Cash is being phased out over the next five years. I don't think people realise exactly what that means to have no cash at all. All transactions will go through a bank account. Banks are closing branches. Everything will be online. Small businesses will have to be geared up to accept cards. Those that do not will go out of business. That is what the Government wants to happen. Crush small businesses, move everything over to internet shopping, get things delivered.
What about those who are not on the internet. How do they pay the person who comes to clean their house, or tend to their garden. How do mums pay for babysitters when they need to go out. How can you give kids pocket money to spend on sweeties in the local shop. There are still a thousand ways where paying with cash is preferable.
The alternative is bartering. Skill swap. I will dig your garden if you will pick my kids up from school. I will do your washing if you take my dog for a walk. An hourly rate for swapping skills could be established which would be beneficial to both parties.
When cash ceases to exist, everyone will be at the mercy of those who are rich. They will call the shots. They will decide what you can spend your digital currency on. They will block any transactions which they deem to be unnecessary, for whatever reason.
"We have five to 10 years to fix digital payments before cash becomes unworkable, and need to start planning how to get the new system working for all."
"Millions of older people rely on cash for everyday spending and to pay carers, cleaners and those who shop on their behalf, and many others need cash for other reasons - for example, local traders, for whom cash is often core to their operation.
Yet just last month the Post Office handled over £800million in personal cash withdrawals, the most since records began five years ago.
Article in the Daily Express.
To stop this landslide you may wish to consider changing your spending habits. If you don't use cash, it will disappear.
Catch ya later. Enjoy your Bank Holiday Monday. ilona
To all those who find it amusing that I don't do internet banking and I try and pay for as much as I can with cash, plus those who are happy to pay with a card or phone, here's a horror story for you. Charlotte Morgan had all her belongings stolen from her locker in a gym she is a member of. She recalls in detail the chain of events which resulted in her losing over £5000. They hacked into her account and went on a spending spree. She is now embroiled in a dispute with her bank, Santander, who refuses to accept that their system is at fault. Read about the chain of events since the theft, and how she is coping with it. Cyber crime is happening all the time. Criminals are using sophisticated equipment to rob their victims. Be vigilant.