Cash payments have become much less prevalent over the past decade than in generations past. In fact, all over the world consumers are using credit and debit cards more and more, while the use of cash is becoming a relic.
“By denying the ability to use cash as a payment, businesses are effectively telling lower income and younger patrons that they are not welcome,” said D.C. Council member David Grosso.
Those without the means to make digital payments are obviously excluded from the service of businesses, while others are simply forced into a payment system they’d rather not be a part of, citing reasons of privacy and trust.
While this move to a cashless society may hurt people on the poorer end of the economic spectrum, it’s not realistic to stop the societal movement to digital payments. Cashless payments make transactions faster and more efficient at the point of sale, but businesses can also save time and money in back of house processes such as accounting.
Going cashless can even allow a business to have a smaller staff, again providing relief to the business’ bottom line. In addition, governments will enjoy the increased tax revenues that come with a cashless society.
The government will save in tax collection due to the automated nature of cashless payments while also benefiting from the increased spending that credit and debit cards lead to.
This is where cryptocurrency comes in. Bitcoin and other cryptocurrencies can act as a form of digital cash. With cryptocurrency, consumers can spend funds digitally, but with the privacy and convenience of cash. In a world where cryptocurrency is widely accepted, people would not be forced into relying on a centralized system.
Consumers could spend freely and confidently, without agreeing to accumulate interest on their purchases or submitting all of their personal and sensitive information to a possibly non secure entity that could allow hackers to make off with names, addresses and social security numbers.
It’s important to ensure people from all socioeconomic groups to have equal access to everything society has to offer, but forcing businesses to accept cash would be holding back progress and slow down the speed of business.
A move to cryptocurrency will allow consumers to make transactions without being chained to a credit card company but also help to make businesses run smoother and governments collect tax revenue more easily and efficiently.
