Digital Currency Is Killing Small Towns & Businesses
While Shopping In Lytham St Anne’s This Christmas Think About This
Why should we pay with banknotes as much as possible instead of a card?
If you have a few £20 notes in your pocket. Then go to a restaurant and pay for dinner with them. The restaurant owner then uses the notes to pay for the laundry. The laundry owner then uses the notes to pay the barber. The barber will then use the notes for shopping.
After an unlimited number of payments, it will still remain a £20 note, which has fulfilled its purpose to everyone in full who used it for payment in the local area.
But, if you visit a restaurant and pay for dinner digitally – the card processor takes fees for your payment transaction charged to the seller at 2-3%, so around £1.50. This is the same transaction for the owner for his laundry and the barber etc…..
Therefore, after 30 transactions, the initial £80 will remain only £35 and the remaining became the property of the bank and card readers because of all the digital transactions fees.
As a community in the real world, we and our children desperately need more human interactions, more questions, more conversations.