Guest post by Marco Streng from Genesis Mining
Marco is the Co-Founder of Genesis Mining.
A cashless society is coming, and it’s only a matter of time. Perhaps you have noticed the steady trend aimed at eliminating cash as a means of exchange.
Those who have recently attended a sporting event as Atlanta’s Mercedes-Benz Stadium surely noticed that their cash is no longer accepted at concession stands. The same goes for fans at Tampa Bay’s Tropicana Field and several other professional sporting venues.
Sporting fans are just the start. A growing list of municipalities is, at the very least, considering banning cash at retail stores within their city limits. Some independent retailers like Sweetgreen have taken the impetus to reject cash as a form of payment on themselves.
So people are cool with this, right? After all, retailers and local governments wouldn’t be seriously weighing the idea of cashless transactions ― let alone implement such a ban ― if the people weren’t behind it, would they?
Our research tells us that this isn’t quite the case. It turns out the American people aren’t enamored with the idea that their cash could potentially become worthless should this trend continue.
We recently conducted a study of 1,000 US consumers and asked the question: should the US government eliminate paper cash and make all money digital?
Only 13 percent of respondents said yes, while 76 percent said no. Let’s take a deeper look at why so many are seemingly opposed to a cashless society, as well as the primary arguments for banning cash as a medium of exchange.
The Pros of a Cashless Society
Once we get over the initial shock that would come with an entirely cash-free society,