Video Credit- Snyder Reports, YouTube 2024
On a recent trip, I stayed at a resort that was cashless. I was unable to use the money in my pocket to purchase anything, and this rubbed me the wrong way. Many businesses used the COVID-19 Pandemic as an excuse to stop handling and transporting cash and coins, which was very convenient for them.
Businesses are frowning on cash. I use cryptocurrency and services like Zelle and Cash App, but when I can I use cash. There's never a problem with cash, and my cash cannot be tracked or hacked like money transfer services can. I've had issues with restrictions on transfer services, and I loathe being tracked with every step I take.
I know convenience is the driver of this, but there are sinister undertones. I get that swiping a card at a point of service is easier than having a clerk make change but the fees, tracking, exposure to hacking and overspending really make it unappealing when you think about it.
So, is this a march to CBDC and policing or is this corporate penny pinching and convenience?