Is Cash (Paper Money) Still King?

[Abiky]

Digital payments seem to be in the rise lately. More people are abandoning paper money (cash) in favor of credit/debit cards, and even crypto. Paying with cash is a rarity these days. Especially where I live. I'm beginning to wonder if cash is still King. Countries worldwide are already planning to launch CBDCs of their own. So cash's days are numbered. Am I right?

Feel free to share your thoughts. Thanks.

[diamondsurfer]

Cash is always king from a perspective of who knows you got it. You'll learn more when you have to face the music, what little States give as your legal rights, the only thing I can think of that isn't based on inflation, when everything's under intense scrutiny, you'll ask where's the person with a white envelope full of cash when you need them most. You never had it.

[AprilioMP]

in my opinion it is still excellent because paper money is the main payment tool in each country. And regarding digital payments in every public transaction, it is felt that it is done in every purchase, both in a small amount of payment and a large amount of payment.

Many conveniences are obtained by digital payments. The most prominent convenience that is recognized by many people is no need to carry a leather wallet or a mixture that makes pocket pants thick.
Then far from begal. I personally also very often make digital payments including through the Qris.

[Alone055]

Digital payments seem to be in the rise lately. More people are abandoning paper money (cash) in favor of credit/debit cards, and even crypto. Paying with cash is a rarity these days. Especially where I live. I'm beginning to wonder if cash is still King. Countries worldwide are already planning to launch CBDCs of their own. So cash's days are numbered. Am I right?

Feel free to share your thoughts. Thanks.

Both cash and digital payments have their advantages and disadvantages. Digital payments and payment methods can provide convenience but they come with certain risks, such as your account getting compromised or losing your phone, in which case the stealer might be able to access your funds if they can reset the password and other stuff through an attached phone number or email that is also available in that same mobile/device.

When it comes to cash, you can't carry around a lot of it because that will make it risky since you can't keep a lot of cash in your pocket, so it is less convenient and can also be dangerous at times. However, it reduces to risk of your funds getting stolen, but then there is a possibility of getting robbed.

People mostly use digital payments these days because it's easier. You carry around your mobile and make payments with it without having to carry cash.

[Charles-Tim]

in my opinion it is still excellent because paper money is the main payment tool in each country.

Payment are mostly made digitally and not mostly in cash. If you read the OP, he included debit/credit card and later included even in crypto. That means he means digit fiat should be counted out. So if it is like that, I do not know the reason OP should bring a topic like this. Paper money still have its own purpose and does not need comparison. It is good for spending, especially by people that do not have access to digital devices.

[bias]

Digital payments seem to be in the rise lately. More people are abandoning paper money (cash) in favor of credit/debit cards, and even crypto. Paying with cash is a rarity these days. Especially where I live. I'm beginning to wonder if cash is still King. Countries worldwide are already planning to launch CBDCs of their own. So cash's days are numbered. Am I right?

Feel free to share your thoughts. Thanks.

It's a reality that cash is becoming more and more scarce every day. It's not a secret that governments and all financial institutions are heading in this and only this direction. Seems inevitable. However, we know that the rarer something becomes, the more its value increases. But here we are talking about the money itself. So I believe that at some point, it will simply not exist at all and everything will be done with electronic money.

[Wonder Work]

Digital payments seem to be in the rise lately. More people are abandoning paper money (cash) in favor of credit/debit cards, and even crypto. Paying with cash is a rarity these days. Especially where I live. I'm beginning to wonder if cash is still King. Countries worldwide are already planning to launch CBDCs of their own. So cash's days are numbered. Am I right?

Of course, it is a good medium. As the modern world moves forward, cash payments are decreasing. But it is very good; everything is moving forward in line with the modern world. Digital payments are the best option than cash payments because you have to struggle to carry cash. If you use digital payments, you do not have to accept any money; you just need to have your debit or credit card.

However, it is true that as we move forward in line with the modern world, we will eliminate cash payments very soon, as we can see now. Its use is increasing day by day and will continue to increase. We may see that we have eliminated cash payments in the coming days. And yes, it will happen because the modern world is now moving forward with the idea of ​​being more conscious and active. I think it will be good because we can benefit from all sides.

[Davidvictorson]

Digital payments seem to be in the rise lately. More people are abandoning paper money (cash) in favor of credit/debit cards, and even crypto. Paying with cash is a rarity these days. Especially where I live. I'm beginning to wonder if cash is still King. Countries worldwide are already planning to launch CBDCs of their own. So cash's days are numbered. Am I right?

Feel free to share your thoughts. Thanks.

As a Nigerian living in Nigeria, Cash is still very much the king. I could even add that Cash is the emperor  We pay for 90% of things with cash. Even after my country launched their own CBDCs almost no one uses it. Unfortunately because of how disorganized the country is, citizens have to buy their own currency from cash merchants.

[Lida93]

Digital payments seem to be in the rise lately. More people are abandoning paper money (cash) in favor of credit/debit cards, and even crypto. Paying with cash is a rarity these days. Especially where I live. I'm beginning to wonder if cash is still King. Countries worldwide are already planning to launch CBDCs of their own. So cash's days are numbered. Am I right?

Feel free to share your thoughts. Thanks.

As a Nigerian living in Nigeria, Cash is still very much the king. I could even add that Cash is the emperor  We pay for 90% of things with cash. Even after my country launched their own CBDCs almost no one uses it. Unfortunately because of how disorganized the country is, citizens have to buy their own currency from cash merchants.

The main reason behind the use of cash by many Nigerians as opposed to digital transfers is because a lot of persons now see the selling of cash as business. I still remembered in the time of cash scarcity how difficult it was just to have access to cash and those who were privileged to where rather selling it with high profits and till date it's now turning to a norm especially now that the festive period is here.

As for the Nigerian CBDC,  citizens don't interest themselves with it because they feel the system isn't transparent and therefore trust is lack in-between, and by estimation, not up to 15% of Nigerians have an idea that CBDC exists how much more making use of it.

[Abiky]

As a Nigerian living in Nigeria, Cash is still very much the king. I could even add that Cash is the emperor  We pay for 90% of things with cash. Even after my country launched their own CBDCs almost no one uses it. Unfortunately because of how disorganized the country is, citizens have to buy their own currency from cash merchants.

You sure are lucky. There aren't many places using cash as payment method. The vast majority of the world's countries have gone digital. With Apple Pay, Samsung Pay, Google Pay, and whatnot, who'd want to use cash other than the elderly? Young people still using cash are only doing it because they want to achieve privacy. But that's a small few compared to the rest of the population. I hope cash never gets phased out. It the best thing we have (besides Monero) for privacy-oriented transactions. CBDCs will enable full-spectrum surveillance from the government. Your financial life will be literally controlled by it. Who knows what the future holds?

The main reason behind the use of cash by many Nigerians as opposed to digital transfers is because a lot of persons now see the selling of cash as business. I still remembered in the time of cash scarcity how difficult it was just to have access to cash and those who were privileged to where rather selling it with high profits and till date it's now turning to a norm especially now that the festive period is here.

As for the Nigerian CBDC,  citizens don't interest themselves with it because they feel the system isn't transparent and therefore trust is lack in-between, and by estimation, not up to 15% of Nigerians have an idea that CBDC exists how much more making use of it.

Let's not forget that CBDCs will be a complete violation of a person's privacy. Governments and banks will be able to control your financial life like never before. With cash, it's harder for them to do so. Coins and paper money enable true privacy. They can also be used when there's lack of electricity or Internet access. Say no to CBDCs and yes to crypto and cash.

[Fortify]

Digital payments seem to be in the rise lately. More people are abandoning paper money (cash) in favor of credit/debit cards, and even crypto. Paying with cash is a rarity these days. Especially where I live. I'm beginning to wonder if cash is still King. Countries worldwide are already planning to launch CBDCs of their own. So cash's days are numbered. Am I right?

Feel free to share your thoughts. Thanks.

"Cash is king" tends to shine in the eras where credit is tight and buyers are thin on the ground. It slightly alludes to tax avoidance, because certain sellers (like car dealerships) might be more inclined to deal with a customer if they can declare a smaller sales price, because cash transactions are much more hidden from the taxman. The way loans work has also slightly shifted, you might previously have been getting finance direct from the car manufacturer to buy it and they would stick an extra 10% on top of the cost of the car to buy it that way, the logic went that if you had cash then you should be able to slice that interest rate off the top rate. Times have changed however and when it comes to larger purchases the incentives may no longer be there.

[Accardo]

Let's not forget that CBDCs will be a complete violation of a person's privacy. Governments and banks will be able to control your financial life like never before. With cash, it's harder for them to do so. Coins and paper money enable true privacy. They can also be used when there's lack of electricity or Internet access. Say no to CBDCs and yes to crypto and cash.

Private money complements public money, and the both solve financial transactional needs in the digital era. And since public money (cash) is issued by the Central bank it's the only state money from the government that promotes high level security as you mentioned. Unlike the private money that's created by private or commercial banks which requires intermediaries for payments, cash demands for no charges, so, not everyone would want to use digital money. Hence, non is replacing any, the both will only work hand in hand to facilitate easy payment. At least when one runs out of cash they can further spend digital currency.

[Miles2006]

Personally I prefer digital payment always but, I don’t feel same way concerning cash if this will be possible probably we should expect everyone to go digital. Paying with crypto seems rare so I don’t consider crypto payment to stand a chance definitely few people usually state the management of money seems easy when paying with digital means (bank transfer). Whenever they hear this people intend to convert methods of payment, cash is still the most popular means of payment don’t know what op meant by king of course it will be difficult for most people to fit in the new technology so let’s consider it as a choice.

[Ambatman]

Paper money are still relevant and I don't see them leaving anytime soon.
They are quite good in making micro transactions not to mention it helps with privacy.
A person concerned about privacy in purchase of a service or product Would prefer paper money
Since it barely leaves any footprint.

I wouldn't necessarily call it King, but I can't also neglect it's relevance and market it's satisfying
Especially in countries and to people where access to the internet is hard.

[Zeddquiver]

The paper money has been used as a means of exchange and payment for goods and services for years before the development of digital payment.The world is enhancing rapidly in the development and use of technology and more modernized means of interaction.
Although the digital and paper money both have major roles and can be used interchangeably when it comes to means of exchange and payment for services being rendered.
Nevertheless,the world is approaching a new technological age,so from my own perspective its only a matter of time before digital money takes over and is being used globally as a common means of exchange.

[EFS]

In rare cases cash is king. For example, in our country interest rates are very high and the dollar exchange rate has been fixed for a long time. So when those who made their money in TRY returned to the USD with the interest they earned, they made an annual gain of around 40%. Of course, this is not always the case, it's a special occasion.
The use of cash for shopping is something that hasn't happened for a long time though. Almost everything is paid by credit/debit card and transactions are recorded. This helps the government to prevent tax evasion. They aren't printing new banknotes to popularize the use of credit/debit cards. Our largest banknote is worth only 5.7 USD.

[WillyAp]

In rare cases cash is king. For example, in our country interest rates are very high and the dollar exchange rate has been fixed for a long time. So when those who made their money in TRY returned to the USD with the interest they earned, they made an annual gain of around 40%. Of course, this is not always the case, it's a special occasion.

Only people from the developed world capable of saving worry about inflation.
In countries where you buy daily your food few are worried except in hiperinflación. 

[Darker45]

Yeah, I'm afraid cash's days are indeed numbered. Cash doesn't fit in a digital world. But I still consider it king. Cash is the only form of money that's truly frictionless. Cash transactions remain smooth in the cities and in the mountains. You can pay it hassle-free in a store in a bustling city but also to a vendor in a far-away off-grid town.

Most importantly, cold cash provides us privacy, a certain level of freedom from censorship, surveillance, and the like. Bitcoin itself is inspired by cash. Satoshi envisioned an online world with a certain form of cash, hence the electronic cash system.

[icalical]

While I do agree that now it might feel like cash is rarely used in some places, it's far from obsolete. Besides, many countries have legislation that compels shops to accept cash to make sure it's available for those people who depend on it. And, of course, CBDCs are also creating a stir, no less than 134 countries are considering them, some like China and Nigeria even operating them. But full deployments remain few and far between, so early days yet. It may appear that digital means of paying are taking over, but cash still remains important and may be with us longer than, especially for those people who either can't or don't want to change, and I know some people like that.

[retreat]

Even when more people use digital money, cash will still prevail and will not be replaced by digital currencies. The reason is because central banks still print cash as currency and it is a tool that regulates inflation, pays debts, increases the money supply, and other things. Moreover, cash is still needed by people, especially those in remote areas or those who value privacy. Although digital payments are more effective and efficient, there are still some shortcomings that make cash still very necessary today and its function cannot be replaced by digital money.

And also, CBDC is still fully supported by cash or other assets to maintain its value, for example in my own country, 100 USD in digital form is backed by 100 USD cash, and it is periodically audited to maintain its credibility. So cash will never be replaced.