I know this is not my place of expertise, but I have debated this subject on numerous occasions.
David Edelman (McKinsey partner leading Digital Mktng Strategy Practice) wrote an article on11-June-2013 titled “Why You Should Wage a War on Cash“. So I decided to take this chance to reply with these points:
- Possibility for the Bankers to Manipulate the Amount of Money on Circulation:
- “Big Brother” Surveillance:
If all money was digital, governments would be able to drain the funds of any “undesirables”, and if all money was digital, do you think we would see the Arab spring and the fall of the dictators?
- Natural Disasters:
Cash is Cash, the feel of it, counting it, seeing it makes people at ease.
I don’t want my name to appear in any list for advertisement because I bought something, I don’t want to be harassed.
- Savings Disaster:
I actually tried this on myself and friends, I found that when I take all my salary as cash and pay for anything cash, I save more than when I left it in my bank account, and did everything electronically.
- Identity Theft:
You think it is a hassle now!
And finally, what is in it for me? other than “comfort”