Bitcoin Forum

Let's prove him wrong.  ;) -- See idea below.  ::)

In Season 9 episode 23, an entrepreneur pitched a business, "CoinOUT" to the Sharks. {  https://www.coinout.com/ } which

basically turns your small change in coupons or back into cash. The Sharks debated and Mark Cuban commented, that cash

will never disappear and that not even the Bitcoin Freaks, believed that. Guess what Mark, we do believe that...right?

Now that got me thinking... Why not turn your small change into Bitcoin?

Someone can approach the guy from CoinOUT and ask him if he wants to add the option to cash out to Bitcoin. If he does not

want to run with that idea, we simply get our own Bitcoin developers to write a plugin for the most popular point-of-sale

software to offer people a option to get their small change in Bitcoin.

The wallet providers can offer their help, by providing a secure wallet at registration for this service and the payment

processors can even add their support by adding options to convert BTC back to Fiat, if the customer wants that. The

local exchanges can even provide services to sell the BTC, if certain pre-configured "sell" triggers are reached.

The loose change left behind at airport security checkpoints adds up to big bucks: $674,841.06 in 2014, just imagine if that

could have been turned into Bitcoin.  ;)

                                                    Let your small change, work for Bitcoin.

Cash will never go away. I am sure that is true. Reason:
1 / Not every country is modern enough not to use cash.
2 / The world is still very poor and they only use cash.
3 / Cryptocurrency is facing the challenge of being hacked and used to serve money laundering purposes.

And it will take a long time before everyone in the world is able to have some kind of computer .
Or even if they have a computer but they don't have the money to replace it when it breaks down , that would mean they couldn't spend money till they buy a new one.
But i do believe a significant portion of the payments will move to crypto.

Try reading the content of the thread and not just the title.  ;) - The suggestion is on the table.  ::)


It is becoming a trend for people not to read the content, but simply to comment on the title of a thread.

Let's not turn this into a debate, on if Mark Cuban is right or wrong. {In his opinion he is always right, no matter what you

say}

Let's rather discuss if my idea, to turn small change into cash... can work or not.  ???

I don't think any establishment will ever implement this idea because of one thing and that is Transaction Fees. Any customer who will opt out to Bitcoin as a change will instantly make that business establishment incur additional expense just by sending that Bitcoin to their customer. The price of the transaction is irrelevant as I don't think businesses will like the idea of additional cost just by giving change. Not unless that customer is willing to receive a decreased change equal to the current transaction fee I don't see this happening.

Ah, I waited for that response. To get past the "fees", customers will not get a direct conversion to BTC, every time they opt

for that option. You implement minimum withdrawal limits, like you have with faucets. The other option is for merchants to

sign up with off-chain services, like Xapo... where instant transactions are done on their internal leger {which is free}.  ::)

Alternatively we can wait for the Lightning Network to do this with Bitcoin.  ;D

There's one city in Japan and I forgot the name of that city but majority of the people there use their mobile phone to scan QR codes to pay. The popular app that they use is Alipay and Kakao pay. Tourist who visits that City in Japan are having a hard time to buy items there because even if they have money to fund Alipay or Kakao pay they cant because they require a bank account, I mentioned that story because if one city in Japan can do it and it is possible that it can reach other Countries. If this can happen to Japan, other countries can follow. So yes it is possible but, it may take time for that technology to be embraced by people who still prefer to pay in cash or card.

I think there is actually an ICO currently trying to do something very similar. Digitize I think its called, definitely worth checking out, its a pretty interesting concept

Because if I try to spend the small change I get from a store I might receive less satoshi than I need for a fx.
And if you try to combine those payments and hold those funds into an account and withdraw only when you reach a limit...isn't this thing ... AGAINST decentralization ?
Secondary, a service like that will also require money to run, how are we going to pay for it?

There a lot of countries in which change is nearly worthless, I know that in Romania their biggest coin is worth around 10 euro cents and I might be wrong might be the same stands for Turkey. At last here we have coins worth 1 euro and 5 euros. I assume in some countries is even worse.

Cash and small change can be killed by credit and debit cards alone, swedish style.

yeah its right. but tue growth process of bitcoin is enough to give you lots of profit

There is a fundamental piece of the equation that is being missed here. As of right now a Nokia phone costs about $25-50 dollars, but in about 5 years that price will be below $5. Now I know the whole world won't have computers, but nearly everybody will have a cellphone. Once they have the cellphone, and Segwit and LN are activiated worldwide then this whole conversation will be moot. Everybody who is in a "poorer" country now has access to banking (which 80% of this world currently doesn't) so for them its a huge win. For us in the 1st world, does it really matter if we use cash or not? I am what you would call a "Bitcoin freak or maxmalist" but I still don't see the need for getting rid of cash, it is just another form to be anonymous. In fact because it is another form to stay anonymous, I am in favor of it staying for my whole life.

ps wasn't trying to not answer question OP, in the grand scheme of things I think 600k is negligible amount of money considering we will have trillions inside Bitcoin.

Nope, we don't. Cash and fiat may eventually not be used by almost anyone, but the key word here is almost anyone.You do understand that bitcoin has some requirements which a lot of countries don't have, that being internet or even electricity. Cash will thrive in these countries.

And no.   I've been into btc for nearly 6 years and I still firmly believe in cash, land, and gold as well.   Btc is wonderful but it has little chance of replacing cash.

You are also aware that big companies like Google are working on FREE internet for everyone, right? One of the projects are

called, Project Loon. { Project Loon is a network of balloons traveling on the edge of space, designed to extend

Internet connectivity to people in rural and remote areas worldwide. } ---> https://x.company/loon/

A lot of people get access to the internet via Internet Cafes in a market place in more rural areas or through their mobile

phones, powered by small solar panels.  ;D

Hi,

That could be an idea, indeed. I personnally always have cents in my house. I guess it makes quite a lot of money after years of pegging!

I only see one big issue: on most websites, fees are quite high. How do you take care of that? I won't convert 1 dollar if it costs 2. I'd rather lose it actually.

Any solution in mind?

I don't think that replacing is the correct term that should be used, but people don't seem to understand that yet. It's a fantasy of many people, where I have to admit that I would like to see it happen as well, but it's delusional to believe in something that doesn't stand a chance against the current system when it comes to taking over its spot. I don't even see Bitcoin replacing cash or whatever as a necessary thing, because what would that change for me personally? Nothing. Bitcoin has given me everything that I need already, and that has been the case for years now, so for me there isn't anything left to wish for. My ultimate aim was to be freed from banks and governments, which is something I already achieved with a major part of my wealth sitting in Bitcoin. The only thing I would like to see happen, is that LN will stimulate merchants globally to start accepting Bitcoin payments, but that's just a matter of time.

Well if such a service were available I would be all in. I had a time in my life when I would collect each 1.5 dollar coin (of course, it was another country, not US, and 1.5 dollar is the equivalent of the largest coin value there) I received as change and I would put it into a saving box. When the saving box were full, I would have like a thousand dollars of available cash. I repeated that two times :)

So I would definitely be a user of such a service.

good notes, yes the world is not ready to remove cash. But when the change will take place there surely cryptocurrency what will take place of cash.
We need a change badly.

I believe in it also that the cash would never disappear despite the possibility that cryptocurrency will gonna replace fiat, it will just be an alternative way but not as totally replace as fiat can be control by the government but the cryptocurrency cannot really control it.

Even the government will not allow crypto to ruin cash, they will not allow this thing to happen, for me I am happy the cryptocurrency is now using as an alternative way as well as can be an investment, so we should happy for that.

You are getting the whole idea behind this. There are millions of dollars in small change out of circulation, because a lot of

people are hoarding coins in bottles. Most of this change came from merchants giving people change, when they bought

something or paid for some service. My idea will get rid of those small change at the point of origin.  ;) .... We will never

replace cash, so I probably used the wrong word there... but we can turn those piggy banks coins into BTC, before they

are hoarded in a bottle.  ;D

Cash could disappear, but it will take some time. Although more and more payments are done digitally or with credit card, not everyone has these possibilities. In many countries you can only pay with cash, there's no internet and the population is too poor, they don't even have credit cards.

its the spreading of statements like this that creates a false sense of security and this is especially why we have third world countries in 2018 , its painfully clear that the world is quickly moving to a cashless system so only the stupid or the very smart among us would promote the statement that cash will never disappear , have you ever wondered why the rich will always be rich and the poor will always be poor? this is a perfect example im sure mark Cuban is aware that the world is moving to a cashless society and here he is misleading the "poorer class"
because its only the poorer class that would believe this rubbish , so in fostering this false belief he will stagger their growth maintaining the distinct class  lines, some will believe and do not invest in bitcoins and so will remain in their struggling situation  and by the time they realize  that the cashless system is coming bitcoins would have been too expensive for them to make any real returns., so we usher in the new era with the distinct class lines still in place maintaining the old adage "the poor will always be poor and the rich will always be rich" .......they handicap anything that can blur these lines.

As you know, the rich say what people find also reasonable. Cash will last forever until everyone in the world owns a smart device like a smartphone, a tablet. If Mar Cuban offers free smartphones to everyone, the world of cashlessness can happen.

Bitcoin's current transaction costs are too high, and the transaction speed is too slow.
Cash cannot be cancelled. Even if countries all over the world have computers, will the network be able to operate on a worldwide scale? There are many places that do not accept these things. They will think that the network is virtual. Cash may be minimized, but it is impossible to cancel. This is my idea.

Cash will always be king. Not all countries have reliable internet connection. Somalia don’t even have a fully-functioning government. Developing nations are more interested in poverty alleviation programs than cryptocurrency. Scratch also those in conflict areas. Some countries even ban bitcoins altogether.

You are right, I know that people here also believes that bitcoin will or cannot replace fiat no matter what the current price, value and importance of bitcoin right now, so we don't need to argue for the thing that won't even come.

I guess it depends on the people/community. For example there are countries that literally hate cash due to fake money being a huge problem and prefer digital payments to the point that a lot of the merchants refuse trading in cash. As for cash disappearing completely It's possible the thing is money/cash has existed for thousands of years and it won't be easy to convince an entire population to change. Moreover, for there to be an alternative "online" payment wouldn't it require internet or a network of its own? So I guess on the large scale of things it's possible but hard to predict of certain. Do I see a country eliminating cash in the next 10-30 years? Absolutely!

"Not even Bitcoin freaks believe that." ?!

First of all, it's always flattering to be called out as a freak. Thanks to Mark for that. People will always call names to the ones that scare them.

I don't know what y'all thinking but I frankly don't believe that cash will not disappear. Bitcoin Cryptocurrencies are the economy of the future and will in time replace the cash we know today. Only difference? "Cash" will be applied term for cold-hard money for a long time so when we say "Cash" we'll mean the spendable amount of money we can use in that moment, not some papers in our leather wallets.

Check out this thread, people are considering themselves as the government and talking about accepting bitcoin or not. There are some well-thought ideas about implementing cryptocurrency system on a large scale.

https://bitcointalk.org/index.php?topic=3108570.0 (https://bitcointalk.org/index.php?topic=3108570.0)

Its nothing than mere wishful thinking to start considering that cash will disappear even if we have all developed to a certain extent that cash is eradicated in a daily life, it will still be used as a medium of exchange in markets below the radar which no one will control. Today, there financial world have moved greatly from the large dependent on cash from the last decade to this point where we can do virtually everything online with the aid of internet and now USSD for people that internet cannot afford access to internet either through cost or the knowledge.

But with all of this breakthrough, the market to cover is too large for all of the technology to eradicate cash and too complex for all of the advancements in the way we handle money to swallow.

LOL, are you somalian buddy. There are plenty implementation to take the citizens on online platform to secure them from corruption and make the taxation on proper streamline. This is the reason internet is being implement till laymen.
After the blockchain implementation and bitcoin came on 2009. There are many controversy they will competitate with the cash or not.
I expect cryptos to replace the fiat cash by bitcoin buddy.

Considering that most governments are actively trying to stop the use of physical cash, I wouldn't be surprised if it disappears from the mainstream in the next 20 years. There will be pockets of use in places where technology or the internet are scarce, but it's on its way out.

You say it like it's so damn simple, but let's talk how it's going to look in reality.

I have just left 2$ at the airport, I'm taking my satoshi....and this is all I'm going to do with this method cause I'm not usually using cash, 99% I use a debit card.
And at the end of the year, because the price BTC has gone up 2x , I'll need to file a tax form for the income I've made and go pay taxes for the 2$ ....

In the end I'm going to get rid of the pain in the ass change to get triple pain from the IRS for 2$.

And you're going to have to declare all the profit you've made
2 cents when buying 0.000004 at 9000
1.06 cents when buying 00000003 at 8763
Sounds fun?