Post
Topic
Board Economics
Re: Cash is not trash
by
ancafe
on 10/03/2023, 20:31:41 UTC
But since all this mess have started, many people are suffering, and I as a person have no hold the new fiat Note because I can't get a hold of one yet, and just because many stores prefer Cash than digital transfer, this have make me see how important Fiat currency can be.
There are many reasons why many online shops and physical shops have not accepted crypto as a means of payment, for example, crypto is not yet legal in that country or adoption has not reached the perfect stage, so when shop owners try to integrate or accept crypto as a means of payment in their shops , then it will get them in trouble with the law or will be abandoned by customers because they are not familiar with how to pay at the store.

Some people will say that Fiat is trash and they keep all their money in stable coins, the truth of this is you are doing things wrong, the stable coins in crypto space are backed by nothing, they can vanish into thin air if the government doesn't want stable coins to exists.
Trust me, people who say fiat is garbage still use it as a legal means of transaction, in El Salvador which has legalized bitcoin as a legal means of payment also still use fiat as a means of transaction, what about other places that don't legalize it. So there's no point in saying fiat is trash, but at some point we still use it as a means of payment.

Many countries still use fiat predominantly as a means of payment, which means that the need to use fiat is still very much needed and plays a very large role in every purchase, especially for some countries that prohibit it.