A cashless economy(without crypto) is a threat to businesses and lives worldwide
Just to be clear, whenever I speak of "cashless economy" I'm referring to an economic system where cash is no longer a legal tender, an economic system where money management and financial operations have gone digital and by this I mean being processed and handled by regulated banks within a country.
This is to say that we are not looking at crypto assets and thus not factoring them in on the "cashless economy" however, if we were, then this post title would be quite the opposite of what it says right now.
Having a bank account is the biggest risk one could have right now
I went out late night yesterday to an eatery to get something to eat as I wasn't feeling like cooking anything at this time, while at the eatery I noticed that 90% of the people that came in couldn't get food because the banking services have been jammed and most cards have been unable to facilitate transactions.
Given that, many were left starving because of a stupid bank network, and to think that this isn't limited to card transactions but even direct transfers weren't working so well, I personally could not pay with my card but having had this microfinance bank account that I so much love to use than all the big banks in my country, I was able to pay for food with it.
Heading home, I got a call that I was being credited the money I was owed and me being extremely excited as I had this shit planned out already, I logged into my account but didn't see the money plus I could not even access my transaction history, what was the problem?
Yesterday and today is when I've learnt that diversification is very crucial and it is most applicable for risk management in systems like this because just imagine having just one bank account with funds and it screws you over like that. Anyways, I've waited for hours and have still not seen my money, when I checked their social handles, I figure so many people have been complaining of the same shit and I also recall having paid for some goods the other day and the man complained of not receiving the money but allowed me to go with the things anyways - probably because I seemed rather trustworthy and did say I'll keep in check with him to ensure he gets his money if it truly happens to fail from my end.
Where am I going with all this?
The bottom line here is that I currently have a huge sum of money trapped in air, which is weird and many others like me are also in this situation, the nature of the problems goes to show disastrous a cashless economy can be because just imagine actually having money but not being able to use it.
Businesses would see a huge drop in income or revenue and individuals would face numerous daily problems that could lead to many starving. The banking system is quite corrupt and inefficient at a large scale, so much happening lately gives us a reason to fight for cash to stay in the system no matter what unless of course, we want to go fully into cryptography as a technology to power the next generation economy and financial system.
Posted Using LeoFinance Beta