Cashless Societies: How To Survive Now and In the Future

Apart from scenarios involving economic collapse, numerous countries are transitioning towards the elimination of physical cash and coins. Instead, individuals maintain accounts where their money is held. The purchase of goods and services requires access to government-issued cryptocurrency. While the value of this currency remains underpinned by confidence in the government, usage of this electronic system is mandatory.

The result is multiple issues that could place you in a situation where; despite having sufficient funds in your bank account to pay your bills and purchase goods and services, you are unable to do so.

These threats include:

Attacks Sponsored by Foreign Governments

Such hacks typically target the bank or primary clearinghouse rather than individual accounts. You may be unable to purchase goods or services for several hours or days. While this is inconvenient, it is not as severe as a total collapse where banks permanently close.

There is limited action one can take to prevent such hacks beyond ensuring you can manage without making any purchases for a period of two weeks at all times. It is also crucial to maintain a paper-based address book with phone numbers and account information to contact utility companies or other entities expecting payments during periods when the bank or clearinghouse is compromised.

Assume you have the capability to connect to Wi-Fi independently of your SIM card. It is possible that your phone application may not function over Wi-Fi. Therefore, it is advisable to have an application on your phone that can make calls over Wi-Fi without relying on a SIM card.

Attacks Sponsored by Non-Government Groups

In the event that a hacker successfully steals funds from your accounts, the recovery process may take several weeks to years. In the interim, you will need to cancel credit cards and wait for replacements to arrive by mail. Additionally, you may need to focus on restoring devices and regaining access to your accounts.

It is important to ensure that you are prepared to go at least two weeks without making any purchases, so that you can manage your essential needs during this period.

Merchant Category Codes (MCCs) classify products into categories; for instance, food has one identifier set, and clothing another. Banks and transaction clearinghouses can infer your purchases from these codes and transaction costs. Eventually, data from all banks and clearinghouses might be centralized by the government.

Social credit scores work like your financial-based credit scores. Consider how your financial credit score enables businesses to “reward” you with credit or better interest rates if you pay your bills on time and have an optimal debt-to-income ratio. Your social credit score looks at how you act in society. For example, China has a system that rewards things like donating blood.

This same system “punishes” people who drive drunk or engage in other activities that aren’t “beneficial to society.” People with good social credit scores may get tax breaks, an increased chance of getting a promotion, or other benefits.

When vaccines for COVID-19 became available, there was notable hesitancy among people to adopt mRNA vaccines. As a result, compliance with vaccination recommendations varied. Some discussions have considered pairing social credit scores with cashless systems that could restrict purchases based on specific merchant category codes. This would potentially limit access to food, gas, and other essentials for those who are not vaccinated.

In a cashless society, such measures might significantly influence compliance due to the necessity of accessing essential goods and services. To prepare for potential disruptions, individuals may consider maintaining a stockpile of food and other necessary items to sustain themselves during periods when such tactics are implemented.

Moving Away From Hard Cash to Fiat Cryptocurrency

Initially, one might assume that merchant credit codes will only be relevant when the government aims to restrict or slow down the purchase of certain goods and services. However, modern networks are not immune to hackers, including those who disrupt trade for ethical reasons.

For instance, the Internet Archive was recently targeted by a hacktivist group named Blackmeta. They claimed to have attacked this non-profit library site because it is based in the USA and thus perceived as aligned with Israeli activities. Ironically, the Internet Archive has been involved in several court battles with publishers who may have stronger connections to Israel. These publishers are attempting to shut down the Internet Archive because it affects their profits when people do not purchase directly from them.

Now, consider a similar scenario occurring with information stolen from the Heritage Foundation and subsequently used to target more specific data within banks and merchant clearinghouse systems. This could result in transactions being declined under the guise of “government” or other legislative restrictions when, in fact, it is the work of a group leveraging a “social credit score” known only to them.

Currently, if you wish to make a purchase, you can use cash instead of a credit card. This option would disappear once fiat currency becomes entirely electronic. While the potential for excessive government control is a valid concern, it is important to note that any group with sufficient skills and motivation could cause significant disruptions.

AI-Based Curbing Impositions

AI has the capability to monitor billions of records and activity patterns. This includes assessing whether your purchases align with typical consumer behavior for your location and category.

Right now, that’s likely beyond the implementation of the cashless centralized government cryptocurrency systems.

At some point, though, someone on something like the “no-fly list,” etc., could wind up unable to buy certain items or in certain quantities and not realize there is a curb based on a government-based list. Considering how many lists there are, it may be difficult, if not impossible, to resolve the problem and purchase goods in a timely manner.

This includes lists that may be compiled based on estimated political slant. Consider that even now, traffic cameras can match license plates with bumper stickers and yard political signs to determine your likely preferences.

When you factor in non-governmental groups, the situation gets even worse. Technologically speaking, it’s within the scope of foreign agents and hacktivists to bring together limits on how you spend your money and non-financial activities.

As we are seeing in various hacks, there is certainly a “social credit score” being applied to businesses that can be scaled to target individuals who may want to purchase extra supplies to manage an emergency.

Use Multiple Banks to Store Your Money

Right now you can protect your money while it is still in your control. First, it is very important to keep your money in different banks. Even if one goes down, the others may still be functioning.

This applies to credit and debit cards. If you have only Visa cards, ensure you have at least one Mastercard. You can do this with prepaid cards as well as more permanent accounts.

This method won’t work if every transaction must go through a centralized clearinghouse that includes every possible bank or other institution. At this point, it’s impossible to say whether that kind of system exists and how various groups would use or misuse it.

Second, if you routinely buy from certain stores, you can purchase gift cards and have the money ready and waiting in your account. If you cannot access your bank account, you can still buy from that store. This won’t necessarily prevent you from running into rationing or other limits that may be imposed by the government through the store or at the store level.

Bartering: An Alternative to Using Fiat and Non-Government Currency

Preparing for small—and large-scale disasters is essential for your well-being and that of your family. You can still use bartering, provided you have a clear sense of the value of what you will offer and whether or not the other party needs what you have.

Make consistent contacts with small or local farmers and others who may be willing to take something in exchange for food. The trade could be anything from assisting with mechanical repairs to making garments. Everything will depend on the relationship you develop and the situation.

You can barter for anything, from goods to skills. Small businesses and local groups may be more open to these arrangements. Spending extra now to support them could be beneficial later.

Building relationships with flea markets can also help when you need to barter for tools or other goods no longer available for money. Understand their needs and how you can meet them.

As hacks on banks, hospitals, water plants, and government systems increase, the risks of a cashless society become evident. Taking simple measures now can help you manage these challenges effectively.

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Written by Wes DeVault

Wes DeVault is committed to being prepared. He is currently working on learning about gardening. He committed to giving good solid prepping advice through his blog.