Topic: Is cash outdated? - page 2. (Read 850 times)
By cash are you referring to fiat? Well Ithink no. It can newr be outdated. Unless the whole world will prefer to use digital money from now on then that is then the only time that we can say that fiat is already outdated
Personally, I always think that cash is better than digital fiat, but that is just me. Each has their place in the economic system, and one isn't better than the other in some major way. Digital is good for holding or moving large quantities of wealth over a short period of time with minimal effort being put in, cash is great for holding physical wealth, and not having to worry if the power ever goes out.
They opted for their own digital currency, because they want full centralized control. Like they said in the article, " everything from the creation of new units to securing the system against attack will be managed by the Central Bank of Ecuador. " You cannot manipulate Bitcoin, and you cannot generate digital money from nothing at will, like they will be doing with that worthless currency.
Bitcoin has no Central Bank, dictating their cash flow and what the price must be.
Bitcoin has no Central Bank, dictating their cash flow and what the price must be.
Cash is not outdated. In fact, cash is still king. I always ask for a cash discount price.
I honestly don't purchase anything really in cash anymore. Do I have physical fiat on my person? Yes I do, but to say the amount of times I actually use physical money is non-existent. If bitcoin processors were regularly available just as debit and credit card processors, the adoption of payment of bitcoin would be exponentially greater. Even though bitcoin is new, it will take a quite a while before it is main-stream. I would not consider it main-stream yet. A majority of technical and hardware people involved with cryptography got involved with bitcoin first. Second, finance corporations and large institutions are seeing bitcoin as a great opportunity in investment. It will be a long time before the average consumer will be willing to spend bitcoin to replace cash.
When money no longer has to be something physical then I'd say physical money is at least on its way to becoming outdated. It definitely isn't yet and it's still the most anonymous form of money there is. I think.
I have to say though, I miss coins made of silver. But we're never going back to that.
I have to say though, I miss coins made of silver. But we're never going back to that.
As usual, they get some things right and other things wrong and I think they stole a few ideas from Bitcoin. But instead of treating cash like a scapegoat, what they should be doing is switching to a more genuine "digital cash" system. You know, like a cryptocurrency or something. http://www.theguardian.com/world/2015/feb/26/ecuador-digital-currency-dollar-rafael-correa
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