The Cashless Society is coming

We are edging closer to a society without Cash as I learned from watching a YouTube documentary by DW Documentary "How cash is becoming a thing of the past".

The following are some downsides to going cashless:

1- We loose our privacey to governments and to the data crunchers. Cybersecurity may become more difficult to enforce.

2- Personalized marketing will be before us more often. (So far I like having Tidal personalize my playlist).

3- The disadvanltaged will lose access to products and services. What about people who can't afford a credit card or even a bank account? Some people just don't like to be in the abstract of the digital world (ludite?) Can a beggar afford to setup electronic payment?

4- What if the bank or payment system goes bankrupt; will you be bankrupt too?

5- The state can more easily control the population; China is headed that way.

6- A cashless society is energy intensive, requiring users have access to electricity and resource depleting electronic equipment. How do we make a cashless transaction in an emergency that wipes out electricity supply?

7- Sweden is moving to cashless; some businesses find that it costs too much to make change for customers.

One the plus side:

1- Governments will be able to make money laundering and tax avoidance difficult. India found that removing large denomination bank notes helped to control corruption, but there was a run on the banks for a while.