Disappearance of cash and bitcoin as an alternative?

[Becassine]

Atm has been disappearing for years now (not completly  ). With the Covid crisis, people were encouraged to pay by CB on the pretext that banknotes could carry viruses. Some banks refuse cash deposits and withdrawals. Some currencies are worthless: sometimes they're used to fuel fires, or to create bags (Venezuelan bolivares, for example). What does the future hold for cash, and can btc become an alternative?

Thank you

[1715198862]

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[Hatchy]

Speaking of cash(papernotes), it's adoption has gradually been reducing over recent years now and with the development of new technologies soon the government would see no need to print paper currency when every transaction could be carried out virtually online.

  In my country we recently experienced a cash scarcity which lasted for more than 2 months due to the governments inability to manage or plan ahead before imposing the change of our old currency interface. During this period all over the country, people began to adopt the online payment system even for payment as small as a pinch of salt. We all had no choice but to adopt.

 Now, what I'm trying to say here is that negative events can bring forth both positive and negative change to the world. Up till now, even after our money issues has been resolved people still use online banking to carry out transaction and prefer it to cash(paper notes) soon the world will adopt online digital currency (cryptocurrency) but I don't think that paper notes would ceize to exist or disappear totally

[Husires]

No, I don't think so, a lot of transactions are still settled in cash< see and after 2020 more than a quarter of transactions are still settled in cash and it's a preferred option for many when you want to trade from the local store or pay for daily requirements. I expect this percentage to continue to decline, from 71% in 2019 to 25%, which is a significant change, but if we reach zero, this may take more than 50 years.

Source

61% transactions were settled with debt, which shows that sometimes cash makes us feel guilty when we spend a lot of it. While I can pay 10,000 dollars with a single click, the pain it causes when I pay it with cash is greater.

[cabron]

There are still places so remote, they don't have access to the internet and it will take time before the people in those remote areas start using phones for their digital money.  Cash may disappear in major cities but eventually, all will be digital in a decade or 2 from now.

Bitcoin will continue its adoption and so are the other cryptocurrencies. I think banks will be using them as well given that IMF had completely turned 180% admitting that crypto is here to stay. https://cointelegraph.com/news/imf-banning-crypto-not-effective-in-long-run

[Zaguru12]

What does the future hold for cash, and can btc become an alternative?

I think the era of cash (paper money) is gradually diminishing as many people turn towards digital currency or even transferring through electronic means. If we read about the recent reports that the fiat devaluation is actually caused by the excessive number of paper money printed not to talk of the expensive amount spend on the printing process this cash, this has actually prompted the government to promote the method of cashless policy which has brought about the creation of fintechs. This factors have had an impact of cash been used less. But I don’t think that total cash less policy can be achieved sooner or later because there are rural areas that still the basic network service to run this cashless policy. Also the transaction fees and sometimes the slow payment process during transaction is a thing that would still make it hard to get away from using cash.

Yes bitcoin is already an alternative because many people run both inter or intra border transactions using the bitcoin. Because aside the slow transaction process and the high transactions fees it so much more secure than the even the fiat transfers.

[Lorence.xD]

This is actually a good thread, but as of now I think it would be impossible for Bitcoin to take over to current currencies right now since most countries are depended on it. But I already found some countries that their fiat money doesn't even have value or worthless that they make it use as a toilet paper. You could be called as millionaire and poor at the same time. With this maybe Bitcoin could be a good alternative as the country aren't dependent to fiat money. Only thing they need to think of is how they could implement it when Bitcoin is a decentralized system to the country.

[m2017]

Atm has been disappearing for years now. With the Covid crisis, people were encouraged to pay by CB on the pretext that banknotes could carry viruses. Some banks refuse cash deposits and withdrawals. Some currencies are worthless: sometimes they're used to fuel fires, or to create bags (Venezuelan bolivares, for example). What does the future hold for cash, and can btc become an alternative?

Thank you

At 99.9%, I expect that cash in the future (or the near future) will be withdrawn from circulation. This is primarily due to the fact that this money can't be tracked, and it is cash that is 100% anonymous, and not bitcoin. Because it is impossible to track the chain of users, transactions, and so on.

Bitcoin by 99.9% will not be an alternative to cash. This role is destined for CBDC.

[Maidak]

Even if cash goes away, bitcoin won't be the alternative, it's still the same old problem that the government will never let happen. Surely, many people like us will look to bitcoin in the future when countries' cash is gradually becoming worthless. But the biggest hurdle will still be the government, they will try to stop and stop people from using bitcoin as an alternative to their fiat currency.

[Ambatman]

No, The country would rather create their own digital currency
As can be seen of certain countries now
Plastic money came to replace paper money
Cause of its disadvantages
So there is still a future in the short term
Cash is getting less prevalent because
It's easier to transfer via phone or with an ATM
Than carrying Cash
Not everybody have easy access to the internet
Cash might become irrelevant when everybody have access to a digital means of payment

[vv181]

What does the future hold for cash, and can btc become an alternative?

Yes, Bitcoin can be an alternative. Though, the adoption won't be as massive as what the government's solution, say digital cash or CBDC. Without a doubt, the vision of a cashless society is nothing new. bitcoins wont to replace FIAT. There is a technical limitation and surely governments do not like a currency that is beyond their own control.

One might argue, the lightning network might be able to solve the scalability problem. Nevertheless, it is very unlikely that Bitcoin can be fully replaces FIAT currencies. So, it is not a scalability problem. In fact, since its inception bitcoin is not meant or visioned as a replacement.

[Mate2237]

Op what you are saying is impossible. And ATM which you are saying that disappeared has not disappeared. ATM is still effective in my country. And from the onset bitcoin was and is the alternative currency in the Economic world. In my country even the Covid 19 period, citizens were using the banknotes very but the only thing we did we the social distancing, washing of hands and wearing my f nose mask.

In this world I know cash will never disappear but the printing of cash will reduce so with that the cash flow will also reduce to some extent for the digital currencies to supersede. At that time countries will also utilize their digital currencies.

[Razmirraz]

There will be a time when cash will lose its existence, the advantages that Bitcoin has are increasingly attracting people around the world. Bitcoin can be used as a medium to transfer value from one point to any point around the world without going through a third party, for this reason Bitcoin has the potential to become an alternative medium for transactions or the role of cash will soon be replaced.

Even though there are still many countries that have not made Bitcoin a means of payment, technological developments are inevitable. Currently cash still plays an important role as a transaction tool, but we must be more active in educating our families and relatives to use non-cash transactions before cash disappears from the surface of the earth.

Robert Reich once said this

There will be a time (I don’t know when), I can’t give you a date when physical money is just going to cease to exist.

My assumption is that sooner or later cash will disappear from circulation because nothing can fight technological developments.

[mk4]

Bitcoin isn't necessarily the alternative to physical cash — digital fiat is. You know — PayPal, Venmo, CashApp, or whatever your local version of these apps are.

Bitcoin doesn't solve the physical problem of cash — bitcoin solves the monetary problems of fiat money.

[Sim_card]

Paper money is costly to print and has led to high inflation because government always print more money to pump into the society when there is inflation,thinking that it will solve the problem not knowing that it will lead to hyper inflation. Paper money is vulnerable to to attack compared to using online transactions. Gradually,I think paper money will diminish with time. It is easy to make transactions electronically and good to pay very huge sum of money compared to paper money that will make people notice you. Paper money has so many disadvantages and the world has come to realize this. Technology has taken over the world to make life more easy and comfortable. Bitcoin will remain the alternative currency to fiat but it will be a digital fiat.

[usekevin]

ATM is used to circulate the money among the people,it was monitored by the central government.When the government want to control the money among the people,they can control using the ATM.They can stop the money flow or reduce the money flow among the people using ATM.When demonstration occurred,the filling of money to the ATM is command by the central bank of such country.May be it will be used to reduce the flow and control the capitalist economy also in the country.

[Becassine]

Op what you are saying is impossible. And ATM which you are saying that disappeared has not disappeared. ATM is still effective in my country.

yes of course the atm hasn't completely disappeared, I forgot a word, sorry 

[uneng]

Bitcoin won't replace cash, because it's a very volatile currency and people fear financial unstability. When you say ATMs are losing popularity, it means people are turning from paper money to digital money, but still using the national currency version of this, not decentralized cryptocurrencies. The alternative people go for is always the most stable one. That is why we have the world using Dollar as exchange reserve and every country trying to control their centralized currencies in a desperate attempt to keep them most stable as possible.

And when they fail doing so, there is a lot of financial troubles, riots, investors running from the country, governments using force to intimidate citizens. I imagine if Bitcoin was adopted as currency by one country or another we would see these things happening as well, because human beings aren't prepared to live in environments characterized by volatility, uncertainity and doubt 24 hours.

[The Cryptovator]

As the world embraces digitalization, numerous electronic payment systems have been integrated into the fiat ecosystem. While we are increasingly conducting cashless transactions through fiat currencies, it is unlikely that Bitcoin will replace the traditional fiat system. Although people have become familiar with Mobile Financial Services (MFS) systems, a significant portion of the population remains unaware of Bitcoin. This lack of awareness can be attributed to the fact that fiat systems are endorsed and regulated by governments, whereas Bitcoin operates independently.

[Becassine]

Your answers are very interesting, and not everyone is entirely of the same opinion. Nevertheless, with increasing digitalization, cash is gradually being replaced by new tools. It all depends on the country, of course, but on the whole, with the exception of El Salvador, governments are keen to introduce CBDCs all over the world. But how will politicians get their suitcases of cash? Perhaps the corruption of the "elites" itself will slow down the disappearance of cash? They're not going to shoot themselves in the foot, are they?

[Dr.Bitcoin_Strange]

What does the future hold for cash, and can btc become an alternative?

Thank you

About that, I have a great doubt that cash can permanently go out of use. The value can deteriorate continually, but it will never be stopped. Even if Bitcoin becomes a global legal tender, physical money will never be displaced. But, normally, I don't think Bitcoin can be legally accepted in every part of the world; it's likely to only be in some countries. I know that change is constant, but even if anything happens and we stop using physical cash, maybe every payment is carried out electronically, via transfers or pay cards, and it will still be the local currency we are using.


Cheers 🥂, Dr.Bitcoin_Strange 👺👺