What If CASH Didn't Exist? The Problem With A 'Cashless Society'

Рет қаралды 5,870

Күн бұрын

If I asked you to picture the last thing that you bought - whether that was a recent trip to the grocery store, a cup of coffee, an Amazon order or whatever else you’ve decided was worth your money recently - how did you pay for that thing? I’ll give you a second to picture it… I’m guessing you used either your credit card, maybe your debit card, or potentially you used e-transfer or Venmo to send someone your half of the bill they grabbed. But I’m also guessing that what you didn’t use was actual cash.
And I think this is a pretty fair assumption, considering that paying with cash has become less and less common over the past few years. We can see that the number of people using cash for none of their purchases is going up a lot over the past decade alone, and it’s especially high for anyone earning more than $50,000 per year.
Now, even if you can’t think of the last time you used cash, how would you feel if cash didn’t exist anymore? If it just poof completely vanished, and we became a cashless society? It’s something that sounds like it’s going to happen at some point, but should it happen? And are we actually ready for that to happen now? In this video, we'll talk through how much cash is actually used right now, and the potential downsides of going fully cashless.
0:00 When’s the last time you used cash?
0:57 The history of money
3:14 Cash is being used less and less
5:19 Canada’s leading the way for a cashless society
7:47 The main problem: a lot people are un- or under-banked
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Пікірлер: 82

@stephandden Жыл бұрын

What's the last thing you paid for in cash? 👀

@michaelssali Жыл бұрын

I went to a chinese restaurant and paid them with a $20 Bill.

@lkbrook89 Жыл бұрын

Zumba class

@shannonpifke5911 Жыл бұрын

I pay cash for everything because im on disability

@amberinternational Жыл бұрын

I always use cash 😩

@Plysdyret1 Жыл бұрын

I bought some chips at the supermarket today.

@kurtstainton6681 Жыл бұрын

One point you forgot to mention is a cashless society further centrilizes control, and power striking, protesting, thinking of getting an abortion, leaving an abusive relationship, your money could suddenly become unavailable for all of these situations, and many many more

@STOPTHECLOWNS581 Жыл бұрын

Let's just say we went fully cashless and then a massive solar flare happens knocking out the grid. What then?

@stephandden Жыл бұрын

Interesting point! We think it's important to understand what's happening around us from a money systems perspective. Despite the fact that an electricity grid could go down (as they regularly do in many places) - knowing the trends that are happing right now in the banking world let's us prepare, participate and ideally not get left behind. Thanks for your comment! 😊

@showdown2006 6 ай бұрын

The store will simply tell you they can't sell it to you and to come back when everything is working again. Believe me they won't care.

@shanec7436 Жыл бұрын

Hi guys, really enjoyed your video congrats. I'm curious why you didn't mention what happened in Canada when the truckers had their bank accounts frozen and anybody who supported them had their accounts frozen too? Surely this could mean the end of being able to go on strike in the future if people no longer have the option to use cash....and also what about the huge dangers of hacking and scams with digital? Not to talk about the fact that every time we tap & use digital it's not not good for the environment..all this digital activity uses a lot of energy and yet most people who are always talking about saving the planet seem cool with that? :) Lots to think about..keep up the good work.

@malcfrost2895 Жыл бұрын

I prefer to use cash wherever I can. When ever I am in a physical store, cafe or bar I use cash.

@ethanpetersen810 Жыл бұрын

Yeah let’s just rely entirely on computers and tech because as we all know, computers never ever ever have problems...

@entertainmentfan1463 11 ай бұрын

Not to mention this would pretty much give the banks and government complete control of your money, and obviously the big banks and government have never stolen the public's money before *cough* 2008 bank bailout and recent bailout *cough* or locked people out of their accounts *cough* anyone who ever opposed the government *cough*. It also cuts out a LOT of transitions between friends and family or if you're doing business with someone who works at home and those people rarely have card readers at home.

@yuhyuh5674 Жыл бұрын

In order to manage my spending, I am beginning a habit of only using cash for most purchases except for large ticket items and transportation.

@stephandden Жыл бұрын

Do you use the cash envelopes budgeting method?

@yuhyuh5674 Жыл бұрын

@@stephandden I want to begin using that method, so far I've just been limiting myself by going to the bank and withdraw money from an ATM

@amberinternational Жыл бұрын

Me too and this really helps

@thebeachmule Жыл бұрын

I will second what Kurt said below. The main and most important issue with a completely virtual cash system is one that Americans know all too well, control of accessibility to our money. Government’s have no moral values, because a Government is a business. We the people are not allowed to track what our Government spends our taxes on, but with a cashless society the Government will have the ability to track, take away, or shut down anything it sees as less than favorable to them. Cash & Gold are the only way we as people are able to keep our leverage against a tyrannical Government or business monopoly. If the human race goes cashless, we will be left to hope and pray that the powers that control that money will be honest and fair, but if they aren’t there will be nothing we can do about it. It is interesting to think that people believe their Government has a moral conscious or gives away any power that it isn’t forced to. After all, if a business has the ability to make more profit and has no moral responsibility, why wouldn’t it? This is the only question anyone should ask themselves about this situation. It’s solely about our right to be completely self sufficient from these corporations and governments if we as people so chose, if you go cashless you will give that fundamental human right away.

@filmaker256 6 ай бұрын

Aaand guess what... they will do everything you listed. Cash , keep it.

@user-xe2cq7un1d Жыл бұрын

The chip will be inserted in either your right hand or forehead. That is how you will pay however you cannot be saved because you have sold your soul to the devil.

@faridarahman2659 Жыл бұрын

Loving the quality of your recent videos!!

@stephandden Жыл бұрын

Thanks Farida! 😊 glad you’re loving the content.

@showdown2006 6 ай бұрын

I think Canada is still well behind this curve. There are very few places I go to around here that say they are cashless. Where as I was just in the US a month ago, pretty much every place we went to was cashless. The digital age has already been a thing in the US for quite some time now. The thing that really annoyed me about it was as a tourist making foreign transactions meant I had to buy more USD when doing credit card purchases in the US with my USD based Visa Card, instead of just reaching into my pocket with USD cash I already bought awhile ago which probably cost me less to buy at the time.

@lkbrook89 Жыл бұрын

So not exactly true, in nyc their is a cashless ban, meaning merchants and restaurants are required to accept cash or have a cash equivalent system for those who are underbanked not prejudiced against.

@stephandden Жыл бұрын

Yes, the cashless ban does exist in the NYC specifically, but there are many places across the US including other cities in New York that have cashless businesses. Thanks for the comment!

@fasteddy3336 Жыл бұрын

Dave Ramsey will not be happy.😂

@stephandden Жыл бұрын

Ha! 😂

@michaelssali Жыл бұрын

I think the digital payment systems will go away long before cash does. The companies that don't take cash are usually high scale, uppity businesses in rich white neighborhoods. I don't go to them. Me, I grew up with cash and I will always use cash. I rather use something that is not tied to me or my name and that's why cash is great. If someone cuts your grass, you can't pay them with a credit card, you gotta pay them cash. Same if someone washes your car. Cash is gonna be around forever.

@stephandden Жыл бұрын

I definitely get that! It’s interesting cause with companies like Square we’ve seen a lot of traditionally cash based businesses making card payments more accessible. I (Den) was recently approached by someone who was selling stuff on the side of the road… when I told them I didn’t have any cash, they pulled out a Square reader that took cards with a simple connection to their iPhone. It’ll be interesting to see where things go in the future. Thanks again for the comment! 🙌🏿🙏🏿

@michaelssali Жыл бұрын

@@stephandden You're welcome Den.

@filmaker256 6 ай бұрын

I actually believe that too. Digital has soo many pitfalls eventually it will make no sense to use such a flawed system.

@zerokool-2058 Жыл бұрын

So you’ll just get robbed at gun point and they’ll say cash app me all you have now. Lol. Still getting robbed.

@mitchell.9632 10 ай бұрын

Just instead of the six gun as it will be robbed with a fountain pen as Woody Guthrie said to paraphrase him.

@JesusIsKing50 Жыл бұрын

If a shop don’t take cash they won’t my money … I’d rather grow and hunt for my food than cave into the government sxxt

@Wileyg4lify 9 ай бұрын

I pretty sure they don’t care

@mitchell.9632 10 ай бұрын

>Your putting the power of the transaction to go though or not at the will of companies (and government). >As a side note *if* it goes that way we now could have negative interest rates. The "Federal" Reserve which is *not* a branch of government controls the money supply no matter what form it is in. Like most of the world looking into Canada looks like it is not a official government for the Bank of Canada as well. >From what I have heard Canada as a whole is smarter for making the Loonie and Toonie as coins these days and *quit the Canadian penny.* Not ever having less than a half penny never stopped U.S. gas stations from charging nine tenths of a cent on gas. You just round up the total. Could be done to the nearest nickel in the U.S. Instead with ~half of states paying $10+ an hour the U.S.A. fumbles with something that at nine an hour equals a penny every four seconds. Loosing money penny literally pinching at that point.

@silkdestroyer 2 ай бұрын

If Big Business, banks and governments are pushing the cashless society, who's interest do you think it is in?

@Dark_Detective Жыл бұрын

Not everyone can get a credit card though so a cashless society will further limit children's independence.

@stephandden Жыл бұрын

Presumably debit cards would take the place of cash vs a credit card - but, there are definitely people that can't get a credit card (and the un- and under-banked communities are excluded, as well)!

@mitchell.9632 10 ай бұрын

@@stephandden In the U.S.A. I have never seen anyone who can get a card under 13 due to all the data collected with card payments and the laws regarding that. It does limit the 10-ish to 12 year olds from going around the corner (or so) to the store.

@mikeyoung7640 Жыл бұрын

Why are there people unbanked for like it’s so simple just open a bank account

@meganmarie4289 Жыл бұрын

There’s some documentaries on this if you want to further research.

@stephandden Жыл бұрын

Unfortunately there's a ton of predatory money systems that benefit from our lack of knowledge. We did a video titled 'Cash Loans - The Real Dangers Of 'Fast Money' & How Payday Loans Are Predatory' where we touched on how and why people are un/underbanked - let us know what you think 😊

@dinagalall Жыл бұрын

What a great video!

@stephandden Жыл бұрын

Thanks so much! 😊

@neelrastardust3052 Жыл бұрын

I like to use cash if I think the place looks sketchy. I don’t ever use my debit card except to withdraw cash. Otherwise, it’s credit card or cash.

@stephandden Жыл бұрын

Yes! We pretty much do that same - I can't remember that last time I used my debit card 😊

@MFTW Жыл бұрын

My favorite Canadian channel

@stephandden Жыл бұрын

🙏🏿🙏🏻 thank you!

@LightsVancouver Жыл бұрын

can you explain the benefits of having multiple credit cards - different banks - credit score - opportunity of debt

@stephandden Жыл бұрын

We're doing a video on credit cards very soon so we'll dive deeper in that one! But first, checkout our last video titled 'Stop Using Big Banks (You're Losing Money)' where we broke down why we use different banks and how they can serve different purposes. Stay tuned for upcoming videos though - we'll definitely touch on the points you mentioned 😊

@dawwilliams8024 Жыл бұрын

I’m sure the Mexican cartels will be extremely worried now…..

@diegorojas6497 Жыл бұрын

Many people I know dont use banks since they don’t trust them with past incidents but they still manage to budget with cash. I only carry cash if a store won’t take cards and to give tips at restaurants

@stephandden Жыл бұрын

Do you find you run into a lot of spots that won't accept cash, or not so much?

@diegorojas6497 Жыл бұрын

@@stephandden it’s mostly hispanic and arab owned businesses that take them but perfer cash due to the card fees

@mellodyz9345 Жыл бұрын

@@stephandden I am in windsor Ontario and have been all over Ontario and have never ever been denied cash. I honestly do not think a 100% cashless society will ever work.

@mellodyz9345 Жыл бұрын

Denied for using cash*

@vmobile890 2 ай бұрын

Never use debt card because constant scam videos . When using cash at a machine and in person it’s more relaxing makes a conversation topic especially at the bank naming off my purchases past and to be done . Then ask teller what does she buy and their family 🤣

@cheesefries7436 Жыл бұрын

8:50 You just said cashless businesses could be discriminatory, then pose digital banking as a solution. That's pretty bias and there's an implied association with poverty and cash. What if you don't want to use a digital currency and be tracked every time you purchase something? That's a completely valid reason to use cash instead of banks. Digital currencies are tied to the individuals account making the transaction; this means whatever company facilitates the transaction knows your age, name, spending habits, address, and likely race because you made an account with them. At best you'll get targeted ads, at worse specific ethnic groups, sexual orientations, or political groups could be targeted and have their ability to make transactions halted. That's extremely dangerous to people. I think accessibility means cash is accepted everywhere, not that digital only becomes the standard.

@Shawnfrmphilly Жыл бұрын

Fednow is coming is July so we are gonna be cashless soon

@stephandden Жыл бұрын

Yes! We’ll definitely see an increase in more people going cashless, but hopefully we’re able to address some of the issues for those that are un-banked and under-banked. Thanks for the comment! 🙌🏿🙌🏻

@elizabetha8565 Жыл бұрын

Every time I hear BCE I think of fetch.

@user-iz8tz9xq4r Жыл бұрын

This is to control the propaganda

@thasu6890 Жыл бұрын

The lady spoke way too fast. People from other countries that are non-native English speakers cannot follow. The lady talked as if she were in a rush 🙂 By the way, I prefer the guy's talking style since he spoke a bit slower.