If You Want People To Keep Using Cash, Support Killing The Penny

Paper money and coins are, if you think about it, amazing pieces of technology. They’re the physical representation of an abstract notion: value. But most “money” in the economy today doesn’t exist physically – it’s digital. When you pay for groceries with a credit card, the credit card company doesn’t send a bag full of cash to the store: they transfer the money electronically. We’re fast approaching a cashless economy, and in some ways that’s too bad: cash has a lot of advantages. It’s a direct means of transfer: there’s no credit card company or bank involved, extracting rent from...

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If You Want People To Keep Using Cash, Support Killing The Penny