Do you Still Use Cash? - A case Against Cloud Money

Cloud Money

My parents always complain that when I go out for meal with them, even though I say that I will treat, I don't have cash with me. And more often than not, they are the one paying.  

While it is true that this is a clever tactic I use to avoid paying, the equally important reason is that we seldom use cash these days.

Indeed, how many payment apps you have in your phone. Apple Pay, Google Pay, Payme and FPS in Hong Kong, Linepay in Taiwan, and many more other fintech apps in China.

Brett Scott in his book "Cloudmoney: Cash, Cards, Crypto and the War for our Wallets" is one of the few opinions arguing against that trend, and that we must vigorously assert our right to use cash, and to see that as a political act.

Fintech and Bitcoin tried to disrupt banking corporation, and failed

Fintech played the role of the underdog in the beginning. Companies like PayPal started as a challenge to the traditional banking system. Yet, now it is actually a way to tap into the banking system and assist with bank transfer ultimately.

Bitcoin and cryptocurrency, once seen as a potential alternative currency, also failed remarkably in replacing cash. It is now often treated as a collectible. Just consider this, would anyone purchase Bitcoin if it is not associated with the value of USD? Indeed, ironically, major investment banks are now purchasing Bitcoin to diversify their portfolio.

Who are Actually against Cash

Cashlessness is presented as an innovative, modern, and even hygienic idea. (Remember during Covid, cash was presented as “dirty”? Seriously?)

Companies like Visa and Mastercard tiredlessly run campaigns such as “Kindness is Cashless” or “Cashfree and Proud”. Amazon fought hard in New York’s legislation requiring that all retail stores accept cash.

If we think more carefully, those who are campaigning against cash, Visa, Amazon, Apple, investment banks, household banks, they benefit the most in a cashless society. Every transaction you make through them, they make a profit. Of course, and there is the invaluable data they collect from you.

The Right to Use Cash

Plus, one often overlooks cash's ability to slow down payment transactions, which of course does not work well under the push of capitalism.

When I physically count and hand over the money to the merchant, it feels real, compared to using Apple Pay at some fancy restaurants or purchasing some useless crap I would never wear or use. It helps me spend more mindfully.

Quoting the author: -

"Cash is not stopping human progress. Rather, it is a roadblock against a greater concentration of data collection and power within Big Tech and Big Finance companies. Moving to "cloud money" and a "cashless society" is not a natural thing to do, but a concerted effort pushed by mega-corporation."

Like many things else, it is impossible to ignore the trend or live outside the system. However, we should not give up our right in using cash.

Using cash seems to be one of the minor acts that we could do to protect our basic rights, of privacy and ownership.