Phasing out Cash

Here's how...

"Take it all off!!!! Whoo-hooo!!! ( the tip--> ) I'll wash your windows and cook you breakfast!"

 

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The chip on the credit card and this secure code are two different things.

That chip is supposed to prevent fraud that can be caused when you use your card at an ATM or payment terminal. If a card has just the magnetic stripe, account data can be read off that stripe by criminals who install "spy" readers at terminal locations. That information can then be copied, even remotely, onto blank cards. If these people get your PIN code too (mini-camera, "extra" pinpad, etc.), your account can be emptied. The chip makes this impossible. How long it will be safe ... who knows.

The secure code is for payments that do not actually involve your credit card but your card data. You cannot show the credit card to a dealer who is far away from you, so you provide the card number. But anybody who steals/finds your card would know the number, the expiration date and even that validation code (CVC or whatever it is called), as they are printed on the card. That is why MasterCard uses SecureCode - Visa provides a very similar service which is called Verified by Visa. Works fine for me, but not every web store requires me to use VbV. I guess it makes the payment more secure for the seller, but also more expensive ...

Christian

 

If 1 particular country stoped using cash. Then people would use another country's currency.

 

But how would you get it, and enough of it? Would you fly there and try to bring back enough to get by on? Customs and Immigration would prevent that. Just as they already state you must declare how much cash you are traveling with. It's $10,000 for the US, for example. Even if you could get enough back to live on, as soon as you run out you'd be blowing a lot of money traveling back and forth to get more until you were totally broke or shook down at the borders to prevent your actions. How now brown cow?

 

I would expect most transactions would be about 100 dollars or less for cash. Mexico and canada has people who for a cut will exchange the cash for e money.

 

By standards of living in the U.S., people who are living on salaries of $50K, $75K, etc. etc. etc. already have a lot of $100 or more transactions on a daily or every few days basis. With limits to available cash and a black market of dubious middle-men taking a cut to bring that cash to you just to spend on small things, everything and the cash itself is going to start costing a lot more, and at some point maybe even more than face value. Trying to skirt the rules and evade revealing your sources for obtaining that cash will become more and more expensive, and how do you expect to get away with spending it, let alone explaining why you are in possession of foreign currencies, which possession of could easily be deemed illegal in itself to deter your actions.

 

Lots of people -- the ones who recognize that it costs money to treat water, distribute it, and make it consistently available.

Not sure where you are -- I'm sure that in desert areas water is not "free for the taking", but at least (for better or for worse) it's available, which of course is not "natural". In urban temperate areas, runoff is still free, and of course there's no extra charge for cholera.

Seriously, I'm really, really​ not seeing this analogy.

 

I fixed that for ya!