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!

Nervous about Bitcoin trending down?

If you are long on Bitcoin, Hodling vs. trading, then buying at the current prices (hovering around 11k USD per BTC), is smart.

bitcoins-millionaire-full-guide

I have some cash, and definitely long on Bitcoin, so I will be buying more.  Not all at once, in case it drops more. I want free cash available to buy more.

There is some fear that regulation is coming, and Google and Facebook are restricting Cryptocurrency ads, but Bitcoin is still viable and useful as a peer to peer trading mechanism.

In the US, we have a strong Fiat currency, the dollar.  (perhaps you have heard of it?).  Bitcoin shines when the Fiat, or local, currency is not strong, and fees and bank charges are large.  Think Venezuela, Argentina, South Korea.  Bitcoin activity in these countries is large, and growing.  Those governments can just print more fiat currency (which makes for rampant inflation) making Bitcoin a viable option for payments and moving money around.  (This happened in India, where their fiat currency was briefly worthless).

 

How Money Got Free: Bitcoin and the Fight for the Future of Finance
There is also a finite limit to the number of Bitcoins in circulation; 21 Million.  No government or “Bitcoin regulator” can just create more – like the governments do with paper currencies – it is fixed and will allow the price to rise once all 21 million are created through Bitcoin mining.

 

This means that 80 percent of all bitcoins that will be in existence have already been mined. According to estimates, bitcoin will reach its final coin figure sometime in 2140.Jan 15, 2018

 

Only 20 Percent Of Total Bitcoins Remain To Be Mined | Investopedia

https://www.investopedia.com/news/only-20-percent-total-bitcoins-remain-be-mined/
As I see it, there is a lot of activity in Bitcoin going  on, and volatility, mining, facebook bans, etc., will all have an effect – but not kill off Bitcoin.  You can see the current stats on how many times Bitcoin has been declared “Dead” on 99bitcoins.  (spoiler alert – 273 times as of this writing)
 
Hodl on, and (if you feel like I do) Go long on Bitcoin!
To the Moon!
 
Thank you for reading my blog, and feel free to share!  Best of luck with Bitcoin and all your investments!