CASH BAN 2020 | The END Of Cash And A Cashless Society?

In this video we are covering the debated topic of whether we are headed towards a cashless society. Though some people think cash is not necessary, cities throughout the US have made laws making it illegal to NOT accept cash. The crazy part is that some of these laws have even been made in 2020!

Since 1969, the US has gotten rid of the $500 bill, the $1000 bill, the $5000 bill, and the $10000 bill. It certainly seems like the circulation of cash is becoming less and less, but will cash ever truly go away?

Here are the PROS to going cashless:

1. Paper Trails - When you use online payments, every transaction is documented. This is a benefit for individuals, since it’s much easier to track your income and expenses. By default, it also makes it much easier to budget. For businesses, having all transactions tracked makes accounting and running numbers much faster and more efficiently. It also ensures that accurate numbers are being reported.
2. Security Risk - Along with accurate numbers being reported, fully online payments make understating income, money laundering, and most other white collar crimes much more difficult to execute. Not only that, but if a financial crime does occur, it is a much easier trail to follow. Some also argue that a cashless society would lower crime since there would be no tangible money to steal
3. No Maintenance Trouble - Producing physical cash has a cost, as well. We sometimes think money grows on trees but we know it’s actually made by the Department of Treasury. Aside from printing money, you then have to store it. Cash takes up a lot more space than you think. One hundred million dollars in hundred dollar bills would take up an entire palette (like the ones you see at the grocery store).
4. Convenience - Overall, using credit cards and mobile payment apps like Venmo, CashApp, Apple Pay, etc is truly just more convenient. It limits the amount of “stuff” you have to carry everyday and makes tracking your money much much easier. With fully online banking and no cash, it would also be much easier to deal with tedious things like currency exchange when traveling.

Here are the CONS to going cashless:

1. Broad Reach - Believe it or not, a lot of people don’t have bank accounts.In 2017, approximately 6.5 percent of U.S. households did not have a primary bank account, roughly 14.1 million adults! Whether you don’t have enough money to keep in a bank account or you don’t trust the online system, you are entitled to not have a bank account! If we went to a cashless society, we would be discriminating against those who don’t have or don’t want a bank account.
2. Exposure - It is 2020 and we are no strangers to the fact that our data is being tracked, sometimes we know it is and other times we might not. However, if the United States went to a cashless society, SOMEONE would have all of our financial information. They would know what you spend your money on, where it is spent, etc. Whether you feel passionately about this or not, giving the government that kind of power means you’re giving up a little bit of your freedom.

Overall, I don’t think a completely cashless society is realistic, at least not for several more years.

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DISCLAIMER: Austin Zaback and guests of his videos are not financial advisors. All strategies, tips, suggestions, warnings, and recommendations included in the videos are from personal experience and are intended for educational purposes only. Austin Zaback and guests of his videos do not guarantee any particular results and, as with any investment, risk should still be considered. It is essential for viewers to perform their own due diligence and/or seek the counsel of a financial advisor.

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Видео CASH BAN 2020 | The END Of Cash And A Cashless Society? канала Austin Zaback