Do cash control spending more than digital or crypto currency?

[Vaskiy]

According to me, whether it is cash, cryptocurrency or digital transaction is not an issue. The spending is completely according to the user. If he have the ability to limit his fiat spending, he can also do the same with cryptocurrencies and digital transaction. Mostly the miscellaneous expenses were the one that make spending go beyond our limits. Those can't be limited.

[dezoel]

I don't think so. I have a cash more than cryptos but it turns out that I still end up over spending because it is easy to use a money as many merchants accepts it over crypto which mainly can be used online. It can also depend on the person. If you are a type of guy which is stingy and likes to save up then you will have a better control on your finances and it does not matter if it's in fiat or digital form.

Another thing that can hold people to spend their crypto is that the transaction fees are high and then the processing time is low but when we do then I think yes we are prone to overspending not because we intend to but because of the volatility.

[eaLiTy]

~
It is believed that cash helps people budget, as using it means you literally can count the pennies. Paying with a card or crypto currency make spending easy and convenient that sometimes one tends to overspend. Sometimes one might not even know the balance of his account but with cash you are always aware of how much you have.

If you are a shopaholic and you have your credit card you would purchase things that fancies you with all the advertisement you see when you scroll a page but crypto spending is not that popular globally, we do that just to show off in a public space but i use them to purchase whenever i want privacy online and the best part is cash is the best option when you want complete privacy as there is no record of the transaction unlike card or cryptocurrencies  .

[Silberman]

A recent research by the Britsh Post Office unveiled that 71% of Brits planning on going on vacation in the UK this year intends to take out cash before leaving. There have been high increase in cash deposit and withdrawals in Britain. People are going back to cash because they believe that it keeps tighter control on their spending as living costs soar.

It is believed that cash helps people budget, as using it means you literally can count the pennies. Paying with a card or crypto currency make spending easy and convenient that sometimes one tends to overspend. Sometimes one might not even know the balance of his account but with cash you are always aware of how much you have.

What do you think?


https://www.bbc.com/news/business-62437819

This is in fact real, while technically there is no difference with the money that you spend in the form of cash and the money that is spent from your bank accounts people react very differently to it, when people spend from their online accounts it feels a lot less real than when they spend physical money, this means that it is way more difficult for them to control the amount of money they use than when they use cash, so I think it is a good idea that all of those that are having problems with their spending habits to try to use cash instead and see if that helps them out.

[Lambe Ndumble]

Of course it is still far away to compare Cash and Cryptocurrencies, almost everyone will use cash for transactions, while cryptocurrencies are currently only used for investment and speculation, while for direct transactions are very small, and in my opinion the main factor is a high transaction fee.

[Poker Player]

It is believed that cash helps people budget, as using it means you literally can count the pennies. Paying with a card or crypto currency make spending easy and convenient that sometimes one tends to overspend. Sometimes one might not even know the balance of his account but with cash you are always aware of how much you have.

What do you think?

It's one thing that Dave Ramsey repeats quite a bit, supposedly based on studies, that people spend more when they use cards, because there is less of what is known as friction. From least to most frictionless payment systems are:

Cash
Debit Card.
Credit Card.

And if instead of having to take the card out of the wallet you use the mobile or smartwatch there is even less friction.

Companies know this and that is why, although years ago they were initially more reticent about the new payment systems, they soon realized that people were spending more with them and have been accepting them more and more.

[Bollexz1]

Of course, yes, and I am a perfect example of that. And this day I prefer to keep my money intact in digital, even at times when I made sales in crypto, I prefer to have my money saved in usdt and keep it under my portfolio instead of having it withdrawn to my local banks.

[DrBeer]

From personal experience. About fiat/card payments/cryptocurrency
fiat money:
+ familiar
+ understandable to everyone
- outdated technology
- many risks - lost/stolen/unsafe to store a lot
- maintenance costs are necessary, for a private person they are minimal, but there are. Costs for business - collection / cash places and other costs, and not small
- the need to work with the task
- lack of any marketing advantages

Card accounts (in the future - digital currency, will act by analogy)
+ quite understandable
+ cashbacks, bonuses, etc. - additional savings
+ more technologically advanced and simple, you don't even need to carry it with you - enter it into your mobile phone and enjoy.
+ More convenient to operate
+ more secure in terms of possession/storage/accumulation
+ a huge number of additional services integrated with payment card services.
- a little more difficult for older people, fiat money habits affect
- criminals do not like the possibility of state control of the account and its blocking, as well as the forced return of funds.

Cryptocurrency
+ geek-oriented solution
+ blockchain technology is likely to be used in more familiar solutions (see card payments / state digital currency)
- not suitable for many potential consumers (not convenient, difficult, risky)
- risks within the volatility of cryptocurrencies
- risks of password/key loss/incorrect sending
- rejection by mass business
- legal difficulties

[Awwal08]

In our society, money does not restrict spending; people still refuse to participate in the eNaira even though the government calls them to. Like me right now, the fact that the recipient is far away keeps me from sending money. Even my own people claim they don't have access to their savings when they need it. Digital or cryptocurrencies control spending 70% more than cash.

[Smack That Ace]

A recent research by the Britsh Post Office unveiled that 71% of Brits planning on going on vacation in the UK this year intends to take out cash before leaving. There have been high increase in cash deposit and withdrawals in Britain. People are going back to cash because they believe that it keeps tighter control on their spending as living costs soar.

It is believed that cash helps people budget, as using it means you literally can count the pennies. Paying with a card or crypto currency make spending easy and convenient that sometimes one tends to overspend. Sometimes one might not even know the balance of his account but with cash you are always aware of how much you have.

What do you think?


https://www.bbc.com/news/business-62437819

This is in fact real, while technically there is no difference with the money that you spend in the form of cash and the money that is spent from your bank accounts people react very differently to it, when people spend from their online accounts it feels a lot less real than when they spend physical money, this means that it is way more difficult for them to control the amount of money they use than when they use cash, so I think it is a good idea that all of those that are having problems with their spending habits to try to use cash instead and see if that helps them out.

I also agree with this, I used to feel the same way. Spending from a bank account doesn't feel real, and we don't tend to double-check our account after paying. But with cash you will know very well the amount of money in your wallet and when you spend too much, you will feel a bit sorry when the money in your wallet runs out quickly. Honestly, using fiat allows me to have more control over the use of my bank account in my spending.

[famososMuertos]

We live in times where access to information and technology has allowed us to have comfort, you cannot make such an absurd comparison on such a specific point.

I'm not telling you about it because I read it in an article like maybe you do, I can say that I am a guy who had coins in his pocket, many years ago, when I was a child, I have so many years without having a coin in my pocket that I think left good tips.

The control of money does not depend on you touching it, you can see it and even smell it, it is a retrograde thought and it is one of those that makes you believe that bitcoin is useless because it is intangible.

Control over your money depends on yourself, on your ability to control and plan.

The advantages and disadvantages of using cash and electronic money lie in other things such as fees, denial of funds, no access to a point of sale, in the same way the advantages that cash can have in different situations, but control of expenses or your finances It shouldn't be related as you suggest.

I do not spend more or less if I carry $1000 in cash or have it on my cards or crypto, in that sense it is stupid or immature to say, I do not carry my cards and I only take $200, cash.

The use of these ideas is seriously primitive, to evolve is to think about using the technologies, whatever, we have an additional option, bitcoin. Imho.

[Fortify]

A recent research by the Britsh Post Office unveiled that 71% of Brits planning on going on vacation in the UK this year intends to take out cash before leaving. There have been high increase in cash deposit and withdrawals in Britain. People are going back to cash because they believe that it keeps tighter control on their spending as living costs soar.

It is believed that cash helps people budget, as using it means you literally can count the pennies. Paying with a card or crypto currency make spending easy and convenient that sometimes one tends to overspend. Sometimes one might not even know the balance of his account but with cash you are always aware of how much you have.

What do you think?

You really need to separate out the two things here, as they relate to vastly different things. People take cash out in advance of a holiday because they get a fixed and reliable exchange rate. If people don't take cash then they have to rely on whatever exchange rate the card network or intermediary banks make up, which can be vastly more expensive - this has nothing to do with day to day budgeting. That being said, the second part of your comment does seem to be happening more often and has made appearances in the news lately. Some people seem to be able to budget more confidently with cash notes than being able to do it electronically, to me it doesn't make much sense or make it any more convenient, but if it works for you then go for it.

[Huppercase]

It depends on the type of problems you have that will force you to spend, whether cash or digital. If you are the type of person who frequently spends a lot of money, whether in cash or electronically. You will end up squandering them all. Actually, I prefer cash over digital since you don't have to worry about cash if you travel somewhere where vendors always prefer cash over digital cash.

[Davian144]

In our society, money does not restrict spending; people still refuse to participate in the eNaira even though the government calls them to. Like me right now, the fact that the recipient is far away keeps me from sending money. Even my own people claim they don't have access to their savings when they need it. Digital or cryptocurrencies control spending 70% more than cash.

There is indeed a difference in controlling money with different types at this time (cryptocurrency and cash). But basically cash can also be well controlled in terms of spending even though it is not limited by any real system or network. It's just that I also see that controlling the spending of money through cryptocurrencies is much more effective so that currently there are too many people who apply it even though they still use cash in their lives.

[n0ne]

This is upto the user and not about the money we hold. Even with cash in hand people keep themselves under control spending only on the required things. This is just about the budgeting and the practice lets you do the right. One of my brother used to have a separate book, he just remembers everything and write it down on the book. Even a penny to the begger is being written, and this way he avoids unwanted spending. My belief, whether it is fiat, electronic money or crypto our mind is the spending system.

[Emmanuelex]

Well, in a way it is kind of right because when you have cash, it is just like taking out an amount of money that you intend to use for spending and not touch the one you have in your bank account. But I do not buy bitcoin for spending, for me, it is mostly an investment and not for a day to day spending. Everyone has their own choice though

[Emmanuelex]

This is upto the user and not about the money we hold. Even with cash in hand people keep themselves under control spending only on the required things. This is just about the budgeting and the practice lets you do the right. One of my brother used to have a separate book, he just remembers everything and write it down on the book. Even a penny to the begger is being written, and this way he avoids unwanted spending. My belief, whether it is fiat, electronic money or crypto our mind is the spending system.

That’s correct, people can have a bad spending habit and won’t know how to manage money; in this case it doesn’t matter what method they choose to use, they would still spend recklessly. So the main important is learning how to manage what we have. I always have to lock up a part of my income in a savings account, and then leave the rest in my main account for the expenses I will be running for the month.

[2stout]

Wherever credit cards fall is where the control is, depending on perspective, I guess this would be considered digital.  Reason being- it make it easy and accessible for you to spend what you don't have.  No cash- problem; credit card- problem solved; however, this is the path to drowning it debt.

[bakasabo]

I think the answer to the topic question depends on the person. Same as mentioned in the first post, when I travel I prefer to take cash with me. It limits my budget. I can not overspend. I have experience of bank cards being rejected abroad (even though I still take a card with me (that is not a primary card)). I know people who spend or tried to spend (usually in duty free shops) all the cash they took on vacation. Nevertheless, at home I prefer not to use cash. Cant explain why, but no matter how much cash I have, I always end up spending it. Is someone really wants to control his spending, having a special app is a great solution. It managed to prevent emotional purchases.

[Gayong88]

What do you think?

I don't like carrying cash, and I appreciate that digital wallets are safer than keeping cash in a wallet and while some people may be more comfortable with tangible forms of currency, we all carry our phones with us everywhere, so the move to digital currency not really a big jump for most people. In general, I have to side with Bitcoin and I think Bitcoin still has an advantage over cash and credit cards and at the end of the day, the choice is yours.