The end of cash? How our digital economy could lead to a cashless society
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- čas přidán 8. 07. 2020
- Americans LOVE cash and don't want to see it go away, but the U.S. is already more of a digital economy than we know - #bitcoin, Paypal, Venmo, crypto, etc. Does that mean we are headed for a cashless society? Good news: LOTS of people love cash, but as author David Wolman explains, we use information technology more now. The creator of the 2 dollar bill documentary presents this end of cash scenario that is making news today.
I think it's far to easy to spend money with contactless, you just tap away without really thinking just how much you're spending. On the other hand, you think twice before parting with a £20 note
Very true.
Good point.
Cash is freedom.
That is the intrinsic value of cash.
End of cash means of end of freedom.
Not disagreeing, but out of curiosity, how much cash do you have on you right now? If it's very little, then you're not benefiting from the very freedom you're seeking.
@@TheTwoDollarBillDocumentary
We really dont need a lot cash if there is trust in the system.
Once it's gone, then people tend to hoard cash, dont they?
NIRP/ZIRP has killed the trust.
Restore it instead of eliminate cash.
The same system of trust applies to cash. We can hoard it if we lose trust in the system, but without that trust, cash may be just as worthless. It's a slippery slope! Ultimately, I don't think cash is going anywhere anytime soon. It may not get used as much, but it will be there and have value unless some new, major crisis or development comes around.
System already set up to keep the rich rich and poor poor. Cashless will surely tightening the collar on the poor neck.
Digital only would make it too easy to overspend.
Already does!
@@TheTwoDollarBillDocumentary yeah lol
Digital is more unsafe than fisic, hackers easilly could steal you.
Sweden and some other countries are well on their way to eliminating cash transactions. This is a trend towards the elimination of paper money (and coinage) and a migration towards government monitoring of all funds flow. In crisis times, cash will be necessary if electricity, communications etc. are trashed (think seismic events or AC grid failing). But the Pandemic has gone a long way to showing how cashless society works (many people think currency and contain plague-like germs).
Very well said. Great points.
Keep cash
I know a lot of younger people don’t carry cash. For me when I was younger the best gift was cash in the envelope.
Isn't it always?
@The Two Dollar Bill Documentary
I guess it is!!
I still love cash more than my cards
I'm a teen and carry cash on me at all times. Never know if it's a cash only place or the card reader could be broken
Cash is premium & has always been it will be far from long until it gets eliminated ! With cash people can get price breaks such as gas stations. Plus when you go to casinos cash is required when you need chips & to play slots
All true. I don't think it's going to disappear completely, but it is being used less.
One thing I worry about going cashless is price stability. One concept I learned in macroeconomics and was fascinated by was how inflation and deflation can act like self fulfilling prophecies in a country. If people expect inflation to happen, then how they use their money as a result of that expectation can induce that expected inflation. It happens with deflation too (and it's a lot easier to comprehend it too), where if you expect the value of money to go up, or the prices to go down, you're much less likely to go out and buy anything other than your necessities, and then businesses have to lower their prices to bring in the revenue they need to keep afloat thus reinforcing the deflationary spiral.
With all that in mind, faith in a currency is very important to keeping stable prices. I think if we got rid of cash entirely and people have less of a physical representation of money, of production, of value, in their lives, I could see that having an unintended side effect of the population being more vulnerable to losing trust in the currency if/when trust in government goes down. Or if the government does increasingly irresponsible things with the currency for political gain (thank god for Federal Reserve independence). If people can't use currency freely without feeling like they're over-relying on government and financial institutions in the event of irresponsible monetary or fiscal policy, I think they may feel more helpless and quicker to ditch the government issued currency.
Again, I'm not an expert by any means, but these are just my thoughts.
Also, great video!
Those are all really good points worth thinking about. I don't think cash will ever go away, but like David says in the video, it will become like the pay phone where you just don't see as much anymore. People will have it on hand for emergencies and other needs, but the convenience of an ATM card or swipe of the phone makes cash less likely to be seen as much as it used to. Thanks for the comment.
Don't think we'll have a cashless society anytime soon. For example if the computer goes down you can't use your card. Paying with by phone rely on good connection. If the connection is bad you can forget it. Cash you don't have that problem. Also it's harder to track you if your spending cash. Say you trying to get away but don't want anyone to track where you are. Cash is better. If you use a card you can easily be track.
Cash is king. Yes it might be used less in the future, but it will still be used. We have been using cash for many years and that familiarity is what will keep it going
I'm a currency and coin collector BUT i rarely carry any cash on hand and even less coins plus rarely go to stores except coffee/fuel/supermarkets. Much easier and quicker to pay with debit/credit cards
Good news: Norway has added a law now requiring the preservation and acceptance of cash payments at businesses despite nearly being a chase less society.
There is value in that paper, the gov dont know what you have in your wallet or hidden away.
Yeah, but it will come a time where cash won't be accepted anywhere. It will have no value.
That’s why they want control because they wanna know everything u have so they can keep that in mind and so u can no longer have undocumented savings or a private sale everything has to be documented
Another fascinating addition to the $2 Bill documentary. Doesn't surprise me though. I have the same cash in my wallet I had when the pandemic started in earnest in mid-March. I haven't used cash since. All credit or debit card.
I've got a micro business and I only accept cash because it's "free" to accept and deposit it. In other words, I don't need to pay for third party technology to facilitate the transaction.
I haven't used (or needed) cash in quite a while. (in fact since the pandemic started, more and more businesses in Australia are either refusing to take cash or telling people "please pay with card if at all possible" which is fine by me). Even the Coke machines at the train stations take card.
I think the few places I still use cash are at a few businesses that either have minumum limits for card (i.e. "min $5 on card") or charge ridiculous fees for paying with card (taxis in particular are notorious for charging ridiculous card surcharges). That and a few food trucks or vendors at expos that just don't take card at all.
That's another great reason that certainly could have been included in this video. Great comment - thanks.
Hi. I live in Brisbane Australia. Brisbane city is allmost cashless. Meaning, for most transations done by paywave, going on public transport, we use whats called go card, a seperat card that pays the fair. topped up over the internet. The systetem has been in use a long time and now no money is carried on the buses.The buses do not accept topups or cash. the card is used on the ferry and trains. So with systems like i have just described, I am myselfe have gone digital. all my payments, shopping, bills, money transfers all done on my SMARTPHONE. I AM READY. I AM DIGITAL.
Gerard.
Very cool. Sounds like you are way ahead of the U.S., but here in the states, people still love cash, the feeling of it, the security of it, etc. It makes sense for it all to be digital, but it probably won't happen here for a while. Interesting to see how it's working there though. Thanks for the comment.
As long as there are businesses such as strip clubs, there will always be cash.
Lol
The government would mess up the drug dealers. When the cash they have hidden will soon be nothing. The government can easily cease drug dealers account in the future.
Hi. Thanks for your comment. I forgot to mention that our goverment had rolled out welfare debit cards for people who are on benifits, homeless, and on the street. So with systems getting in place, transations are tap and go weather you use a smart card, phone, watch and/or a transport card to travle. the removale of the 5 cent and 10 cent coins, we maybe 5/6 years from becoming totaly cashless hear in Australia.
Personaly I can not wait for that to actully happen but it is slowy happing.
Gerard.
The love of money is the root to all evil.
Can you do a video on the rarest $2 bills?
Sounds like a good idea. It's been covered in different ways in other videos, but this could be a video more directly about rare $2s. Thanks!
Non-cash money has its own ways of tricking you and it requires more infrastructure than cash.
No thank you its wrong to do away with money
It's just speculation, with reasoning. We're a channel about the $2 bill - the LAST thing we want to see is the end of cash!
In god we trust on the money really means in government we trust. The government is playing god.
Thanks for the reply. All i can say on how is it working hear well you have to come for a visit to Brisbane and experiance the city at first hand.Thats the best answere i can give and you can do an report on the experiance as well..
Gerard.
Reverse evolution!?
Maybe!
Cash is King 👑
We should talk to banks and team up to tell them to use money more and to take out credit cards away for ever
New video! Yay!
Bring Tigey!
Yayay
I won't shop where cash is not accepted.
Can you do a video on all the different countries that produce $2 bills?
It's in production! I've shot my host intro and am getting the rest of the info to make the body of the video. Might not be ready for 3 weeks though.
The Two Dollar Bill Documentary Awesome! I will be there when it premieres!
@@TheTwoDollarBillDocumentary i shot my host :O
Cash will always be welcomed. Let us say a store's electronic money system (I.e. credit cards) went down. You can still use cash. Cash also gives you a physical representation of how much you have.
With a card you must go to an ATM or an app to tell you and even then,there may be things out there that are not recorded.
Not to mention physical money is harder to trace. It won't record you buying an item that you don't want others to know about.
Completely agree. But do you think the points David makes in this video are valid?
@@TheTwoDollarBillDocumentary Maybe a bit. Money has no real value aside from what the government says it is worth. But I do not see cash going the way of the pay phone.
I love cash as much as the next guy but we can't MAKE stores take cash if they aren't set up to accept it anymore. Sadly, I see this as inevitable. We can only hope this transition is slow in coming.
Your first point about electronics is right on point. If they get rid of cash then people would have nothing to use as legal tender during power outages. Every hurricane/flood/blizzard etc would turn into a humanitarian crisis.
NO! Corporations will be raking in YOUR money. It also makes the population more controllable.
2:12 what part of the hotel would they not allow you to film in when the entire hotel probably has cameras recording 24/7? Do as we say, don't do as we do?
Good catch. We filmed the first part of the interview in a public, downstairs area, but were kicked out and had to go up to David's room. Not much you can do at that point.
Yes there is a decline of production of paper currency and coin but it wouldn't hurt to keep some on hand for now. Who knows what the future holds but one thing is for certain people will continue to exchange "things" of value with one another in the future.
Absolutely. I personally don't think cash will ever go away.
Cash is like men's neck ties. It doesn't seem weird and it seems natural because we have always seen it from the moment of our first sentient perceptions.
Though not using cash could be bad as if all your money is on a card if something happens to the card your money is locked up in a card and you just lost your money
My gas station gives giftcards if you need change. 🧐
Me sees title me: PLEASE NOOO!!!!!
Who is all gonna get that rfid chip implant? Asking for a friend
Wish I knew
it would be a tragedy if we stopped using cash and especially the two dollar bill Also I two dollar Hong Kong Dollar coin before .
I agree. I think we're safe for a long while though, even though the use of cash is diminishing. People still like it too much.
With no cash or coins.... what will happen to the local yard sales???
They'll be accepting payments through Square on their tablets
@@TheTwoDollarBillDocumentary it's a rip off paying these third party corporations to facilitate transactions that could be done for "free" using cash
I got 5 two dollar bills from my moneychanger here in Manila. They all were stamped at the back with a message telling where to get golden dollars and two dollar bills. What does this mean? I can send some photos if you can help me identify them.
Some individual probably put their own stamp on them. It's meaningless. Hopefully a vendor will still take them if you spend them. If they ever ended up back at a U.S. bank, they would be removed from circulation.
Cash is King. It boggles my mind that so many people carry zero cash. What about tipping the valet or the tooth fairy?
Good point. Nowadays you can even tip electronically (have valets figured this out yet??). Good to hear from you Bill!
I love cash
Kenneth Gomez me too
Cash is so much better than credit cards
Why were $2 bills made again in 2003 and in 2007
Because there was sufficient demand for them. Here's a video explaining why they still make them: czcams.com/video/_Bzg9pNVePk/video.html
CASH IS KING!
Sure is
@@TheTwoDollarBillDocumentary and the 2 dollar bill is a beautiful peace of history and art and should be a common bill
It actually is a common bill - there aren't many more $50s or even $10s in circulation than the $2. And they're still being printed. But people don't treat it that way. If they just used what was out there, we'd see the $2 all the time.
@@TheTwoDollarBillDocumentary i know there are around 1.4 billion $2 and 1.9 billion $10 bills in use not much difference
#TwoDollarBillDocumentary
The problem with your declining cash argument is: 2020 was exceptional due to Covid-19 and less people using cash. I'd like to see how much cash gets printed in 2021.
On the digital side of the equation, a dangerously large percentage of our money supply was digitally created out out of thin air during this crisis and the 2008 financial crisis.
Right, but the 2020 poor numbers reflects what was printed in 2019, BEFORE COVID.
The government will eventually eliminate cash in order to more effectively tax every transaction. Even cryptocurrencies, if they become popular enough and can handle the scale will be nationalised. Keep using your cash or one day it won't be there for us.
Perhaps paper money (as we know it) will continue to be honored between people after it is deemed no longer acceptable for payment by businesses. This is part of the Federal Reserve's plan to own it all.
Makes sense, but if people exchange it amongst themselves and it has no value outside the home, why would you want it? It'd be like me giving you a rock for your new TV; the rock may have value to each of us, but it's useless unless someone else will sell you something for it.
Understood. I was thinking of ‘services rendered’. For instance, I give my landscaper cash every time he cuts the grass. Not sure if he’ll know how to deal with bitcoin. Guess a lot of bank tellers will be out job hunting too.
Maybe not. I've been to the bank many times without doing anything with cash. But I think your initial comment is correct - people will still value cash and if nothing else, accept it amongst each other.
Digital is more unsafe than fisic, hackers easilly could steal you.
More like the infinite economy where’s there is no rich And there is no poor
2 bill documantery.is there such thing as 2 coin
yes there is here it is
never mind i cant insert an image
Not in America. In Canada, they have a $2 coin called the toonie.
@@TheTwoDollarBillDocumentary That was a question from me a while back for potential future video. It would be cool to talk about the USA and other countries' experiences with their version of the $2 bill and efforts to replace it with a coin
@@TheTwoDollarBillDocumentary there was even a poll in Canada to see if Canadians would be willing to get rid of the five dollar bill in favor of a five dollar coin but the public said no.
What would money be without cash?
Like David says in this video, 1's and 0's on a server somewhere.
It can be argued that fiat currency such as we have now is not money, but simply a representation of money because it has no intrinsic value (hence, fiat) such as the gold and silver notes did.
Electronic "money" is just another step in the evolution of fiat currencies.
I'm not in any way saying that I want a cashless economy or that I think that it's good . . . just that it seems a logical step.
We must never forget that the idea of money is a fiction we all agree to operate by; neither money nor anything else has any value except whatever goods or services one is willing to exchange it for . . . or vice versa. Even today in the most modern economies, there are those who, to some degree, barter goods and services by mutual consent without using any representational "currency".
Nice sales pitch for digital money! I wonder who he works for? Hmmmm
Uh... no one. I've got 50+ videos on this channel and I look for interesting content to make. That's pretty much it. But thanks for making baseless assumptions.
No cash no problem no purchase good luck with your store
End of cash leabe it alone stppakong covif an excuse
Poor not going to work!
I’d love to see cash go away. It costs more to produce and circulate it.
You, my dear 🐑, have been brainwashed 😢
willow whisper I work with money all day... I meant it for that. I understand the meaning..