Cash transactions are becoming more and more rare

[Wiwo]

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There was a government policy recently where bank noted were limited and withdrawn from cyculation that policy caused alot of crisis in the economy and at a point the digital payment outlet which became the last resort for citizen's to carry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.

[vegasus]

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.

[Stompix]

~

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.

[bitmover]

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).

[pieppiep]

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.

[Agbe]

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.

[bitmover]

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.

[0t3p0t]

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.

[Agbe]

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.

[ZAINmalik75]

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.

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.

[Rruchi man]

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.

[akeemqaz]

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.

[Captain Corporate]

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.

[joniboini]

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.

[pakhitheboss]

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.