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Crypto Currency and/or Paper Money

A few years back in time when I talked to people and asked what they knew about cryptocurrency – most looked at me and said: cryptocurrency is not currency – it is just numbers on a screen.

Paper money though, or metal coins, they are real.

Since then many of those, I used to talk to have bought computers and started using Internet banking. I have asked a few of them how they now think of the fact that they are looking at their funds as numbers on a screen. They usually tell me that it is different because their funds are backed up by the bank.

On three occasions, the Swedish government has had to use tax money to cover bad or scandalous bank transactions. It is money that was intended for other purposes. Still, people trust the banks and giggle at cryptocurrency.

Many countries in the world are now working towards a cashless society. My own country is no exception. Internet banking was just a start. Most shops will rather take payment by Debit/Credit cards than cash.

Will it be possible to completely stop using cash?

I do not know.

If I want a hot dog from a hot dog stand, or a paper or something else from a Kiosk – is it reasonable to request that they take credit cards when their card service cost is more than the cost of the item?

Many shops, both big and small, are still suspicious of cryptocurrency. They have read many articles about fraudulent behavior.

The only cryptocurrency most of them have heard of is Bitcoin.

The future

I am involved with a company that wants to make cryptocurrency known and useful all over the world. Not just BitCoin, but many cryptocurrencies, and the company’s own cryptocurrency based on the value of the US dollar.

Banks will not be part of the transactions. There will be no “middleman” involved but every transaction will be placed in a ledger and traceable

My mission will be to create noise in my country! A noise that gets people and businesses interested in connecting with me and starting their own business.

Did I mention that our company has a motto?

Engage – people, society
Enrich – yours and others lives, with money and otherwise
Enhance – whatever needs enhancing. Do good for other people, start activities that will make life easier for other people!

About the author

Inga is the Compumatrix Regional Representative for Europe. She speaks several languages and is able to correspond very well with her members.
She faces challenges with a positive and constructive attitude.

Comments

  1. Thank you Inga you have clearly indicated the importance of Paper (Fiat) currency and Crypto Currency,and yes we are clearly seeing the positive changes taking place in regards to people using and preferring to use crypto currency when and where ever they can use it.

  2. Crypto Currency and/or Paper Money

    While overcoming objections to Bitcoin or Crypto currency is part of our everyday lives, there are still new people coming into the many companies pushing coins (and more coming) every day. A few years ago you could not get a financial institution to even speak to you about Crypto coins. Today there are a growing number of Banks that are now working their way into the system and welcoming new Bitcoin customers.

    What intrigues them the most is the speed that Bitcoin takes to clear (except on busy cycles), considered a huge plus for banks and financial companies. The fact that once a Bitcoin moves the price is generally locked, giving the customer and the bank or merchandiser a degree of confidence/protection in case the coin drops dramatically.

    Larger deposits of coins tend to move quickly and require less fees than smaller amounts in exchanges. The down side is that Fiat takes more time as the bank has to go to the Fed for major dollar requests. With Blockchain tagging and recording all Bitcoin a comfort level is reached when businesses want to complete a transfer for Fiat for services or products.

    I believe that as time goes on investors in Cryptos will grow based on the limited amount of Bitcoin/Cryptos and increase in value.

    For many people Fiat/Cash is what they are looking for. Those of us in the business find keeping assets and their values up will see an increase in Cypotos as an investment, funds on the side for a rainy day. Definitely my case. I am very happy with the assets and Altcoins which can be used to purchase more BTC/Assets/Altcoins or in our case VPC Cards.

    Paper money will be around for awhile and it is a smart move to have a good amount of both!

  3. Well done Inga. With all the corruption going on daily in the world today, it is kept secret and under cover. Billions are misappropriated and in our country, the funds , bank accounts and people just disappear into thin air. Crooked politicians funnel huge amount of funds down the ranks with kickbacks all the way. Now how important is an Open Leger, to track all the stolen money and for all to see who the culprits are?

  4. awesome article or posting from Ms Inga — thank you and when we look at life in the world and when we ask simple questions the actual answers are almost as simple or even more simple and in my opinion simple is good — just with all the corruption worldwide and deceptions every moment you defense against that by keeping it Simple n true —

  5. My guess is that many of those that told us Bitcoin isn’t real in the past will have a shortness of memory, hence: “I never said that!” I have family members that are bitter over someone that let them down but they forgot when we told them not to trust that person. Sound familiar? In Joe’s comment above, he says to keep both. This also goes for holding a variety of different cryptos as well. But, above all, do not hoard all you can. Spend it! That’s the real value of crypto.

  6. Nice blog, I know the new age of digital currency is confusing to a lot of people and some do not want to have anything to do with it, one person I talked with about it said it should be outlawed immediately he was old school and said we have been fine with are fiat system for many many years. With the fedcoin coming into play soon I think many people will be caught by surprise and will have to start learning the new system quicker then they thought.

  7. I think we are already basically in a cashless society. At least here in America. I don’t carry cash in my purse. From grocery stores, to gas stations, to department stores, and even at the farmers market, ALL have a way of taking credit cards. If not, they would lose too much business. People don’t like having to deal with bills and change anymore. Plus with all the Covid 19 pandemic, people are not wanting to touch cash at all.

  8. Going to a cashless society doesn’t necessarily mean going to a crypto currency society. I never carry “live” money with me, when I pay in the supermarket of the gasstation I pay with my debitcard but that is still no crypto currency. The value of the content of the card is expressed in Brazilian reais.

  9. I agree with you Nancy — in America we are moving farther and farther towards a cashless society — But I have to admit I like having actual Cash in my wallet still today — I do wear gloves and I do not use the actual Cash unless it is absolutely necessary — I do sincerely hope that this world doesn’t just become a society where there is no face to face — that to me would be very sad —

  10. My answer is YES. With NO hesitation! A cashless system is already in place in the U.S. Unfortunately it is the infamous “Credit Card” owned by banks, set up to rob us of our hard earned money. With the allowable interest rates ranging double digits above US inflation and also doubling most conservative investment vehicle yields, the common man will not be able to keep up with the revolving crisis we call “DEBT”. Yes, I say to a better digital, cashless system. Yes I say to BITCOIN and others that can cut the fees and create a safe decentralized platform for us to be free and if at all pay a modest fee for services rendered. Not your 15% to 25% APR’s this is ludacrest. So not only yes to bitcoin but yes to decentralization:).

  11. We have a pretty cool feature here in Sweden called Swish..
    It’s an app connected to your bank through a bank ID and you register your phone number to that app to send and collect money that way.
    Many of the smaller stores in Sweden accept this as a payment method as well.
    It’s a pretty secure method cause you need to have the bank ID certificate installed on your device and know the password to it.
    I hardly ever see any cash out there these days and I can’t even remember the last time I had cash in my pocket.

  12. Good writing Inga. Yes, life keeps changing. I know I never use to like to use my credit card because I was afraid that it would get hacked. I do not use it at the gas station, but I use it every day almost. I have heard people in stores waiting on you would prefer not to touch money if they do not have to. I Engage with other people so I need to Enrich my life so I can
    Enhance other people and make their lives better. I see all the time more places are taking bitcoin which is wonderful, keep it going. Sooner or later the financial world will join. Put the bit out there and they will bite!

  13. It’s amazing how many people still have no understanding of Bitcoin, let alone other types of crypto currency. These are not only elderly people set in their ways; these are people of all walks of life who simply have given their lifelong trust to the guidance of the purveyors of the old, fiat- based monetary guard. But as we know, that “ old guard” is now busy finding ways to insert themselves into a system that is slowly but surely, making its way into the mainstream… part of the “new normal”, you might say…

  14. The saying, “You can lead a horse to water but you can’t make it drink ”
    Well this also applies to many humans when it comes to money
    They won’t believe even if you show them what lies they have lived
    But not all is lost. Some like you and me will come to the water and drink , and others will see and come near and maybe take a sip and taste how refreshing it is

  15. How right you are, Ms. Inga .The world has changed – from Barter trade, to notes and coins, and now – CRYPTOCURRENCY.
    But, we still need to carry hard cash to make small purchases .
    People feel comfortable using plastic money (Credit cards).
    Bitcoin is so NEW and hard to accept for many of us. In due course, we shall be fine once we are in the flow and accquire a taste for it.

  16. I have seen first hand how slowly the masses take to embrace the idea of a new way for handling money. In 1987 I remember discovering ATM machines at a convention in Los Angeles CA and I immediately believed that this was “the future of money”. I took the idea back to St. Louis, MO. and tried to sell ATMs to various merchants, such as grocery stores, convenience stores, and gas stations, on the side of my other sales job, but I was unable to sell even one ATM.

    Eventually I gave up trying to sell them because it was taking too much time away from my main sales job and not producing results for me. None of those people could see what I saw. Yet 10 years later you could find an ATM in most grocery stores, convenience stores, and gas stations anywhere in the USA. To me, cryptocurrency presents a very similar scenario all over again and this time I will never give up.

  17. Crypto-currencies are the new kid on block, but they are destined to become widespread and replace paper money in the world. Most of the money in use at present is digital money used by banks. The lost of cash, however, results in the lost of anonymity. There is nothing anonymous about using a debit/credit card. Crypto-currencies allow for the use digital money and a certain amount of anonymity.

  18. In time the world will become cashless but it is difficult to predict when. At the moment the world is not ready for that. In large parts of the world the infrastructure is not implemented to make these changes.

  19. most definitely Miss Inga You have done a great service to compumatrix and our company here — it is so great to come in here and see the replies and heart felt opinions being displayed here — I just hope the Passion on display here will be kept and utilized as we a virtual Young Online Company continue to Grow and make this opportunity available to All in the world who want to be a part of this awesome Opportunity — keep posting and Keep TRUE

  20. changing over to crypo-currency has been ongoing since the inception of Bitcoin. Whether or not society embraces that fact or not it IS happening. The face of the monetary system is changing and none of us know yet how that will look, just be aware, nothing lasts forever and change is constant. Be ready!!

  21. Crypto Currency is fairly new as currencies go. Many people do want to use it because they can’t touch or hold onto it. But like the article said many countries are moving to crypto currencies. Not bitcoin and the like but their own monies as crypto currency. In today’s age we use cash less and less. When we go to the store, buy gas or even make an online purchase we use a debit or credit card or even an electronic check. It has gotten to the point where some businesses don’t want to accept cash.
    What is this leading too? Think about it, your government will be able to track of every penny you spend, how much money you have and where you keep it. Big Brother will be watching!

  22. Great article. The aspect of going from paper money to a cashless currency is a big welcomed change. To be able to deal with others person to person with no middle man is great. They are not there with their hand in the pot with you paying taxes for the transaction to take place/ It is your business and you set everything up how you wish to proceed.

  23. “Of all the gin joints, in all the towns, all over the world, she walks into mine” Casa Blanca

    She walked up and laid her flash drive down and said, “I’m paying in Bitcoin”. I said, “we don’t take electronic payments, you have to pay in paper”. (This is 1942! What are you thinking!)

    In 1889, Charles H. Duell was the Commissioner of US patent office and he is quoted for saying this in 1899: “Everything that can be invented has been invented.”

    If we keep thinking, we will keep growing. The imagination will take us where there are no limits. In 2008, during the financial crisis, out of the ashes arose Bitcoin. We can carry a piece of paper (call it a Bitcoin Wallet), a flash drive or even our phone and hold $1 million dollars. So ask yourself again: CRYPTO AND/OR PAPER MONEY?

  24. At the moment, I would like to enjoy the best of both worlds considering that majority of the shops, at least in our city, do not accept bitcoin as payment. But I am happy that our government has seen its potential and welcomes the trading of cryptocurrency. With our country welcoming the prospect of a different monetary system, perhaps my nephew will be willing to listen to what I have to offer. I had discussed this with him before but he was not interested due to the volatility of bitcoin..

  25. I think paper money will become used less because people want to stay more sanitary and have less contact-to-contact transactions due to Covid-19. Because of this, I think this gives crypto currencies a chance to swoop in and dominate the digital transactions’ space. Even before Covid-19, businesses were beginning to start accepting payments via bitcoin. If this trend continues, crypto currency transactions will soon be mainstream!

  26. In my opinion, crypto currency and Compumatrix has a big opportunity to become the absolute future of how people do transactions. Because of these troubling coronavirus times, people are afraid to do contact transactions. In fact, most stores I go into require transactions to be done by credit card or by phone through Apple Pay. This is just the beginning – crypto currency here we come!

  27. I agree change is coming and here now. For some its a huge change for the younger generation, they just seem to get computers. but ready or not change is coming and a lot is already here it just hasn’t been in your face yet but watch things are changing and fast. I’m just so happy we are with a company that wants to see everyone succeed. Again, Thank you Henry!

  28. Inga this is an eyeopener for most people about the banks. Most can not see when their hard-earned money becomes the banks when it is in their depository. I am with you on the cryptocurrencies sharing of our company. The Compumatrix train is moving all over the world, come all and get on board!

  29. I recognize what you write about people believing that their money is safe in the bank. They do not understand that as soon as the bank receives the transaction, the bank decides on the money. They decide if and when you can withdraw your money. I am happy and grateful that I discovered Compumatrix, and that all transactions will be logged in an open ledger

  30. Nice post Inga.I see that you face people who are unwilling to admit crypto as currency,a useful new innovation that will revolutionize the financial scenerio.
    The people you talked with and who are not able to see what is coming or has come will be one of their rude awakening.The idea that one day we will have a cashless society can not be fathomed by a majority at present. things will change no doubt.

  31. this is such a great look at how quiet sometimes change is and then other times how loud it can be — and the accepted norm ( banks) just some times is best if can to put yourself not under their thumb hold fast to dreams always and also keep all avenues and options as open as can

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