Topic: So much for cashless society: cash is gaining in popularity - page 2. (Read 538 times)

It appears the solution some have adopted is: paper money is the best store of value!

The trend of holding paper money has traditionally been more common in nations like japan but appears to be spreading to the united states. It won't be long before the media publishes news stories about unfortunates storing paper bills under their mattresses only for their cash to be devoured by termites, ants or assorted insects. To "nudge" consumers away from that horrible, nasty, evil paper currency, towards a digital cash future.

The trend of holding paper money has traditionally been more common in nations like japan but appears to be spreading to the united states. It won't be long before the media publishes news stories about unfortunates storing paper bills under their mattresses only for their cash to be devoured by termites, ants or assorted insects. To "nudge" consumers away from that horrible, nasty, evil paper currency, towards a digital cash future.
All of which highlights a dire need for: paper cryptocurrency.

The best store of value is still the fiat currency and having a saving account in a bank is the safest option until your country has some serious economic crisis, storing these paper money and that too at home is not the smartest move and majority who does that may have made those through illegal purposes and hence not able to deposit in banks as you need to provide the source of income, paper cryptocurrency is also not a smart move but we might see that in the future but i am not going to use that for obvious reasons.

The question of what the best store of value is, has gained in popularity lately.
It appears the solution some have adopted is: paper money is the best store of value!
All of which highlights a dire need for: paper cryptocurrency.

Cash as a store of value?  I suppose if you were to hold it for less than a year it wouldn't lose *that* much value, but inflation will still work its black magic and eat away at that cash's purchasing power.  That doesn't sound like a great store of value to me

   I wholeheartedly agree that the world may not be ready for a cryptocurrency as a store of value. Cash is way easier to handle for the common Joe's of society. The only way that I can see people running to cryptocurrency is for a major institution to introduce it to the public. I Don't like the fact that Libra is centralized but it may be the only hope for the entire world to be educated about crypto. I've always wonder how would I explain the concept of Block-chain and Bitcoin to my grandparents or the younger generation without putting them to sleep.
  Many people won't touch cryptocurrency period unless it has an institutional stamp of approval on it. The people that I do see adopting are the impoverished who have nothing to lose and tech enthusiasts. Libra could be that answer that get peoples feet in the water. Whether they decide to take the plunge is up to them, but at least their feet will be wet.

   I wholeheartedly agree that the world may not be ready for a cryptocurrency as a store of value. Cash is way easier to handle for the common Joe's of society. The only way that I can see people running to cryptocurrency is for a major institution to introduce it to the public. I Don't like the fact that Libra is centralized but it may be the only hope for the entire world to be educated about crypto. I've always wonder how would I explain the concept of Block-chain and Bitcoin to my grandparents or the younger generation without putting them to sleep.
  Many people won't touch cryptocurrency period unless it has an institutional stamp of approval on it. The people that I do see adopting are the impoverished who have nothing to lose and tech enthusiasts. Libra could be that answer that get peoples feet in the water. Whether they decide to take the plunge is up to them, but at least their feet will be wet.

As the article you have linked states, paper currency is predominantly favored by the elderly. They don't trust banks, but it's not for the reason we don't trust banks. We know that banks are centralized, self serving, privacy invading leeches who print money out of nothing to line their own pockets whilst ripping off their clients. The elderly generally don't trust banks because so much of banking is done online now. They don't believe the numbers on the screen because they don't understand technology or computers, and so they opt for the medium they have used for the majority of their lives - physical cash. The younger generation are the opposite. I couldn't tell you the last time I bought something for actual cash. I have a few bills in my wallet just in case, but I've carried the same bills around for months. All my fiat spending is done via card. Cash may see the odd surge here and there because of the banking crisis, but by and large, it is on the way out.

I found this line interesting. You can never be sure that your fiat stored in banks is going to be safe from either mismanagement or confiscation. Once you hand your money over to a bank, you have no control how they invest or lend it out to others, and they also maintain the power to freeze your assets if they don't like something you are doing. Only being your own bank with bitcoin can provide this safety.

I Don't like the fact that Libra is centralized but it may be the only hope for the entire world to be educated about crypto.

I've always wonder how would I explain the concept of Block-chain and Bitcoin to my grandparents or the younger generation without putting them to sleep.

Especially when everyone loves accepting cash (no fees or fraud).

I don't personally think the issue here is really with people lacking the devices or internet access to use mobile or card payments, it's much a different issue.

A lot of people still prefer to use cash compared to easier mobile payments, there is actually a lot of benifits to using cash compared to card, especially since it's a lot harder to track and it's pretty popular to use as a storage tool due to just how untraceable it is.

If people need less cash to pay for stuff, why do they want to hold so much of it? The answer, it seems, is that they’re turning to currency as a store of value.

Paper cryptocurrency sounds more of a joke to me than a serious suggestion or proposal. A paperless society has been advocated since decades ago. This is both an advocacy that calls for the protection of trees or nature in general and the advancement of technology. Paper money is inefficient, inconvenient, and not dependable at all. It could be lost, misplaced, torn, destroyed by water, and so many other reasons for it to be less than efficient compared to its digital version.

I do think that not everyone has the capacity to accept and send money in digital means. For example, people who don't have smartphones cannot do that, especially in third world countries. There are of course solutions to that but if I was in the shoes of those people, I wouldn't want to learn a new mean of transacting or cashless means to my daily life. It would become harder for the people who don't have anything to be part of this revolutionizing era that we have now. Almost everything has become digital and no one is going to help the poor with it. There could be solutions but it's not permanent.

• Giving smartphones to them
  • But then, they would have to work on the mobile data usage.
• Paper cryptocurrency (like you suggested)
  • How will they be able to verify it on the blockchain?
  • How would people know it's legitimate?

I'm talking about the poor because they are the ones who are going to be hit on this, big time and I do not think most of the wealthy people would be willing to help them. This could be one of the reasons too why people are starting to increase their desire for the love of Cash. It has always been the means and keeping it as a stored value.

• There is no mobile data requirement
• Tangible

I'm not against with regards to the cashless society. I want it to be always the means, especially being part of the Bitcointalk Family, it's just that sometimes, we have to think about the ones who are less fortunate than us instead of always ourselves. Trusting the government is one thing, being able to be fair and transparent with all the transactions is another.