No Cash?

There's a concept which is openly discussed now in Europe and some people think it'll happen within the next decade.

One of the chief problems facing society today....among the 500-odd problems you might dream up.....is the fear of a bank-run.  I admit.....in Germany or Denmark or France.....it's a zero-percent chance.  In Greece, it's now around a ninety-percent chance that a bank-run will occur.  In Italy.....it's gone from zero to ten-percent.

A bank- run.....is where everyone realizes a collapse or financial downfall will occur, and they run down to the bank and withdraw ALL their money.  So imagine a bank in your town with 3,000 accounts and each person has between $500 and $500,000 in that bank.  Things get hectic, and suddenly....there's no cash. If people had maintained some sense and just been a little careful.....the crisis would slowly pass.....their money would be safe.....and no five-star collapse of their state financial network would occur.

The concept here to stop this run on money?  No cash.

Yeah......all your money would be digital. Walking in and trying to remove all your cash?  It won't happen.  You can remove your cash and digitally deposit with another bank or credit organization.....but you couldn't take down a country's economy by the whole town or whole state or country removing all cash (like we might observe in Greece).

The concept is generally referred to as the 'cashless society'.  You'd have an ATM card and simply pay for everyone with the card.  Buying two pairs of underwear?  Fine.....put down the ATM card and simply pay with it.  Buying an ice cream cone?  Pay via the ATM card.

Issues?  Well....it costs something to have a connection to the ATM network, and banks know there's some profit here for them.

The odds of the public accepting a cashless society?  I'd question it openly and personally doubt if you convince more than fifty percent to go along with the idea.

Having the digital cash wiped out by some hacker?  I could imagine some bank having some idiot get into the system, and wipe out all cash via ten thousand customers in a matter of a minute.  Back-up data?  It could also be wiped out.

Convincing people to give up cash and coins?  I have my doubts that it'll ever happen.....but if there was a favorable economy to try this idea.....it's Europe.