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The Death of Cash Transactions Around The World
1776 sats \ 25 comments \ @0xbitcoiner 26 Jun alter_native
As credit cards and digital wallets (e.g. Apple Pay, Paytm, Alipay) see increasing adoption around the world, the share of cash being used in transactions is plummeting.
The chart above looks at cash as a share of transaction value in selected countries at three time periods (2019, 2023, and 2027P). Highlighted in red is cash’s projected drop from 2019 to 2027. This data showing the death of cash comes from WorldPay’s Global Payments Report 2024.
https://m.stacker.news/37221
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178 sats \ 6 replies \ @petertodd 26 Jun
If you are a bitcoiner, and you regularly use card rather than cash, you're a ridiculous larper.
Cash acceptance is far more important than Bitcoin acceptance for maintaining a free society.
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75 sats \ 0 replies \ @0xbitcoiner OP 26 Jun
nice try fed!
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120 sats \ 1 reply \ @oliverweiss 26 Jun
This doesn’t make any sense to me. I guess, the word bitcoiner in “if you are a bitcoiner” should be replaced.
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33 sats \ 0 replies \ @0xbitcoiner OP 26 Jun
indeed
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111 sats \ 0 replies \ @Bell_curve 26 Jun
Cash acceptance is critical
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21 sats \ 0 replies \ @lightworks 27 Jun
Totally! I've done my part, been a super obnoxious cash advocate for decades...
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0 sats \ 0 replies \ @Bell_curve 30 Jun
Another reason why Layer 2 solutions such as lightning and liquid are crucial
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42 sats \ 6 replies \ @grayruby 26 Jun
It's a shame. Convenience will kill freedom.
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50 sats \ 5 replies \ @0xbitcoiner OP 26 Jun
right! convenience changes habits. Everyone does what they think is best, I just hope they never allow merchants to refuse cash. That would be the final blow.
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21 sats \ 4 replies \ @grayruby 26 Jun
Aren't some countries already going cashless?
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50 sats \ 3 replies \ @0xbitcoiner OP 26 Jun
I don't think there's any country that has banned cash altogether or allows merchants to refuse it, but I'm not absolutely certain.
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41 sats \ 2 replies \ @clr 26 Jun
At least in the Netherlands, there are merchants that only accept cards and refuse cash, and they advertise it openly on their doors to make everyone aware. I suppose that they are "allowed".
I have heard also that in the US there are "cashless" businesses popping up. Also, try paying with cash at an airline check-in counter for extra luggage or whatever; they only accept cards.
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41 sats \ 1 reply \ @0xbitcoiner OP 26 Jun
I'm not sure about the law in the Netherlands, but I've seen this in Portugal too. As far as I know, it's illegal to refuse cash payments here.
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20 sats \ 0 replies \ @Bell_curve 30 Jun
I think it’s illegal in USA but rules were relaxed when there was a penny and nickel shortage in 2021
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46 sats \ 1 reply \ @clr 26 Jun
What is alarming is that the amount places that accept bitcoin is still negligible in the grand scheme of things.
How can we change this?
Next time a "bitcoiner" says that one should not spend bitcoin, remind them of this.
Or... Welcome to the Brave New World. Where you will own nothing and have no privacy.
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0 sats \ 0 replies \ @0xbitcoiner OP 26 Jun
It's a difficult question to answer, and I think there isn't a single solution, but rather multiple solutions. First, people need to clearly understand what they're doing, which opens doors to everything else. Merchant adoption is crucial.
To spend or to hold Bitcoin?
This is a dilemma that is not consensual within the community. In my opinion, I think we should hold most of it but also spend some.
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16 sats \ 0 replies \ @JesseJames 26 Jun
"...slowly then suddenly..." That's all planned, since they control the rest.... use cash as much as you can, it's losing value anyway, might as well spend it. For savings use BTC :-)
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11 sats \ 0 replies \ @riberet19 26 Jun freebie
It's a shame to see this, but it's true, here in my country some people look at you badly when you pay with cash, when did everything change so much? I love using cash.
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0 sats \ 0 replies \ @03365d6a53 28 Jun
Using a bank to make transactions is simply shameful as a Bitcoiner
Cash or Bitcoin, all the way
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0 sats \ 0 replies \ @nullama 27 Jun
It's happening in Australia already:
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0 sats \ 0 replies \ @Coinsreporter 27 Jun
Can confirm that 'paytm' is not the preferred mode of payment in India anymore. Cash is definitely not used in India considering the implementation of UPI has been technically so successful.
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0 sats \ 0 replies \ @SatsMate 27 Jun
It is also getting harder and harder to spend cash. I've noticed if you want to spend cash at certain restaurants, the places often don't have change and if they do they won't accept bills above a certain amount.
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0 sats \ 0 replies \ @Satosora 27 Jun
Yeah, I came back to the usa after being abroad... Cash is used even less than it was before!
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0 sats \ 0 replies \ @160ed04091 26 Jun
mean reason my i prefer digital transaction, Digital transactions often have better fraud detection and prevention mechanisms compared to cash.
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0 sats \ 0 replies \ @turker 26 Jun
Well, at least we could track money printing with cash, now they even don't need to print to "create" money.
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