Tuesday, March 8, 2016

Cash In Digital Age Exists Because of Freedom of Choice

News
Cash exists in a digital age because all citizens desire at least some level of discretion and privacy. Those looking for a private transaction, free from the potential threat of identity fraud and prying eyes, will use cash instead credit or bank cards, an indirect form of non-physical money that traces back to the 1920's. While the push to eliminate cash to bolster failing budgets, banks, and confidence in the banking system across Western economies, it will not quell an inherent desire for privacy and safe guard against the greed and fear of others; the greed and fear that drives financial and economic panics.

Human behavior most likely views a cashless society as acceptable until it lowers the standard of living and quality of life for its users. A reduction in the standard of living could be a loss of money or freedoms essential to choice within a free society.

Headline: Forget the $100 bill—why does cash still exist in the digital age?

When restaurateur David Silverglide stopped accepting cash in 2012 at his San Francisco-area sandwich shops, he thought it was only a matter of time before payments went digital.

But more than three years later, he's back to accepting greenbacks.

"It was surprising the amount of pushback we received. The people who wanted to pay cash were loud, vocal, attached," said Silverglide, CEO of Good Food Guys — which runs restaurant chains Mixt Greens and Split Bread.


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