Cash transactions are becoming more and more rare

[NotATether]

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.

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.

[Mia Chloe]

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.

[Crwth]

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.

[NotATether]

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.

[Zed0X]

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.

[Stompix]

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.

[bitbit97]

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).

[Yamane_Keto]

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.

[Sim_card]

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.

[Vx1]

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.

[Cryptsafe]

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.

[NotATether]

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.

[Mr. Magkaisa]

         -   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.

[Cryptsafe]

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.

[taufik123]

-snip-
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.