Yes, but that doesn’t mean existing cash will lose value. It will take awhile before it goes away. Granted, the currency may be accepted only by banks.
You’re right that people aren’t fully aware of what they’re asking for but those who fear the oncoming digital currency revolution are exaggerating. Hence my rebuttal to the following:
1. They can open a private account or still have family do so. You’re right, this is a concern.
2. We already have people who spend more than their means. While going cashless my exacerbates this, we already have widespread individual debt. I would recommend keeping a closer eye on your account. While an empty wallet is less of a problem than over spending, fraud isn’t what you’ll be charged with. More likely your transaction will be denied or worse you’ll owe the bank.
3. Through digital currency, you can already make purchases person-to-person. Go to a comic con. They’re basically a collection garage sales.
4. You can still give homeless people a gift card. It doesn’t have to be tied to you or your own account.
5-7. Gift cards. They’re a thing.
8. See 3. This is called a garage sale.
9. That’s already a problem now. What you mean is based on type of medium used to facilitate transactions. We had the same problem 20 years ago with credit cards. Now almost every business takes almost every type of credit card. It will be the same for digital mediums that provide currency transaction.
10. They already do. Remind me, where do you go to make change for anything larger than a $20? (It’sa bank). Further, carrying any large amount of cash of over $500 be confiscated by police.
11-12. It already is, except person to person. But digital receipts are not as highly scrutinized. Unless you’re under investigation. This is probably the only real argument against going cashless here.
