Topic: Will cash become a premium product? (Read 149 times)

if banks are restricting for all this you mention in your country that means they have another option to tender to the Citizens of that country so if they option is not in cryptocurrency mostly in Bitcoin permits they haven't no good idea to their citizen, but for the aspect of payment with the cryptocurrency Bitcoin in that matter I am delighted because if other stores or shops fully accept payment with Bitcoin that is another measure for me to make a bitcoin a legal tender in that country

nowadays, more and more shops, supermarkets and various places have started to reduce payments by cash and replace them with debit cards, qr payments, etc. indeed, initially this could make it easier for customers, because they could make payments more quickly and easily, but over time it seems like there is a hidden effort to eliminate cash from the public and replace it with a cashless system.

i myself also feel that the cashless system makes things easier, but on the other hand, we also need cash in anticipation if at any time the economy goes down or the internet goes down, or for various other things. so even though the cashless system makes things easier, we still have to be able to get access to cash.

They are preparing everyone to become cashless but, I think that they're not expecting it that it will happen longer because there's still a huge demand from everywhere with cash. I don't think that someday that the cash will be valuable as how Bitcoin is and will have its own value. The government will just have to devalue them or denote these fiat currencies because they're no longer needed and one reason might be for the environmental issues as they don't need to dispose paper and no need to create for it as it will save the nature from producing.
It's going to be an interesting thing but countries that are advanced are still using cash because of how considerate they are to most of their people that don't know how to use modern technology. It can be reasonable for the older folks but not to the newer generation when they've been fond of using devices and cashless society is like an interesting to be in within the next several years. Good thing in my area, they're not closing down ATMs and instead, they're increasing it because the demand is high and due to inflation, the banks want people to spend as much money as they can so that they can keep a lot of it that shall be later gonna be used for loans when they declare lesser interest rates.

How do you know they are using facial recognition? That is pretty much illegal and against the data protection law in the UK. You cannot tie the name and personal information of anyone without authorisation.

RE your question, as far as I know, you can withdraw cash from your bank. If it exceeds a certain amount they will make a few questions or may request that you tell them in advance, but if you got it, you can have it.

Definitely possible because with the evolution of technology, the government is forcing their citizens to use digital payments for better tracking of currency trails and if small shops has to survive they has no other choice than to adopt digital payments and now the cash will definitely needed for ones who dump them from the sight of government.

They are trying to make it cashless ecosystem thus promoting cashless transactions and to be honest this not done considering the convenient of the users but rather to ensure everything is tracked and accounted for as they cannot keep a track when you use cash but digital transactions are recorded. Just to give you an hint, earlier when there was no digital payment there used to be paper bills and any business will file the tax returns and even tax will be based on those bill which could be manipulated but now everything is online and no one can evade tax except big businesses who work hand in hand with government.

Cash will not completely disappear but rather used less and it's a way for government to track everything. 

The government in your country is trying to make sure that they can see the transactions of every individual in your country, and that is why they have come up with such decisions. If there is no longer availability of cash, it will make cash a premium product, and whoever has any cash on him might not want to spend it as it will become scarce.

This new development will not help citizens that are buying bitcoin because they are invading their privacy. Payments made with cash are untraceable, which makes them not to have confidence on cash anymore.

the transaction system of the world has evolved to a very large extent and even in most third world countries, big malls and super market prefer that you do transfers when making any purchase from them rather than giving them physical cash and if you're looking at it from a broader point of view, it's really a good development in the financial sector and has helped to a very large extent in the reduction of theft and arm rubbery since you don't find physical cash in big mall like was was prevalent in the past and even customers don't necessarily need to bring huge volume of cash to the malls regardless of how expensive the items they intend getting from the mall is.

But like you've pointed out, this is mostly applicable in big malls and not in small kiosk that renders retail services and would normally prefer that they are given physical fiat as opposed to making mobile transfers. It's a stage where the world is heading to where everything will tend to become more of cashless rather than th use of fiat and even when that happens, it shouldn't mean that fiat will gain more value but we might possibly have a situation where fiat might tilt towards going into Extinction.

I will assume you are taking about physical paper notes and metal coins, correct?

If that is the case, then yes, I think eventually this product will disappear from our society. Compared to digital cash, physical cash is significantly more difficult to use and store. I have already seen many retail locations that say, "cash not accepted", e.g. only credit cards are accepted there.

But that doesn't mean sovereign currencies are going anywhere. Like Bitcoin and other digital currencies, the "US Dollar", the "British Pound", and all of the others will be just another investment instrument. Especially in the case of US Dollars, I can't see how this will ever change since the entire world bases the measurement of value on this instrument.

I think many countries will move to a CBDC in the near future (especially as they learn to forget about using blockchain for this offering and use an architecture that actually scales). But a country offering a pure digital version of their currency will only be changing the way their citizens use their currency: the currency will still stay the same otherwise.

Oddly, if the US ever drops it's current weird objection to a CBDC and creates a digital version of the USD, then it's status as the universal measuring stick could actually lead to it becoming even more widely used than it is today. Like with spoken languages, and many things we're used to seeing in the computing realm, consumers gravitate toward standards, and the USD is in a position to be the "universal measuring stick" for human value.

In other words, when the US finally adopts a CBDC, this could lead to the USD being the predominate baseline currencies everywhere, since it will move across borders so easily and people need a product like this universally.

We can actually be approaching to the digital financial system which is why the banks and the financial regulations are not speculating this cashes to physically touch and those especially the small shops who has been a die hard stubborn retailers that says they are not accepting accepting digital transactions from customers are already being left with no choice because it's or no ones fault not to be able to withdraw money from their savings bank accounts. So any trader who decides that no cash no goods and services exchanges would be limited to sell their goods with less services.

This thought gives me lot of insightments that bitcoin that's a digital currency would grow stronger and widely accepted even to those timid routes which has the excuses that bitcoin is being hindered to climb a maximum height all because not everyone is used to the digital financial system. That excuse will trend just in a while because as time goes by which the banks are limiting the number of printed currencies forcing everyone to alternate to the cashless digital transactions policies, so as well bitcoin will exploit to the functional flexibilities of those who has been in doubt about finances with relatives to the internet.

All around my in my region, it's becoming less panic to accept fiats transactions in the digital system such as Mobil and Electronics payment system either with the phone, Point Of Sales(POS) including the installations of the ATM machines even to the rural areas which it was a structure that basically is only located in the urban areas and cities.

While I've had the advancement of all these Fiats manipulations or I should say it's also an advancement to fit in with the advanced world of today, I see bitcoin in the future being a technology being commonly accepted for means of payments as the fiats are being accepted too. Putting the fact that holding bitcoin is also means of investment comparing to when we've our funds holding in the bank saving account would even give the bitcoin more forms of eligibility and more attractive for adoption typically where to be preferred to keep their funds since we're already in the practice of digital financial system.

I didn't understand why the government in the UK didn't put QR codes on the new plastic notes they issued recently. That would allow for a certain amount of tracking, as supermarkets use facial recognition on the tills that accept cash. Pushing it out of the banking system is just going to make  the situation worse for them.

Since I live in a different country which is quite far away from achieving whatever plans which are being pushed in more developed countries like the United States or the members of the European Union, I don't have much insight to offer in this aspect on the availability of cash.
Though, knowing it is pretty much in the interest of the governments on the west democracies to limit the use of cash and implement their digital coins, I would not be surprised this is indeed some coordinated effort being done by big companies to make people get used to handle all their finances digitally and abandon cash in the middle term.
I have already started to see some people protesting digitally against the sunseting of cash within society, but unless there are some high interests in keeping cash in circulation, then I am afraid it could be just matter of time before all our money stays in centralized digital accounts.

Criminals and organized drug cartels will try not to get rid of their cash and if they happen to need liquidity to move their money in an anonymous way, they are likely to opt for gold or cryptocurrencies focused on privacy.

So yes, it is likely we will see an era when cash is a luxury.

Well it certainly seems like the banks and possibly governments in Europe anyway are creating
ways for us not to use cash.

Credit and debit cards with "convenient" tap and go facilities make it easy for us to pay but it
really only plays into the hands of those two entities. They can track our every expenditure
for example.

Cash on the other hand is untraceable so I believe there should be and possibly could be a premium
on using cash, how that would work out is another question.

If I am paying with cash should I get a discount?

We may end up cashless or not, but money is always going to be there. There’s no nation that can operate without a defined currency, and not just any currency but their own designed currency. But I think we are far from a cashless economy (worldwide). Some countries are moving fast on it and that’s fine for them.

But then about cashless economy, am I the only one who thinks that printing of new money is easier and inflation would be worse? Because that’s really what I see.

Supermarkets are abandoning cash back transactions at the tills, and are reducing the ability to pay with cash. Banks are restricting cash withdrawals, and ATMs are being closed. This is moving cash ( banknotes and coins ) from the general banking system. However, there is still considerable demand for cash to make payments privately, and to small shops and traders. If cash does end up outside the national banking system, will it start to have its own value against the fiat system used by the banks? I am happy to pay for Bitcoin with English banknotes, but for how long will I be able to do this? ( I know, that is a different question. ).