Is Cash (Paper Money) Still King?

[Hatchy]

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.

Not really, paper money still remain the king for so many reasons. What digital money has only done is to make its easier to move a huge amount of money with ease. There are some situations where you will only need to pay with cash. The world still needs cash even though we are slowly moving to the digital ages. But I doubt In the future if there would be paper money... Fiat would still be there but it's physical forms would have been converted totally to digital.

[Uruhara]

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.

A few years ago I never thought that in 2024 I would see around me quite rarely people using cash. But now it happened. Namely, around my area where I currently work, I rarely even carry physical money. I also use more digital payment methods. Currently, all banks have provided their own digital applications which are as practical as other ordinary digital wallets. But when I returned to my hometown, cash was still the priority there. And even when I look for shops that can pay using digital payment methods, I rarely find them.

The point is that in big cities digital payments have become commonplace and paper money payments have become quite rare. But in remote areas, payment with physical currency is still king.

But currently there are still many countries whose citizens still use cash payments more than digital payments. There is even a country close to Australia (I forgot the name of the country) but in that country all citizens seem to be required to use cash only.

[Apocollapse]

True, cash is getting abandoned by digital payment or CC/DC.

But, I still use cash if I can because I don't want to get tracked by someone and my data might be sold to other people.

The bad thing of digital payment is, it helps banks and centralized institutions to grow, it will make them rich. Why? because we don't really own the money, we only own "numbers on the screen".

If you deposit your $100 cash to banks, you see $100 in your debit card and then you pay $100 to other people, it doesn't mean the $100 belong to other people, the funds might have been used by banks to make investment.

[UTON Blockchain]

I have to say, using digital payments is really convenient. I no longer have to carry an extra wallet, and I don't have to worry about where I stuffed the clinking coins every time.

[mich]

Well yes I do think that cash is always going to be the king for money. It is the only real currency you can use to pay for your goods and services for anything really.
There is alot of types of businesses that say they want us to pay them in cash. It can be for not having to worry about a credit card company. Or if it is a 'cash business' so they do not want to have a paper trail for some reason.

[bakasabo]

Cash is the king only when you make small payments. But as soon as you have to make a large payment, all the pros of cash, anonymity, disappears (in my country). With all that marketing features of setting prices that end with .99 by the end, cash becomes inconvenient to use. I am so used to paper money, that usually I drop all coins in a jar. Which makes payment in cash arent so attractive. I take out 50 EUR banknote to pay 46,78 EUR for purchase, and it ends with spending 50 EUR anyway.

[Minor Miner]

So far, many countries have intended or implemented CBDC to replace cash, but do not forget that the world's leading power the United States has no intention of using CBDC. They still want to use the USD, and USD is still the main currency in the world, so I don't think cash will disappear anytime soon, it will still be king for a long time.

If you deposit your $100 cash to banks, you see $100 in your debit card and then you pay $100 to other people, it doesn't mean the $100 belong to other people, the funds might have been used by banks to make investment.

It doesn't matter, what matters is as long as you can use or spend that money whenever you want without any problem, it's still your money. It would be a problem and that money would not belong to you if you could not convert it into cash or spend it. If not, don't be suspicious and think that the money in the account is not your money.

[DeathAngel]

My number one & two choices for storing significant amounts of my net worth are in Bitcoin & real estate. Nothing else comes close to those two but I do like cash. I hate the thought of a CBDC so yes, cash still has a big role to play whilst it is still legal tender. It’s clear they have tried to phase cash out though so be careful. Every day spending money stored at home in cash, yes. But hundreds of thousands of $ stored at home long term, no.

[shield132]

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 depends on the country, the city, and the age of the population. In most developed countries and especially in capitals, people rarely use cash but in regions they are popular. In my country, people are slowly moving from cash to cards because when you pay with cards, you don't have to count the money, you also don't need to keep coins in your pocket. There is a huge progress in payments. Today, you can pay with a card on the Metro and Bus, in a Taxi. Even if you order something online, you can pay the delivery guy with a credit card because all of them carry POS terminals with them.
Btw I think that we are not ready for CBDC and I hope we will never implement it because it will be devastating for us to give the government that level of control over our money.

[Lucius]

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 still represented as the main means of payment in many countries where a large part of the population is unbanked and where the internet has not yet become widespread. However, even within the EU there are countries that are almost record holders in terms of cash usage - Romania, where 78% of transactions are made with cash, and Bulgaria, where this percentage is only slightly lower at 63%. Someone might say that it's different in Japan, but there, as many as 59% of transactions are made in cash.

Cash is still "king", although it will eventually lose the race with digital payment methods - not only because people want it, but because it is part of the agenda for greater financial control at the global level.

[Moreno233]

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.

In my country, there is a policy in place called cashless policy which was introduced by our government to encourage more people to use electronic means for their transaction. They want to reduce the cash in circulation and also help people make payment faster and easier with government generating revenue from charges in those transaction. This is to say that paper money is becoming old-fashioned as many people rarely carry cash. So, we will gradually move into digital money but it will take some time but eventually Bitcoin payment system and other digital systems will thrive.

[mu_enrico]

E-money denominated in fiat is still "cash" in accounting/finance, and the phrase "Cash is King" refers to money stability and liquidity. Thus, if you hold cash, you can instantly convert it into other investments. Meaning, that you'll have the upper hand compared to the one who holds gold, for example, if you want to buy something that is currently on sale, whether it is stocks, properties, etc.

In business, e-money is still considered cash and it's still king since usually (but not always) a business that has a lot of excess cash, indicates that it's profitable. It's also related to the phrase (in business) that "cash solves everything."

[Cryptomultiplier]

I beg to differ if anyone doubts that cash is still king. Cash is still king even in countries where crypto currency has been adopted and granted the right regulations and laws to operate on.

In some countries where crypto isn't regulated or allowed a free informal reign, debit /credit cards still exist and there are still merchants and local traders who prefer to accept cash for transactions because they don't own a regular fiat bank account but depend on their daily earnings which is in fiat currency, to survive.

[Alphakilo]

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.

Paper Money serves it own purpose just like digital currencies. And I agree with the group that argues that cash on hand buys you security against unexpected future expenses and emergencies. I am looking at it from another perspective that Cash buys you the ability to immediately take advantage of unexpected opportunities without having to use excessive debt which in this case is a credit card.
That's why people  who live below their means and save look at market crashes as opportunities and those who don't look at them as disasters.

[_BlackStar]

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?

Human civilization continues to develop - as does technological progress. Cash payments are of course still the main choice in most countries, although in some countries the percentage of cash and digital payments may be comparable or not much different. I agree with some people who say that cash is still king in financial transaction - but this is certainly the case in traditional trading. Use cases for digital transactions involving fiat continue to grow over time - but they don't reduce cash transaction significantly in my opinion.

It is true that some countries are considering issuing CBDCs - but I am not sure this can replace cash and attract all circulation in society. It will take years to increase the use cases and awareness of technology in the general public, so this will not be easy so the case for cash users in society will still exist.

[batang_bitcoin]

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.

I don't think so that the cash's days are near to its end. I haven't been to Japan but most of the people that I've talked said that it's more of a cash country in there. They are traditional people so they're keeping the traditional of accepting payments mostly in cash. There are businesses that are also accepting online payments but that's how it goes for them and they're a known advance country and that's why I think that because of them and other countries that are keeping the traditional of cash, the days of it isn't outnumbered.

[Cryptoprincess101]

Even though digital currency and digital methods of payments and performing transactions are trying to take over from the physical cash notes, but we can't really allow the use of cash notes to fade away because it stands as a symbol of trade, exchange and respect between countries and since is not everyone that is lettered to make use of the internet and perform digital transactions, there is still need to give value to cash notes. Despite that electronic medium is now becoming very popular but CASH still needs to be respected because that is where we all started from before we got to this digital era. CASH still has premium value because we all still use it for daily transactions in our individual countries.

[rodskee]

no digital cash is getting very popular these days but it has not completely made paper money disappear

in my country many vendors still use paper money and require that of their customers of course a lot of vendors try to accommodate to their customers as much as they can but the truth is it is difficult for some to catch up to the rest of the world

a good functioning device, internet connection, and a knowledge of technology are some of the things that not a lot of vendors have and are considered a privilege even if it may come as natural or common to some of us

[passwordnow]

I have to say, using digital payments is really convenient. I no longer have to carry an extra wallet, and I don't have to worry about where I stuffed the clinking coins every time.

Me too, digital payments are very convenient and it's with our smartphones that serves as almost as everything. But I still bring some cash from time to time because not all the places I go have these digital payments that they accept. It's still far from those countries that aren't developed yet or if they do, they're on the process of developing. It will be harder for those governments to print money online when they can easily tracked by that records online where in paper, they can hide it elsewhere that it can be said as something classified.

[hyudien]

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.

The digital era will continue to advance rapidly and the possibility of paying with paper money will decrease. In my country, payments are still normal as usual using paper money. As a small example: because the choice of digital payments using QR CODE is more widely used by the public besides being simpler, paying at the right price and without the need for change. This proves that people's activities have begun to get used to digital payments, right? No need to carry paper money when traveling, no need for a leather wallet like in the old days. Just with a cellphone, even in developed countries, you can pay using an embedded chip, or with a fingerprint.