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Whatever is readily available to be converted into digital "cash" when needed will be used. Wealthy people maintain most of their assets outside of cash in prop
by f38zf5vdt 4y ago
Whatever is readily available to be converted into digital "cash" when needed will be used. Wealthy people maintain most of their assets outside of cash in property of various types. When they need "on the books" spending, they bring it into the cash economy with on/off ramps.
I don't know if the UK is different from much else of the developed world, but here there is a tremendous amount of off-by-book transactions in the largest industries such as farming and construction. I do not think that the disappearance of cash will remove this economy, but it will have to migrate to other assets with similar qualities.
- deleted 4y ago[deleted]
- starkd 4y agoMaybe for large significant transactions, but barter economy is next to impossible for consumer goods. If a lot of the economy goes off the books, it will come with greater friction between transactions, less overall liquidity.
- d110af5ccf 4y agoyou can "barter" with something like XMR though. that seems to be even lower friction than physical cash in some ways
- tomatocracy 4y agoFortunately though there are lots of substitute currency-like instruments out there. Prepaid debit cards, Amazon gift cards, etc. Or even foreign currency cash like US dollars.