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> Life is just better without cash. Even if you believe that, allowing private for-profit businesses (banks, credit card companies) to skim a percentage off of
by ThrowawayR2 8y ago
> Life is just better without cash.
Even if you believe that, allowing private for-profit businesses (banks, credit card companies) to skim a percentage off of every single monetary transaction to line the pockets of their shareholders is utterly grotesque. It amounts to a mandatory tax, except none of the tax is going to the benefit of the taxed.
At a minimum, a reasonable cashless society would require monetary transactions to be done at zero profit and with strong regulation requiring financial institutions to minimize the cost to the seller and buyer.
- yxhuvud 8y agoIn practice, similar fees are attached to businesses that move their cash to their bank account. Many companies (including public ones - many buses don't accept cash anymore) actively stop accepting cash because it increases the risk of getting robbed, and that is an increasing pressure as fewer and fewer handle cash.