Understand the importance of CASH and why we should pay cash everywhere with banknotes instead of a credit card…
I have a $50 banknote in my pocket. Going to a restaurant and paying for dinner with it. The restaurant owner then uses the bill to pay for the laundry. The laundry owner then uses the bill to pay the barber. The barber will then use the bill for shopping.
After an unlimited number of payments, it will still remain a $50, which has fulfilled its purpose to everyone who used it for payment and the bank has jumped dry from every cash payment transaction made..
But if I come to a restaurant and pay with a credit card digitally, the corrupt bank fees for my payment transaction charged to the seller are 1.5% who charges you the card owner 3% card fee some times.
Now, you repeat the process for laundry, the banner, fuel for your car, groceries and this fee escalates and you’re out of pocket more and the banks are reaping the rewards of making money off your transactions by doing absolutely NOTHING!
Depending on which way you calculate it,
One way to look at it is, after 34 $50 transactions, the banks have netted $51 in 3% fees!
So it only takes 34 transactions for the banks to obtain 100% of the value of the amount originally transacted. Not a bad scam at all if you can get a bank license!
Another way to look at it is the reducing value method. The first person pays $50 and the seller of the goods and services receives that less the 1.5% fee collected by the credit card company.
Do that 46 times and the bank now have half the original $50 in fees!
All thanks to all digital transactions and fees.
Now do you understand another reason why the banks want to remove cash and lobby the pollies so hard to ban it? They want a monopoly on transactions so they make more money!
And don’t even think about the amount of control that can b e exercised over a population by a tyrannical government who have access to the off switch for your central bank digital currency account!
So get off your arse, walk to an ATM, pull cash out, and pay with cash…don’t worry, it will be worth it because the walk you did to the ATM can count towards your daily steps…. bonus!