Fortunately this would never happen, for the reason you listed. Cash is king and always will be.
this post was submitted on 03 May 2025
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In that case we have to rely on Elons white power.
The power isn't infinite, but it's enough.
Cash will always exist. Even though I pay cashless 99% of the time, there's always that little 1% when having a bit of cash on you is useful. It just means any cash on me will last a long time before I even get around to spend it.
And why would there be riots? Spain had zero riots, people were calm from what I've seen.
Okay so. Say. There is 2 weeks without power, sudden and unannounced, unpredicted power outage. How will you get food and stuff?
So if people can't get essential stuff, there would be fear, and with fear, riots are likely to happen. Doesn't matter how "civilized" or "developed" a country is, everyone has their breaking point.
2 weeks without power
How will you get food and stuff?
You go there where it is, and ask. If they trust you enough to pay it later, ok. Otherwise you beg. And beg more.
Problem is that shops are now faceless corporations who have no idea who you are. It'll be fine if it was the village grocer's staffed by the guy you went to school with who was in the year above you, but when nobody knows everyone in an individualistic society, it's hard to establish trust.
So, You are society today. Your chance to turn it into a different society is now.
Treat people as worthy persons. Start building trustful relationships. Make sure they do not want to see you hungry and suffering and begging.
Start with one.
The existence of cash is probably the least of one's problems in that scenario. How is food going to be delivered to stores without working gas pumps? How will stores open their electronic doors or process payments without a cash register?
If this is something you are worried about, store enough non-perishable (eg canned) food in your home so you don't starve in that scenario.
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It’s called a natural disaster and we get along just fine. If the entire planet loses power, there’s nothing to be done, but even if an entire US state loses power, gas generators come online and trucks haul fuel in from long distances. It doesn’t take long for a grocery store or bank to open up with cash withdrawals again.
This is silly. Absolute worst case, we go back to bartering for goods and services. There will never be a need to panic.
I mean there might be reason to panic and a fallback on the barter system, both.
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One huge condition will be: has your country invested enough in a super reliable infrastructure?
Spain wasn't bad in this regard (like most western European countries) but that recent event was hardly foreseeable. And they forgot to prepare for the "black start", which prolonged the problem.
In the future, the grids must become even more reliable and fault tolerant.
Some countries should better increase their invests by magnitudes.
Microgrids with solar panels on every residential home is key
It was probably the best case scenario. This happening outside of winter or a war was pretty lucky.
Now they get to learn and improve.
Tbh, I heard it caused the UK government to actually revise it's plan for such a scenario as well.
I would think a lot of countries are tackling a lot of emergency scenarios at the moment.
Increasing defence, digital sovereignty, robust power grid, basically just preparing for bad shit
solar power and batteries exist too you know
ik that stuff in Spain happened, but if there were more batteries it might notve
Solar panels are enough for power during the day.
~~Cashless requires power all the way from PoS to wherever the servers live.~~
Edit: see below
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What then?
Yeah it'll just be over.
Meaning, people would try to barter, which is really bad because it forces extremely bad trades, because it's so hard to establish a good value for things.
We 100% rely on consistently working electricity and network connectivity for digital currency to work.
Which is why we should never get 100% rid of cash, even if we transition to mostly cashless, people should keep an emergency stash of hard currency. The same way people should keep an emergency food and water supply, in case of power outages like the one in spain. We can secure our infrastructure against many things, but not 100% secure against everything. Keeping a few bottles of clean water, a little bit of essentially never perishing food and a little cash and a few candles really isn't too much to ask.
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It won’t ever go 100% cashless. There’s too many coins and paper money floating around.
The existing currency pool is not the reason. Paper money has a pretty short durable life, and coins don’t have enough value to operate society on. It’s actually a fairly big task for a government to maintain the currency supply.
Why do you think everything will become completely cash-less?
I know its not the same thing, but we've completely done away with the barter system. Way back in the days of yore people would be swapping things for things, and then money came along and they were like "whaaaat you want to take my stuff in exchange for a few little discs?" And now it's totally normal.
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The less people use physical cash, the less it gets produced. Eventually governments/mints will say “hey, you aren’t using this much anymore, so we’ll stop recognising it”, or something along those lines.
That will never happen. Cash is useful for laundering money, and governments are full of people working for criminals that need to launder money.
I hope you’re right.