Gallup Study Shows US Citizens Want To Go Cashless In This Lifetime

By July 25, 2016Bitcoin Business
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Gallup Study Shows US Citizens Want To Go Cashless In This Lifetime

A new study shows how the majority of Americans expect our society to go cashless in their lifetime. That is quite an interesting statement, albeit there does not seem to be any immediate benefit to going cashless. Then again, this study could also be beneficial for Bitcoin adoption in the long run, as it is a different breed of payment altogether.

Gallup, the company conducting this particular study, found out 62% of US residents expect their country to go cashless in the next few decades. That is quite an interesting outcome, but not entirely surprising. The United States is not known for its cash usage, as they prefer cheques and bank cards over any other payment option right now.

The US Wants To Go Cashless, But Is It The Right Decision?

At the same time, one has to wonder what the benefit of a society without cash would be in the long run. Granted, we would get rid of bills and coins, which can be a hassle to deal with. Plus, it would be safer for merchants too, as they no longer have cash on hand that needs to be transported to the bank. It could end up reducing crime numbers for some time, but that does not make it a go-to solution.

The biggest drawback when dealing with a cashless society is utter reliance on the banking system. All payments would have to be made through cheques, bank cards, or mobile banking applications. Consumers should be looking to end the master-slave relationship they have with financial institutions, rather than attempt to strengthen the bonds.

Interestingly enough 54% of Gallup’s respondents indicate they still like to have cash on them. That is not abnormal, as cash remains a convenient way to exchange value without friction. Cash just works by handing it over, as there is no technology involved. In fact, no one has ever rejected a cash transaction unless it is a store policy only to deal with other forms of payment.

While many experts have predicted the end of cash for quite some time now, it remains a mystery as to how that society would look in the end. While there will be an interest in cheques and card payments at first, it can also create opportunities for alternative payment methods. Bitcoin and other cryptocurrencies may play a bigger role in that ecosystem than people give it credit for right now.

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC< The Merkle, Samsung Insights, and TransferGo.

Gallup, the company conducting this particular study , found out 62% of US residents expect their country to go cashless in the next few decades. That is quite an interesting outcome, but not entirely surprising. The United States is not known for its cash usage, as they prefer cheques and bank cards over any other payment option right now. The US Wants To Go Cashless, But Is It The Right Decision?

At the same time, one has to wonder what the benefit of a society without cash would be in the long run. Granted, we would get rid of bills and coins, which can be a hassle to deal with. Plus, it would be safer for merchants too, as they no longer have cash on hand that needs to be transported to the bank. It could end up reducing crime numbers for some time, but that does not make it a go-to solution.

The biggest drawback when dealing with a cashless society is utter reliance on the banking system. All payments would have to be made through cheques, bank cards, or mobile banking applications. Consumers should be looking to end the master-slave relationship they have with financial institutions, rather than attempt to strengthen the bonds.

Interestingly enough 54% of Gallup’s respondents indicate they still like to have cash on them. That is not abnormal, as cash remains a convenient way to exchange value without friction. Cash just works by […]

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