Categories
Bitcoin Cryptocurrency

Cashless Society vs Bitcoin?

There’s a post going about social media about how going “all cashless” is a bad thing.

Well, It Depends™ on what you “switch” to.. all digital credit (ADC) or a cryptocurrency like Bitcoin (BTC).

With all digital credit, payments can be delayed, returned, held, returned, or even reversed.

With BTC once any amount is sent to a bitcoin address, it CANNOT be undone, reversed, or changed.
No bounced checks!
No overdrafts/returns!
No more “Check’s in the mail“!

Claim: If you are struggling with your mortgage on a particular month, you can’t do an odd job to get you through.
ADC: Mixed. If your payer has your account info, they can forward a payment/credit to your account within days.
BTC: False. If your payer has your bitcoin address, they can send a payment/credit to your account within minutes.

Claim: Your child can’t go & help the local farmer to earn a bit of summer cash.
ADC: Mixed. AFAIK one has to be 18+ to sign a binding contract, i.e. credit. Gift cards are still an option though.
BTC: False. If your payer has your bitcoin address, they can send a payment/credit to your account within minutes.

Claim: No more cash slipped into the hands of a child as a good luck charm or from their grandparent when going on holidays.
ADC: Answer, Digital Gift Cards.
BTC: False. If your payer has your bitcoin address, they can send a payment/credit to your account within minutes.

Claim: No more money in birthday cards.
ADC: Answer, Digital Gift Cards.
BTC: False. If your payer has your bitcoin address, they can send a payment/credit to your account within minutes.

Claim: No more piggy banks for your child to collect pocket money & to learn about the value of earning.
ADC: True.
BTC: Mostly False. If your payer has your bitcoin address, they can send a payment/credit to your account within minutes.

Claim: No more cash for a rainy day fund or for that something special you have been putting $20 a week away for.
ADC: True.
BTC: False. You can have hundreds+ of bitcoin accounts. Each for a separate purpose.

Claim: No more nixers on the side because your wages barely cover the bills or put food on the table.
ADC: True.
BTC: False. If your payer has your bitcoin address, they can send a payment/credit to your account within minutes.

Claim: No more charity collections.
ADC: True.
BTC: False. If your payer has your bitcoin address, they can send a payment/credit to your account within minutes.

Claim: No more selling bits & pieces from your home that you no longer want/need for a bit of cash in return.
ADC: Mixed. If your payer has your account info, they can forward a payment/credit to your account within days.
BTC: False. If your payer has your bitcoin address, they can send a payment/credit to your account within minutes.

Claim: No more cash gifts from relatives or loved ones.
ADC: Answer, Digital Gift Cards.
BTC: False. If your payer has your bitcoin address, they can send a payment/credit to your account within minutes.

Claim: Banks have full control of every single cent you own.
ADC: TRUE.

Claim: Every transaction you make is recorded.
ADC: TRUE. This is a bad thing.
BTC: True. This is a good thing. (Makes money laundering harder.)

Claim: All your movements & actions are traceable.
ADC: TRUE. This is a bad thing.
BTC: TRUE. This is a bad thing. Privacy can be compromised.

Claim: Access to your money can be blocked at the click of a button when/if banks need ‘clarification’ from you which will take about 3 weeks, a thousand questions answered & five thousand passwords.
ADC: TRUE. This is a bad thing.
BTC: False. Bitcoin is not controlled by ANY entity/person/government/bank/corporation. It is a mathematical construct that the entire world agrees upon. The records cannot be altered.

Claim: You will have no choice but to declare & be taxed on every coin in your possession.
ADC: TRUE. This is a bad thing.
BTC: Mixed. Right now in the United States, you can only be taxed be taxed on what you convert into “real” money.

Claim: The government WILL decide what you can & cannot purchase.
ADC: TRUE. This is a bad thing.
BTC: False. Bitcoin is not controlled by ANY entity/person/government/bank/corporation. It is a mathematical construct that the entire world agrees upon. The records cannot be altered.

Claim: If your transactions are deemed in any way questionable, by those who create the questions, your money will be frozen, ‘for your own good’.
ADC: TRUE. This is a bad thing.
BTC: False. Bitcoin is not controlled by ANY entity/person/government/bank/corporation. It is a mathematical construct that the entire world agrees upon. The records cannot be altered.

Answer? Choose Bitcoin!

Buy some bitcoin now, while the prices are low!