Death of the Dollar – Is a Cashless Society Approaching?

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I came across this and I just HAD to pass it along to you.  Here is the article:

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Death To Greenbacks? Majority Of Americans Say U.S. Will Go Cashless In Their Lifetime

I really want to hear from all of you, please leave me a comment below, thanks so much!  Nick

Imagine there’s no loose change (it’s easy, if you try). No paper money; to ATM fees, say goodbye. Imagine all the people, living life cash free (aah-ah). You may say I’m a dreamer, but I’m not the only one.

cashless society

Last Updated On: July 23, 2016
By: Nick Giammarino
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But no, really: According to results from a new Gallup study, a wide majority of Americans believe that the United States will become a cashless society within their lifetime.

In a series of surveys conducted in June, Gallup asked American adults about how they use and view cash. Not only did a majority (53%) report using cash for little to none of their purchases, but a solid 62% of respondents said that within their lifetimes, all purchases will be made with credit cards, debit cards and other forms of electronic payments.

“Cash is becoming less a part of Americans’ purchasing behavior as they gravitate toward other payment options and shift toward online purchases, rather than transactions in a brick-and-mortar store. Younger American customers’ lower likelihood to use cash and greater comfort with not having it on hand suggest that the economy will have to adapt,” write survey authors Art Swift and Steve Ander.

It’s worth noting that while the youngest generation is the most open to the idea of a cashless future (56% of those ages 18 to 29 said they’re comfortable not having cash on their person, compared to 42% of all adults and 32% of those 65 and older), majorities in all age groups predicted a cashless future.

Their money is where their mouths are, so to speak: Gallup included questions about how much cash people typically like to carry when they’re out of the house and found that among the 18- to 29-year-old set, the median answer was “zero.” (The mean was $27.25.) And among those ages 30 to 64, the median answer was a mere $20:

cash on hand

Source: Gallup

Gallup also asked respondents to access the frequency of their interactions with paper money and found that, compared to five years ago, cash transactions have gone down. Just 24% of Americans report using cash for all or most of their transactions, compared to 36% in 2011. Meanwhile, the proportion of people who use cash for just “some” of their purchases has jumped to 41% from 33% in 2011, and the percent of people saying they pay for nothing with cash has ticked up to 12% from 10%.

Swift and Ander say the shift in perception and use of cash is not due to any one reason. Rather, it can be attributed to the proliferation of smart phones, the improvement of mobile technology — like Venmo and Apple Pay but also store-specific apps like Starbucks’ — and burgeoning commercial use of bitcoin.

Of course, at this point in time a truly cashless future is more of a dream than it is imminent reality. Journalists, researchers and regular consumers have been asking“can we get rid of paper money” for years, and a massive overhaul of our payment systems would be cumbersome — even more cumbersome than the clunky shift to chip-enabled credit cards.

http://www.forbes.com/sites/maggiemcgrath/2016/07/15/death-to-greenbacks-majority-of-americans-say-u-s-will-go-cashless-in-their-lifetime/

I’m interested in hearing your thoughts on this, please let me know.

Nick Giammarino

6 thoughts on “Death of the Dollar – Is a Cashless Society Approaching?”

  1. SERIOUSLY??? What makes you think this is the thing of “dreams come true”…when this is actually a NIGHTMARE waiting to happen, Nick!!! >:-( Anyone who thinks a “cashless” society in the form of digital money and credit cards is a “good thing”…needs to have their head examined! This is EXACTLY what our controllers are taking this system to…just so THEY can have their fingers on the “on-off switches” to our supply of money AND to our accounts!!! Do you NOT understand the implications of this, Nick…or are you actually another of their “useful idiot” puppets??? GET REAL AND GET A CLUE!!! >:-(

  2. Cashless Society is bound to happen IF SOCIETY DOES NOT OPPOSE IT, because the banks, other large controlling individual (Elites) would love a no cash society; for the soul reason they would have TOTAL CONTROL OVER EVERYONE electronically, now stop view the future your are totally dependent for any purchase gas for your car, food for your family…etc! If the internet drops out of site for any amount of time “YOU ARE TOTALLY SCREWED.
    bELIEVE ME A LITTLE BIT OF CASH IN YOUR POCKET YOU ARE STILL IN CHARGE OF YOUR LIFE FOR A WHILE OTHERWISE FORGET IT CHARLY!!!!!!!!

    Are you still in favor?….the way I see things anyway

    J F. Bigras

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