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Cash is important

After the recent attempt by AIB to cut the number of there branches handling cash in half now is a good time to look at the importance of cash. Its interesting that the ECB is now pointing to the importance of cash

https://www.ecb.europa.eu/euro/cash_strategy/cash_role/html/index.en.html

RTE have an article on there website about it as well

https://www.rte.ie/brainstorm/2022/0725/1312028-ireland-cash-banking-cashless-society-exclusion/

It seems that 17% of the population is virtually totally dependent on using cash. Should the government now before banks manage to go further pass legislation enshrining that right for the public. Should Banks and financial institutions be obligated to provide a certain level of management of cash for those who require it. Should shops be obligated to accept cash up to certain limits anyway.

After all should cash remain king

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https://www.boards.ie/discussion/comment/119419436#Comment_119419436

Nah, not really.

I mean, you can explain yourself further and argue your case, if you wish, but just stating something without any argument or evidence doesn't make it true, no matter how much you want it to be true.

The Slippery Slope fallacy / Domino fallacy / Bursting Dam fallacy / Thin End of the Wedge fallacy however, is 100% true and real. It is evident in the posts on this thread: take something that's already happening (A), pluck an undesirable outcome out of thin air (F), definitively state that A leads to F, without ever having to describe points B, C, D or E and boom......."if we keep going down the cashless road, eventually we won't be able to buy cans or only a naggin or two".

https://www.boards.ie/discussion/comment/119418943#Comment_119418943

It's amusing in a way when people buy the nonsense that slippery slope is a fallacy .

Another days argument....but its a weird one.

https://www.boards.ie/discussion/comment/119416513#Comment_119416513

I think you might need a bit of cop on here. This isn't some sort of hairbrained conspiracy that belongs in the CT forum. It's a simple matter of practicality that benefits the ordinary person over the banks. Cash means you own your money, you have more control, and you can do what you want with it. Cashless means that your money becomes digits on a screen and that, effectively, the bank owns it and that's not good for you, me, or anyone else on here.

Actually needed cash today to buy some light tokens for a sports club, went to get cash out and 3 cash machines all down. Ended up having to purchase some items in a shop to get cash back so that I could go back to the other shop to purchase the light tokens. Maybe I was just unlucky that all 3 cash machines in the village where I live all happened to be out of order at the same time. We did have a BOI ATM but that was removed when BOI closed their branch.

https://www.boards.ie/discussion/comment/119418823#Comment_119418823

Nothing.

But absolutely nobody is saying that it's a binary option.

People who are wary of a cashless society are not saying that they want rid of cards, or the option to do a card transaction or anything like that. They're saying that cash should remain a choice for the punter in the street.

https://www.boards.ie/discussion/comment/119419662#Comment_119419662

Do you keep every euro you own in cash? Or is the majority of it in a bank account?

https://www.boards.ie/discussion/comment/119419739#Comment_119419739

That's neither here nor there.

At the moment, if I wish, I can use cash in my transactions. In a cashless society, that choice is gone.

https://cryptoslate.com/japans-central-bank-scraps-cbdc-plans-due-to-lack-of-interest-from-public/

Given that Japan is basically in the 2030's in tech terms, this seems relevant.

Personally, I have about 4k cash in the house just because...

https://www.boards.ie/discussion/comment/119419750#Comment_119419750

It's completely here or there, so maybe you need to cop on. If you're paid into a bank account and you store the majority of your wealth in a bank account, you don't have your money in cash format. You might have a hundred or 2 on you at a time, but the rest of it is digits on a screen and you don't have control of it.

So right now you don't own probably 99% of your money, because it's digits on a screen in the bank's control. Going cashless doesn't really change much for you, apart from that manky cocaine riddled €50 note sitting in your wallet.

https://www.boards.ie/discussion/comment/119419783#Comment_119419783

You've literally contradicted yourself right there- there is a massive difference between having the option of being paid in cash, or withdrawing your money from the bank as cash, to having no option but keep it all in some bank's account.

Its the difference between being able to own money and not own money.

https://www.boards.ie/discussion/comment/119419783#Comment_119419783

OK...don't listen then...

¯\_(ツ)_/¯

If it was all card, fraud would rise by 1 trillion percent , okay a lot, but you get me. It would be wide spread,

https://www.boards.ie/discussion/comment/119419807#Comment_119419807

Show me any office job that pays employees in cash? The only job I ever had that paid cash was lounge boy in a pub in the early 2000s.

If you get a job tomorrow for Google or any company in the Silicon Docks and ask to be paid in cash you'll be laughed at.

https://www.boards.ie/discussion/comment/119419818#Comment_119419818

What am I not listening to? You said cash means you own your money. How much cash have you on you right now compared to what's in your bank account (e.g. not cash and therefore out of your control)?

https://www.boards.ie/discussion/comment/119418943#Comment_119418943

What I said was they were extreme examples. However in a cashless society the state could put curbs on spending in place. It could limit where, how and when you spend.

In Islamic countries for instance they could enforce controls on spending on what there morality is against.

Countries could prevent you totally ever removing any money from the state.

China and Russia have strict controls already. Cashless would push them controls further

https://www.boards.ie/discussion/comment/119419862#Comment_119419862

Who asked about office jobs paying in cash?

https://www.boards.ie/discussion/comment/119419865#Comment_119419865

If your car is in the garage, do you still own it?

Yes, because you can go and take it as its yours.

If your money exists in the bank but you cannot take it out, do you own it? Not really, it's yours subject to the banks decisions as you have no alternative.

https://www.boards.ie/discussion/comment/119419739#Comment_119419739

I rarely if ever use cash, but I do think it's important.

So much money is not kept in traditional banks, whether it be new fintech online banks Revolut/N26, crypto of various levels of sketchyness, or Google/Amazon/Apple/Paypal/One4All or what have you.

Each of these is one additional roadblock between you and your money. If they decide to freeze your account then who do you turn to? Their own customer service, whose job is less to serve you, more to serve the company? The Financial Ombudsman, who may be woefully out of touch or powerless to help?

https://www.boards.ie/discussion/comment/119419989#Comment_119419989

I'd be willing to bet there's vastly more risk of paper cash being lost or stolen if you decide to store it all under a mattress or whatever rather than keeping it in a regulated bank or financial service provider.

https://www.boards.ie/discussion/comment/119419757#Comment_119419757

Surprisingly nudain Japan is the opposite when it comes to payment. I was there during the Rugby WC in 2019 and our guide warned us that Japanese people prefer cash and distrust cards. She explained that the financial issues many have had over the last two decades means they fear debt and will only spend what they have, cash. I didn’t see one taxi with a card machine, many shops/restaurants/bars accepted cash only. We were advised to carry yen rather than using our cards. And that applied to all the cities I visited, not just Tokyo.

https://www.cashmatters.org/blog/why-japan-prefers-cash

https://www.boards.ie/discussion/comment/119419662#Comment_119419662

unless you get paid in cash and keep it under your mattress all your money is already just digits on a screen.

https://www.boards.ie/discussion/comment/119420168#Comment_119420168

At least someone gets it. These conspiracy theorists above are hilarious.

https://www.boards.ie/discussion/comment/119419940#Comment_119419940

If an employer is paying cash in this day and age I'd bet its a tax dodge and while the employee might not care, they'll certainly care when they realise there is no PRSI record for them and therefore they aren't eligible for certain state benefits.

https://www.boards.ie/discussion/comment/119419935#Comment_119419935

They're not examples, though. They're hypothetical worst-case-scenarios of a bleak dystopian future which will not come to pass.

"They could do x, or they might do y" is little more than emotive fearmongering to paint as worse a picture as possible. Nobody can claim what you're saying will come true and no amount of "we're already heading down that path" will change that.

https://www.boards.ie/discussion/comment/119419940#Comment_119419940

I'd suggest you Google the Northern Rock Bank run. If we all decide to show up tomorrow morning at AIB/Bank of Ireland/PTSB/whoever and withdraw our cash it won't be possible.

And no point saying that you can go tomorrow and withdraw all of your balance in cash, because you're not going to do it, as if you truly believed the banks were as bad as you think you would actually be keeping your cash under the mattress.

https://www.boards.ie/discussion/comment/119420284#Comment_119420284

I had a northern rock account, there was no problem withdrawing cash/transferring it when the bank went down.

This mattress strawman is ridiculous.

There are private vaults with 24/7 security which will let your you keep cash and other valuables in a lock deposit box.

In some Euro countries the banks themselves rent out secure storage.

Some people have private safes and big dogs sleeping on the ground floor.

Can the anti-cash posters explain what is driving their passion to eliminate cash? I don't find these sophist arguments convincing at all.

Who's anti-cash?

There are always way to secure physical assets. There are shops that trade gold and silver on most UK high streets.

"But yer mattress!!"

https://www.boards.ie/discussion/comment/119420346#Comment_119420346

Yip, two vaults in Dublin. Cheap way of storing valuables, both offer a facility to buy and store gold as well as prized possessions.

https://www.boards.ie/discussion/comment/119420346#Comment_119420346

And does anybody actually put all of their cash into a vault, and make withdrawals? Sounds like a scene out of Harry Potter.