Cash is not trash

[KiaKia]

In my country presently, we know how important cash has become, the government decide to renew our Fiat currency and it's not in circulation yet, for some reasons, some people believe that it was intentional because they don't want some bad actors to use Fiat to rig the ongoing election in the country.

But since all this mess have started, many people are suffering, and I as a person have no hold the new fiat Note because I can't get a hold of one yet, and just because many stores prefer Cash than digital transfer, this have make me see how important Fiat currency can be.

Some people will say that Fiat is trash and they keep all their money in stable coins, the truth of this is you are doing things wrong, the stable coins in crypto space are backed by nothing, they can vanish into thin air if the government doesn't want stable coins to exists.

I believe that all stable coins are easier to trample on by the government, more than other crypto projects in this space, Fiat has it's usefulness, let's stop deceiving ourselves, the first time I ever purchased Bitcoin I use Fiat and I believe this is the same as everybody on here, unless you mine your own Bitcoin or get paid in Bitcoin working online.

Do not trash Fiat yourself when it's actually needy, crypto and Fiat must co-exists until the government decide to go digital with Fiat themselves, and Fiat is not trash.

[1714515637]

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[Mauser]

Do not trash Fiat yourself when it's actually needy, crypto and Fiat must co-exists until the government decide to go digital with Fiat themselves, and Fiat is not trash.

I agree with you, we all need fiat money for our everyday life, without it it's very hard to function normally in most countries. But there is a difference between using fiat money to pay our bills and expenses every month and saving large amounts of money in currencies that are losing it's value over time. In my country we have at the moment inflation rates of 8-10%, while the bank pays 0.5-1.5% interest on savings account. It makes no sense at all to save money at the moment in a bank account. I would recommend anybody to invest their money instead, stocks and cryptos are two good alternatives. As long as we don't pick the most risky assets the risk of losing a lot of money is not that high. And in case we need some short term money we could always sell some of the assets again.

[YOSHIE]

Do not trash Fiat yourself when it's actually needy, crypto and Fiat must co-exists until the government decide to go digital with Fiat themselves, and Fiat is not trash.

Then who said fiat trash.
Fiat money is legal in every country, even crazy people don't want to say and throw away fiat, what's more for sane people, crypto is currently still being exchanged for fiat, not all shopping facilities and places in every country carry out transactions with digital currency, fiat is the main basis as a sale/purchase transaction of goods, crypto is only a means of digital currency to be traded on the internet, there is no crypto internet access there is nothing to do, fiat remains, if the internet in this world perishes, fiat will still be used.

We all know fiat is a source of needs and the economy of people around the world, the economy develops thanks to the exchange of fiat with goods, not with crypto, so whatever happens fiat remains as usual.

[KiaKia]

Hi @YoSHIE , many new crypto fan boys believed that stable coins are better than Fiat money, I have read this many times online and people in my country that are new to crypto also believe the same.

[bittraffic]

Hi @YoSHIE , many new crypto fan boys believed that stable coins are better than Fiat money, I have read this many times online and people in my country that are new to crypto also believe the same.

It's because the stablecoin is also here to stay while also the government is trying to digitize everything governments are also launching CBDC. Of course, cash is still here and will still be useful.

Every country today has an economic crisis. We still don't know though where our governments will decide what to do either to ban cash or crypto, best option, however, is just to keep the cash. The advantage is still in cash but keeping BTC is safer.

[WatChe]

Do not trash Fiat yourself when it's actually needy, crypto and Fiat must co-exists until the government decide to go digital with Fiat themselves, and Fiat is not trash.

I agree with you, we all need fiat money for our everyday life, without it it's very hard to function normally in most countries. But there is a difference between using fiat money to pay our bills and expenses every month and saving large amounts of money in currencies that are losing it's value over time. In my country we have at the moment inflation rates of 8-10%, while the bank pays 0.5-1.5% interest on savings account. It makes no sense at all to save money at the moment in a bank account. I would recommend anybody to invest their money instead, stocks and cryptos are two good alternatives. As long as we don't pick the most risky assets the risk of losing a lot of money is not that high. And in case we need some short term money we could always sell some of the assets again.

Inflation in my country is 41% but still we are dependent on fiat for daily living. Our local currency is going down and there is scarcity of USD in our country. Bitcoin is no doubt a good place to save your earnings but only problem I see here is price volatility that worries me. You have 60$ in you wallet in the morning and by evening they are gone down to 57 or 56$. I think we are running out of options for savings. Despite all odds bitcoin is best option to save your money.

[Die_empty]

Do not trash Fiat yourself when it's actually needy, crypto and Fiat must co-exists until the government decides to go digital with Fiat themselves, and Fiat is not trash.

The economy of some developing countries is cash driven. Their financial transaction is mostly through fiat because online transactions are either low or non-existing. In such countries, you need cash to buy almost everything so keeping your money in cryptocurrencies might do more harm than good. Bitcoin can be used as a hedge against inflation or an investment tool but in these countries fiat is king. Government policies also affect the use of cryptocurrencies. Crypto-friendly governments will also promote the use of cryptocurrencies. And from some indications, the Nigerian government is not friendly.

[Baofeng]

If the whole world go digital, then maybe you can say that cash is trash because obviously, we don't need that paper in our hands. But in as much as majority is going cashless and paperless and digital, still though some countries like here still uses cash, specially in developing countries.

So it's not as trash as crypto fanboys would think and I guess this is just exaggerated and out of proportions.

That's why I have also some cash in my money when I go out although a I have our local cash app here, like Gcash will some money as well in case the store chooses to accept digital payment. But base on my experiences, small stores prepare cash although they have that option to accepts Gcash payment, I'm from the Philippines if someone will have to ask.

[jossiel]

For those countries that have a high inflation, hyper inflation it means that cash there is really trash. But with exception for those countries that have a better economy, nobody says that unless a hype boy that just got in to the market.

And that was like me before when I'm too optimistic of what I've learned and known throughout my entire discovery of the cryptocurrencies. Well, they've got their own uses and it's up to us how we'll look at it.

[hatshepsut93]

You are using "cash" and "fiat" interchangeably - that's not correct. Cash means physical fiat money, fiat encompasses all forms of government-issued money, including cash and digital money. I even count stablecoins as fiat, especially the backed ones.

Do not trash Fiat yourself when it's actually needy, crypto and Fiat must co-exists until the government decide to go digital with Fiat themselves, and Fiat is not trash.

It doesn't even matter that some crypto enthusiasts bash fiat and proclaim that crypto will replace it, this is not happening and very unlikely to happen. There is no momentum, crypto systems have too many flaws to make them a viable mainstream replacement of fiat.

[dothebeats]

Cash is still king on a lot of places, and will be for a long time. Although the government is actively trying to convert everything digitally to make it easier for transactions to happen in this modern world. While keeping cash in bulk brings something negative because it lessens the 'value' of what you own, it's still better to keep them with you especially in places wherein digital transactions aren't possible.

Cash will remain to be useful for a long time. People aren't ready to go against it immediately.

[dansus021]

I will share a picture and look at this, US is the world biggest economy in the world the inflation rate is up and down and the value of US dollar keeps declining and of course, it happens to other forms of other fiat currency, and whether you like it or not the cash pretty much still there

[adaseb]

Cash will be king when we get crazy 6-7% fed rate. Even right now cash is king if you are trying to buy a used car. I remember for the last 5 years or so, if you went to a dealer and told them straight up "I am going to buy this car today with cash", they would of told you to get lost. Because the money was in the financing for them.

Right now. We got overpriced cars sitting and even if you got good credit, you will get a 10% APR on a used car. So the dealer will need to lower the price slightly just to get you to finance it because they need to take into account the APR. If you go to a dealership and say you are a cash buyer they will love you because they know you won't be set off by the high interest rates.

[browsiek]

Some people will say that Fiat is trash and they keep all their money in stable coins, the truth of this is you are doing things wrong, the stable coins in crypto space are backed by nothing, they can vanish into thin air if the government doesn't want stable coins to exists.
 

Fiat is not junk money, but everyone knows that saving in cash is not profitable because of inflationary pressures that can cause fiat values to decline. In addition, in some countries such as Zimbabwe and Venezuela, cash is so worthless that it is a sign that fiat is valuable in the right country in the sense that the exchange rate is high.
crypto is a storage that is being enjoyed by many people, besides being profitable, transactions are also easy and fast so that many people switch to the world of crypto but the theft rate is very easy in the digital world, prices are less stable, and the value of money is difficult to predict. Regardless of which one is more reliable, it's back to yourself, but everything has benefits and uses.

[Sarah Azhari]

Some people will say that Fiat is trash and they keep all their money in stable coins, the truth of this is you are doing things wrong, the stable coins in crypto space are backed by nothing, they can vanish into thin air if the government doesn't want stable coins to exists.

if many people know that fact I believe they will change that stable coin to bitcoin soon. but, many people don't know the truth and still think the fiat is stable, maybe more stable than gold self.

The government try to brainwash people by making it to digital to camouflage it, they create e-digital money, e-wallet, and anything where all those digital is still backed by fiat. of course it's useless, it's not changing the fiat system. CDBC is still (backed) by fiat, people who believe it (crypto) is stupid.

[Ayers]

Hi @YoSHIE , many new crypto fan boys believed that stable coins are better than Fiat money, I have read this many times online and people in my country that are new to crypto also believe the same.

I agree with you. I am not denying that fiat currency is depreciating every day, but to say crypto replacing fiat is something that will never happen. Fiat will remain king, will remain the measure of all other assets, and we will never separate our lives from it. I disagree with many people that, they still use fiat every day, but they go on social networks to smear about fiat, saying fiat is trash, I really don't know what kind of person they are. I am a crypto investor, I still hope crypto will grow further in the future, but I don't want to badmouth fiat because I still need it for my life.

[Don Pedro Dinero]

Then who said fiat trash.

I don't know who but I heard both things.

Cash is king is what has traditionally been said, because those who have cash can easily exchange it into goods and services, unlike those who are poor (have no cash) or who have their wealth in other assets that have to be converted into cash in order to be able to spend. Let's think that it is very typical to have people's net worth in their homes and in a retirement fund, which are difficult to access and take time to convert into cash in order to be able to spend.

On the other hand, cash is trash from the perspective that it depreciates enormously, as has been mentioned, so to keep a lot of cash makes you poorer.

Knowing these two things it is best to have a combination of cash for spending and then investments.

[mindrust]

Holding cash has its own benefits. First of all, cash is a position. It provides you an opportunity to buy cheap assets and there are always cheap assets around. On addition, crypto isn't as adopted as we would like to believe. The world still runs on FIAT and even though it is centralized, it is way faster and easier to spend. Most people will just prefer to swipe their credit card instead of dealing with crypto. This might change in the future but it is the way it is for now.

[Despairo]

Some people will say that Fiat is trash and they keep all their money in stable coins, the truth of this is you are doing things wrong, the stable coins in crypto space are backed by nothing, they can vanish into thin air if the government doesn't want stable coins to exists.

Nope, I never say Fiat is trash because I hold stable coins, actually fiat is trash if you compare with Bitcoin and yeah we're know how shady is stable coin, that's why I still recommended to hold fiat rather than stable coin.

I wouldn't deny if me and most people in this forum still use fiat to pay daily expenses in our country, but I'm not holding fiat, I will just convert my Bitcoin to fiat whenever I need fiat. If the stores in my country are accept Bitcoin payment, I will directly pay with Bitcoin without need to convert to fiat.

[BenCodie]

Some people will say that Fiat is trash and they keep all their money in stable coins, the truth of this is you are doing things wrong, the stable coins in crypto space are backed by nothing, they can vanish into thin air if the government doesn't want stable coins to exists.

Nope, I never say Fiat is trash because I hold stable coins, actually fiat is trash if you compare with Bitcoin and yeah we're know how shady is stable coin, that's why I still recommended to hold fiat rather than stable coin.

I wouldn't deny if me and most people in this forum still use fiat to pay daily expenses in our country, but I'm not holding fiat, I will just convert my Bitcoin to fiat whenever I need fiat. If the stores in my country are accept Bitcoin payment, I will directly pay with Bitcoin without need to convert to fiat.

Sure, I can agree that stablecoins have an element of shadiness to them. I definitely would not agree that established stablecoins are any more shadier than fiat money though.

# Maximalist mode on.
I think that everyone should grow a pair against volatility and just use Bitcoin. Businesses need to accept it. People need to learn how to use it safely. If everyone had this change of heart overnight, fiat would be dead.