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Should we fear a cashless society?

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    ASK Should we fear a cashless society?

    Small businesses and poor people, in general, relies heavily on cash. I firmly believe that a contactless system will likely entrench poverty and pave the way for terrifying levels of surveillance. Imagine, the government or banks can tap into your accounts to track all your spending habits and patterns. It is so ripe for abuse, and there is nothing that stops people who have control of the system in the future from abusing it.

    Would that be bad for you as an individual?

    I guess there's nothing wrong or be afraid with a cashless society. Unless, there's involvement of source of income from illegal transactions. This is for security purposes to easily monitor any citizens who has suspicious account. Besides, there's nothing to be afraid if everything is of good faith. As a citizen we are always protected with law. Only few who are violators and abusive. Let's just hope and trust those in authority.


      You have made great points about the government taking advantage of a cashless society to keep track of us and abuse the system and i agree with you. However, i do not agree that a cashless society will entrench poverty further in the lives of those who are already struggling. The beautiful thing about humans is that we are adaptable. Anyone can join the cashless move, even the poor! All you need is a bank account set up and I believe even uneducated people can have that done for them.


        For me, No. because a cashless society like cryptocurrency helps transactions faster and easier. no need to go to a physical where you eat up a lot of time while in cryptocurrency you just need an internet connection to proceed.


          I think we should have a decentralised society. You want to do barter? Go ahead. Wanna use cash? Go ahead. Wanna use gold and jewelry? Go ahead. That's the way I see it. Centralised money binds people into borders.


            When the credit card was new, I have heard of scary stories about the plastic society that the government can have full control on the spending of people via the banks. But we all know credit cards have become standard in the market. I don't think there is something to be feared with progress using technology.


              I think there could be many drawbacks of the cashless economy. Recently, it came into notice that countries are preferring to buy gold instead of keeping dollars or different currency notes. Russia and China recently bought massive gold and silver.


                I think as long as you have things to barter with you wont be afraid of a cashless society.


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