Cash gets rare but shouldn't go extinct

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Old fashioned paranoia put faith in GPS trackers and homing beacons in paper money, but you could still spend it. Techxiety today sees theftware injected right into the bottom of the stack where cryptocurrency comes from. Would this be a problem, yeah, but not nearly as much if it weren’t for the trend seen in scandinavia.

According to the Bank of Finland only about 10 percent of people in the country use cash. Despite Bitcoin’s recent crash, let’s face it, devaluation doesn’t mean gone. Cryptocurrency has some heavy backers and even if they’ve lost their shirts, they’ll not be giving up on those electronic currencies. Finland’s switch gets the hair on some arms standing up but in 2016 from Federal Reserve Bank of San Francisco…

Cash, and its concentrated use for small-value transactions, accounted for 9 percent of total payment value. Credit and debit cards, combined, accounted for 34 percent of the total value spent, while electronic payments made up 35 percent. Source

Even with Credit and debit cards combining to push cash off the counter, the malware threat persists. Electronic payment vendors are still swiping for cards and taking crypto purchases. The story of hackers putting a backdoor to payment apps to skim from accounts affects any form of payment that isn’t cash.

But some don’t believe workarounds for problems like this are worth banking on. They’d like to kill cash regardless… I wonder then how electro-lovers envision paying tow truck drivers if all access to electronics are out during a storm? An I.O.U. perhaps? Backed by something other than your good faith? Which is just how cash began!

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