I think this (article page) comment says a lot about the real motivation:
"...So instead of taking the very SMALL and SLIM chance I'll get robbed by a street thug - I should switch to digital currency and just allow the banks to DEFINITELY ROB me... yeah, right..."
I also found it interesting that the article made no mention at all about the tourism industry.
So, already five strong reasons why cash will not go out of fashion any time soon:
1. Privacy.
2. Tourism.
3. Cost (tends to be important for non-banks). Both on-going and capital costs.
4. Store of value (tends to be important for elderly and some wealthy people). This can also cover electrical failure, database corruption or theft, including government or non-government financial fraud or error.
5. Ease of use (tends to be very important for elderly).
In addition, there is simply no viable alternative that covers all or even most of the above.
Comments
I think this (article page) comment says a lot about the real motivation:
"...So instead of taking the very SMALL and SLIM chance I'll get robbed by a street thug - I should switch to digital currency and just allow the banks to DEFINITELY ROB me... yeah, right..."
I also found it interesting that the article made no mention at all about the tourism industry.
So, already five strong reasons why cash will not go out of fashion any time soon:
1. Privacy.
2. Tourism.
3. Cost (tends to be important for non-banks). Both on-going and capital costs.
4. Store of value (tends to be important for elderly and some wealthy people). This can also cover electrical failure, database corruption or theft, including government or non-government financial fraud or error.
5. Ease of use (tends to be very important for elderly).
In addition, there is simply no viable alternative that covers all or even most of the above.