If you go to any bank abscess request to withdraw £15,000, bank will perform additional security questions and will give you a next available date for you to collect money. Actually, there is not much printed currency in the market. So, you will wonder how everything happens? meaning how the credit and debit happens?
Suppose you work for a company and they pay you £1000 as a salary in your bank. Actually there is no transfer of money, I mean there is no physical transfer of £1000 to your bank account. Your company’s bank account will send a digital paper of £1000 stating that we owe you £1000. That’s it…
Further, if you pay by credit or debit card and you then check how much did you spend, do you remember transactions for a month back? What if some sellers overcharged you accidentally? How do you verify?
Sometime back, I sold some shares of Barclays and the company credited £100 short. When I called and asked they said it was a technical glitch. Wow, £100 lost had I didn’t remember the transaction amount.
Cash is much better because physically you get printed currency and you don’t need to remember your transactions or buy Gold, Silver or Diamond.