Cash is only used by the poor or elderly

[DanTheMan]

In the scenario when cash or a particular currency devalues then the only immunity is convert it to something else, digital or physical will be worth the same. The problem is we have no way of knowing when, then we just have to look at other investments where we can park our money. This is where diversifying is important.

I don't get your thinking.

the government does QE right. to create "magic money" it doesn't matter if the money is digital or physical.

if the government does Quantitative easing of 50billion pounds, they don't actually print 50billion pounds worth of hard currency

I'm clearly doing a bad job of explaining my train of thought as what you've said is what I'm getting at.

People who use cash tend to argue that its safer, gives them more freedom and is 'theirs'. I don't believe so. As you've both alluded to, if something major were to happen financially, then both physical and digital currencies will be impacted just as much. I also can't think of any realistic scenario where physical cash would be more desirable than digital cash.

 

[arknor]

People who use cash tend to argue that its safer, gives them more freedom and is 'theirs'. I don't believe so. As you've both alluded to, if something major were to happen financially, then both physical and digital currencies will be impacted just as much. I also can't think of any realistic scenario where physical cash would be more desirable than digital cash.

thats why people buy gold/silver or invest in stocks listed in other currencies

 

[silvagti]

but where does it end? maybe the government should have Brit coin and track everything anyone ever spends.then they can slowly start to control everyone.

no need for sugar taxes, just limit the amount of calories people can purchase each week

That's what I was reading about today. #Britcoin

It's all very well saying we agree with the example that cash given out in benefit payments should be restricted so it can only be spent on food, utility bills, essential items in certain locations. The problem is that once you allow this we've essentialy agreed that government can restrict the ability of individuals on a whim to spend their money freely.

The thing I like about money is that it's a great equalizer. It doesn't matter what your gender/ethnicity/sexuality/religion/etc is. The pound in your pocket spends just the same and has the same value as the pound in someone else's pocket.

If we give away the power to control where an indiviudal can spend their money and who they can do business with then suddently the value of that money depends on the person and how the government plus wider society view them!

 

[bayo000]

I own cash. I don't own digital currency.

If you don't own cash then you don't own money. You have to ask permission from your bank if you want to buy anything.

Iirc you (we) do not actually own the cash, Bank of England does.

 

[arknor]

If we give the power to control where an indiviudal can spend their money and who they can do business with then suddently the value of that money depends on the person and how the government plus wider society view them!

it would create black markets if only certain people were allowed to purchase certain things.

as you say everyone's £1 should be equal to be spent on whatever they like.
I don't understand people who want to take other peoples freedoms away when they know eventually it risks their own

 

[Surveyor]

I'm clearly doing a bad job of explaining my train of thought as what you've said is what I'm getting at.

People who use cash tend to argue that its safer, gives them more freedom and is 'theirs'. I don't believe so. As you've both alluded to, if something major were to happen financially, then both physical and digital currencies will be impacted just as much. I also can't think of any realistic scenario where physical cash would be more desirable than digital cash.

https://www.thesun.co.uk/money/14964381/santander-telephone-internet-banking-app-down/

Customers are saying they've had payments rejected in supermarkets, cards aren't working and even telephone banking is down.

A recent example of where it would have been handy to have some physical cash.

 

[Pawnless Endgame]

you still get them from utility companies when you overpay?
you can just scan them on your banks app with a mobile phone though, no need to takes cheques to a bank anymore

Ahh I didn't know that. Thanks for the pro-tip. I think my Dad is the only person who still sends cheques so I'll try that next time on the Santander app if it has that facility.

 

[arknor]

A recent example where it would have been handy to have some physical cash.

I used to be in boomer mode with cards, I would never spend more on my card than I had in cash on me lol..

these days I don't really care though, it's so rare a supermarkets payment system goes down

Ahh I didn't know that. Thanks for the pro-tip. I think my Dad is the only person who still sends cheques so I'll try that next time on the Santander app if it has that facility.

they do "mobile check deposit"

All you need is a smartphone or a tablet with the Santander Personal Banking Mobile App. It's as simple as taking a picture of the front and the back of the check

the check I always thought it was cheque, oh wait there UK website spells it properly

 

[marc2003]

Having a debit card is generally better than cash if you're a proper poor but all income still comes in to a bank account.. Years ago, there were many times when you'd end up with something like £8 left and couldn't spend it. Sometimes it got so bad I'd pay £2 in just so I draw £10 via the cash point.

 

[Hunterlit]

Always have used cash I'm young (well youngish) The government and the banks trying their best to do away with it, just makes me more inclined to keep on using it. Unless it's a large purchase, it is cash every time. It's the people that just buy a coffee and then pay by card that gets me. Walked into a bar some weeks ago to find it was card only and none of the staff thought to tell us until we had actually sat down, didn't have a card on me and manager wouldn't budge. Suffice to say we are not going back there again.

 

[arknor]

Having a debit card is generally better than cash if you're a proper poor but all income still comes in to a bank account.. Years ago, there were many times when you'd end up with something like £8 left and couldn't spend it. Sometimes it got so bad I'd pay £2 in just so I draw £10 via the cash point.

proper poor used to get giro payments they would cash in at post offices, then post office bank accounts became a thing.

I think they stopped now though?

 

[Deleted User 298457]

Having a debit card is generally better than cash if you're a proper poor but all income still comes in to a bank account.. Years ago, there were many times when you'd end up with something like £8 left and couldn't spend it. Sometimes it got so bad I'd pay £2 in just so I draw £10 via the cash point.

lol I remember going in branch (Natwest) to withdraw £2.10 for lunch at college.

 

[DanTheMan]

https://www.thesun.co.uk/money/14964381/santander-telephone-internet-banking-app-down/



A recent example of where it would have been handy to have some physical cash.

I'd call that a pretty minor inconvenience in the grand scheme of things. Just have 2 bank accounts.

 

[something daft already!!]

I only ever have cash when my neighbour gives me money for borrowing my internet connection. This is usually spent in one of the auto tills of Sainsburys. I hate having and using cash and much prefer to swipe my mobile to pay.

 

[marc2003]

proper poor used to get giro payments they would cash in at post offices, then post office bank accounts became a thing.

I think they stopped now though?

Probably back in the 90s I think. Even now, I think homeless people are expected to have bank accounts. There have been recent HSBC adverts on TV patting themselves on the back for this...

https://www.hsbc.co.uk/help/money-worries/no-fixed-address/

 

[builder22]

I'd call that a pretty minor inconvenience in the grand scheme of things. Just have 2 bank accounts.

carrying a few tenners might be easier!

 

[Surveyor]

I'd call that a pretty minor inconvenience in the grand scheme of things. Just have 2 bank accounts.

It's a realistic scenario you didn't think of.

 

[Malevolence]

There's nowt wrong with using both. I mainly use my contactless card in shops but have a decent wad of cash sitting in a drawer, just in case.

 

[Deleted User 298457]

Didn't Fight Club cover this topic?

 

[shifty_uk]

The only time I ever withdraw cash(and its a minor inconvenience) is for the food place down the road from the office and the window clearer. Trades people always insist on it too.

I guess its ultimately down to tax avoidance.

I have zero issue with people using cards in a queue though. Its just as quick as watching folks try to use their phones and failing or trying to pay over 40 on their card before realising actually, it needs a pin.

What really gets me is customers who pay but stand at the checkout and look through their receipt as if theyve had a shock of their life at how much it cost. They stand and hope that by some miracle the cashier had made a huge mistake and overcharged them. Happens all the time in Sainsburys.

 

[marc2003]

I guess its ultimately down to tax avoidance.

The card reader is always "out of order" at the dirty burger shop just down the road. Never any problem with their online deliveries though. (I don't use them but the place is always full of drivers picking stuff up)