Why ‘they’ want to BAN cash
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Oh yeah
At a 1.5% fee after 30 transactions $100 becomes $63.55. In the US I think CC fees are actually closer to 3%.
Businesses also get charged exorbitant cash handling fees by banks for lodging cash or for getting money handlers to remove cash from the premises. Large businesses will also consider the time cost of employees handling cash drawer changes and as well as the risk of underpaid employees stealing from the register.
His logic works well in a circular economy of small local businesses but so long as all your vendors are major corporations, then the savings in cash vs credit cards are not that significant.
Pretty sure no one will be taking his $100 bills in the uk.
Someone should tell him about the £.
Also, specifically he’s in Canterbury so £s are definitely best there.
IM CONFUSED - HE DOESN’T MENTION TAXES?
Why ‘they’ want to BAN cash
Just an FYI, the fee that the bank takes isn't even close to the entirety of the fees for a single credit card transaction. The credit card company itself gets an additional fee; and so does the payment processor who operates the equipment used for the transaction (including monthly fees whether the equipment gets used or not).... an then, there are the costs that merchants most often complain about: chargebacks (for customers who claim they didn't get what they paid for, and the burden is on the merchant to prove they did) and fraud.
Use merchants that accept Bitcoin... especially those that don't continue to charge you the same as if they still have to pay these fees that aren't required for them to accept Bitcoin.
I appreciate this more nuanced and complete perspective regarding cash. Thank you Ape.
👍🏼👍🏼👍🏼
True. But also they don't like P2P. Very nice video, quite clear!
Also, I get SATs back for using my venmo cc
Meh, when I went to the US I offered to pay in cash multiple times. Everyone preferred CC, even the small businesses, eventually I stopped asking. Even in Germany, where Cash used to be King, there are now more card only stores than ever. There are cost associated with handling Cash as well, especially when you don't trust your employes. If businesses don't want your cash, even though they could save a lot on taxes, that should tell you something. Digital payments are the future, but with Bitcoin we have the chance to bring privacy and low transaction fees into the digital realm.
Somebody hack the mall and play this on a loop, please.
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They want to steal our wealth with any way possible.
Now add taxes.
Most people are oblivious, but the reason Visa and Mastercard are such massive businesses is because of this right here. They siphon money off every single card transaction.
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Yo GM to you, have an amazing SATurday 🤓🫡
We love cash where I work. We also still prefer checks!
Really good point
Supremely weird that Peter Todd, who practically worships the Tribe, its vile state, and all its institutions, would re-post this criticism of its usury system.
There's still a cost to handling cash it's just built into the price of the product.
Wasn’t there this trend during Covid that cash was being discouraged because it “spread on surfaces”
But with cash you have to add 12% or more to it for taxes evertime it trades hands. So it shrinks as well but faster.
Follow the incentive…
Fees
Fees
Fees
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Cash has backward privacy and forward privacy
Which on top of the fees generated by card payments is why “they” want to get rid of it
GM! You might not believe it, but think about it... just think about it... and have a wonderful end of the year!
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Yeah, which is why a lot of people started questioning the narrative because it was so obviously injected into the conversation and didn't add up in the end. Once you start pulling at one thread, the whole edifice starts to crumble!
Banks also charge companies to deposit their cash with them. That creates an incentive for companies to not use it. Banks should stop charging them, but I'm convinced banks are in on the attack on cash.
It's this where all the money is going??
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It's a bit more of a super abnormal non-fundamental crazy runaway ponzi scheme, to be perfectly honest.
Bitcoin is perfectly honest, read my article that I've done on it :))
Medium
Bitcoin - The Storage of Love & Exchange of Pure Human Empathy.
The Mirror of the Projected Nature of Saylor & Fink