Cash is not trash

[Inwestour]

Fiat currency may get the full guarantee of the Central Bank and the state but that doesn't mean it's not crashing despite it being used as a medium of exchange and payment for goods and services.
I could remember in the 80s and 90s it was said to be a store value but it was all a scam because whenever the government prints more ridiculous fiat currency cash continues to crash. Although it may not be trash since it represents the heritage and national symbol of the country

They print a lot of money to solve financial problems, to support the economy, but by doing so they increase inflation, and this happens gradually. The fiat system is becoming obsolete, I would really be interested to see how things will be in a country where a currency with a deflationary model will be in circulation.

But I understand that it is not so easy, because the fiat system is very deeply rooted and has become familiar to many.

[suzanne5223]

Fiat currency may get the full guarantee of the Central Bank and the state but that doesn't mean it's not crashing despite it being used as a medium of exchange and payment for goods and services.
I could remember in the 80s and 90s it was said to be a store value but it was all a scam because whenever the government prints more ridiculous fiat currency cash continues to crash. Although it may not be trash since it represents the heritage and national symbol of the country

They print a lot of money to solve financial problems, to support the economy, but by doing so they increase inflation, and this happens gradually.

They didn't print more fiat currency to solve the country's financial problem buddy because if that were the major purpose of printing more money they would have to see that it only sinks the country's economy into inflation and try the strategy used by Satoshi when he created Bitcoin. But they are printing more money just to steal from the country's national cake.

The fiat system is becoming obsolete, I would really be interested to see how things will be in a country where a currency with a deflationary model will be in circulation.

But I understand that it is not so easy, because the fiat system is very deeply rooted and has become familiar to many.

The Fiat system is not obsolete but it has lost its credibility and it's now a complete failure and scam as some people always say.

[bettercrypto]

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.

Every country in the world has its own currency or so-called fiat. It's true and I agree that fiat and crypto or bitcoin can never be separated.

      But I don't believe that all stablecoins can be trampled by the government in every country. Maybe that's possible with stablecoins listed on centralized exchanges, but with Decentralized exchange stablecoins, the government can't really control it.

[GreenStox]

in fact those who say so already have a large amount of wealth or money so that they can say so.
the problem is that people who don't have it actually think it's true and think cash is trash.
which they actually needed it more than anything else to begin with.

[thecodebear]

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.

Well, stablecoins ARE fiat. They are just tokenized fiat where the token is controlled by a company and the fiat that backs them is held in a bank. It's no different than fiat, its just a means to use fiat on blockchains. So I don't think it makes any sense to say stablecoins are better than fiat.

With stablecoins you get most of the downsides of fiat except that you can use it on a blockchain. But you still don't control it because its a centralized system so the issuing company can freeze any account they want just as a bank can do. The one upside is since it is on a blockchain you can transact with anyone in the world so you're not gated into the banking industry with their limitations and fees. But the additional downside is another layer of trust and possible failure in the form of the issuing company. As we well know, a stablecoin can lose its peg to fiat.

[Bollexz1]

There are other ways to keep money, it's not necessary to keep my money in stablecoins if I were to be in that shoes. Having money saved in a bank account is another means of saving using the digital platform, which however turns out to be safer than holding fiats. But for whatever reasons, I prefer decentralization to centralization.

[gaston castano]

From my point of view, whether or not something is actually worth something depends on the person's response.
if indeed everyone thinks fiat is garbage then it will happen, and vice versa in crypto.
fiat is more trusted because there is a government that regulates it while the goal of crypto is decentralization in contrast to the current concept of money.

[abralzain17]

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.

as long as in the country you are referring to, fiat money is still needed and widely circulated for face-to-face transactions between people, then in my opinion it cannot be said that fiat money is like trash. i think if anyone call it like that is a mistake. what you said is also true that the chaos in a country is caused by money and likewise the suffering of the people is also caused by Fiat Money, this is because the perpetrators of these crimes need Fiat money, so anything will be done to get it.

[Kadal Ijo]

I think cash will continue to grow and will never crash, the state certainly has the strength and resources to continue to control cash so that it will continue to be used, because the state financial system must be centralized so that it will not be too volatile like the concept of cryptocurrencies which are very dependent on the market.

[bestcoins1]

There are other ways to keep money, it's not necessary to keep my money in stablecoins if I were to be in that shoes. Having money saved in a bank account is another means of saving using the digital platform, which however turns out to be safer than holding fiats. But for whatever reasons, I prefer decentralization to centralization.

Saving money in a bank is a very traditional way because it is an old method of saving money. After all, what you save is also fiat and as long as you can refrain from taking it while saving, I don't think it's a problem because it's still in the good category. But for now there is actually a more effective way of saving than just saving money in the bank, that is if you want to save gold and save Bitcoin expecting an increase in price.

Even though it has risks because unexpected price drops while saving can also occur, but your savings will be better when you see price increases occur for both at the time you least expect. Whereas when you only save fiat by saving it in a bank, the amount of your money will never increase even though it will never decrease in amount either.

[mamesso]

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.

In essence fiat money or digital money is a means of payment, the only difference being cash/non-cash transactions and technical problems in payment. So far, fiat money has really helped the community in making transactions because it is easier to carry and has a different value for each sheet, fiat money supported by cash transactions is still commonly used and all levels of society like it. Meanwhile crypto needs internet access to make transactions, and it needs to be underlined, not all people understand how it works.
Fiat will always be there because it is supported by the government, try to imagine if fiat was replaced with crypto, how can rural residents who are not covered by internet access use it when making transactions.

[firesurfer]

Cash is just a conventional object of value. You have the right to use it or use other legal means of payment. Cash is suitable for your country's educational level and usage habits, but compared to the global macro vision, cash will gradually be replaced by card payments, payments through apps, payments. Payment in Bitcoin, electronic money.
My country still uses cash more than online payment because they do small transactions.

[Unbunplease]

cash provides a certain level of anonymity, and cash transactions leave no trace - unlike cryptocurrency transactions. If you want, you can trace transactions made even with anonymous cryptocurrency. Of course, the big disadvantage for cash is that cash is not universal for all countries, unlike bitcoin

[Qiubell5]

Fiat money is not trash. Fiat money is very useful for the economy, people's lives as well as crypto. There are no trash terms for fiat money. Everything will be unstable if fiat money does not exist.

[Haunebu]

Lol. What the heck is op going on about? Only an idiot would think that FIAT is meaningless thanks to the digital currency revolution in recent times. Both FIAT and digital currencies have their pros and cons and are already coexisting together.

Personally, I don't think crypto or any digital currency for that matter will overtake FIAT in terms of popularity for several obvious reasons.

Also, op's statements about stablecoins are nonsensical. The world governments aren't capable of wiping them or any other cryptocurrency out whenever they want and history has basically proven that.

[harapan]

We've talked about it here time and again. Fiat and Crypto have to co-exist. The initial plan of Satoshi when he invented Bitcoin was not to override fiat. The world have not gotten to the level of going totally digital in every part of the earth so that makes it quite impossible for fiat to be trash. And for those that believe crypto will be the world currency anytime soon, I think they're delusional. Try to see Bitcoin as another form of currency, only it's not controled or owned by any government or state. When you see Bitcoin as a currency then it'll be easier for you to see it co-exist with other currencies like the dollar, pounds, yen, franc etc all co-exist.

[Wildwest]

nowadays most people still rely on fiat currencies, and we cannot consider waste on fiat currencies even though some of us already store our assets in digital currencies, for now we have to rely on them until the government actually recognizes digital currencies legally and safely for use in everyday life, so fiat currencies are very useful for now until the future, especially the use of fiat currencies is already so popular among the public, and digital currencies have not been fully usable by ordinary people.

[Comingdown]

nowadays most people still rely on fiat currencies, and we cannot consider waste on fiat currencies even though some of us already store our assets in digital currencies, for now we have to rely on them until the government actually recognizes digital currencies legally and safely for use in everyday life, so fiat currencies are very useful for now until the future, especially the use of fiat currencies is already so popular among the public, and digital currencies have not been fully usable by ordinary people.

This is true since, if you come to think of it, few countries recognize cryptocurrencies' legality to be used as an official currency. So, majority would still recognize fiat money to be the only legal currency. So for most of the parts of the world, cash would never be trash, since it is the only way for you to spend money and/or store money in digital wallets for you to use it.

[CODE200]

We've talked about it here time and again. Fiat and Crypto have to co-exist. The initial plan of Satoshi when he invented Bitcoin was not to override fiat. The world have not gotten to the level of going totally digital in every part of the earth so that makes it quite impossible for fiat to be trash. And for those that believe crypto will be the world currency anytime soon, I think they're delusional. Try to see Bitcoin as another form of currency, only it's not controled or owned by any government or state. When you see Bitcoin as a currency then it'll be easier for you to see it co-exist with other currencies like the dollar, pounds, yen, franc etc all co-exist.

Exactly, people always think that cryptocurrencies are made for future to delete fiat currencies well in fact its just a another for of money but in a digital form where it make more easy for other people to do lot of transactions. Fiat will never be a trash, its still very important because not everyone accepts crypto. If you look around the world its still big portion of it dont know what cryptocurrencies are and how it work. For us crypto users its good for us since we have different choices we can use as a mode of payment.

[Bitcoin2009]

In my opinion cash will continue to survive and will never crash under any circumstances, in fact we often hear that there are countries that have inflation up to hundreds of percent per year but these countries still maintain cash, this is because it is difficult to replace cash with any system, if we think cryptocurrencies can replace cash, there will be many new problems that will arise.