One of the biggest contributing factors to debt in the world, is the fact that we have literally lost touch with our money. The wide acceptance of payment methods where you do not physically trade with something you touch, for example Credit cards, debit cards and electronic money, could make it easier to spend money.
In South Africa, a company is testing this theory with a reality series, where the contestants are given their monthly salary in coins. The idea behind this is to see what impact this has on the spending habits of these people, when they pay for everything in physical coins.
Source : www.onerandfamily.co.za
Question 1 : If Bitcoin or Crypto currencies replace fiat, would you spend more or less?
Question 2 : Do you think physical contact with your money, makes you spend less?
Question 3 : Would we have less debt, if we paid for everything in fiat?
In South Africa, a company is testing this theory with a reality series, where the contestants are given their monthly salary in coins. The idea behind this is to see what impact this has on the spending habits of these people, when they pay for everything in physical coins.
Source : www.onerandfamily.co.za
Question 1 : If Bitcoin or Crypto currencies replace fiat, would you spend more or less?
Question 2 : Do you think physical contact with your money, makes you spend less?
Question 3 : Would we have less debt, if we paid for everything in fiat?
I think you have a great point. My girlfriend doesnt like to spend money but loves to save. She keeps her money in a bank and only withdraws when she needs to pay/buy something and only uses to pay with card when there us no option (she wont use it if there us a fee) so i think she sees her bank as a secure place for her money to stay...plus she never bought anything online. So having physical money makes you spend less and omline possibilities make you spend more. And if there were no credit cards we wouldnt spend much as well but thats a long story...in my opinion credit destroyed usa and than the world.
