Largest recent cash transaction? \ stacker news ~AskSN

pull down to refresh

1481 sats \ 9 comments \ @south_korea_ln 15h AskSN

With recent news about limitations on cash withdrawal in some countries (#969943), I wonder if many people actually have had the need for such large fiat cash transactions. I can't remember the last time I needed to withdraw more than a few hundred dollars from my bank. In Korea, cash is really not that useful, other than maybe for tourists who have problems using their foreign cards sometimes.

Putting aside the question of whether banks/government should have a say in that (we likely all know the answer), what has been the largest cash transaction you had to do recently? I arbitrarily put the limits at 3,000 dollars due to the Spanish limit of 3,000 euros, and at 10,000 dollars, as that is the limit from which I have to declare carrying cash when entering Korea.

Less than 3000 dollars40.7%

Between 3000 and 10,000 dollars11.1%

More than 10,000 dollars14.8%

Nice try, fed.33.3%

27 votes \ 9h left

view all related items

42 sats \ 0 replies \ @Aardvark 10h

I paid a contractor 12,000. I had to make several stops to the bank to withdraw the money.

66 sats \ 4 replies \ @aljaz 12h

do you consider p2p bitcoin transaction cash?

i think your comments indicate that the push towards financial surveillance has been successful since people are using it less and less.

I try to use cash a lot, paying small businesses in cash if at all possible, also depending a bit in which country I am and how long I plan to stay there (one of the most genius use cases of bitcoin I saw was small atms for coins where you can throw whatever coins you have left in at the airport and you get sats back)

0 sats \ 3 replies \ @south_korea_ln OP 11h

The question was for fiat transactions, as I was wondering about the relevance of such regulations. But as you correctly point out, the fact that I'm questioning the relevance is probably a good indication that financial surveillance has already been achieved in many countries. E.g. in Korea, where efficient capital control laws explain the infamous Kimchi premium. A follow-up question would be to specify the country of each respondent, but I'm not in the KYC business, so I'll refrain from asking it~~ I also try to use cash as much as possible for small transactions. Paradoxically, in Korea, cash is still king for small businesses. And the government is allowing it, as it would be political suicide to rein it in, as many small businesses survive only because of being allowed to operate in this grey zone of tax avoidance.

one of the most genius use cases of bitcoin I saw was small atms for coins where you can throw whatever coins you have left in at the airport and you get sats back

Where did you see that? I have a pile of coins from different countries I visited that I'd love to transform into sats~~

5 sats \ 2 replies \ @aljaz 10h

I had a demo of the machine 2 or 3years ago in el salvador - its the company https://k1.sv/

0 sats \ 1 reply \ @south_korea_ln OP 7h

This looks super cool.

It would be cool to set this up here in Korea, some way or another. Plenty of tourists end up with wads of KRW cash and coins that gather dust in their drawers back home. Korea is often a single trip destination, kinda like a "check-of-my-bucket-list-country".

As i wrote this, I checked... the only BTC ATMs that are still in service require heavy KYC and are only to sell, but not to buy BTC. Probably a no-go as a DIY project at scale. Maybe just a service to friends~~

0 sats \ 0 replies \ @aljaz 3h

i guess you've just added a new data point of why cash is being systematically eliminated and how the state is pushing total surveillance into every aspect of our lives :)

0 sats \ 0 replies \ @astro_penguin 5h

In the last year, probably only $4,000, but that's the largest transaction I've done in that time! I know I've gone over $10,000 in the last five years though. I use mostly cash except at gas stations or if I'm buying something online, paying utility bills, etc.

0 sats \ 0 replies \ @Riberet 9h

The most I have needed was 800, the limit in my country is 1000 euros.

0 sats \ 0 replies \ @d680ecaa8e 10h

1000 USD that is all