Carrying coins for legal tender will probably become disused in some countries. The reasons being costs to transact and efficiency, coins have to be processed and moved physically where as any electronic payment is cheap and instant so the bias is quite heavy. The biggest change will just be government led electronic and it might also improve security vs plain cash which can lead to some vulnerable people being targeted for that cash.
I heard a while back the total cost of making but also subsidies to produce the plain dollar note exceeds the value of the notes used. Its a service to provide that cash that will probably be withdrawn at some point. I heard of a country that just removed all cents or equal to that level of value from their system, the inflation over many years made that amount become pointless anyway and in accounting they can continue with it electronic only not physically processing tiny amounts.
Topic: Cash is not trash (Read 1400 times)
Yes, fiat money has played a good role into the life of many people to became a BTC hodlers today because they use fiat money to buy BTC from the exchange market, which is the best place anyone can buy BTC from and hodl them in their wallets.
This is part of everyone's efforts not to store paper like money for a long time so they are very willing to exchange that paper for Bitcoin which has become a long-term asset in many people's lives. So if you say fiat has played a good role in many people's lives, then we all have to mention Bitcoin as a super good role for everyone. Because it is able to provide more profits to people who hold it in the long term so it has beaten fiat for this although we also don't have to consider fiat as rubbish.Quote
I don't think those that made BTC legal tender in their various countries, will pass through what you pass through during the change of new currency in your country because they can use BTC to buy any goods and services and pay with their their BTC because their government made it legal tender.
Even though things like this can be done in several countries because they have permission from their respective governments, for some people who already know the current limit of Bitcoin supply, it feels like they would just prefer to use fiat to get goods and services from on using Bitcoin to exchange it for goods and services. Because for me Bitcoin is much more valuable than any goods and services in the world so I am not surprised when there are countries that want to implement payments in the form of Bitcoin to exchange it for goods and services. 
All the activities we do currently still require cash to be able to carry out transactions in everyday life, especially since the location where we live is still far from the development of the use of digital currency, of course we have to withdraw the assets we have so that we can use them. fiat money so that we can transact in the environment where we live, because some ordinary people of course they will prefer to transact using fiat money because they don't understand digital currency well, but for those who already understand digital currency, of course they will really like to use it because of the convenience offered by the digital currency system.
that's true, I think even though technology is developing, it seems like cash will not become extinct, although maybe technology will get rid of cash payments, but if you look at each person's different abilities, it seems like cash will still be there because there are some areas that are far away. from the development of digital currency, such as traditional markets which are known as markets that do not use digital payments. And also, in my opinion, not everyone understands digital payments, even though they are simple and easy to understand.In my opinion, this is just as easy, there is no difficulty in paying, it's just that digital money may not be possible when there is no internet connection if the payment involves an internet connection, because I think of course for digital transactions there must be an internet connection, whereas for I don't think cash payments exist.
Retail money is much needed for daily activities. In many countries it is not possible to go a day without cash. Every job requires cash. But inflation has become so rampant in many countries that the value of their fiat money is only depreciating by the day. That is, their cash value is only decreasing day by day. In this case no one will go to reduce the value of cash in their hands. So most people are interested in investing money in Bitcoin. And trying to maintain the value of money.
No matter what we are investing our money in whether cryptocurrency or forex market, we all need fiat to keep running transactions..Even though we are investing our money in cryptocurrency we still need to use cash to run our daily activities.
We can't do without cash because each country has their own fiat and that is what is needed to be spent if we want to live in such a place.
Even though we don't like using cash to pay for goods and services, we are still going to use fiat to run digital transfer to where we are making payments.
This is true, making use of fiat can not be eliminated permanently because of the daily transactions which involves cash (fiat), looking at the countries which Bitcoin is generally not accepted, it will be difficult for people to survive without sticking to fiat which is the majoj currency that is largely used for daily transactions, regardless of the recent development of cryptocurrency, most people still value their local currency because they have easy way of spending it than the way cryptocurrency can be spent or used for transactions by them.
People who use Bitcoin to pay for goods and services are people who's businesses are either connected to Bitcoin users or people who do some online business else it's still difficult to use Bitcoin where it is not acceptable.
Only bitcoin purists would be so stupid as to say that Fiat is trash, cause a lot of us here still live by the fact that without fiat, bitcoin wouldn't even be a thing.
Imagine if you get rich off of bitcoin, but you couldn't cash it out, nor could you use it to buy off stuff, that would suck right? The fact alone that you're able to consider yourself a fucking millionaire but you couldn't even use it for shit is going to drive a lot of us in here crazy. Plus it's not like the outside market's bitcoin-based, so you still wouldn't really be able to use bitcoin to its full capacity even if it were to be allowed to be used for purchases and transactions.
Cash is not trash, the system that made it and manages it is, built on top of lies and the blood and sweat of the common man while they get rich off of someone labor, then they go on public telling people that they deserve what they got cause they worked hard for it even though a good chunk of these motherfucking billionaires are nothing but a nepo baby, or perhaps even worse, a labor abuser. Cash is not trash, it's the people who owns the most of it that make it a shitty asset to hold and use.
Cash is really convenient daily. Isn't the system behind it the true issue? How it's rigged against regular people like us?Imagine if you get rich off of bitcoin, but you couldn't cash it out, nor could you use it to buy off stuff, that would suck right? The fact alone that you're able to consider yourself a fucking millionaire but you couldn't even use it for shit is going to drive a lot of us in here crazy. Plus it's not like the outside market's bitcoin-based, so you still wouldn't really be able to use bitcoin to its full capacity even if it were to be allowed to be used for purchases and transactions.
Cash is not trash, the system that made it and manages it is, built on top of lies and the blood and sweat of the common man while they get rich off of someone labor, then they go on public telling people that they deserve what they got cause they worked hard for it even though a good chunk of these motherfucking billionaires are nothing but a nepo baby, or perhaps even worse, a labor abuser. Cash is not trash, it's the people who owns the most of it that make it a shitty asset to hold and use.
Bitcoin isn't just money. A new perspective on money. No banks, middlemen, or governments lowering its value. Control your riches. Bitcoin can't buy a latte yet, at least not everywhere. That's beside the point. Long-term, the script could be turned
This is about establishing a better, fairer system, not destroying it. Like a seed, Bitcoin has the potential to grow big, but it needs time. Dismissing it because it's not perfect today misses the purpose. Let's imagine a world where your money is yours. Shouldn't we fight for that?
I believe that all stable coins are easier to trample on by the government, more than other crypto projects in this space, Fiat has it's usefulness, let's stop deceiving ourselves, the first time I ever purchased Bitcoin I use Fiat and I believe this is the same as everybody on here, unless you mine your own Bitcoin or get paid in Bitcoin working online.
Do not trash Fiat yourself when it's actually needy, crypto and Fiat must co-exists until the government decide to go digital with Fiat themselves, and Fiat is not trash.
Fiat does have a much greater use in the journey of human life and even when we want to buy bitcoin we actually need fiat. Nobody says fiat is rubbish because it has so many uses in such a wide scope. The exception is if someone mines or works for a fee using bitcoin, so fiat is not really necessary, but if we talk in general, we can conclude that fiat is still a necessity for humans today.Do not trash Fiat yourself when it's actually needy, crypto and Fiat must co-exists until the government decide to go digital with Fiat themselves, and Fiat is not trash.
I have often said in the past that bitcoin and fiat can live side by side and do not need to be competitors with each other. As long as government regulations make it clear that legal means of payment still use fiat, fiat will forever be a necessity for humans. The correlation of fiat as rubbish is not entirely true and we still need it today as a general transaction tool.
Yes, fiat money has played a good role into the life of many people to became a BTC hodlers today because they use fiat money to buy BTC from the exchange market, which is the best place anyone can buy BTC from and hodl them in their wallets.
I don't think those that made BTC legal tender in their various countries, will pass through what you pass through during the change of new currency in your country because they can use BTC to buy any goods and services and pay with their their BTC because their government made it legal tender.
Cash is not trash like some of the country who don't make BTC legal tender, and they place a law against anyone using BTC to buy any goods in the country and if such person is caught in such country that BTC is not legal tender, it can be sentence to prison because the government value their currency than decentralized currency.
I don't think those that made BTC legal tender in their various countries, will pass through what you pass through during the change of new currency in your country because they can use BTC to buy any goods and services and pay with their their BTC because their government made it legal tender.
Cash is not trash like some of the country who don't make BTC legal tender, and they place a law against anyone using BTC to buy any goods in the country and if such person is caught in such country that BTC is not legal tender, it can be sentence to prison because the government value their currency than decentralized currency.
Only bitcoin purists would be so stupid as to say that Fiat is trash, cause a lot of us here still live by the fact that without fiat, bitcoin wouldn't even be a thing.
Imagine if you get rich off of bitcoin, but you couldn't cash it out, nor could you use it to buy off stuff, that would suck right? The fact alone that you're able to consider yourself a fucking millionaire but you couldn't even use it for shit is going to drive a lot of us in here crazy. Plus it's not like the outside market's bitcoin-based, so you still wouldn't really be able to use bitcoin to its full capacity even if it were to be allowed to be used for purchases and transactions.
Cash is not trash, the system that made it and manages it is, built on top of lies and the blood and sweat of the common man while they get rich off of someone labor, then they go on public telling people that they deserve what they got cause they worked hard for it even though a good chunk of these motherfucking billionaires are nothing but a nepo baby, or perhaps even worse, a labor abuser. Cash is not trash, it's the people who owns the most of it that make it a shitty asset to hold and use.
Imagine if you get rich off of bitcoin, but you couldn't cash it out, nor could you use it to buy off stuff, that would suck right? The fact alone that you're able to consider yourself a fucking millionaire but you couldn't even use it for shit is going to drive a lot of us in here crazy. Plus it's not like the outside market's bitcoin-based, so you still wouldn't really be able to use bitcoin to its full capacity even if it were to be allowed to be used for purchases and transactions.
Cash is not trash, the system that made it and manages it is, built on top of lies and the blood and sweat of the common man while they get rich off of someone labor, then they go on public telling people that they deserve what they got cause they worked hard for it even though a good chunk of these motherfucking billionaires are nothing but a nepo baby, or perhaps even worse, a labor abuser. Cash is not trash, it's the people who owns the most of it that make it a shitty asset to hold and use.
Yes online banks are helping us to make transaction easily it even at that we still need cash because of local markets. There are some people that sell in those markets that don't take or accept transfer and the funniest part is that those women do not have bank accounts so they is no way they can accept transfer. And another instance is that those who hawked goods on the public places. So because of those people even we are in the new generation of technology we still need to move along with the along people so that the society will balance. If not the traditional Banks are not compare to the new online Banking system because the transactions of the traditional Banks are very chaotic in nature.
And also not availability of the Banknotes in the country is affecting many businesses because the country has not ready prepared for this cashless society. Cashless society is good if only the public is well informed and given some orientations and some teachings of how to use the system and not coming up suddenly to do it.
Indeed, in local or traditional markets it seems that there are no online payments, the majority of local or traditional markets definitely use cash as their transaction tool to buy and sell in that market. However, nowadays, with the development of sophistication, there are many things that can be done online, including shopping and buying the goods we want. Of course, they can't make all payment transactions online.And also not availability of the Banknotes in the country is affecting many businesses because the country has not ready prepared for this cashless society. Cashless society is good if only the public is well informed and given some orientations and some teachings of how to use the system and not coming up suddenly to do it.
I agree with that, it might be difficult if there are no paper money in a country because even though online payments help us a lot, not all sellers provide online payments.
What do you think will really change after that? If a country reduce the cash by 70% and let the 30% available for rural areas since they likely don't have access to the internet and allow the rest to go digital, will there be difference between what cash is doing? I don't think so, inflation will remain the same because the supply of money will remain but this will allow the country to be able to track money easily and also block some.
This is really interesting, because when the state makes it possible and easy to track money because its use has been reduced, that's when there will be slight changes in each region that implements this. Because this can also be said to be a form of fighting the current inflation so that rural residents will also be more accustomed to it in the future.Quote
The only benefit of going digital is that the central bank will not spend money on printing again but even if they stop funding printing of money, that money will go to improvement of digital payments and frequent update to make the cashless to be faster, clean and easy for everyone to use.
Well, this could also be a very good option although I'm not sure central banks will stop printing money because they already support digital payments in any form. Because the banks also don't want to lose because of the presence of digitalization in society, the banks will definitely continue to do the old things that can make them profitable like before. 
I think that the use of paper money in our country will decrease a lot within the next 10 years.
The evolution of financial technology and that is the reality today. Well, regarding the potential for reduction, it is certain that it will occur because of the increasing trend of non-cash payments where indirectly the use of applications when viewed from the number of their use continues to increase, especially from various circles including traditional merchants. If I'm not mistaken, a mobile phone number can sometimes be an account number too.
It only takes a few days to learn and after that, if it is familiar, I think it will get used to itself, just like we are also in the process of depositing or doing WD.
I have never heard anyone literarily referring to fiat as trash unless that person is living on another planet. I also witness the scarcity of cash but the main reason Nigerian government gave was to add value to the currency but making new currency and taking in the old to limit the number in circulation but didn't see their plan work till today.
if you do research on google, i'm sure you will find one or two currencies that are completely useless (have no value), this is all due to the incompetence of their government, even though managing a country's economy is not that difficult. cash is still the main means of human transactions today, especially for those who still live in poor or underdeveloped areas. adding new money (printing new money) is not the right solution to increase people's purchasing power, in the future the government may switch to digital currency / fiat and will not focus too much on paper fiat. fiat will not disappear from world circulation, in fact fiat will continue along with crypto until the end is difficult to predict.
And if the use of cash can be reduced in society with more other options being used by more people, I think cash could really become waste because very few will use it for anything. But because currently many people still use cash in life even though there are other options such as gold and Bitcoin, I will not immediately consider cash as waste because I can still use it to buy things that I need in my current life environment. However, I also wouldn't be surprised or deny this if it could actually happen to cash in the future.
What do you think will really change after that? If a country reduce the cash by 70% and let the 30% available for rural areas since they likely don't have access to the internet and allow the rest to go digital, will there be difference between what cash is doing? I don't think so, inflation will remain the same because the supply of money will remain but this will allow the country to be able to track money easily and also block some.
The only benefit of going digital is that the central bank will not spend money on printing again but even if they stop funding printing of money, that money will go to improvement of digital payments and frequent update to make the cashless to be faster, clean and easy for everyone to use.
Retail money is much needed for daily activities. In many countries it is not possible to go a day without cash. Every job requires cash. But inflation has become so rampant in many countries that the value of their fiat money is only depreciating by the day. That is, their cash value is only decreasing day by day. In this case no one will go to reduce the value of cash in their hands. So most people are interested in investing money in Bitcoin. And trying to maintain the value of money.
No matter what we are investing our money in whether cryptocurrency or forex market, we all need fiat to keep running transactions..Even though we are investing our money in cryptocurrency we still need to use cash to run our daily activities.
We can't do without cash because each country has their own fiat and that is what is needed to be spent if we want to live in such a place.
Even though we don't like using cash to pay for goods and services, we are still going to use fiat to run digital transfer to where we are making payments.
Retail money is much needed for daily activities. In many countries it is not possible to go a day without cash. Every job requires cash. But inflation has become so rampant in many countries that the value of their fiat money is only depreciating by the day. That is, their cash value is only decreasing day by day. In this case no one will go to reduce the value of cash in their hands. So most people are interested in investing money in Bitcoin. And trying to maintain the value of money.
No matter what we are investing our money in whether cryptocurrency or forex market, we all need fiat to keep running transactions..Even though we are investing our money in cryptocurrency we still need to use cash to run our daily activities.
We can't do without cash because each country has their own fiat and that is what is needed to be spent if we want to live in such a place.
Even though we don't like using cash to pay for goods and services, we are still going to use fiat to run digital transfer to where we are making payments.
Cash is where you start believing in it. Inflation come along.
You don't believe in a carrot if it's certain.. Doubt.
You don't believe in a carrot if it's certain.. Doubt.
Nowadays, people are using online banking services instead of carrying paper money, as a result of which people can transfer their money easily and securely from one place to another. Earlier there was a time where there was a need to carry money and then accept a service but now there is no such hassle now you can complete any transaction through your bank account or online banking. Due to such modern features the people of my country have reduced the use of paper money a lot. In our country now major transactions are done through online banking and all the retail transactions are done through paper money. In terms of the way people are using online banking or digital money in our country, I think that the use of paper money in our country will decrease a lot within the next 10 years.
Right, I think we are really benefiting from online banking which has helped us in terms of making transactions easier and safer, not having to carry a bunch of banknotes like when you want to go shopping because now most people take advantage of this convenience where they go to the market with just a few banknotes in their wallet along with some identification cards while most of the money is kept in the account, And also lately there are quite a lot of sellers who accept online payment systems where you just transfer to their account address, and maybe the only problem is that you can only use digital money when you are in a place that is covered by the internet network, because if you are in a remote or rural area then it is usually likely that it is an area that is not fully covered by the internet and maybe you will not be able to take advantage of the convenience of digital money transactions, so we also have to look at the situation and conditions as well. Overall, yes it is likely that in the next few years the use of paper money will probably decrease.Yes online banks are helping us to make transaction easily it even at that we still need cash because of local markets. There are some people that sell in those markets that don't take or accept transfer and the funniest part is that those women do not have bank accounts so they is no way they can accept transfer. And another instance is that those who hawked goods on the public places. So because of those people even we are in the new generation of technology we still need to move along with the along people so that the society will balance. If not the traditional Banks are not compare to the new online Banking system because the transactions of the traditional Banks are very chaotic in nature.
And also not availability of the Banknotes in the country is affecting many businesses because the country has not ready prepared for this cashless society. Cashless society is good if only the public is well informed and given some orientations and some teachings of how to use the system and not coming up suddenly to do it.
From an economic standpoint, I would say cash to me becomes trash when its exchange rate gets way higher on the market and incurs higher interest rates.
At that point, Bitcoin or alternative means of exchange like gold, can become more used while cash becomes for meager necessities that don't cost much.
That is why cash cannot be compared with other assets other than cash, because we will never find any advantages or similarities in cash when we compare it with other assets such as gold, Bitcoin and others. So cash will only be used for ordinary payments which are still often seen in traditional life so it is natural that some people consider it as waste.At that point, Bitcoin or alternative means of exchange like gold, can become more used while cash becomes for meager necessities that don't cost much.
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Cash will also tend to become trash if cryptocurrency gets accepted and regulated and gets used more often, having become a part of society and trades. It may still exist but it might become of less benefits to those in more urban communities that has developed and operate mostly on cashless economy.
And if the use of cash can be reduced in society with more other options being used by more people, I think cash could really become waste because very few will use it for anything. But because currently many people still use cash in life even though there are other options such as gold and Bitcoin, I will not immediately consider cash as waste because I can still use it to buy things that I need in my current life environment. However, I also wouldn't be surprised or deny this if it could actually happen to cash in the future. 
With bond yields starting to creep again and inflation having a second wave here, it is clear that cash is going to be considered King again shortly. If stocks start really correcting in a big way like in 2008 and bank interest rates near 6%, it will be very clear that cash is the place to have been. I'm not sure if that's what we're going to see, but that's the direction we appear to be headed at the moment. I'd say we've hit the point of taking a little off the table after this 15 year bull run and making sure that you're setup with cash in the event you suffer a job loss and serious drop in asset value.
Nowadays, people are using online banking services instead of carrying paper money, as a result of which people can transfer their money easily and securely from one place to another. Earlier there was a time where there was a need to carry money and then accept a service but now there is no such hassle now you can complete any transaction through your bank account or online banking. Due to such modern features the people of my country have reduced the use of paper money a lot. In our country now major transactions are done through online banking and all the retail transactions are done through paper money. In terms of the way people are using online banking or digital money in our country, I think that the use of paper money in our country will decrease a lot within the next 10 years.
Right, I think we are really benefiting from online banking which has helped us in terms of making transactions easier and safer, not having to carry a bunch of banknotes like when you want to go shopping because now most people take advantage of this convenience where they go to the market with just a few banknotes in their wallet along with some identification cards while most of the money is kept in the account, And also lately there are quite a lot of sellers who accept online payment systems where you just transfer to their account address, and maybe the only problem is that you can only use digital money when you are in a place that is covered by the internet network, because if you are in a remote or rural area then it is usually likely that it is an area that is not fully covered by the internet and maybe you will not be able to take advantage of the convenience of digital money transactions, so we also have to look at the situation and conditions as well. Overall, yes it is likely that in the next few years the use of paper money will probably decrease. Jump to: