Cash is not trash

[DrBeer]

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.

1. Changing the national currency should not create such problems. I understand that the question is not for you.
2. Alternative methods must exist in the country. For example card payments. In my country, which is suffering from terrorist aggression from Russia, for the first half of the year there were problems of delivering cash to people and paying pensions. But due to the developed banking infrastructure - everyone, and even in the temporarily occupied territories - money is credited to card accounts, and in fact in all outlets you can pay with a card or in a contactless way using a mobile phone.
3. About cryptocurrencies - a difficult question. In fact, they are either outside the law or on the verge of legality. It is technically more difficult to get stores to accept them for payment.

[fuer44]

We must be able to distinguish between investing, trading, and saving or store money. If the statement "it's better to save in a stable coin than keep paper money in a locker or bank", that's a wrong statement. It's true what (OP) said, that crypto can disappear at any time because in the digital world all our activities not guarantee 100% security. It would be safer at the bank, but of course you have to have cash on hand because for daily needs, almost 90% use cash.

[Smack That Ace]

Ever since the introduction of digital currency such as bitcoin, the interest of the people have increased towards it and there have been more attractions to using this network because if the freedom it gives, less transaction charges and it's decentralization as well, we may continue to be using fiat but the acceptance may be low unlike before since the crypto boom has widely increased all over the world.

Yes, cryptocurrency is gaining attention from all over the world, but it is known more as an investment than as an alternative fiat payment method. The adoption and use of fiat remain the same and do not decrease, and in the future, there will not be any cryptocurrency that can replace fiat in our world. Fiat is still the measure of value for every asset and commodity in this world, if calling fiat is garbage, then any asset based on the value of fiat is also garbage.

[Solosanz]

We must be able to distinguish between investing, trading, and saving or store money. If the statement "it's better to save in a stable coin than keep paper money in a locker or bank", that's a wrong statement. It's true what (OP) said, that crypto can disappear at any time because in the digital world all our activities not guarantee 100% security. It would be safer at the bank, but of course you have to have cash on hand because for daily needs, almost 90% use cash.

There are a lot merchants already accept mobile banking or digital fiat, so you don't need to have cash on your hand to pay anything. But yeah I tend to agree fiat in bank is more safer than stable coin because your money in bank are insured, Binance do offer SAFU but there's no transparency and you can't complaint due to unknown where Binance is operated. But I'd choose to hold Bitcoin, then convert to fiat whenever I want.

[Findingnemo]

Fiat isn't trash its just a trap, you said it clearly you need cash to buy anything in the Store and government created an ecosystem in that way and renewing the new papers may have other intentions too which can't be exposed to fellow citizens.

However imagine if we adopted decentralized money like bitcoin then any order from government can't stop us from using and that is the freedom and money is supposed to give us that freedom.

[Fortify]

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.

The phrase "cash is trash" is not traditionally associated with the scenarios you are discussing here and you're applying them in a different context to the original intention. You're right, these cryptocurrencies are not backed by anything, but in reality that is somewhat similar to fiat currency - it's only the trust you have in the system, in this case directed by the government, that gives people faith. Fiat currency is not backed by a gold standard and hasn't been for a long time, but that is way too impractical anyway. Cash is trash is usually compared against ownership of stocks, where you can buy ownership of little slices of a company and share the profits, in comparison to holding money in much lower interest rate bank accounts.

[ginsan]

There are a lot merchants already accept mobile banking or digital fiat, so you don't need to have cash on your hand to pay anything. But yeah I tend to agree fiat in bank is more safer than stable coin because your money in bank are insured, Binance do offer SAFU but there's no transparency and you can't complaint due to unknown where Binance is operated. But I'd choose to hold Bitcoin, then convert to fiat whenever I want.

The modern economy where the average internet user prefers to pay with digital fiat and even almost all big shops do that. it cannot be denied that the modern era is increasingly sophisticated in the future. But if someone says fiat is trash, maybe it's a meaningless rant. in my country fiat is still the prima donna among business people to have it so if the fiat category is trash then they shouldn't have it.

what you did is correct, I mean be it binance or coinbase they are third parties who control us. Therefore it's good to save in a wallet where we hold the keys, whenever we want to sell or exchange to fiat it will happen, but if you save in the market, of course that's not a good thing because several events have happened before, such the FTX collapse.

other than that gold, btc and fiat, or stable coins, indeed, almost everyone has it in their investment portfolio so there's nothing wrong with them.

[wmaurik]

We must be able to distinguish between investing, trading, and saving or store money. If the statement "it's better to save in a stable coin than keep paper money in a locker or bank", that's a wrong statement. It's true what (OP) said, that crypto can disappear at any time because in the digital world all our activities not guarantee 100% security. It would be safer at the bank, but of course you have to have cash on hand because for daily needs, almost 90% use cash.

Storing a stable coin is not much different from storing cash even though the storage is different for both. Cash has a fixed value and a stable coin also has a price that tends to settle even though it also experiences changes in a very small size. But for safer storage problems, I think it depends on what wallet is used to store the stable coin.

Because OP still thinks that saving cash in the bank can avoid it to be cheated or robbed by criminals in this world, even though he could have been glimpsed and monitored by criminals if they know that someone has more cash inside the bank.

[serjent05]

Fiat isn't trash its just a trap, you said it clearly you need cash to buy anything in the Store and government created an ecosystem in that way and renewing the new papers may have other intentions too which can't be exposed to fellow citizens.

However imagine if we adopted decentralized money like bitcoin then any order from government can't stop us from using and that is the freedom and money is supposed to give us that freedom.

But we are not the ones in authority, we are like sheep to follow their shepherd (government).  So even if we adopted decentralized money, if the government banned it, it will become useless in our country.  Cash or fiat money even though have a deflationary value, at least it will stay unlike the majority of cryptocurrencies that can be rug pulled or abandoned by the developer anytime.  Even the most liquid, Bitcoin, we are unsure if it will last another decade or not.

[Smartvirus]

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.

Cash is Fiat and Fiat is government approved currency for exchange within its jurisdiction. The hardship from the absence of fiat is greatly felt due to the fact that, most business enterprises don't have enough point of sale machines to attend to there customers, the few that has have got issues with network connectivity and most of the citizens aren't used to mobile banking. These arr the constraints that have made cash seemike a do without.
Should cryptocurrency be approved today for a legal tender, the need for cash transactions would be reduced and people are sure to make use of the alternatives available for them.

[Findingnemo]

Fiat isn't trash its just a trap, you said it clearly you need cash to buy anything in the Store and government created an ecosystem in that way and renewing the new papers may have other intentions too which can't be exposed to fellow citizens.

However imagine if we adopted decentralized money like bitcoin then any order from government can't stop us from using and that is the freedom and money is supposed to give us that freedom.

But we are not the ones in authority, we are like sheep to follow their shepherd (government).  So even if we adopted decentralized money, if the government banned it, it will become useless in our country.  Cash or fiat money even though have a deflationary value, at least it will stay unlike the majority of cryptocurrencies that can be rug pulled or abandoned by the developer anytime.  Even the most liquid, Bitcoin, we are unsure if it will last another decade or not.

Why do we really need to care about our government approval when we are already adopted and make payments with decentralized crypto which can be bitcoin or any other thing which is not under control of anyone.

Most cryptocurrencies created with no purpose other than making money for the Creator but not entirely such as Bitcoin and we know even Satoshi isn't sure about how people will approach the decentralized money but his vision is getting visible but still a long way to go and I am sure bitcoin is here to stay until we have something better than decentralized money.

[kro55]

We must be able to distinguish between investing, trading, and saving or store money. If the statement "it's better to save in a stable coin than keep paper money in a locker or bank", that's a wrong statement. It's true what (OP) said, that crypto can disappear at any time because in the digital world all our activities not guarantee 100% security. It would be safer at the bank, but of course you have to have cash on hand because for daily needs, almost 90% use cash.

There are a lot merchants already accept mobile banking or digital fiat, so you don't need to have cash on your hand to pay anything. But yeah I tend to agree fiat in bank is more safer than stable coin because your money in bank are insured, Binance do offer SAFU but there's no transparency and you can't complaint due to unknown where Binance is operated. But I'd choose to hold Bitcoin, then convert to fiat whenever I want.

There are many merchants or stores that accept mobile banking and digital fiat, but not all. If you're traveling in a deep forest or remote island without internet, cash is still a necessity, or at grocery stores, with items only a few dollars, cash is still preferred over using online payment methods. In short, cash and fiat money are still essential in our daily lives, and they will continue to dominate for several more decades before there is an alternative. I will keep both, fiat money for daily living, and bitcoin for future investment.

[Swordsoffreedom]

Fiat isn't trash its just a trap, you said it clearly you need cash to buy anything in the Store and government created an ecosystem in that way and renewing the new papers may have other intentions too which can't be exposed to fellow citizens.

However imagine if we adopted decentralized money like bitcoin then any order from government can't stop us from using and that is the freedom and money is supposed to give us that freedom.

But we are not the ones in authority, we are like sheep to follow their shepherd (government).  So even if we adopted decentralized money, if the government banned it, it will become useless in our country.  Cash or fiat money even though have a deflationary value, at least it will stay unlike the majority of cryptocurrencies that can be rug pulled or abandoned by the developer anytime.  Even the most liquid, Bitcoin, we are unsure if it will last another decade or not.

Why do we really need to care about our government approval when we are already adopted and make payments with decentralized crypto which can be bitcoin or any other thing which is not under control of anyone.

Most cryptocurrencies created with no purpose other than making money for the Creator but not entirely such as Bitcoin and we know even Satoshi isn't sure about how people will approach the decentralized money but his vision is getting visible but still a long way to go and I am sure bitcoin is here to stay until we have something better than decentralized money.

If your country bans bitcoin, you don't need government permission, you can still use bitcoin for payment, but you are using it stealthily, not publicly, and that's not freedom. We live in a centralized and government controlled world, we will never be free, bitcoin only helps us somewhat, it cannot make us completely free.

We've been able to use bitcoin so far, it doesn't mean the government can't do anything to us, it simply doesn't want to oppress us yet. If they feel it's dangerous and seriously threatens them, they put it on the kill list as a terrorist then that would be a serious problem for us.

[Cookdata]

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.

Seeing this post reminds me of how difficult I tried to send cash back home some weeks ago as they don't accept cashless in some regions. Reviewing the government's cashless policy in Nigeria has been one of the hash economic policy government has ever made since I have been here, despite the government trying to disable election manipulation, rigging, and buying of votes, didn't the same man win the election a few days ago and yet we are still suffering with the consequences, sometimes I wonder if its a crime to live as a Nigeria.

Crypto and Fiat are two things but of course, they can coexist together but they are two different entities, while one is free and fair without centralization, the government always tried to force their policy on people that is why people always disregard the fiat, the inflation we are dealing with everyday has questioned the merits of fiat over its demerits.

[Uruhara]

Ever since the introduction of digital currency such as bitcoin, the interest of the people have increased towards it and there have been more attractions to using this network because if the freedom it gives, less transaction charges and it's decentralization as well, we may continue to be using fiat but the acceptance may be low unlike before since the crypto boom has widely increased all over the world.

Interest in Bitcoin and cryptocurrency continues to increase. But that doesn't mean it will put fiat aside. because at this time bitcoin has not received legality as a means of payment in the majority of countries on this earth. only in El salvador that I know has legalized bitcoin as a means of payment. even in El salvador it seems that the use of fiat still dominates.

Bitcoin has indeed attracted the interest of many people, but currently this interest is more focused on investment assets and in some countries Bitcoin and crypto have been declared commodity assets.

[MoonOfLife]

Ever since the introduction of digital currency such as bitcoin, the interest of the people have increased towards it and there have been more attractions to using this network because if the freedom it gives, less transaction charges and it's decentralization as well, we may continue to be using fiat but the acceptance may be low unlike before since the crypto boom has widely increased all over the world.

Interest in Bitcoin and cryptocurrency continues to increase. But that doesn't mean it will put fiat aside. because at this time bitcoin has not received legality as a means of payment in the majority of countries on this earth. only in El salvador that I know has legalized bitcoin as a means of payment. even in El salvador it seems that the use of fiat still dominates.

Bitcoin has indeed attracted the interest of many people, but currently this interest is more focused on investment assets and in some countries Bitcoin and crypto have been declared commodity assets.

Even if bitcoin becomes legal, I believe people will not put fiat money aside and use bitcoin as an alternative to fiat. In many cases, fiat is still needed, if you move to a place where there is no internet, then bitcoin will be useless, and fiat will be useful. Given the volatility bitcoin is really suited as an investment, as a commodity rather than a payment.

[Uruhara]

Interest in Bitcoin and cryptocurrency continues to increase. But that doesn't mean it will put fiat aside. because at this time bitcoin has not received legality as a means of payment in the majority of countries on this earth. only in El salvador that I know has legalized bitcoin as a means of payment. even in El salvador it seems that the use of fiat still dominates.

Bitcoin has indeed attracted the interest of many people, but currently this interest is more focused on investment assets and in some countries Bitcoin and crypto have been declared commodity assets.

Even if bitcoin becomes legal, I believe people will not put fiat money aside and use bitcoin as an alternative to fiat. In many cases, fiat is still needed, if you move to a place where there is no internet, then bitcoin will be useless, and fiat will be useful. Given the volatility bitcoin is really suited as an investment, as a commodity rather than a payment.

yeah that's what I thought too. because even in reality there are still many remote areas that have not been reached by the internet network.

even in my hometown when I return to my hometown I always feel irritated with the internet network there. because I have trouble getting a signal on my cellphone. I have to climb to a higher place to get a signal. making it impossible for remote places to use services such as digital or crypto payments. so fiat will always be used.
and in Indonesia there are still many areas that have not been reached by the internet. such as in the interior of Papua, the interior of Banten, and the interior of Kalimantan.

[Anonylz]

Precisely, and most especially when crypto transaction is still very minimal and not entirely acceptable in some places. Fiat will always appear as king in this scenario.
This just demonstrates to many people that the government has the power to control however they want. The cashless policy introduced by the Nigerian government has revealed how easily a single government policy can affect the entire economy. It was a very selfish move on the part of the government even if the intention according to them was for the betterment of the Nigerian population. People will not forget this experience in a hurry. If crypto was accepted on a large scale things would have been very different.

[@forxample]

Money is a legal means of payment, before recognizing the existence of money, there was a barter system, exchanging goods, so be frugal, when using money, just buy the things you need.

[@forxample]

Interest in Bitcoin and cryptocurrency continues to increase. But that doesn't mean it will put fiat aside. because at this time bitcoin has not received legality as a means of payment in the majority of countries on this earth. only in El salvador that I know has legalized bitcoin as a means of payment. even in El salvador it seems that the use of fiat still dominates.

Bitcoin has indeed attracted the interest of many people, but currently this interest is more focused on investment assets and in some countries Bitcoin and crypto have been declared commodity assets.

Even if bitcoin becomes legal, I believe people will not put fiat money aside and use bitcoin as an alternative to fiat. In many cases, fiat is still needed, if you move to a place where there is no internet, then bitcoin will be useless, and fiat will be useful. Given the volatility bitcoin is really suited as an investment, as a commodity rather than a payment.

yeah that's what I thought too. because even in reality there are still many remote areas that have not been reached by the internet network.

even in my hometown when I return to my hometown I always feel irritated with the internet network there. because I have trouble getting a signal on my cellphone. I have to climb to a higher place to get a signal. making it impossible for remote places to use services such as digital or crypto payments. so fiat will always be used.
and in Indonesia there are still many areas that have not been reached by the internet. such as in the interior of Papua, the interior of Banten, and the interior of Kalimantan.

We as the Indonesian people must be grateful, with the existence of such advanced technology, so that we can be able to compete with other countries. especially with bitcoin really helping, we get knowledge, insight, know about investment, how to regulate, money management.