this post was submitted on 31 Oct 2023
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Yeps. Banks make no money if we keep it in paper in our wallet and big retailers don't have to deal with the infrastructure to deal with paper money. Part of the reason why government economists want to ban all non-digital currency.
In the past governments banned people from owning gold. In the future they will ban us from owning paper currency. And pretty much for the same reason. There will be a financial system that you simply can not opt out of. You will need a bank and it will be one of the few remaining banks left after stress tests and corporate mergers finished the job 2007 started.
The later this happens the better, fortunately we don't live forever.