had friends visit from Norway. They told me that there is almost no cash used in Norway for everyday purchases. In fact, my friends said they never use cash and credit and debit cards are very popular. I have a friend in Australia and he pays all of his bills from his cell phone. He rarely uses cash. Interesting!
I still enjoy carrying in my wallet both cash (US dollars) and my credit cards. I grew up paying for all my purchases using cash. As much as possible, I still pay cash for my smaller purchases. As I look towards the future, I can see a cashless society coming soon. We will no longer be using cash to make everyday transactions.
I look forward to that day when I can start using cryptocurrency more often. Mass adoption is slowly happening. Every day I talk to someone about it. Just today I had lunch with a young man and we were talking about cryptocurrency and mass adoption. What about you? Do you see a day when cash will no longer be used to pay for your purchases?
Feel free to drop me a line at [email protected].