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Paying by Cash "on the verge of collapse"


Sky News reported this morning that the closure of bank branches and cash machines are just the "tip of the iceberg". Sky further reports that the Bank of England is to launch a "shake-up" of the UK's cash system as the signs are that it is "falling apart" and that a move to a cashless society would see millions left behind.

Interesting.

Retailers have been forced into not accepting cash due to the banking costs of servicing that cash - if the retailer can find a bank branch of course.

Banks are closing branches faster than the speed at which pubs are closing because of the all important profit factor. Machines are cheaper, work 24/7, do not need holidays, bathroom breaks or need to finish work at 5pm.

So the Bank of England is going to shake up the system.

Don't hold your breath.

The reality is that cash - fiat cash has had its day. The fact that governments and banks are launching their own cryptocurrencies would confirm this.

Unless you have borrowings - there are 4 times more savers than borrowers - you don't need a bank account. In 2017 debit card transactions exceeded cash for the first time. Most young people pay by card or smart phone payment systems. Those in the crypto space pay in crypto or use a service which converts crypto into fiat for spending. All these services are on the smart phone.

Artificial Intelligence [AI] is taking over, more rapidly now than at any point in history.

Blockchain removes the middle man.

People can either duck and cover or find out more.

Talk to an independent crypto consultant [ICC]

#blockchain #cryptocurrency #loveyourlife #ICC


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