Topic: This is why we have to keep cash (Read 1022 times)

In normal sense money is not supposed to keep at home because of damages of criminals because if criminals notice that money is available in the house some information will going in between to hijack the money, so from bitcoin side bank don't have access to touch your coin or bitcoin

it is unlikely that the government will freeze all the accounts of its citizens, because it will bring other big problems that will occur in the community. But if you say don't keep all the money in the bank, I agree. set aside cash for you to save at home, outside of the technology used there are still places that are still natural and there it is difficult for us to transact using a bank.

This indeed is a great innovative idea that one needs to put into practice. Regardless of the world revolving on a day-to-day basis, we all should try to safekeep cash just incase of incasity. And the example made by the OP is with no doubt a solid one.

Yes, not all of our money is stored in the bank, we also need to make our own safe to store money. Some other needs that must directly use cash and not digitally. If we are in a place where technology is owned by everyone, we can easily use banks or other digital money. But if you are in a certain area, sometimes cash is the last resort so that we can transact the necessities of life.

God has blessed money as a great power. Money may be in hard cash,E-money, Plastic card-based money, or digital currency. You need money Everywhere you go. Therefore, it is said, " penny in the pocket is a good company".
You need money till the last breath of your life. Someone has good said, "Money makes the mare go".
We struggle our whole life to get money. So no one can deny the importance of money and we have to keep the cash.

As we saw recently with the unrealistically high Bitcoin prices, it also spurned equally unrealistic transaction fees causing altcoins to surge in price to become secondary crypto methods of payment for small fiat dollar value transactions.

I don't really buy that one currency for everybody schiesse that the globalists dream of. It will defeat the purpose as to why we have cash and why we have digital currencies. Governments will not be able to lock bitcoin accounts please do take note as the government does not have the keys to those accounts. Only a centralised digital currency can have such a feature that can be used to reward or punish a person. I only value cash because that is stull the most widely used form of payment in our area. But I still store digital currencies as well.

Thank you. This is exactly the point I wanted to bring up, the fact that, banks nor the government can do nothing to your bitcoin. Besides, there is always going to be a cash in circulation and should technology and cashless system of transacting be developed to the extent you imagine it, there won't be any need for the cash when bitcoin can be used  comfortably in transactions. All you've got to do is transfer from wallet to wallet and what have you. It would be a p2p system of trading as it is just that, your trading crypto for an edible commodity. The only place it becomes a problem is with the anonymity for which crypto is supposed to protect but,it wouldn't matter much should crypto have been legalised and authorised usage in transactions. Should cash be needed, the p2p option can still work for that.

Having no cash and using everything digital only works in a dystopian first world country I think. I always am a money person, always have cash on hand. The reason is simple, many establishments in my area still uses cash and still accepts cash and the despite the efforts that were made for digital money to be available to the market. In my opinion, cash will be around for a long time and will be an integral part of our society.

If we reach a point in time where we are all under one currency and one mode of payment. We are probably governed by a big central government keeping eye on all our assets, transactions and movements. Holodomir will be likely less of concern since it will be governing bodies agenda vs our puny control.


On the other hand, fiat during this time (especially during this pandemic) is king. Though there are merits on digital transaction, fiat's stronghold on most global financial infrastructure makes it reliable as ever.


In terms of globally economy, we can clearly see most of the major countries with high GDP rates are the ones with mixed fiat and digital payments. Moreover, only China has a big margin of 12.24 T which comprised 15.4% given they are transitioning to only digital payment ( take note: CCP).

 If you change "credit" to "debit", I can agree with you, because at the end of the day debit cards are a form of cash, electronic of course, and that implies less friction when it comes to spending. In today's increasingly cashless society, debit cards are the least bad alternative. Credit cards are a much poorer alternative because they involve less friction when it comes to spending and many people end up getting into too much debt and paying a lot of interest for using them.

It would be a natural thing if one had a cash stash of my own would do the same because it could be for urgent purposes but in modern times like today maybe credit CARDS are the best solution for everyone because it's more practical and easier to be safe from no crime and probably cash is also important because it's not all on credit CARDS or coin crypto because there's still a lot of people who don't have a account At the bank for other small things I still use cash and I think in my country if it applies payment in all things with credit CARDS I think it's still too hard to make that up because the need for life is so much cash as possible. This is what makes us have the cash we need to prepare

Yes, you are right. We should hold cash. Because online money is only a Number which appears in your account.

At some point, some need a plastic credit card to use for business reasons. Still, you made your point also from what I see I am guessing that bitcoin won't be used because bitcoin needs to be dependent on fiat, without fiat bitcoin has no chance of running plus if there is a chance on the people who are rich air in the mid-class can handle can get a hold of it right? I think the government will think of them as not it's probable their government is crazy for bitcoin.

If someone made a dry run or let say country and in this country is full of businessman and woman and I think their bitcoin will be crazy people from outside that country will go berserk because of the wide numbers of exchange and me guessing bitcoin will go down and some go up still mostly goes down.

Still, there is me thinking that if bitcoin is used normally and the bank holds your money and won't give it back and people even the people are doing their best to get it, it will be only a waste of time if your country is now using bitcoin and others will not accept cash, in the end, the government of this country is making a bad decision why? that money that there holding could be the manipulator and like I said if the bank won't give it this country will go mad and crazy also it might get poor.

I totally concur with this school of thought, in as much as we want mainstream acceptance and adoption of bitcoin and other cryptos for exchange worldwide, a total abandon and neglect of cash is not a part of the plan. Cash is still very much important.

I agree to keep cash. The trend in recent years has been to increasingly reduce the use of cash, and this trend will continue. In some cases there is talk of banning it. I prefer to keep a little bit even for small transactions and because of what the OP commented. The only thing is that I believe that for some reason or another, its use will eventually die out, but I hope it will be many years from now.

Think smart you should never keep your savings in bank, since you are losing its value when its stored. And Bitcoins cannot be frozen when its on our wallet so even if such a horrible incident happens people can survive with bitcoin when its accepted as payment.

You have interesting predictions. I didn't even think about it. I think this will not happen in the modern world. People won't let that happen. But it is really better to keep all your savings not only in banks. You can keep cash, and gold, and jewelry.

I do have an ATM card, but in use, I use the cash more often, and I do like to save cash in my wallet and only 10 percent that I put into my bank or ATM. Because where I live cash is very necessary to carry out various transactions of goods and services. At my place of residence, the use of ATM or digital or NFC payment is almost non-existent, even if there is it, it is located in the city next.

Having cash in your stash is definitely a good idea. The only problem is that 99% of the world's population does not have this money that can be safely stored and wait for good times.
People get a penny to exist and blocking their accounts simply will not lead to anything as many simply do not have accounts.

Well it is true that we really need to keep some cash in our hand and besides not everything could be paid off by visa/master card or crypto .
I think we shouldn't rely too much on online payment at this time because we couldn't fully use it on everything and also I don't really trust the banks because there are so many case's where bank owners are being robbed.

Not sure if banks will exists in form they are today if cash extinguish.
Cash is a extremly powerfull tool. They are earning a lot on only printing it, then keeping people occupied with something they can hold in hand and feel, telling them it has an value as they want to control the chaos around them.

I do not agree to the statement of keeping cash, yes it may be required somewhere but cannot be treated as necessity. In case if online account are seized by govt as stated by thread owner then imagine what type of situation that would be, it will be an emergency and even cash may not help you that time. With freeze of online accounts, no one will be able to withdraw or deposit cash that means you can use only the cash that is kept with you if it is accepted by market in that situation. Rest cryptos work on decentralize platform so it is a bit hard for govt to freeze such accounts.

Everyone need both of it, nothing to forget but to use, cash and crypto currency have differ in some aspect  crypto as our onlune money but there are still people who not lucky to access have these currency, like buying foods at public market, its to far for us to use online payment

Those contactless cards have a limit regarding the maximum amount that can be spent without entering the PIN. In my country it is about €25-30 I think. Anything above this can be bought without entering the PIN.

These cards can be exploited with different methods if you are close to the card.
Have a look at this video how easy it is:
https://www.youtube.com/watch?v=EONQdQOzphI

I've just watched this video by a guy in the UK-
https://www.youtube.com/watch?v=bIRHvA4oulI
He is stating that the cash economy is collapsing, and people are switching to contactless. It is a great disappointment to me that so many people rely on contactless cards these days, and most of them don't bother to check the payment amount either. They just wave their caerd around and some even look round to see who is watching their progressive ability to rmbrace new methods that allow their money to be stolen. I think the use of cash is shifting, and he doesn't seem to appreciate this.

Cash is still used for a variety of payments -

- Some small businesses such as beach cafes and chip shops only accept cash.
- Other retail businesses have a minimum purchase for card users.
- Private service providers often offer a discount for cash payments.
- Gold and silver coins are legal tender in the UK, and are used for some very large purchases, especially cross-border.
- Whilst banks may discourage cash, supermarkets offer cash back payments at the tills.
- ePay, PayPoint and PayZone all offer ways for buyers of surplus items to pay sellers with physical cash.
- Many people are unbanked and rely on cash.
- Many others keep supplies of cash to use during the increasing number of failures of the banking system.
- Cash is used for private sales at venues such as car boot sales.

I think this discussion is not necessarily related to bitcoin since the OP is saying that you should not keep you money into a bank account because governments can anytime freeze every account existing. This definitely seems like an impossible scenario for most people to imagine but its actually possible.

We always need cash no matter what,
Don't expect that because you have some other options to pay like visa or master card or even online payments could do the job,
The point is not all of merchant would accept it you still need to pay with cash and it is better to have a cash on hand for some emergency purpose.

Okay now you got me convinced 🙂 Need to have cash at hand for disasters that might suddenly happen. Wow....never thought about this possibility of all others. Good one 👍 👍

The government and banks can only freeze deposits opened in their country. Bitcoin is not a part of any state and its reliable operation requires only an Internet connection.
If you have access to your card with bitcoins and you do not turn off the Internet, your money will not go anywhere!
A lot of Fiat money you do not carry with you as well - you will be robbed or killed if you find out in difficult times that you have a lot of cash. In General, it is not advisable to keep all your investments in one place - this I think everyone knows and you are advised to follow the same pattern.

Same, cash is always a feeling of security because its physical. It's just something that's been embedded in our lives.

i will always have cash available and the reason is simple: i lived trough a freak snowstorm that took power out to several states, some areas for days. everywhere you went, miles upon miles of downed utility poles. no internet at gas stations and retailers. so credit card machines did not work.

cash was the only thing that worked. cash works 24/7, power or no power, technology or no technology. if it wasnt for the emergency cash i always i keep on hand we would of been in much worse shape than we were.

you need a certain amount of cash on hand always. just like emergency food, water, generator fuel, and medical supplies. it needs to be ALWAYS there. dont count on ATMs and banks to get cash after the s**t hits the fan. by then its too late.

The world economy is moving on to the digital payments and the usage of cash is diminishing at a large rate. Nowadays even an ordinary shop is receiving payments through credit and debit cards. Truly speaking, it's been more than 3-4 years since I have stopped making payments through cash. The cashless economy would be profitable to banks as all these payments are being made legally through banks and would be easier to track down a person's expenses but they have a larger effect on shops present over the rural parts of the country. Small vendors who make a living in rural parts of the country still find it difficult to accept digital payments.

Apart from this, we are becoming more vulnerable to banks as they might track us easily if the transactions are made through debit and credit cards. To prevent such things, we have a decentralized payment system in the form of cryptocurrencies where banks and governments don't act as a intermidiary and would freeze our funds. All we need is just enough time for crypto to be regulated, volatility to reduce and to act as a competitor to the banking sectors. Scalability is still seen as a factor of disappointment where the Banking sectors is easily superior to crypto payments. More development in the bitcoin technology like LN would pave way for that in the near future.

Banks can be easily categorized as Fraudulent in addition to stealing our privacy and selling those to the governments if they are really in need.

While I fancy digital cash, nothing feels more satisfying than a wad of cash in the wallet. Or counting the notes before handing them over to pay.

Well, I don't like to discuss  in topics with question ''What if...'' because usually uthopical scenarios are discussed there. But in general, I agree that we should keep cash. Banks are trying to eliminate it, but I don't think it's going to happen soon. Every type of money - cash, digital money on cards and bank accounts, cryptocurrencies have their own pros and cos.
About digital money - we don't even need war or something similar to find disadvantages of it - just remember banking crisis in 2008. Or just - what if if your bank will bankrrupt. Ok, your money are insured, but still, it causes problems and headache.
Cash is also not perfect, but it's not going to extinct in most parts of the world soon. Only in Scandinavian countries it's more or less replaced by digital money. I live in Europe, but in my country it's still difficult to live without paper cash. There are still so many business still not accepting card payments, especially in smaller cities - it's small shops, restaurants, taxi, public transport and etc. And I imagine situation is even worse in less developped countries. And many people are sceptical about switching to digital money - they just want to have physical cash in their wallet and be their own bank.

A general misconception of people in the cryptocurrency world is that they assume that one currency has to rule all when that is not the case at all. There should be several currencies which fit certain sceanrios. I doubt that you will be able to get one payment system which will be perfect for any sort of transaction without compromising personal data or security. Hence the reason Grin is becoming popular it improves on several aspects of Bitcoin but also has its own drawbacks. I think that Grin is far more suitable to small daily transactions than Bitcoin and think it will serve this purpose along Bitcoin. Cash also has its place in the world along side both of these currencies. Although cash is ultimately flawed due to the fact that there's no cap and can be printed off which ultimately leads to inflation.

Using cards for all transactions is probably will happen from time to time, people still looking cash especially if there is set outside of the city and towns. No machines for ATM cards or plastic cards where stored money. But these arguments have pros and cons that we may look forward to both sides.

There's a bunch of reason why we need to keep our money to the bank, and the reason why we shouldn't be hiding money in our house is just that we earn no interest on it. And the last purpose one will help keep your money more secure and safe.

I think you should not put all your eggs in one basket, having digital currency and cash isn't bad if you had it all.

your argument is technically wrong because ; banks can't freeze your bitcoins, so you don't have to keep any cash.

but as a general advice, i personally keep some of everything.

The point that Government can make that decision is what should make people look into digital currency  Decentralized way!! but cash is king for now so people need to find a way to hold on to it!! But for security reason to have some future in your hold!! you can buy some crypto there are stable coins you can hold that!! and still create that channel possibility for yourself if anything happens.. cost you nothing to play both side

Many people here like innovations, that's great. So for this reason I often read it's great that we have visa/master card, upi cards and to sum up plastic cards. It's fast and easy, don't need to get an extra pocket for coins or be afraid of losing money from pocket because if you lose card, you can easily freeze your bank account. Now there are paywave stickers, nfc payments and so on, that's great but...
Imagine, we all have cards, bitcoins and time came where population forget cash. Only fiat and bitcoin exists online.
What will happen? What about if I tell you that there is a huge chance another Holodomor will happen?(Famine-Genocide in Ukraine) Imagine government(s) froze everyone's bank accounts, cash is also dissapeared because people put all of them in banks, it will be a panic and shock. This is why we have to keep cash and not fully move on digital money.