“Whatever happened to just using good old fashioned cash?” After being asked this question by my grandmother, I began thinking about the fear that many people have regarding the impending transition to a “cashless society.” When I thought about the arguments that many people make in favor of cash, I realized that many people essentially view cash as a private, anonymous, decentralized, permissionless medium of exchange (even if they don’t use those words). I don’t think that the transition to electronic money itself scares them but rather the thought that they will lose the privacy, convenience, and anonymity associated with traditional cash. Unfortunately, the days of “Cash is King” are long gone, and the transition to a mostly digital payment system appears inevitable. That being said, I believe that cryptocurrencies can be a modern way of preserving the inherent benefits of cash while also incorporating many conveniences of electronic payment methods.
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