Cashless Society ‘IF’ We need money?

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so you never miss a video again. Cash, wonger, greenbacks, denaro, wedge and
Benjamin’s Money is known many names
It’s something we all know about Some have too much and others too little and
for some it’s considered the root of all evil
But what if it was to go away? In a world of ever increasing digital currencies,
and the surge in their popularity. We ask what a cashless future may look like,
and what implications it may have. Would it be the paradise of Star Trek, everyone
working for the betterment of humanity rather than personal gain or could it be a completely
controlled hell? Devoid of equality and freedom? Money in one form or another has been with
us since the dawn of civilization. It has come in my shapes and forms. The Chinese used bronze to trade in 1100BC
The modern idea of money in the form of coins has been with us since the time of Rome. Early metal money came in varying forms it
was often made from precious metals and used in conjunction with the barter system. The first known true currency was created
by King Alyattes in Lydia, now part of Turkey, in 600BC. The use of paper as currency began in China
and was carried to the West by Marco polo. Paper money started out as simple I owe you
written notes on which the person carrying this paper was promised an amount of something
in exchange. This practice really took hold during the
time of the crusades. The Knights Templar would furnish travelers
with these early credit notes. The traveler could then cash them in when
arriving at another Temple stronghold at their destination. This practice led to much of the great wealth
acquired by the Templars and we can still see its, and their influence today in the
old capital of the Templar empire The City of London. The City of London is a city and county that
contains the historic center and the primary central business district of London. It is separate to London and holds a lot power
even today. It has been a den of secrets for hundreds
of year and maybe worth a look into with another video. if you would be interested seeing that Let
me know in the comment below? So back to cash. Money did not stop evolving and the introduction
of the first digital currency came with the creation of credit cards 1946. John Biggins pioneered this idea with Charg-It
card. This was a real turning point in the history
of money for the first time people trusted in 0 and 1’s instead of gold silver and
paper promises. 1999 saw the first mobile banking introduced
this in conjunction with the release of the first smart phones. Today 81% of people use their phones to bank
and this figure grows year on year. Digital is here to stay. In 2014 things really blew up. Contactless payment had been with the world
since 2008 but as smartphone technology grew more secure more and more people adapted to
this payment. The idea of money being a form data had taken
hold. The rise of cryptocurrencies at this time
also helping to cement the idea in people’s minds. Now Money is created traded and exchanged
all the time with no physical presence except the device it is being transmitted from. So we all see the positives of this new way
of handling money. Its convenience, no need to carry around bulky
cash less chance of having it stolen the fact that it is an even medium of exchange etc,
it would seem the world has embraced these new methods. So are there any downsides? Some experts have reported their fears of
the world becoming a two-tier urban system, in this system those with the lowest incomes
could become separated from the mainstream digital commercial infrastructure due to their
dependency on traditional forms of currency. This due to the not being able to afford to
purchase the relative technologies they would need to keep up with the pace of development. This could cause splits in society as areas
divide along the lines of the currency they use. The development of smart cities with the latest
and greatest devices at everyone’s disposal and a second class using only cash. The next problem is the power and control
this may afford the creators of these currency. As the old saying goes “he who controls
the money controls the world” our current technological snooping prowess
and the ease of which big data manipulation can occur could lead to speculation and manipulation
of currency values, something we have seen recently with cryptocurrencies employing the
old pump and dump strategy . Algorithms have been created to monitor suspicious
activity but could this morph into a day when the health records of an overweight person
would lead to a situation in which they find that any sugary drink purchases they make
are declined. And the line MAY not stop at diet. What about the media we consume could ideas
that do not conform be shunned and blacklisted, purchases banned by the currency providers? The government also has a huge stake in a
cashless society. We see politics and big business becoming
ever more interconnected, could we see this relationship between business and government
change into a system of totalitarian control. The government allowing the companies free
reign as long as the data is shared and the algorithm works to support government narrative. The U.S. government has used similar methods
to limit the freedom of its citizens before. They made it increasingly difficult for companies
to operate or individuals to transact by adding compliance hurdles for banks wishing to deal
with certain clients. They did this by making it too expensive to
deal with certain clients, this sending the signal that banks should not deal with this
client type, the government can then keep that company or person out of the banking
system. In a cashless world you would become a persona
non grata. That thought is scary, very 1984 Orwellian
control. However it could be the tip of the iceberg. If you are found to be subversive or hold
views or a lifestyle that counters Government could they ‘with a push of a button’ delete
your finances? What could you do? And this raises another issue what about those
that are experiencing hard times, homeless destitute people often survive through begging. How could they beg for a digital currency? This problem has begun to rear its head today,
In Amsterdam, homeless people selling street magazine Z!, the Dutch equivalent of The Big
Issue, struggle to find customers still using cash. Z! Trialed card payments by giving a dozen of
the city’s vendor’s iZettle readers back in 2013, but the method was deemed too cumbersome. With the likes of Bitcoin showing no signs
of slowing in popularity some may argue that they are antidote to this scenario, the problem
is that they need connectivity. This connectivity could become subject to
monitoring, control of bitcoin coming via meta-data and behavioral analysis. We should be careful of this drive towards
cashless living, it is being pushed as a great freedom and a convenient method of transaction
but could be a means to our enslavement. If a dystopian future awaits us is uncertain,
there is the real fear that governments may find the power irresistible. The controlling of the everyday behavior of
their citizens simply because they can or because of some perceived outside threat. If we move into this world and say good bye
to cash could we ever get the freedom it affords us back? Let me know your thoughts in the comments
below. If you enjoyed this video please give it a
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5 comments on “Cashless Society ‘IF’ We need money?”

  1. LoneRecruit 221 says:

    Unfortunately money is necessary other people would just be stealing and raiding places for goods.. i personally think digital currency is bad sure you wont lose your money or get it stolen physically but it could be hacked into or corrupted. On i side note i think were a little too dependent on technology from shopping to money we are literally recieving items and goods without leaving our homes nowadays and its unhealthy but oh well i guess but i personally rather walk to stores and use paper and coins money haha great video dude!

  2. Space Dementia says:

    Oh I'm sure it would be a Star Trek paradise 😉

  3. TAZA PANYAH says:

    Flying cars are next remember back to the future, remember in those movies the flat screens where in that movie before they came out, and also the that skate board which is a damn hover board, technology is right in front of our eyes,and it is advancing to demonic oppression and mind control, ushering the damn chip.

  4. Cansas And Mike Cooley says:

    Spectacular video! Definitely my favorite of your videos! Scary stuff. The idea of a division in society due to the poor not being able to afford technology needed to keep up and the idea of becoming a "persona non grata"…terrifying. Great stuff 👍!

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