NOT GONNA HAPPEN
We Can Never Replace Cash With a Digital Currency
Too many obstacles
I live in a world of digital money. I mostly pay by credit card because I love that cash back. Very few bills are pulled directly from my bank. I don’t buy anything with cash.
I usually carry less than forty dollars in cash for tips or just in case some merchant’s credit systems are wonky. For me, abolishing cash and switching to digital currency would be painless as digital transactions only need a working internet.
Whoah! Can you imagine the mess if a solar flare took down the global internet and we couldn’t buy anything? Well, yeah, but it would be a mess anyway. How much cash do most of us have hanging around? Whatever it is, it wouldn’t last long. Most of us would probably be out of everything but what’s in the penny jar by the end of day. There would also be bills we couldn’t pay: should I fly to California to pay my Apple One subscription with cash?
That seems a little inefficient, though there’s probably no way Apple could know I hadn’t paid it and if the internet is down, what am I paying for?
So a USDC (United States Digital Currency) wouldn’t upset me. Dumping cash and going full digital has advantages. A big one is that a lot of crime happens with cash. A USDC…
