Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: NotATether on June 27, 2024, 01:21:33 PM
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So as I wrote in the title, people are paying for stuff with cash less and less. And the evidence for this is given in this report (https://offers.worldpayglobal.com/rs/850-JOA-856/images/TheGlobalPaymentsReport2024.pdf).
Digital wallets (not crypto wallets, but the Apple Pay, Google Pay, Paypal, Venmo, Cash App kind of apps) were used in 50% of the transactions. And in many of the first world countries, cash settlement is below 20% compared to cards and "digital wallets" (again, not crypto wallets).
I would argue that cash is more useful to Bitcoiners than cards or other digital wallets as these cannot be confiscated by a 3rd party, besides the government who we are not worried about here, and we can deposit them into the digital wallets and bank accounts without issues.
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The problem here is not about making a bitcoin transaction rather it's about making transactions physically now the problem is that many people have this idea of making online payments and is normal based on the fact that everything now is digitalized.
The problem of involving fiats with bitcoin transactions is mostly based on third parties and most of the time this third party we are referring to is the government now people that wish to make bitcoin transactions may not be so close to each other like in the same region where they can meet physically and exchange cash therefore most of them that carry out P2P transactions have to make use of other digital fiat systems like cash app paypalband many others.
The fact is fiat has become so much important that almost no transaction can be conducted or carried out without involving fiat in one way of the other take a look at bitcoin for example if someone wishes to make a peer-to-peer transaction only with cryptocurrency now let's say the first party brings some lite coin and the other party brings some bitcoin now during the process of the exchange they would still have to value both coins in fiat to be able to convert or get the equivalent ratio for their transactions.
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I think the pandemic accelerated this Because of the regulations with the transfer of the virus. And I Believe that this is the right path for everything and then hopefully if there is the possibility of more people Being On chain, I would Support that.
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I think the pandemic accelerated this Because of the regulations with the transfer of the virus. And I Believe that this is the right path for everything and then hopefully if there is the possibility of more people Being On chain, I would Support that.
You can't go outside => you can't go to stores => you can't pay in cash at said stores.
It's a repeating cycle. The pandemic surely did make everyone use their credit cards and digital wallets, and now with CDBCs around here (aka. we are finally understanding how to use crypto in our governments), they're planning to obsolete cash entirely. I wouldn't be surprised if this was finished in the next 50 years.
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Most people probably do not realize this yet but this is another way for these companies and banks to get more money from the masses through processing fees from digital payments. On a per transaction basis, the amount might be small but the total will grow in a year.
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I would argue that cash is more useful to Bitcoiners than cards or other digital wallets as these cannot be confiscated by a 3rd party, besides the government who we are not worried about here, and we can deposit them into the digital wallets and bank accounts without issues.
Doesn't make sense to me, first cash can also be confiscated, just look at what the police under different units seize every day, and second, the moment you deposit it in a bank or another wallet it also becomes easy to freeze and it also stops being cash.
Besides, cash protects you only on a personal level, if the government wants to control everyone's cash they would just issue new banknotes and that's it, all your hidden money is worthless now and you have to come out and exchange every banknote with the new one, if you're going to be able to justify that amount.
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Dont forget that in some countries cash payments are limited. ATM have monthly withdrawal and deposit limits, p2p cash deals are limited, paying by cash over specific amount require passport or ID to be shown. Not to mention that 500 EUR note is a legal tender, but many refuses to accept it (same goes with 200 EUR note in some countries).
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The ease of conducting cash transactions, speed, low fees, and performing calculations instead of manually counting your money is what made digital wallets more widely used, as you can get a return of payments if you do not like the product and buy a car by carrying a plastic card in your pocket, so the use of cash will be less, but it will still be there.
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I would argue that cash is more useful to Bitcoiners than cards or other digital wallets as these cannot be confiscated by a 3rd party, besides the government who we are not worried about here, and we can deposit them into the digital wallets and bank accounts without issues.
Doesn't make sense to me, first cash can also be confiscated, just look at what the police under different units seize every day, and second, the moment you deposit it in a bank or another wallet it also becomes easy to freeze and it also stops being cash.
Besides, cash protects you only on a personal level, if the government wants to control everyone's cash they would just issue new banknotes and that's it, all your hidden money is worthless now and you have to come out and exchange every banknote with the new one, if you're going to be able to justify that amount.
I agree with everything that you said and that was what happened in my country during the election last year. The government reformed our Naira notes in order to render all those politicians cash usess that they have being hoarding at home in order for them to use it to buy votes on the election day. Be it cash or digital currency as long as it is kept with a third party, it can be confiscated anytime.
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The development of the times gives us many conveniences in making transactions, but this sometimes makes people confused for those who don't understand. But in the end they will definitely follow it too, I have experienced this myself. One time I entered a large shopping store in the city center, it turned out that many people couldn't use cash for payment and had to use digital wallets. This is truly a very fast development, and if we don't follow this then we will be far behind.
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Truly cash payment is fast becoming rare. I noticed this during the pandemic. As a result of the restrictions in movement and the fear of being infected with the virus, people opted for digital transfer or payment which was the best secured means of payment then and it seems after that period and based on the ease and the speed of the nature of digital transfer, people sticked to it more than paying with cash.
The world is fast going digital as we can see everywhere. People buying and making payment online for goods and services because they are very far away from each other. Business moving smoothly because of the ease of digital payment.
There is this supermarket I know within my vicinity they used to accept only cash payment and that keeps long cue waiting for them to attend to and that made them to start losing customers after noticing it, I had to advised the manager to do well to include digital payment so that they don't keep their customers standing waiting for too long before it gets to their turn and he took it and to be frank the last time I went their he saw me and approached me thanking me for the suggestion that it helped out and their customers had a good impression on it as it saves them the time waiting for their turn to pay manually.
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There is this supermarket I know within my vicinity they used to accept only cash payment and that keeps long cue waiting for them to attend to and that made them to start losing customers after noticing it, I had to advised the manager to do well to include digital payment so that they don't keep their customers standing waiting for too long before it gets to their turn and he took it and to be frank the last time I went their he saw me and approached me thanking me for the suggestion that it helped out and their customers had a good impression on it as it saves them the time waiting for their turn to pay manually.
It would have to be something endorsed by the government for it to be used in a lot of local supermarkets. As you might now, many countries have their own digital wallet app for their national currency.
You probably won't find many stores taking Paypal, or other kinds of apps made by start-ups in Silicon Valley, because they're looking for something more stable and guaranteed to exist in the next few years.
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- In our time, no matter where you go in the country, more cashless payments are accepted now, especially via PayPal, credit cards, or bank accounts. I rarely come across crypto wallets that are used in other countries. Unless maybe you're somewhere in Europe where most establishments there accept bitcoin payments, if I'm not mistaken.
But the majority of countries today actually use credit cards, or visa cards; that's what I know in this era that we're facing in reality if you go to other countries, but always, in this day and age, people still prefer cash.
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There is this supermarket I know within my vicinity they used to accept only cash payment and that keeps long cue waiting for them to attend to and that made them to start losing customers after noticing it, I had to advised the manager to do well to include digital payment so that they don't keep their customers standing waiting for too long before it gets to their turn and he took it and to be frank the last time I went their he saw me and approached me thanking me for the suggestion that it helped out and their customers had a good impression on it as it saves them the time waiting for their turn to pay manually.
It would have to be something endorsed by the government for it to be used in a lot of local supermarkets. As you might now, many countries have their own digital wallet app for their national currency.
You probably won't find many stores taking Paypal, or other kinds of apps made by start-ups in Silicon Valley, because they're looking for something more stable and guaranteed to exist in the next few years.
Yes sir this payment method is been approved by the government because it is the Local financial body that is responsible for the financial flow in and out. In my country, microfinance banks are currently dominating the other banks as they are swift in transactions which people do commend them for. These micro finance banks are seen as reliable now compared to the other banks. This has made them being called big names in my country as they record billions of transaction on daily basis with their app. Not only that, the masses are beginning to do away with the normal bank and patronising the micro bank because of their reliability and accuracy.
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It's a repeating cycle. The pandemic surely did make everyone use their credit cards and digital wallets, and now with CDBCs around here (aka. we are finally understanding how to use crypto in our governments), they're planning to obsolete cash entirely. I wouldn't be surprised if this was finished in the next 50 years.
Now I myself also feel this way, when cash is no longer needed because almost all payments use digital wallets (not crypto wallets).
Just use your phone and scan the payment is done.
Payment patterns in life are changing to the digital age and the adoption of bitcoin could come in and become a more revolutionary alternative to digital payments.
But it depends on how each government regulates the use of cryptocurrencies, such as bitcoin.
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I think the pandemic accelerated this Because of the regulations with the transfer of the virus. And I Believe that this is the right path for everything and then hopefully if there is the possibility of more people Being On chain, I would Support that.
You can't go outside => you can't go to stores => you can't pay in cash at said stores.
It's a repeating cycle. The pandemic surely did make everyone use their credit cards and digital wallets, and now with CDBCs around here (aka. we are finally understanding how to use crypto in our governments), they're planning to obsolete cash entirely. I wouldn't be surprised if this was finished in the next 50 years.
There was a government policy recently where bank noted were limited and withdrawn from cyculation that policy caused alot of crisis in the economy and at a point the digital payment outlet which became the last resort for citizen's to carry out transactions was over flooded with traffics there by resulting in network crashes frequently, so why I am saying this, it depends onnthe nature and development of a country that is what we can used to measure the role and level of cash strength and how best the third party financial system could act to serve the need of the citizens on their bank note demand both in digital format or even cash bank notes.
The fact is that, government control over the fiat system is over bearing and this is limitations for the citizens purchasing power, but with alternative like credit cards and cryptocurrency we can easily urgument our money needs.
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Digital wallets (not crypto wallets, but the Apple Pay, Google Pay, Paypal, Venmo, Cash App kind of apps) were used in 50% of the transactions. And in many of the first world countries, cash settlement is below 20% compared to cards and "digital wallets" (again, not crypto wallets).
Yes, it cannot be denied that this does happen. At least in my country, which is actually a developing country, this is also the case. More and more merchants / shops / areas are providing cashless payments with e-wallets, QRIS, online banking apps, and others. But, this is apart from crypto, because crypto in my country cannot be used as a means of payment.
In essence, currently, we have not avoided the digitalization process. Even though cash still exists, as time goes by, cashless is becoming more and more preferred. Because I personally also prefer to use cashless payments, I have started to reduce cash withdrawals and save a lot of cash in my wallet. Apart from being safer, it turns out it is also more practical. It's just that everything still uses a process, because there are still many merchants / shops / or even traditional markets that still prioritize the use of cash. Yes, the point is, it all has its pluses and minuses.
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I agree with everything that you said and that was what happened in my country during the election last year. The government reformed our Naira notes in order to render all those politicians cash usess that they have being hoarding at home in order for them to use it to buy votes on the election day. Be it cash or digital currency as long as it is kept with a third party, it can be confiscated anytime.
That's the thing some underestimate when it comes to cash and the government.
If a government wants complete control of cash it will have it, all it has to do is reprint the paper bills every 4 years, go full dictatorship and regulations, and demand that you write down on your receipt the bill numbers, or even make sure there are no high-value bills, so cash becomes impractical for any big purchases, it would still be possible to pay your lunch with 100 bills but let's see how it will work when you need to buy a car or a house and deal with a few million bills.
It's all a matter of how much freedom the government thinks you deserve, and how much they want to enforce it.
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I would argue that cash is more useful to Bitcoiners than cards or other digital wallets as these cannot be confiscated by a 3rd party, besides the government who we are not worried about here, and we can deposit them into the digital wallets and bank accounts without issues.
It is sad that people are not using so much cash anymore.
I understand there are downsides, as cash is not so easy and safe to move around. However, nothing is more privacy friendly than cash (maybe monero).
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I would argue that cash is more useful to Bitcoiners than cards or other digital wallets as these cannot be confiscated by a 3rd party, besides the government who we are not worried about here, and we can deposit them into the digital wallets and bank accounts without issues.
It is sad that people are not using so manuch cash anymore.
I understand there are downsides, as cash is not so easy and safe to move around. However, nothing is more privacy friendly than cash (maybe monero).
The use of cash is no longer used because currently the development of digital currency has increased very sharply. Many platforms have created their own digital currency to make transactions easier. In my country, every online trading platform already has digital currency which can make it easier for those who want to make transactions without using paper currency anymore. Every technological development will definitely have risks. I am sure that every platform has prepared several very appropriate solutions with full responsibility if a data leak occurs which results in users losing their digital money.
Unfortunately, in my country, Monero still does not have support to be used for daily transactions.
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I thought the cashless policy is only affecting the third World Nations. I believed the order is from Central Banks because they are the Apex institution to issue out cash to the commercial banks and the commercial are also complaining that CB is not giving them money again and I saw a news yesterday that, Bank 🏧 is not working like before again and POS has over from ATM machine. And I don't know and I have not seen anyone using cash to transact with bitcoin and all what I have seen is electronic transfer with the p2p. And since bitcoin has not been accepted to be used by all the government in the world, therefore bitcoin is still supportive or alternative currency to Cash.
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And I don't know and I have not seen anyone using cash to transact with bitcoin and all what I have seen is electronic transfer with the p2p. And since bitcoin has not been accepted to be used by all the government in the world, therefore bitcoin is still supportive or alternative currency to Cash.
I did a few cash > btc transactions already.
It is somewhat common in Brazil, if you trust the other party of the deal. I have done with friends and with a p2p professional who I have good references and I had done some deals before.
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I think the pandemic accelerated this Because of the regulations with the transfer of the virus. And I Believe that this is the right path for everything and then hopefully if there is the possibility of more people Being On chain, I would Support that.
Yeah exactly people learned how convenient it is to use cashless payments or transactions compared to using traditional fiat currency. And based on my observation even here in my third world country people prefer to use digital wallets (not crypto wallet) to pay for something but I can't also deny that majority are still using fiat through cash transactions. But this is I think the beginning of the adoption and hopefully we can see improvements on it in the near future.
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And I don't know and I have not seen anyone using cash to transact with bitcoin and all what I have seen is electronic transfer with the p2p. And since bitcoin has not been accepted to be used by all the government in the world, therefore bitcoin is still supportive or alternative currency to Cash.
I did a few cash > btc transactions already.
It is somewhat common in Brazil, if you trust the other party of the deal. I have done with friends and with a p2p professional who I have good references and I had done some deals before.
Nice cash to bitcoin transaction. +1 to you. That would have been good as well but the challenge right is the scarcity of cash and in most cases young guys prefer cards transfer or digital transactions and because of how things are in the environments now, the cash are not even enough to make transaction with bitcoin so preferably cards or online. Hey my friend I don't know you from Brazil, nice country to live.
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So as I wrote in the title, people are paying for stuff with cash less and less. And the evidence for this is given in this report (https://offers.worldpayglobal.com/rs/850-JOA-856/images/TheGlobalPaymentsReport2024.pdf).
Digital wallets (not crypto wallets, but the Apple Pay, Google Pay, Paypal, Venmo, Cash App kind of apps) were used in 50% of the transactions. And in many of the first world countries, cash settlement is below 20% compared to cards and "digital wallets" (again, not crypto wallets).
I would argue that cash is more useful to Bitcoiners than cards or other digital wallets as these cannot be confiscated by a 3rd party, besides the government who we are not worried about here, and we can deposit them into the digital wallets and bank accounts without issues.
I also have seen some videos on Instagram where they shared the same information that people are caring not cash with them, they are mostly caring debit or credit cards, but I am shocked to see the numbers because they say digital wallets are being used most and I thought debit cards are mostly used. So people are mostly using financial apps for purchasing and selling, its good until they have internet and charging in there phones if not then comes credit cards and debit cards.
This represent the move of traditional finance to modern one, but it is happening from a long time what people want to see is yet to be uncover by unique minds of modern world. People in developing countries are still using cash and in my country online payment system is not full adopted yet.
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Digital wallets (not crypto wallets, but the Apple Pay, Google Pay, Paypal, Venmo, Cash App kind of apps) were used in 50% of the transactions. And in many of the first world countries, cash settlement is below 20% compared to cards and "digital wallets" (again, not crypto wallets).
I am personally using less cash these days for transactions, but not bitcoins for now on some meager things. Cash is difficult to carry, and instead of spending fees on withdrawal always, you cab just pay transfer fees. By the time there are more vendors accepting crypto, and more persons who know about bitcoins, the deviation from use of cash for transaction will further increase.
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What I understand so far is that crypto serves as a bridge between digital currency and fiat money. I believe that over time, crypto will become more involved in transactions, as development has been continuous and it's gaining increased support almost every year.
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And they should, after all we are talking about something that is taking way too much time to become obselete, it has been around for way too long and a lot more than it should. All the governments in the world have the skills to make a digital currency, and I do not mean like crypto, I mean just get rid of cash banknotes, and just use digital numbers moving around banks, and debit cards/credit cards will be the only thing that people use, with hopefully crypto as well in the future. On top of that, nowadays phones can make payments, so not like there is any need for anything at all, we should consider that to be normal situation and nothing different. If any nation can achieve zero banknote policy one day, then we are going to see them grow a lot financially and benefit from it, which means that other nations will end up starting using it as well.
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If any nation can achieve zero banknote policy one day, then we are going to see them grow a lot financially and benefit from it, which means that other nations will end up starting using it as well.
I don't know how to judge whether a transaction medium is obsolete, but I believe it's fine to worry that the government will spy on you more easily if they ban cash in the future. I can understand the ease of use of digital payments, but we should be able to preserve some privacy for that especially when we pay for something less than $100. I don't want to give my personal details just because I need to pay $5 for a cup of coffee. I think the cons still outweigh the benefits for the individuals if we go full digital as of now. CMIIW.
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If any nation can achieve zero banknote policy one day, then we are going to see them grow a lot financially and benefit from it, which means that other nations will end up starting using it as well.
I don't know how to judge whether a transaction medium is obsolete, but I believe it's fine to worry that the government will spy on you more easily if they ban cash in the future. I can understand the ease of use of digital payments, but we should be able to preserve some privacy for that especially when we pay for something less than $100. I don't want to give my personal details just because I need to pay $5 for a cup of coffee. I think the cons still outweigh the benefits for the individuals if we go full digital as of now. CMIIW.
In my country prior to COVID cash was used more than digital wallets. After COVID ended the transaction made using digital wallet increased ten times more and is increasing every year.
The problem started when the banking servers crashes or thier is an issue with the internet connection. At that time cash is the only mode to make the payment. I do not think cash will get banned in any country. The circulation will slow down as we progress and more innovation come up in the fintech sectors.
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It's not surprising when some people prefer convenience (such as only bringing their smartphone). Although what worries me that some places begin to only accept cashless payment. Some government even attempt to limit usage of cash on big transaction or certain transaction type.
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It's not surprising when some people prefer convenience (such as only bringing their smartphone). Although what worries me that some places begin to only accept cashless payment. Some government even attempt to limit usage of cash on big transaction or certain transaction type.
For me cashless policy is a nice development because it can easily reduce the risk involves in moving around with cash, just imagine if you are going to purchase something that worths millions and you decided to pay with cash, is actually very risky having that amount on a physical cash, which is why that policy is totally the best.
Though before were I come from cash payments was the best options for people to use but after a certain period when government order the banks to start regulating the amount of cash that should be given to an individual per transaction, at first it affected the masses but overtime people became use to it and now nobody wants to transact with cash.
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The development of the times gives us many conveniences in making transactions, but this sometimes makes people confused for those who don't understand. But in the end they will definitely follow it too, I have experienced this myself. One time I entered a large shopping store in the city center, it turned out that many people couldn't use cash for payment and had to use digital wallets. This is truly a very fast development, and if we don't follow this then we will be far behind.
because basically they are reluctant to carry out cash transactions, because they are lazy about counting money manually and carrying a lot of paper in their bags, by paying digitally they don't have difficulty counting and carrying large bags filled with money, and this can also avoid crimes out there such as robbery for example.
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It's not surprising when some people prefer convenience (such as only bringing their smartphone). Although what worries me that some places begin to only accept cashless payment. Some government even attempt to limit usage of cash on big transaction or certain transaction type.
For me cashless policy is a nice development because it can easily reduce the risk involves in moving around with cash, just imagine if you are going to purchase something that worths millions and you decided to pay with cash, is actually very risky having that amount on a physical cash, which is why that policy is totally the best.
I get your point and almost no one would use cash for sending millions anyway. But from what i've seen, the limit could be as low as 1000 EUR which is concerning to me.
Though before were I come from cash payments was the best options for people to use but after a certain period when government order the banks to start regulating the amount of cash that should be given to an individual per transaction, at first it affected the masses but overtime people became use to it and now nobody wants to transact with cash.
Because most of them prefer convenience or mostly trust bank they use.
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The development of the times gives us many conveniences in making transactions, but this sometimes makes people confused for those who don't understand. But in the end they will definitely follow it too, I have experienced this myself. One time I entered a large shopping store in the city center, it turned out that many people couldn't use cash for payment and had to use digital wallets. This is truly a very fast development, and if we don't follow this then we will be far behind.
because basically they are reluctant to carry out cash transactions, because they are lazy about counting money manually and carrying a lot of paper in their bags, by paying digitally they don't have difficulty counting and carrying large bags filled with money, and this can also avoid crimes out there such as robbery for example.
But in any case, I have seen and experience people still carrying big amount of money for transactions like going to the bank to deposit or even withdrawing money. So it's not universal, I think most 1st world countries, are totally relying to cashless payment with credit cards or cryptocurrencies. On the other side of the world though, wherein there are a lot of unbank people and so they just go with having fiat money in their wallet to do all their transactions like groceries.
Of course, you need to be very careful if you are carrying big amount of money because there are chances that you are going to get robbed. Think about though those people who won big in casinos and being paid cash in millions of dollars.
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It's not surprising when some people prefer convenience (such as only bringing their smartphone). Although what worries me that some places begin to only accept cashless payment.
You're right. It has become commonplace that people are starting to choose not to carry large amounts of cash. They prefer payment by online transactions, it is more simple and more secure. However, it mostly happens in city, it still can't work fine in the villages. Villagers still prefer using cash for any payment purposes. Moreover, paying online requires good internet, it is unable to do with bad internet or no internet network. So, I think we don't need to worry because it is simply impossible to have no cash payment. In certain areas cash payment may be getting rare, but there are still many areas to rely on cash payment. For example in the villages, they have no idea to use online transactions for all payment purposes.
Some government even attempt to limit usage of cash on big transaction or certain transaction type.
There is no problem if the government limit the cash, it is also still optional. I think the government didn't force us to pay with no cash. As long as it is just an optional, we shouldn't be worried so much. :)
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The development of the times gives us many conveniences in making transactions, but this sometimes makes people confused for those who don't understand. But in the end they will definitely follow it too, I have experienced this myself. One time I entered a large shopping store in the city center, it turned out that many people couldn't use cash for payment and had to use digital wallets. This is truly a very fast development, and if we don't follow this then we will be far behind.
because basically they are reluctant to carry out cash transactions, because they are lazy about counting money manually and carrying a lot of paper in their bags, by paying digitally they don't have difficulty counting and carrying large bags filled with money, and this can also avoid crimes out there such as robbery for example.
But in any case, I have seen and experience people still carrying big amount of money for transactions like going to the bank to deposit or even withdrawing money. So it's not universal, I think most 1st world countries, are totally relying to cashless payment with credit cards or cryptocurrencies. On the other side of the world though, wherein there are a lot of unbank people and so they just go with having fiat money in their wallet to do all their transactions like groceries.
Of course, you need to be very careful if you are carrying big amount of money because there are chances that you are going to get robbed. Think about though those people who won big in casinos and being paid cash in millions of dollars.
emmm. I think it's a different case if someone wins from gambling, they will definitely hire the police or bodyguards to protect them, like in a bank, if we withdraw large amounts of cash, the bank offers us safe arrival by bringing the money to its destination.
but it's true what you say, there are still many people who use the old method of using cash, especially older people who don't understand technology and areas where technology is still difficult to enter.
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It's not surprising when some people prefer convenience (such as only bringing their smartphone). Although what worries me that some places begin to only accept cashless payment.
You're right. It has become commonplace that people are starting to choose not to carry large amounts of cash. They prefer payment by online transactions, it is more simple and more secure. However, it mostly happens in city, it still can't work fine in the villages. Villagers still prefer using cash for any payment purposes. Moreover, paying online requires good internet, it is unable to do with bad internet or no internet network. So, I think we don't need to worry because it is simply impossible to have no cash payment. In certain areas cash payment may be getting rare, but there are still many areas to rely on cash payment. For example in the villages, they have no idea to use online transactions for all payment purposes.
Satellite internet (such as Starlink) gaining popularity, so in next decade people on village or other small area probably also use cash less frequently.
Some government even attempt to limit usage of cash on big transaction or certain transaction type.
There is no problem if the government limit the cash, it is also still optional. I think the government didn't force us to pay with no cash. As long as it is just an optional, we shouldn't be worried so much. :)
That's true. Although some country or region (such as EU) already make the limit as part of the regulation. Here's an example, https://www.evz.de/en/shopping-internet/cash-payment-limitations.html (https://www.evz.de/en/shopping-internet/cash-payment-limitations.html).
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So as I wrote in the title, people are paying for stuff with cash less and less. And the evidence for this is given in this report (https://offers.worldpayglobal.com/rs/850-JOA-856/images/TheGlobalPaymentsReport2024.pdf).
Digital wallets (not crypto wallets, but the Apple Pay, Google Pay, Paypal, Venmo, Cash App kind of apps) were used in 50% of the transactions. And in many of the first world countries, cash settlement is below 20% compared to cards and "digital wallets" (again, not crypto wallets).
I would argue that cash is more useful to Bitcoiners than cards or other digital wallets as these cannot be confiscated by a 3rd party, besides the government who we are not worried about here, and we can deposit them into the digital wallets and bank accounts without issues.
We are now on a digital era on which it would really be that understandable that there would really be such changes on which everything would really be changed up but we do know
that it would really be just that the same. Why? we would really be needing fiat on top-up those accounts on which it would really be just the same. It is really just that
fiat to fiat transactions becomes less and become digitalize but just like been said that it is really just that the same about fiats relevance.
Everything would really be that going into such change since we become that even more high tech as years passing by.
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It's not surprising when some people prefer convenience (such as only bringing their smartphone). Although what worries me that some places begin to only accept cashless payment. Some government even attempt to limit usage of cash on big transaction or certain transaction type.
For me cashless policy is a nice development because it can easily reduce the risk involves in moving around with cash, just imagine if you are going to purchase something that worths millions and you decided to pay with cash, is actually very risky having that amount on a physical cash, which is why that policy is totally the best.
Though before were I come from cash payments was the best options for people to use but after a certain period when government order the banks to start regulating the amount of cash that should be given to an individual per transaction, at first it affected the masses but overtime people became use to it and now nobody wants to transact with cash.
- I don't see anything wrong with cashless payments; as long as you don't put a big balance, like a million, it should be the right one. Cashless payments are actually safer. That's why not all business establishments have accounts through cashless payment.
There are still other times when cash is still needed, meaning there is a right place for cashless payments, like shopping online, shopping in malls, making bills online, etc. And safe from physical robberies, although the only risk with cashless payments with online banking accounts is that they will be hacked by hackers or phishing victims.
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It's not surprising when some people prefer convenience (such as only bringing their smartphone). Although what worries me that some places begin to only accept cashless payment. Some government even attempt to limit usage of cash on big transaction or certain transaction type.
Honestly, convenience is pretty cool and all that, but going completely cashless also has its own disadvantages you know, if a place only accepts cashless payments, how about those that don't have access to digital means of transacting? I mean how are they gonna cope?
And governments attempting to limit cash usage, what's that? It's okay if they want to be track every transactions but honestly people should also be able to decide how they spend their money, I mean it's their money right? It's not as if cash payment is going extinct anytime soon.
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It's not surprising when some people prefer convenience (such as only bringing their smartphone). Although what worries me that some places begin to only accept cashless payment. Some government even attempt to limit usage of cash on big transaction or certain transaction type.
For me cashless policy is a nice development because it can easily reduce the risk involves in moving around with cash, just imagine if you are going to purchase something that worths millions and you decided to pay with cash, is actually very risky having that amount on a physical cash, which is why that policy is totally the best.
Though before were I come from cash payments was the best options for people to use but after a certain period when government order the banks to start regulating the amount of cash that should be given to an individual per transaction, at first it affected the masses but overtime people became use to it and now nobody wants to transact with cash.
- I don't see anything wrong with cashless payments; as long as you don't put a big balance, like a million, it should be the right one. Cashless payments are actually safer. That's why not all business establishments have accounts through cashless payment.
There are still other times when cash is still needed, meaning there is a right place for cashless payments, like shopping online, shopping in malls, making bills online, etc. And safe from physical robberies, although the only risk with cashless payments with online banking accounts is that they will be hacked by hackers or phishing victims.
Some business establishments don't accept cashless payment is because they don't really know how to use it well, especially the money is involve. For me, I would consider adding a cashless payment because it increases the sales since not all people are carrying cash, some of them used to pay cashless. We have saying that early birds can get the worm first, you can maximize the benefits of the cashless payments if you add it in your business.
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I would argue that cash is more useful to Bitcoiners than cards or other digital wallets as these cannot be confiscated by a 3rd party, besides the government who we are not worried about here, and we can deposit them into the digital wallets and bank accounts without issues.
Your argument is very much valid here. Infact cash remains the best way to make untraceable transactions and avoid some confiscations. But the issue is how scalable or reachable cash is. Many of the things Bitcoiners need are gotten outside their locality and country. Cash cannot perform a trustless transaction, that is where its limitations come in. Besides that, cash is very useful to bitcoiners.
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Some business establishments don't accept cashless payment is because they don't really know how to use it well, especially the money is involve. For me, I would consider adding a cashless payment because it increases the sales since not all people are carrying cash, some of them used to pay cashless. We have saying that early birds can get the worm first, you can maximize the benefits of the cashless payments if you add it in your business.
It's obvious that on the next couple of years, if you don't accept cashless transfers you'll loss more customers than ever, because the world is getting fully digitalized, people can work remotely from home, attending meetings online and other physical activities are getting digitalized, so it's left for them to join the trend or stay out dated and loss their customers to who make life more comfortable band easier for them. Humans prefer easy and swift way of getting things done especially if the option is available, so depriving them from such offer will only make them avoid you, except they have no other choice but to accept.
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That's true. Although some country or region (such as EU) already make the limit as part of the regulation. Here's an example, https://www.evz.de/en/shopping-internet/cash-payment-limitations.html (https://www.evz.de/en/shopping-internet/cash-payment-limitations.html).
Still a minority and even some of the limits are really ridiculous, for example in limits raised to 5000 euros in cash for a payment in Italy, common, how many times do you feel like going out and paying 3 monthly average wages in cash? Besides, if they want to really limit cash they could do it far easier, by stopping printing anything above the 5 euro banknote, and cash usage would drop by 90% next day!
In reality, nobody is going against cash for groceries other than the consumers themselves!
Sweden is actually trying to make accepting cash mandatory despite nobody wanting it anymore!
https://www.riksbank.se/en-gb/press-and-published/notices-and-press-releases/press-releases/2023/political-decisions-needed-urgently--so-that-everyone-can-pay/
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The problem here is not about making a bitcoin transaction rather it's about making transactions physically now the problem is that many people have this idea of making online payments and is normal based on the fact that everything now is digitalized.
The problem of involving fiats with bitcoin transactions is mostly based on third parties and most of the time this third party we are referring to is the government now people that wish to make bitcoin transactions may not be so close to each other like in the same region where they can meet physically and exchange cash therefore most of them that carry out P2P transactions have to make use of other digital fiat systems like cash app paypalband many others.
The fact is fiat has become so much important that almost no transaction can be conducted or carried out without involving fiat in one way of the other take a look at bitcoin for example if someone wishes to make a peer-to-peer transaction only with cryptocurrency now let's say the first party brings some lite coin and the other party brings some bitcoin now during the process of the exchange they would still have to value both coins in fiat to be able to convert or get the equivalent ratio for their transactions.
I sold 105 oz of silver on bitcointalk for Doge
a week later I sold 100oz of silver for btc.
I hodled the btc
I traded the doge for btc.
So I do some coin deals.
but I use CC for all kinds of buys.
I use paypal
I use zelle
I really love to sell gear for crypto. why? I know I am honest and won’t cheat the buyer. so letting the buyer pay with crypto protects me.
Of course when I pay I use cc or paypal why? I am more protected.
So to address the op it is hard to expect people to pay with crypto to total strangers online. So I think buyers do not want to get ripped off.
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Most people probably do not realize this yet but this is another way for these companies and banks to get more money from the masses through processing fees from digital payments. On a per transaction basis, the amount might be small but the total will grow in a year.
The little as the money is, the money being generalized from each transaction you and I made ends up becoming a huge sum of money given to these banks and companies.
They won't let you and I know, than to say to us that they are helping us with the digital era of running a cashless society to transfer and receive money from any part of the world. Whereby they benefit it the most
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Most people probably do not realize this yet but this is another way for these companies and banks to get more money from the masses through processing fees from digital payments. On a per transaction basis, the amount might be small but the total will grow in a year.
The little as the money is, the money being generalized from each transaction you and I made ends up becoming a huge sum of money given to these banks and companies.
They won't let you and I know, than to say to us that they are helping us with the digital era of running a cashless society to transfer and receive money from any part of the world. Whereby they benefit it the most
Yeah, you're totally right! Some of those micro-payments that consumers make could be considered negligible, but collectively they translate to a colossal sum of money to the banks and companies. Well, we all know that they do not always tell us all the fees and charges they are placing on us. I will say this though; the whole cashless society trend that some countries are adopting, does not sound so rosy, right? Basically, it is like people saying ‘Yeah, sure it is making life easier, but who is actually getting the easy deal here’. It is not like they are doing it to help out of compassion or anything of that sort.
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Well, I'm not surprised by this, as I personally don't use cash much these days. I feel we're heading towards a future where cash will become obsolete, and it's only a matter of time before it goes out of existence.
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There are still other times when cash is still needed, meaning there is a right place for cashless payments, like shopping online, shopping in malls, making bills online, etc. And safe from physical robberies, although the only risk with cashless payments with online banking accounts is that they will be hacked by hackers or phishing victims.
Of course, there will never be a totally cashless society but for sure more and more cashless transactions are conducted everyday all because of safety and convenience. When credit card on the scene, that was the first time I heard of the term "cashless" and then we also get debit cards and online banking ...and finally we have the online payment platforms and apps (like PayPal, Venmo, Gcash and Maya here in my country) plus the advent of cryptocurrency in the market pushing the boundaries of the cashless idea to the max. However, with these many new developments there will be immense benefits and opportunities and at the same big risks like being scammed and robbed online as more and more hackers and fraudsters are getting experts on what they do and many of them are now doing their "profitable enterprise" 24/7 using tools and technologies. We are now in the modern era where people and platforms are interconnected and transactions can be done in seconds...there is really no turning back but we need to educate people of the risks involved so they will be extra careful not to be a part of the victim statistics.
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However, with these many new developments there will be immense benefits and opportunities and at the same big risks like being scammed and robbed online as more and more hackers and fraudsters are getting experts on what they do and many of them are now doing their "profitable enterprise" 24/7 using tools and technologies. We are now in the modern era where people and platforms are interconnected and transactions can be done in seconds...
Yeah but with perfect interconnection those funds will be traceable no matter what you do!
Most scams that rely on online fraud actually use cash to cash out (pun!) so they will divert all that money to some bank in which they have hundreds of cards and dry every ATM they can find in minutes if they can't get cash they will have to keep the money in an account and eventually that will be freezer!
Plus with online accounts, you can have a layer of security implemented by simply restricting payments to 3rd parties unless the person would whitelist it, for example, unless I call my bank and file a request with it, even if I gave you all my details no international payment can happen from my deposit account! I can send money to any national bank but not internationally, I could do the same for my card account too!