Comment by erickf1
3 years ago
It won't take long before all banks are using it. Once the banks are using it, employers will begin making payments using it. Once employees are receiving digital currency payments from employers, cash will end soon after.
I've been receiving my payments digitally from employers in the US for almost 20 years now.
I've never in my life received a wage in cash, as in, hard dollars.
...but with days of delay, where someone else is keeping the interest. And maybe charging a transaction fee.
> ...but with days of delay
Maybe a long time ago, but I get my pay which is supposed to be on the 1st and 15th on like the 13th and 29th or something. Getting paid "two days early" is a pretty common feature with Direct Deposit these days. It is always credited to my account before my actual paycheck technically gets posed.
> maybe charging a transaction fee
I imagine someone would be paying for the transaction of physically handling all the cash, no? Its not like having all the logistics of handling cash to potentially thousands of employees is a zero dollar cost. I imagine its massively cheaper for everyone to pay whatever marginal cost my employer is paying for ACH/DirectDeposit through their payroll app than paying a ton of people to handle and keep track of the cash.
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Nobody has kept any interest in the last 13 years because interest rates have been 0%.
Do you have any actual reason to believe what you just posted?
I received W-2 wages in cash in the military. I suppose I'm old.
These days they have you setup an account in basic, and setup direct deposit.
Huh? Employers pay employees via direct deposit in many (most?) cases. This isn’t any different… Either way it’s money moving from one bank account to another digitally.
Cash likely won't end unless legislatively forced to do so. The anonymity is too valuable.
Why are so many people gleeful at the idea of “cash ending”? What problems does cash cause that have people hating on it so much?
If it does end, Amazon gift vouchers? What would be a better substitute?