Topic: Do you need cash for everyday use? - page 14. (Read 2988 times)

Hmm.. that is true. Here in India, although Bitcoin is not banned, it is illegal to use it as a mode of payment. I guess the situation is the same across the vast majority of the nations. Also, Bitcoin is more suitable for making online payments and purchases, rather than the offline payments (such as super-markets and coffee shops).

Of course, we will always need cash. This is the simplest and still the most common type of payment instrument. Non-cash money gradually increases the volume of its use, but cash still remains the main type of payment instrument. Non-cash payments are convenient to use for large purchases, and for everyday small purchases it is most convenient to use cash. Cryptocurrency will not be able to significantly affect the ratio in the use of cash and non-cash money.

I have the habit to use cash only where is no P.O.S. available and the transaction value is around q0-15$

As it stands, it will be practically impossible to operate or do transactions without cash (fiat) this can be attributed to the fact that cryptocurrency have to gained that publicity it need to break even, so for now, just few persons are aware of what crypto currency and the blockchain technology is really about.

We always need cash money and we can't make all payment transaction using e currency bitcoin or altcoin because many country still not allowed for using bitcoin and altcoin as payment transaction right now.

Yes, here on my country i need cash for everyday use and i need it for buying food ussually, but i wish in future if possible for more and more shops and where i pay bills to accept crypto, but this maybe will take years.

But you will have to admit that we are in modern age where we can live good life even without any cash, I don’t consider the need of cash because I can see digital currencies are gradually replacing the need of cash in our life, we are able to use digital currency anywhere in the worked because internet has covered the entire world since long.

Of course, situations constantly arise in our life where it is convenient to use cash, and sometimes it is just the only available form of payment. Of course, the percentage of use of cash depends largely on whether you live in a megacity or in a rural area, on the standard of living in a particular state, the nature of your activity and many other factors.
Payment by non-cash money binds us to certain technical means and their normal use also depends on a number of reasons, and which can always fail.
Cash does not have these disadvantages.

My country has became cashless not by choice but by force. A failed economy, and an awful government has produced the worst hyperinflation the world has today. With under 3% of the fiat money in physical form, people just can't use it anymore. And because of the hyperinflation speed, the remaining banknotes are too small anyway. They were just introduced last September, and are already useless.

Well be have had years of this, its only becoming worse now. In the meantime, the preferred means of transaction in my country has been debit card, and some fancy wire transfer using SMS or smartphone apps. Unfortunately a new dark cloud looms in the horizon: Because of US sanctions, american companies won't be able to operate much longer, this includes Visa and Mastercard. Guess who handles most debit card transactions here?

Unless at the 11th hour the inept politicians beg the Chinese to bring UnionPay here, we are facing a new crisis (and we just had a whole month of blackouts, which are still raging in most parts of the country...

Contrary to media beliefs, use of crypto in this country is almost non-existent, except to escape hyperinflation by exchanging the useless fiat into it. The worst of altcoins, even game virtual money backed on nothing (ie WoW gold), keeps far better value than our national currency. So people exchange their savings into those, and only when they need to buy something they exchange it back into the smallest amount of fiat they would need for the purchase of that day. And yes, the shop needs to have the debit card reader, internet connection (could be dialup or mobile) AND electricity...

Should any of these fail, no transaction occurs, someone returns home empty handed. No food today, etc.

But we had no choice, we became cashless de-facto, while you people can still choose not to. If your fiat ever fails and enters a hyperinflation spiral it will be too late to react. Now that you don't have the urgent need, you can design ways to make it work effortlessly.

Think... What can be done for these few rare occasions where you need a physical exchange? Well i gave it a thought: Do the same thing done in casinos and arcades: Tokens! (the physical ones). Just like you enter a theme park and you get tickets for the ride, suppose there is a machine where you buy them, and at the exit you can return the unused ones from/to your crypto wallet.

Tentu saja saya masih menggunakan uang tunai karena di pemerintahan kami belum memakai cryptocurrency karena tektnologinya belum memadai,seperti negara lain

Hi coin-investor,

I've seen that you post in Philippines local forum so I suppose you are from Philippines Soon your problem with cash will be solved as Major Philippines Bank Union Bank Launches Two-Way Crypto ATM. It may not be quick, but there is definitely a start from crypto future.

I used cash a lot because I don't have a credit card yet and most of the store I've visited do not accept credit card only cash payment,  I live in a third world country where only the few privilege are using credit card and there's not much store here in our country that accepts cryptocurrency.

Well if by cash u mean printed money, i dont, u use credit or debit card  through the week, if u mean fiat ,, yes i havent been able to  buy something aside crypto assets with ether or bitcoin. But everyday that possibility seems closer  because the adoption is growing and the bad reputation of the regular masses is slowly fading, they will start to see their benefits soon

That's the reality, no matter how advanced the payment technology become there will still be places that you will need to use cash on a daily basis. From where I am, I use cash daily and hardly used a credit card to pay my daily fair and daily expenses.

my daily life is more inclined towards conventional purchases, so there is always cash in the wallet to transact every day, whereas credit cards are only a complement in modern places

As a rule, I use a credit card, I use a credit card a lot. Cache is needed only in places where credit cards are not accepted, unfortunately such places still exist.

Cash or a physical store of value will always be interesting because there is a chance, however unlikely, that a digital solution might fail because of technical / energy related problems;

eg: if there is war on a global scale, and power lines fail, gold, ammo, oil or preservable food can become the new cash...

Bitcoin is not declared illegal where I live , anyone is free to use it, but the people here don’t even like it. Nobody talks about it except those that are into online business. You will hardly see anyone talk about Bitcoin here, all my friends don’t even know about it. I’m the one that taught them what’s Bitcoin but they still not showing any interest in it. The only transaction I make with Bitcoin is with people that are living outside the country. So in my country I make use of cash and sometimes I can also make use of debit card if it’s where they have POS.

Usually I don’t go out a day without money in my pocket . Any day I’m going out I always have cash in my pocket. I don’t live in my place where people make use of technology when it comes to payment, they prefer cash. Unless you go to bigger stores that are well advanced , they are the ones that will accept such payments. But they don’t accept cryptocurrency as payment , they only accept payment methods like PayPal or bank.

 Yes there are so many ways to obtain profit and use it as much as you can, you can get all your needs with money but you will have to travel for it you will have to go out in sunny day so better use crypto currency and don’t sue cash if you have a better option than this, crypto currency reduced the need of cash in our life and it is making our life even easier than before.

Voted for "Yes, I use"
I can't live a day without cash, that's how we live here somewhere in the world. We are far away from a cashless society, even a credit card won't work for our everyday use let alone cryptocurrency. But yes, if we don't look at expenses then we might use credit cards for everything we need but that's a 20% more expensive compared to cash use.