Cash is the most usable currency but is also the least popular. That’s because people love the ease of using credit cards or digital payments. But as we all know, there are times when cash is still king—even in 2023.
ATMs might not be around
If you’re ever in a situation where there’s no power or cash machines are down, you’ll need to have cash on hand. It may seem like a lot of money to keep with you at all times, but that’s the point. You never know when your credit card will be useless or when ATMs won’t work anymore. Most people don’t realize how often ATMs go down.
In 2018 alone (the first year for which data was available), nearly half of all banks reported outages lasting at least an hour due to technical issues or other problems. The same goes for power outages. According to the Department of Energy, roughly 20% of Americans experienced a major blackout.
In addition, cyber-attacks are becoming increasingly common—and they can cause massive damage if not contained quickly enough!
You could lose power
During a storm or other natural disaster, it’s all too common for the electricity to go out. If you’re relying on credit or debit cards to make purchases when this happens, you may be in trouble if the power doesn’t come back. Cash is more valuable than cards in those situations because:
- You can pay for things with it.
- Even if your phone has no service and there’s no way to buy food online, having cash will help ensure your family can sustain itself.
You could be scammed
In some countries, there are fees for using ATMs. If you’re unfamiliar with the area, it’s best to stick with cash so that you don’t get charged a fee for withdrawing money from an ATM. However, don’t carry too much physical money, as that creates a new set of problems.
In other countries and cities where crime is common, thieves know that tourists have cash on them. So they will target these travelers in hopes of stealing their money. Thieves often arrive in pairs or groups and will ask if they can help an unsuspecting traveler navigate their way through town.
It’s also possible that someone could be pretending to be lost looking for directions. In reality. they’re trying to find out how much money someone has on them before robbing them later.
You could end up having to pay a bill with cash
You might not be able to pay a bill with a credit card.
You can usually pay for things with a credit card, but there are some instances where this won’t be possible. For example, if your wallet has been stolen or you’re in an area without access to an ATM.
Cash is the best way to ensure you can still make payments while away from home.
It might seem like cash is useless, but you still need it sometimes
You might think that cash is obsolete today, but it’s still very much around and may even benefit you to have some on hand.
Cash is still used in places like parking lots and toll booths. Many people don’t carry credit cards because they don’t have one or don’t want to use them. Of course, not everyone wants to use their debit card either—some people prefer the anonymity of cash.
Cash can also be useful when an emergency strikes. If your car breaks down in the middle of nowhere, having some extra cash will help you get back on the road again.
In conclusion, having cash on hand can be a lifesaver. The world isn’t perfect, so don’t put all your eggs in one basket!