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Author Topic: This is why we have to keep cash  (Read 259 times)
shield132
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February 01, 2019, 11:49:19 PM
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Many people here like innovations, that's great. So for this reason I often read it's great that we have visa/master card, upi cards and to sum up plastic cards. It's fast and easy, don't need to get an extra pocket for coins or be afraid of losing money from pocket because if you lose card, you can easily freeze your bank account. Now there are paywave stickers, nfc payments and so on, that's great but...
Imagine, we all have cards, bitcoins and time came where population forget cash. Only fiat and bitcoin exists online.
What will happen? What about if I tell you that there is a huge chance another Holodomor will happen?(Famine-Genocide in Ukraine) Imagine government(s) froze everyone's bank accounts, cash is also dissapeared because people put all of them in banks, it will be a panic and shock. This is why we have to keep cash and not fully move on digital money.
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February 02, 2019, 02:28:39 PM
 #2

Many people here like innovations, that's great. So for this reason I often read it's great that we have visa/master card, upi cards and to sum up plastic cards. It's fast and easy, don't need to get an extra pocket for coins or be afraid of losing money from pocket because if you lose card, you can easily freeze your bank account. Now there are paywave stickers, nfc payments and so on, that's great but...
Imagine, we all have cards, bitcoins and time came where population forget cash. Only fiat and bitcoin exists online.
What will happen? What about if I tell you that there is a huge chance another Holodomor will happen?(Famine-Genocide in Ukraine) Imagine government(s) froze everyone's bank accounts, cash is also dissapeared because people put all of them in banks, it will be a panic and shock. This is why we have to keep cash and not fully move on digital money.
The point that Government can make that decision is what should make people look into digital currency  Decentralized way!! but cash is king for now so people need to find a way to hold on to it!! But for security reason to have some future in your hold!! you can buy some crypto there are stable coins you can hold that!! and still create that channel possibility for yourself if anything happens.. cost you nothing to play both side
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February 03, 2019, 01:51:24 AM
 #3

your argument is technically wrong because ; banks can't freeze your bitcoins, so you don't have to keep any cash.

but as a general advice, i personally keep some of everything.
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February 03, 2019, 06:04:11 AM
 #4

Using cards for all transactions is probably will happen from time to time, people still looking cash especially if there is set outside of the city and towns. No machines for ATM cards or plastic cards where stored money. But these arguments have pros and cons that we may look forward to both sides.

There's a bunch of reason why we need to keep our money to the bank, and the reason why we shouldn't be hiding money in our house is just that we earn no interest on it. And the last purpose one will help keep your money more secure and safe.

I think you should not put all your eggs in one basket, having digital currency and cash isn't bad if you had it all.
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February 09, 2019, 10:58:57 PM
 #5

A general misconception of people in the cryptocurrency world is that they assume that one currency has to rule all when that is not the case at all. There should be several currencies which fit certain sceanrios. I doubt that you will be able to get one payment system which will be perfect for any sort of transaction without compromising personal data or security. Hence the reason Grin is becoming popular it improves on several aspects of Bitcoin but also has its own drawbacks. I think that Grin is far more suitable to small daily transactions than Bitcoin and think it will serve this purpose along Bitcoin. Cash also has its place in the world along side both of these currencies. Although cash is ultimately flawed due to the fact that there's no cap and can be printed off which ultimately leads to inflation.
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February 10, 2019, 06:44:38 PM
 #6

Well, I don't like to discuss  in topics with question ''What if...'' because usually uthopical scenarios are discussed there. But in general, I agree that we should keep cash. Banks are trying to eliminate it, but I don't think it's going to happen soon. Every type of money - cash, digital money on cards and bank accounts, cryptocurrencies have their own pros and cos.
About digital money - we don't even need war or something similar to find disadvantages of it - just remember banking crisis in 2008. Or just - what if if your bank will bankrrupt. Ok, your money are insured, but still, it causes problems and headache.
Cash is also not perfect, but it's not going to extinct in most parts of the world soon. Only in Scandinavian countries it's more or less replaced by digital money. I live in Europe, but in my country it's still difficult to live without paper cash. There are still so many business still not accepting card payments, especially in smaller cities - it's small shops, restaurants, taxi, public transport and etc. And I imagine situation is even worse in less developped countries. And many people are sceptical about switching to digital money - they just want to have physical cash in their wallet and be their own bank.
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February 12, 2019, 06:02:19 AM
 #7

Well, I don't like to discuss  in topics with question ''What if...'' because usually uthopical scenarios are discussed there. But in general, I agree that we should keep cash. Banks are trying to eliminate it, but I don't think it's going to happen soon. Every type of money - cash, digital money on cards and bank accounts, cryptocurrencies have their own pros and cos.
About digital money - we don't even need war or something similar to find disadvantages of it - just remember banking crisis in 2008. Or just - what if if your bank will bankrrupt. Ok, your money are insured, but still, it causes problems and headache.
Cash is also not perfect, but it's not going to extinct in most parts of the world soon. Only in Scandinavian countries it's more or less replaced by digital money. I live in Europe, but in my country it's still difficult to live without paper cash. There are still so many business still not accepting card payments, especially in smaller cities - it's small shops, restaurants, taxi, public transport and etc. And I imagine situation is even worse in less developped countries. And many people are sceptical about switching to digital money - they just want to have physical cash in their wallet and be their own bank.

While I fancy digital cash, nothing feels more satisfying than a wad of cash in the wallet. Or counting the notes before handing them over to pay.
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February 12, 2019, 07:55:15 AM
 #8

The world economy is moving on to the digital payments and the usage of cash is diminishing at a large rate. Nowadays even an ordinary shop is receiving payments through credit and debit cards. Truly speaking, it's been more than 3-4 years since I have stopped making payments through cash. The cashless economy would be profitable to banks as all these payments are being made legally through banks and would be easier to track down a person's expenses but they have a larger effect on shops present over the rural parts of the country. Small vendors who make a living in rural parts of the country still find it difficult to accept digital payments.

Apart from this, we are becoming more vulnerable to banks as they might track us easily if the transactions are made through debit and credit cards. To prevent such things, we have a decentralized payment system in the form of cryptocurrencies where banks and governments don't act as a intermidiary and would freeze our funds. All we need is just enough time for crypto to be regulated, volatility to reduce and to act as a competitor to the banking sectors. Scalability is still seen as a factor of disappointment where the Banking sectors is easily superior to crypto payments. More development in the bitcoin technology like LN would pave way for that in the near future.

Banks can be easily categorized as Fraudulent in addition to stealing our privacy and selling those to the governments if they are really in need.
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February 15, 2019, 01:10:42 PM
Merited by suchmoon (4)
 #9

Many people here like innovations, that's great. So for this reason I often read it's great that we have visa/master card, upi cards and to sum up plastic cards. It's fast and easy, don't need to get an extra pocket for coins or be afraid of losing money from pocket because if you lose card, you can easily freeze your bank account. Now there are paywave stickers, nfc payments and so on, that's great but...
Imagine, we all have cards, bitcoins and time came where population forget cash. Only fiat and bitcoin exists online.
What will happen? What about if I tell you that there is a huge chance another Holodomor will happen?(Famine-Genocide in Ukraine) Imagine government(s) froze everyone's bank accounts, cash is also dissapeared because people put all of them in banks, it will be a panic and shock. This is why we have to keep cash and not fully move on digital money.

i will always have cash available and the reason is simple: i lived trough a freak snowstorm that took power out to several states, some areas for days. everywhere you went, miles upon miles of downed utility poles. no internet at gas stations and retailers. so credit card machines did not work.

cash was the only thing that worked. cash works 24/7, power or no power, technology or no technology. if it wasnt for the emergency cash i always i keep on hand we would of been in much worse shape than we were.

you need a certain amount of cash on hand always. just like emergency food, water, generator fuel, and medical supplies. it needs to be ALWAYS there. dont count on ATMs and banks to get cash after the s**t hits the fan. by then its too late.
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February 16, 2019, 05:47:28 AM
 #10


i will always have cash available and the reason is simple: i lived trough a freak snowstorm that took power out to several states, some areas for days. everywhere you went, miles upon miles of downed utility poles. no internet at gas stations and retailers. so credit card machines did not work.

cash was the only thing that worked. cash works 24/7, power or no power, technology or no technology. if it wasnt for the emergency cash i always i keep on hand we would of been in much worse shape than we were.

you need a certain amount of cash on hand always. just like emergency food, water, generator fuel, and medical supplies. it needs to be ALWAYS there. dont count on ATMs and banks to get cash after the s**t hits the fan. by then its too late.

Same, cash is always a feeling of security because its physical. It's just something that's been embedded in our lives.
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February 16, 2019, 07:51:21 AM
 #11

The government and banks can only freeze deposits opened in their country. Bitcoin is not a part of any state and its reliable operation requires only an Internet connection.
If you have access to your card with bitcoins and you do not turn off the Internet, your money will not go anywhere!
A lot of Fiat money you do not carry with you as well - you will be robbed or killed if you find out in difficult times that you have a lot of cash. In General, it is not advisable to keep all your investments in one place - this I think everyone knows and you are advised to follow the same pattern.
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February 24, 2019, 09:20:20 PM
 #12

Many people here like innovations, that's great. So for this reason I often read it's great that we have visa/master card, upi cards and to sum up plastic cards. It's fast and easy, don't need to get an extra pocket for coins or be afraid of losing money from pocket because if you lose card, you can easily freeze your bank account. Now there are paywave stickers, nfc payments and so on, that's great but...
Imagine, we all have cards, bitcoins and time came where population forget cash. Only fiat and bitcoin exists online.
What will happen? What about if I tell you that there is a huge chance another Holodomor will happen?(Famine-Genocide in Ukraine) Imagine government(s) froze everyone's bank accounts, cash is also dissapeared because people put all of them in banks, it will be a panic and shock. This is why we have to keep cash and not fully move on digital money.

i will always have cash available and the reason is simple: i lived trough a freak snowstorm that took power out to several states, some areas for days. everywhere you went, miles upon miles of downed utility poles. no internet at gas stations and retailers. so credit card machines did not work.

cash was the only thing that worked. cash works 24/7, power or no power, technology or no technology. if it wasnt for the emergency cash i always i keep on hand we would of been in much worse shape than we were.

you need a certain amount of cash on hand always. just like emergency food, water, generator fuel, and medical supplies. it needs to be ALWAYS there. dont count on ATMs and banks to get cash after the s**t hits the fan. by then its too late.
Okay now you got me convinced 🙂 Need to have cash at hand for disasters that might suddenly happen. Wow....never thought about this possibility of all others. Good one 👍 👍
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March 06, 2019, 06:55:05 PM
Merited by vapourminer (1)
 #13

We always need cash no matter what,
Don't expect that because you have some other options to pay like visa or master card or even online payments could do the job,
The point is not all of merchant would accept it you still need to pay with cash and it is better to have a cash on hand for some emergency purpose.
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March 06, 2019, 07:00:55 PM
 #14

your argument is technically wrong because ; banks can't freeze your bitcoins, so you don't have to keep any cash.

but as a general advice, i personally keep some of everything.
I think this discussion is not necessarily related to bitcoin since the OP is saying that you should not keep you money into a bank account because governments can anytime freeze every account existing. This definitely seems like an impossible scenario for most people to imagine but its actually possible.
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March 12, 2019, 12:23:45 PM
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I've just watched this video by a guy in the UK-
https://www.youtube.com/watch?v=bIRHvA4oulI
He is stating that the cash economy is collapsing, and people are switching to contactless. It is a great disappointment to me that so many people rely on contactless cards these days, and most of them don't bother to check the payment amount either. They just wave their caerd around and some even look round to see who is watching their progressive ability to rmbrace new methods that allow their money to be stolen. I think the use of cash is shifting, and he doesn't seem to appreciate this.

Cash is still used for a variety of payments -

- Some small businesses such as beach cafes and chip shops only accept cash.
- Other retail businesses have a minimum purchase for card users.
- Private service providers often offer a discount for cash payments.
- Gold and silver coins are legal tender in the UK, and are used for some very large purchases, especially cross-border.
- Whilst banks may discourage cash, supermarkets offer cash back payments at the tills.
- ePay, PayPoint and PayZone all offer ways for buyers of surplus items to pay sellers with physical cash.
- Many people are unbanked and rely on cash.
- Many others keep supplies of cash to use during the increasing number of failures of the banking system.
- Cash is used for private sales at venues such as car boot sales.
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March 12, 2019, 05:36:19 PM
 #16

Those contactless cards have a limit regarding the maximum amount that can be spent without entering the PIN. In my country it is about €25-30 I think. Anything above this can be bought without entering the PIN.

These cards can be exploited with different methods if you are close to the card.
Have a look at this video how easy it is:
https://www.youtube.com/watch?v=EONQdQOzphI
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March 18, 2019, 01:56:21 PM
 #17

Many people here like innovations, that's great. So for this reason I often read it's great that we have visa/master card, upi cards and to sum up plastic cards. It's fast and easy, don't need to get an extra pocket for coins or be afraid of losing money from pocket because if you lose card, you can easily freeze your bank account. Now there are paywave stickers, nfc payments and so on, that's great but...
Imagine, we all have cards, bitcoins and time came where population forget cash. Only fiat and bitcoin exists online.
What will happen? What about if I tell you that there is a huge chance another Holodomor will happen?(Famine-Genocide in Ukraine) Imagine government(s) froze everyone's bank accounts, cash is also dissapeared because people put all of them in banks, it will be a panic and shock. This is why we have to keep cash and not fully move on digital money.


Everyone need both of it, nothing to forget but to use, cash and crypto currency have differ in some aspect  crypto as our onlune money but there are still people who not lucky to access have these currency, like buying foods at public market, its to far for us to use online payment
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