Topic: Cash is not trash - page 8. (Read 1429 times)

Ever since the introduction of digital currency such as bitcoin, the interest of the people have increased towards it and there have been more attractions to using this network because if the freedom it gives, less transaction charges and it's decentralization as well, we may continue to be using fiat but the acceptance may be low unlike before since the crypto boom has widely increased all over the world.

You are quite correct about what is going on or has been going on with the situation of fiat availability with the notion of what the Government thought it would solve in relation to the Election, but today March 01, 2023, and the result of the Presidential election has been announced, would we say that the aim of the President and CBN president was met? I had to say no cos the person they were targeting still won the election and the citizens were just put through hardship for nothing.
That said, Fait will continue to be very important in the everyday life of the people regardless of its inflationary nature until we get to that point when we have the everyday stores or market traders get to the point of wide use of online transactions (digital) which was the problem for most citizens these past weeks, fiat will always be the fall back financial currency. 

That's what the world is aiming for but making it a reality is not going to happen in our generation. I have also thought of a cashless world, but I am wondering, what the would be the solution for the elderly who can't use smartphones, and the blind who can't use the internet...We can't just think of our convenience without caring about those people, they are part of this world too.
My grandmother is blind, and for the past 10 years, I have witnessed my grandmother's difficulties in life, a modern world that can be gratifying for us but even more difficult for them.

Governments and people in one country will still use fiat because they find it easier to make transactions through fiat. Even though there are digital transactions now, they also use fiat even though they are not paper currency. Until now, fiat is still being used even though we are familiar with bitcoin, which can be used as a transaction in several countries. And we use fiat to buy bitcoins.

And I prefer to use fiat and bitcoin together because then fiat and bitcoin can work for their purpose. Fiat for everyday needs and bitcoin for future investment and they can work together.

Well, when somebody says fiat is trash, I suppose it doesn't mean you throw your money away. I share the sentiment that fiat is trash, but not literally. What it means is that the monetary design is bad. It means the system that makes it thrive is bad. The operation and control systems of our fiat currency are bad. So while I'm saying fiat is trash, I certainly wouldn't burn my bills or give them all away or tear them apart or toss all my coins into a deep wishing well. 

That is the fairest comment I've ever read. Many people invest in bitcoin and start smearing fiat, but it's not necessary because of the fact that both have pros and cons, and both are necessary for us. Bitcoin has only been around for 14 years, while fiat has been around for hundreds of years, if it were really bad and useless, it wouldn't have been around for that long. I believe, without bitcoin, our life will be no problem but without fiat currency, it will be a big problem for us.

The concept of stable coins can be a good one, but it was evident that this is all about experimentation so far. Several kinds of stable coins have been introduced and they functioned well until they didn't anymore and all too often the analysis was easy and hard: they have been too centralized and if a single institution issuing those stable coins crashed, the stable coin would die along with the institution. That is a bad execution of the concept itself if it is supposed to exist reliably.

The stable coins aren't more or less stable than fiat currencies as they are backed by them. 5 USDT would get me whatever the equivalent in USD would get me minus the discount factor that I can use USDT in way less places and that there might be a hidden premium for the risk that USDT bears.

But there might also be additional value that USDT can hold for me if I park a highly inflationary fiat currency in USDT. These stable currency systems are just not well set up and still not scrutinized sufficiently.

The problem you described is primarily not a problem of stable coins, it is a problem of your government holding back fiat currency from circulating in order to manipulate politics. You are shifting a typical problem of fiat currencies into the category of stable coins. They do have their own issues, but a government withholding currency is not an inherent problem of stable coins.

When inflation is 100% or similar amounts, the phrase easily fits but its still a requirement to stay liquid and able to meet bills as they come due.   I think the percentage of cash held is where its debatable, you dont 100% but 0% would be foolish similar with holding BTC I dont think everything held in crypto is the best approach as you dont want to sell in rough patches like we are now.

a large population are still sticking to fiat method as it is straightforward. for those who are not into new tech, they will not touch any new currencies on the rise. i guess, that's understandable as many won't go out of their comfort zone. but won't say that fiat or cash is trash. up until today, almost all of us are still using cash in terms of payment. we can't use digital cash in all of our daily transactions. just be grateful that we have digital and fiat all the same time, just use any method at your own convenience.

Never heard of someone saying cash is a trash though but you have a point – cash and BTC should coexist because this how things work for the others. Some will not like the cashless system but some will do and it depends on which area of the country you are in. I wouldn't trust my earnings through stable coins which is controlled by someone rather than put it on BTC wallet as my own bank.

Although, Bitcoin and fiat should coexist since some people aren't built for complicated technology to understand but rather want some simple way of how to pay things up according to what they used to be.

Stablecoins aren't backed by anything the same way fiat currencies aren't backed by anything. It doesn't have to be one or the other, you have a wide array of options when it comes to decentralized cryptocurrencies. I don't consider a stablecoin to be a legitimate cryptocurrency anyways.

Stablecoins will still inflate the same way fiat currency does if the currency its pegged to begins to inflate, so there's virtually no competitive advantage they offer. You're still beholden to the issuer and expected to trust them no less than you were of the issuer of the fiat currency.

exactly as you said. and that's the reality when it comes to fiat. because we are all used to fiat. even though it continues to be affected by inflation. so the decline in value may continue to occur. but we still need it to transact every day. because awareness of the importance of Fiat is indeed evenly distributed in all circles, both among young and old.

Maybe currently young people continue to experience adaptation in following the trend of progress in payment instruments in a more advanced direction, such as digital payments. whether it's with cryptocurrencies or fiat but the use of fiat today is still strong and forms the majority.

Whether we like it or not, the world will still switch to cashless payments, although many continue to provide services using cash.  In my case, it is very profitable to use the ets platform, which in the future allows me to withdraw to cash without any obstacles.

Fiat will always be the top preference of every citizen despite the existence of cryptocurrency. Some people see more convenience when transacting with fiat since it's being accepted everywhere most especially by the biggest businesses.
It will still take time for a crypto to be recognized in the same way so we can't say that fiat is trash. It will always be the number one choice over any currency. It might be regulated but we can't deny the fact that it is irreplaceable.

Because basically, you need to show who said the fiat was trash? don't feel like people who like crypto in general immediately say fiat is trash. So in essence, you are right that under any circumstances, fiat is still the fiat that will be needed for our day-to-day transactions and because fiat is crypto that exists today and has value, everything refers to value.

Don't misunderstand the talk about how fiat controls our finances while Bitcoin has the opposite goal of giving full control of ownership. But that doesn't mean fiat is useless, it's just that in a clear context of freedom Bitcoin is a solution for those who want to control their wealth assets.

fiat is a part of human life although not everyone is satisfied with fiat value whether consumed, paid for or kept.  money = fiat, it is what people need every day to live, in fact fiat is close and familiar to people, although the change will probably be forced in the future.  but anyway fiat also shows great advantages, only the mis centralized management of government and banks makes fiat like garbage.

Fiat is the legal tender used for everyday transactions in your country I believe, hence why it can't and shouldn't be treated as trash.
Let's say for example, you transport to work and pay via cash, what happens if you don't have cash and you want to do transfer or send crypto to the drivers account. It will only make one arrive late and might not even go anywhere. What if the driver doesn't have an account of either a bank or a crypto wallet?
 Not many of our older folks who earn their living know the intricacies involved in online transactions mostly when it concerns cryptocurrency. This is one good reason why cash will remain as king. Cash can never be trash, unless the government decides to recognize cryptocurrency as a legal tender and also do well to enlighten the general public on the adoption of a strict cashless policy.

Fiat remains superior to cryptocurrency when it comes to the most commonly used to take care of our daily expenses. Both of them is needed to secure our lives. It is advisable that we save in bitcoin and use fiat mostly,since a country can't do business without fiat currency. Some countries don't want their citizens to use bitcoin,in such country bitcoin has no voice there. The only problem with fiat is that it depreciates due to inflation which is a natural phenomenon in life. If not for this reason,so many people if you ask them,they will tell you that they prefer fiat to bitcoin because fiat has been there for a long period of time. You have to trade your btc into fiat to enable you enjoy your profit.

There are no bad tools, but sometimes you don't know how to use them.

Fiat is also an instrument, only financial, with both positive and negative sides. By the way, btc is also not perfect and has its own characteristics.

Despite some prejudices, fiat is the most anonymous currency that doesn't allow to determine who paid with them and where.

Fiat is absolutely not suitable for accumulation, unlike btc, but it is good for everyday needs. You can pay anywhere and with anyone, within the country and doesn't require a terminal, mobile phone, Internet. Even in the deep forest, you can pay fiat.

You should not disdain certain tools just because of your beliefs. It is better to use all the opportunities and benefits, if possible.

I would say that cash is irrelevant these days. Look at the world and how the money exchanges hands, I bet that even crypto is bigger than cash at this moment, because not many people really use cash, and that's the issue. Sure we use fiat, but fiat and cash are not the same things, you could bank wire transfer some fiat, or spend your credit card to buy something which is quite common these days, but you can't really make any type of cash interaction that easily, it has to be face to face.

This is why I believe that cash is already trash, it was trash even if crypto didn't existed, it just doesn't make sense to me at all to use it at this day and age.