Fiat money is becoming more and virtual (and that is good for crypto!)

I already wrote about this topic once. The original article was posted on steem/hive on the 21th of February 2018. That's around 3.5 years ago. It was written when month masks weren't common on the streets, where you could still hug everybody or give a kiss as greeting!

That Covid did struck us and not only fiat but more and more things have become virtual! Like work, an office and so on. Lot's of things have changed.
Covid was in the country where I do live the real breakthrough for online shopping!

Let's see what I did write 3.5 years ago! The original post can be found here: Fiat money is becoming more and virtual | PeakD

The intro!

The more I think about crypto coins the more I also think about fiat money. Not if I have enough or that I do need to pay the bills but its getting more virtual by the year.
My sons are 6 and 9 and by the time that they will earn a wage, cash money probably does not exists anymore.

I do have a mortgage but never have seen the money used to pay for our house, just like I never have seen the money which is used to pay the monthly down payments.
My wage is electronically deposited into my account. Lots of bills are paid automatically so I never see that money.
I only use real cash when I’m at a bar, at the football games of my sons and to pay for bread. And that is it.

My parents did not had this. They had to pay for everything wit cash. So a lot of evolution took place.

Of course my sons are older now :). They are now 9 and almost 13. And still they haven't seen a lot of cash. The only cash they see if when they do get birthday gifts or with new year! The oldest one also has 20 euro in his pockets, but he never uses it! The wife and I are deciding if we should open a separate bank account with a debit card. I did get my first debit card when I did start working, before that all we had was more or less cash! Or cash on the bank account of course.

I still have my mortgage :(. 9.5 more years to go. I still don't get my wage in hard cash but it is send to my bank account! But I don't think that there were more than 10 days this year so far that I did had cash in my wallet. My wallet is filled with cards. Cards to pay with, cards to use at the charging station to load up the car and so on!

Most things we do purchase are via online shopping. We do try to minimize it and try to support the local stores, but sometimes it just comes in handy to order it online!

Due to the fact that I am mostly working from home, I do have time to go to the bakery and use my card to pay for the bread. Even now at the pool bar, I do pay my beers with a debit card! (Always debit, rarely credit because credit cards are a huge pitfall)

It has come so far, that we tend to avoid restaurants where we can't pay with a card. Just because we don't have fiat with us! So the only days that I do need cash is if I do go to see the football games of our sons. Most of the time, a card purchase isn't available!

I still believe that cash will become scarce. Not claiming that crypto would wipe out fiat at all in the first coming 10 years!

My bold statement back then!

This is an unstoppable train. It keeps on going further and further. This is why I think that cash money will disappear sooner than later. Lets give it 10 years!

Government once were trying to eliminate cash money, to eliminate fraud and tax evasion.
Due to these action and all the bank fraud that took place, John and Sue Doe will soon embrace the coins were are staking today!

Mhh, I wasn't high when writing this. Cash money will disappear, but for the moment I doubt it that crypto will replace it soon.
Cash payments were always a torn in the eye of governments because they are hard to control! So companies are forced more and more than only accept wire transferred money due to this. But this also did open a door and gave crypto another unexpected use case. I am not talking here about money related with drugs or crime. But just day to day payments between people. At the moment these are still untraceable for governments, and this is one of the reason government do hate it. Besides of course there is no tax on it and that they can't control it!

So back to the story title. Why is the fact the money becomes more virtual day by day a good case for crypto! The older generation were raised with fiat, my generation also but we were able to make the switch. But the newer generation are raised with online shopping (no cash involved), with debit cards (no cash involved) and tranferring money peer-2-peer via mobile apps (again no money involved)! The banks do try to adept to this!

Bank offices are closing all over the world on a day to day basis! People are used to online accounts and so on. And it rarely happens that a customer call the bank that he needs a huge amount of fiat money!

So this means that for those generation for which money if just a number on a screen, and step to crypto isn't that far fetched! And this does opens a door for crypto adoption!

For the moment that a business like Netflix or so will accept crypto it will become unstoppable! But still crypto won't replace fiat soon! I am not saying that this will never happen but it will not happen overnight!
Also don't forget that at the moment old money still rules the world! And without minor governmental control, it still be something like the dark web!

Gambling like always is a technical front runner and don't forget that internet only become big thanks to gambling and porn. That did pull people to the internet and made it what it is today!

A great addition to crypto at the pay-2-earn games on the blockchains. They also do attract investors and new players, some of which were never into crypto before.

And last but sure not least, blogging/social media platforms like read.cash, noise.cash, Hive and publish0x among others. These days everybody can earn some crypto by just writing down there mind and interact with others! What a great invention this is!

Mild governmental regulation could be a firm push in the back! If they would treat it like they do treat the stock markets, that would be a great start! This could convince lot's of people to jump on the crypto wagon, bringing new fiat money in the market, resulting in a never seen bull market!

So, this is not financial advice, nor I am some kind of Nostradamus! This is just my 2 cents about crypto and fiat! Also no statement yet, it BTC will be the king or if it ever will be dethroned!

Cheers,
Peter