huangnon

Some of the disadvantages of a cashless society:

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Disadvantages of a Cash-Free World

Depending on your perspective, going cashless might be more problematic than beneficial. Here are some of the major downsides associated with a cashless financial system.

 

Digital Transactions Sacrifice Privacy

Electronic payments aren't as private as cash payments. You might trust the organizations that handle your data, and you might have nothing to hide. However, the more information you have floating around online, the more likely it is to wind up in malicious hands.6

 

Cash allows you to spend money and receive funds anonymously.

 

 

Cashless Transactions Are Exposed to Hacking Risks

Hackers are the bank robbers and muggers of the electronic world. In a cashless society, you're more exposed to hackers. If you are targeted and somebody drains your account, you may not have any alternative ways to spend money. Even if you're protected under federal law, it will still be inconvenient to restore your financial standing after a breach.7

 

Technology Problems Could Impact Your Access to Funds

Glitches, outages, and innocent mistakes can also cause problems, leaving you unable to buy things when you need to. Likewise, merchants have no way to accept payments when systems malfunction. Even something as simple as a dead phone battery could leave you "penniless," in a sense.

 

Economic Inequality Could Become Exacerbated

Unless special outreach efforts are made, the poor and unbanked will likely have an even harder time in a cashless society. If smartphone purchases become the standard way to transact, for example, those who can't afford smartphones will be left behind. The UK is experimenting with contactless ways to donate to charities and homeless individuals, but these efforts may not be developed enough yet to substitute cash donations.89

 

Payment Providers Could Charge Fees

If society is forced to choose from just a few payment methods, or if one app becomes the standard payment app, the companies who develop these services might not offer them for free. Payment processors may cash in on the high volumes by imposing fees, which would eliminate the savings that should come from less cash handling.10

 

The Temptation To Overspend May Increase

When you spend with cash, you recognize the financial impact by physically taking the cash out of your pocket and giving it to someone else. With electronic payments, on the other hand, it's easy to swipe, tap, or click without noticing how much you spend. Consumers may have to rethink the ways they manage their spending.

 

Negative Interest Rates Could Be Passed Onto Customers

When all money is electronic, negative interest rates could have a more direct effect on consumers. Countries like Denmark, Japan, and Switzerland have already experimented with negative interest rates.

 

Dropping the interest rate is typically a move to stimulate an economy, but the result is that money loses purchasing power.11

According to the International Monetary Fund, negative interest rates reduce bank profitability, and banks could be tempted to hike fees on customers to make up that deficit. Banks are limited in their ability to pass on those costs because customers can simply withdraw their cash from the bank if they don't like the fees.12 In the future, if customers can't withdraw cash from the bank, they may have to accept any additional fees.

I would also be wary of the power of megacorps (CP, example) in Thailand, that might exert control over payments to any competition they might yet have. All of a sudden your card doesn't work in Nong's Minimart..

Cashless is promoted as "convenient", but I doubt that is for consumers.

Would be nice to hear about the central Thai or local governments apportioning funds and projects like leisure centers, parks, sports fields, etc to the youth and general population, other than the same old shopping malls, mega-stores, etc.

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It’s unclear what led to this quick reversal, although many people speculated possible Central government influence from the Center for Covid-19 Situation Administration, or CCSA, which runs the response for Covid-19 for the Kingdom.

There's your answer. Another bureaucratic organization with it's nose in the trough of public funds, unwilling to hand over the power it's created from nothing.

37 minutes ago, Bert got kinky said:

 

Thais do not wear masks for themselves, they wear them to protect other people.

To not wear a mask is both selfish and ignorant.

Well done and welcome to the club.

 

At this stage, they are little more than comfort-blankets, but please yourself, Linus.

Take a trip outside Thailand. Face masks are gone.

The food industry has pushed the "low fat" mantra since the 60's, replacing a lot foods rich in healthy saturated fats with processed sugar.

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At the turn of our century, heart disease in America was rare. By 1960, it was our number one killer. Yet during the same time period, butter consumption had decreased — from 18 pounds per person per year to four.⁴

A researcher named Ancel Keys was the first to propose that saturated fat and cholesterol in the diet were to blame for coronary heart disease (CAD). Numerous subsequent studies, costing hundreds of millions of dollars, have failed to conclusively back up this claim.

Later research on the controversy showed that sugar, not saturated fat, appears to be to blame for our heart disease epidemic.⁵

Yet the notion that a healthy diet is one with minimal fat, particularly saturated fat, has persisted. While Americans drastically reduced their intake of natural animal fats like butter and meat, the processed food industry, especially the low-fat food industry, proliferated.

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"Measures stepped up to promote fear, paranoia, and keep emergency decrees in place". There's your headline.

Butter, every time. Not as unhealthy as previously thought.

Margarine on the other hand, just 2 molecules away from being a drainpipe.

Monkey Pox season already??  I've still got my Ukraine decorations up..