refusing to accept cash

http://www.zerohedge.com/news/2017-07-12/hackers-steal-identity-swedish-security-company-ceo This is what scares me about cryto fiat. Security professionals can't even protect themselves. Don't people think it could happen to their accounts?

Quote: petroglyph

This is what scares me about cryto fiat. Security professionals can't even protect themselves. Don't people think it could happen to their accounts?

Some people believe they can control their exposure to theft with physical cash.

Besides the cultural bias towards making small purchases with credit cards (i.e. "I spend with abandon when I don't use cash") there is the real problem that venders do not want to pay credit card fees for small purchases.

Sweden has eliminated those fees, so that some people use a charge card for all purchases regardless of size. But the SWISH phone app introduced by Swedish banks five years ago has allowed person to person electronic transactions to be routine.

Quote: Pacomartin

Some people believe they can control their exposure to theft with physical cash.

Nope, they steal your wealth even when your sleeping, with taxes and inflation. The theft just seems slower is all.

added: http://theantimedia.org/sweden-accuses-erdogan-genocide/ At least somebody is calling Erdogan on his bad behavior.

Visa is now paying certain merchants to go cashless:

http://www.businessinsider.com/visa-unveils-new-incentive-plan-to-push-cashless-transactions-2017-7

Quote: odiousgambit

Visa is now paying certain merchants to go cashless:

There had been a relatively modest 16% reduction in circulating cash from 2007-2012 in Sweden. As most countries in the world are continually increasing their cash, any decrease at all is remarkable.

But then the phone app SWISH was created by the dominant banks in Sweden. By Nov 2016 50% of the country uses SWISH, and it is largely responsible for eliminating most consumer to consumer cash transactions from the country where transferred amount is under $2200.

• A transfer is instant and free of charge.
• To use the service, one needs a smartphone, the safety solution mobile Bank ID, a Swedish bank account and the Swish app.
• A user only needs someone else phone number to transfer money.
• Only works in Swedish Crowns
• Users can temporarily increase the amount to SEK 150,000 ($16,485) for a limited amount of time. The average maximum amount restricted by banks is about SEK 20,000 ($2,200).

Mobile payment is nothing new. Companies like Paypal, Venmo, Square cash, Facebook Messenger, SnapCash or Leetchi (Owned by Crédit Mutuel Arkéa) let you send money to your family and friends via your mobile. However, none of them offer a smoother product than Swish.

One of the new competitors in the USA is Clear Exchange
https://www.clearxchange.com/

Is the Swish graphic purposely phallic?

Quote: Ayecarumba

Is the Swish graphic purposely phallic?

It is hard to believe that is a innocent. Europeans are much more open to using phallic images than in America.

This traditional bar graph says that even though 52% of the population used SWISH in the last month, about 79% have used cash. So even if it is for minor uses, most people use cash sooner or late.


I also seldom see a linear regression fit to historical data.

Where do people get all this cash
to use. Most everybody gets paid
by direct deposit now. I cannot
remember the last time I paid
for anything with cash, except at
the casino. Why would you bypass
your debit card, that keeps great
records of every dime you spend,
why would you use cash. I don't
get it.

Quote: Evenbob

...Why would you bypass
your debit card, that keeps great
records of every dime you spend,
why would you use cash. I don't
get it.

Anonymity for questionable spending, speed, convenience for small transactions, identity security, tips, account balance security, forgotten PIN...

Quote: Ayecarumba

Anonymity for questionable spending, speed, convenience for small transactions, identity security, tips, account balance security, forgotten PIN...

None of that ever happens to me, is
everybody else really that screwed up?
My debit card is the fastest, most
convenient way I've ever used for
paying anything.