[OrangeBlossomBaby]

Originally Posted by Frank Hamister

I believe that it has always been a violation of federal law to refuse to accept cash to pay a bill. As otherwise noted in this thread check your cash bills and note the statement “This note is legal tender for all debts public and private”

Yup, it's true. If you owe money, you can use cash to pay the debt.

You don't owe a store money if you haven't already purchased the product. There's no debt, at the point of purchase. Now, if you buy something and consume it before you pay for it, then you owe a debt, and can use cash to pay that debt. But putting a can of beans on a conveyor belt and a cashier scanning it into the system doesn't mean you owe them a debt. If you don't pay however they say you should pay, then they simply void the sale, and there is no debt owed.

[CoachKandSportsguy]

Looking at the risk profile:

Physical currency has physical risks, which are primarily local in nature. Risks are on the vendor and the consumer for physical theft prevention, including physical transport from vendor to bank and vice versa.

Digital currency has digital risks, which are unlimited in geography, meaning risk is now worldwide, and physical, need BOTH electricity AND an internet connection. Digital currency also needs a better help desk as banks aren't the only source of transactions. Also, digital means that the risk of internal employee theft still exists, eliminating human access will always be impossible. And the physical risk now is transferred to data centers and data back up locations being kept safe.

There are costs associated with each one: with physical currency, you bear the cost. with a digital currency, you the consumer and you the vendor do not bear the risk, but pay for the risk. But whomever controls the system controls the cost and the access, and since the system is controlled by humans with computers, not just computers by them selves, users of digital currency has given up local control to many, many more interested parties. . .

The best answer is still both, but the complete conversion to digital would also render most of the dollars in the underground trades EITHER worthless or very valuable to continue with the drug trade outside of any tracking. . . depending upon your view point

there is no free lunch, and the best option is for both currencies, so that you get to keep your freedom of choice.
Sweden is small country, lots of processes work well in small quantities, but doesn't scale well, ie has limits to how far it can scale. . digital currency just might be one of them for the US currency.

[Sandy and Ed]

Originally Posted by Boffin

Cashless is the way to go.

And when someone at the top decides to cancel your account or deletes your funds……….and you have no paper currency?. Let that sink in.

[Remembergoldenrule]

I think the push for this legislation is that 24% of American adults do not qualify for credit cards and don’t have minimum needed in banks for debit card. That doesn’t include those under 18 that are working odd jobs who are too young to get cards. Those of us living here sometimes forget those who “haven’t made it.” or are not as fortunate as us. Some may be because of their own doing, but others because of life situations they have no control over.

[defrey12]

Originally Posted by shut the front door

You got that right. I feel bad for them.

Amen…

[defrey12]

Originally Posted by MrChip72

Convenience, efficiency and safety is what's behind it. Not some sinister government conspiracy. Most of the world is going cashless since it's antiquated to use cash for everything other than private transactions or flea markets when it's easier and more secure to just tap a card.

If someone steals credit cards you can cancel them within minutes. If someone steals your cash, you don't have much recourse.

You don’t get it…it’s not about what you can do. It’s about what THEY can do.

[defrey12]

Originally Posted by OrangeBlossomBaby

Again - fossil fuel (oil) is finite. The planet only has so much of it. Once we use it up, it's gone until the next ice age.

No, it’s not. Need to brush up on your basic science. As long as organic matter continues to die and decompose—trees, animals, US—there will be the so-called fossil fuels. This is the process by which they form. And since we’re millions of years behind in exploration and extraction, there’s not much danger in running out.

[Bay Kid]

Let's hope NOT for the safety of our privacy.

[bp243]

Originally Posted by MrChip72

Convenience, efficiency and safety is what's behind it. Not some sinister government conspiracy. Most of the world is going cashless since it's antiquated to use cash for everything other than private transactions or flea markets when it's easier and more secure to just tap a card.

If someone steals credit cards you can cancel them within minutes. If someone steals your cash, you don't have much recourse.

Absolutely agree! Plus, it suggests that there’s some oversight on reported business income.

[bp243]

Originally Posted by Topspinmo

I would have just walked out.

It’s going to come eventually by feds, That way every penny can be tracked.

Why shouldn’t every business be tracked like you’re tracked for your reported income?

[donfey]

Originally Posted by Boffin

Cashless is the way to go.

Then YOU go cashless. And, if the retailer opts to add the 3% premium he has to pay the credit/ATM card company, will you agree? Or will you whine about it?

[retiredguy123]

Originally Posted by bp243

Absolutely agree! Plus, it suggests that there’s some oversight on reported business income.

Banks are required to report credit card transactions from most businesses (based on total annual amount) to the IRS. So, the IRS can compare the income a business reported to their credit card income.

[OrangeBlossomBaby]

Originally Posted by donfey

Then YOU go cashless. And, if the retailer opts to add the 3% premium he has to pay the credit/ATM card company, will you agree? Or will you whine about it?

That's a logical fallacy. If the country truly goes "cashless" then retailers will simply raise their prices by whatever the credit card companies charge for transactions, plus an additional percentage to maintain the profit margin. EVERYONE ends up paying extra, because no one is paying cash - in a cashless society.

[NoMoSno]

Originally Posted by OrangeBlossomBaby

That's a logical fallacy. If the country truly goes "cashless" then retailers will simply raise their prices by whatever the credit card companies charge for transactions, plus an additional percentage to maintain the profit margin. EVERYONE ends up paying extra, because no one is paying cash - in a cashless society.

So EVERYONE will be forced to pay about 4% plus taxes just to spend their money.

[Topspinmo]

Originally Posted by NoMoSno

So EVERYONE will be forced to pay about 4% plus taxes just to spend their money.

When time get tuff and they will like we’ve never seen it, when that happens really not our money we didn’t build that