Is it time to abandon using cash money, and what do we use instead??

cleaning money Photo by Alan Chenkin

First and foremost, you need to know that I like cash.  The feel of a real coin or a dollar bill in my hand is tangible and powerful.  But the latest pandemic fears have us all worried about money transferring the Covid-19 virus; and that is a real fear. 

Update: It is highly unlikely that you will catch Covid from handling paper money, unless a Covid positive person just coughed on your money; Covid is most likely transmitted by airborne particles.  Despite this I still err on the safe side and clean my money and wash my hands a lot.  I suggest that you should too.

It goes without saying that I have a predisposition to Bitcoin, and you can even get Bitcoin with your credit card!  (link opens in new tab). 

Bitcoin is not as easy to use as credit cards and PayPal (yet) for most on-line purchases, although it works really well in person to person situations – because you can transfer money contactless with smartphones.  This will get easier over time.

If you are at a store, and you don’t want to linger at the checkout or handle change, I would recommend using google or Apple pay.  Some credit cards like chase also have contactless options.  Many use the NFC (Near Field Communications) technology on most newer smartphones.

If you use cash, and get only change in return, I would suggest asking the cashier to put it into the charity or tip  box most stores have on the counter.  that way you do not have to touch the change, and there is no increased risk of Covid-19 by touching a potentially contaminated item (physical money).

The Bitcoin Basics: A quick-start for beginners (Including where & how to safely buy and store).
The Bitcoin Basics: A quick-start for beginners (Including where & how to safely buy and store). Available from Amazon Books.

Cash Money won’t be going away, but in the time of Covid, alternatives to handling cash are necessary and may become more convenient than our customary cash transactions.

Stay safe and I wish you well!

What are the incentives for modern governments with fiats to adopt Bitcoin, aka cryptocurrency?

It’s all about:

CONTROL.


A government controls its currency and will not be able to control/dominate Bitcoin (unless it mines its own coin, as the currency of the realm).

 

Bitcoin purchases and transfers are “peer to peer” transactions. Using the Blockchain (the Bitcoin ledger system) no central clearinghouse is required to regulate any transaction; it occurs between two parties. The Blockchain is a transparent ledger that just records the transaction (in very simple terms). Individuals keep their Bitcoin in “Wallets” on smartphones or computers, or on specific websites that deal in currency transfers (like BTC to USD).

Governments regulate volume of money, interest rates, fee structures, and monitor it’s value against other fiat currencies. Financial transactions outside of government control (with no fees going to the monetary “gatekeepers”) are a nightmare for financial ministers everywhere.

In my opinion, Bitcoin is one component of the financial mechanism any government needs to work effectively. I am not convinced that cash (or precious metals) are going away anytime soon, but governments fear that losing their money-printing ability will weaken them considerably.

 

Banks and some governmental entities are scrambling to utilize blockchain technology, while publicly denouncing or denying Bitcoin as a monetary vehicle. Most notable among the nay-sayers was Jamie Dimon, of JP Morgan Chase.
Dimon himself has publicly said he sees potential in blockchain tech, and his company just announced this month the launch of a blockchain-based pilot to “significantly reduce” the number of entities needed to verify global payments, which would cut down transaction settlement times.

Countries with High inflation and unstable Fiat currency (Argentina, Venezuela, as examples) have seen Bitcoin transactions flourish as there are low or no fees, and Bitcoin valuation is more stable than the Fiat Currency.
Cryptocurrency Primer: Everything You Need to Know About Cryptocurrencies and How They Are Different from Regular (Fiat) Money (With Mining Guides for Bitcoin, Ethereum, Litecoin and ZCash)
 
Bitcoin and the blockchain are new entrants in the carnival of Financial Instruments, and (despite the nay-sayers) will be around for a while.

Thanks for reading my article! – Feel free to share!

(Disclaimer – I own some fractional Bitcoin).