I last wrote a cheque about 20 years ago. I have always detested carrying cash around, and would welcome the day that cash is abolished.
I, and Mrs B., live with our card – we put whatever amount of currency we need onto the card, digitally of course, then go and use it. We have a version of the card on our phone, and once it “clicks”, within about two seconds, full details of the transaction appears on our phone. Safe, secure, but most of all, convenient. Oh, and so, so easy.
Just today, I went to pay an £1,800 bill that was given to us in sterling. Mrs B. put more than what was required onto the card, and I went to pay. Their machine did not accept sterling. Only Turkish Lira. So, I went straight to my financial advisor, yes, you’ve guessed it, Mrs B., and within a few seconds, she had converted the amount on our card to 95,000 Turkish Lira. Just imagine if you were dealing in cash, and they said: “No, we need Turkish Lira”. Off to the bank and hope you can exchange that amount of money, then back to where you needed to pay.
Where I live at the moment, there are a few establishments that only accept cash – not because they are not up with the technology, but they refuse to pay the sometimes extortionate fees charged by card companies. It’s interesting, but like us, each of our friends, when visiting these places, have to make a detour to the cash machine (ATM) before arriving.
That brings us to Crypto. Yes, I’m an old git, but I do know what digital currency is. I can’t say that once again, I am keen to change my philosophy on my personal finances. From cash and cheques to card is one thing, but going even more digital with our actual income, well, do we need it right now?
My initial research into digital currency finds that the market is very volatile, so investing is very risky. “Bitcoin” was the first cryptocurrency, which started trading in 2009, that’s a full 16 years ago. You wouldn’t know it where I live. Just maybe, I could pay in Bitcoin on tech and e-commerce sites, purchasing cars or even insurance. But if I go down to my local bar, and cannot pay for a glass of wine in Crypto currency, what’s the point? Give me my precious card, I’m so comfy with that.
Cheque, cash, card or crypto?
Back in 2023, I knew three words about the world of crypto: cryptocurrency, blockchain, and Bitcoin – without understanding what they meant.
Then, I started to work in this field as a copywriter. First, it was Russian content, then I switched to English.
Now I know much more, like Ethereum, trash coins (aka shit coins), the ‘to the moon’ phenomenon, fear and greed index, volatility in crypto, staking/restaking, Layers 2, stablecoins, altcoins, bridges, and so on. I know most of this theoretically, though I have spent a few bucks to invest in Bitcoin in hopes it will go ‘to the moon.’
Spoiler: It hasn’t yet; it actually has lost some of its value compared to when I bought some Bitcoin.
However, volatility in this market is a double-edged razor, so the situation can quickly turn around. Just like after Trump’s win on November 5 last year, Bitcon’s value skyrocketed from around $68,000 to its maximum of $ 106,000 on December 17.
Since then, the rate has returned to around $84,000 per Bitcoin.
I also earn some income in stablecoins as one of my customers pays me in USDT.
To make a long story short, I entered the crypto world, which became my routine.
As to fiat money, as ‘traditional’ money is known among the crypto community, I use less and less cash. Most of the time, I have no cash in my wallet as everything went digital in Moscow. I even buy drinking water using my card at the vending machine’s terminal, though the cash option is also available there. It is now no problem to pay tips using banking apps. Most cafes and restaurants in Moscow offer an online tip option as their mainstream way of doing business.
Well, the only thing I don’t use is a cheque. As far as I know, bank cheques are not really an option for payment in Russia. We don’t have this tradition. The only case in which I used a cheque to pay was in Alaska, back in 2017.
So, I live in a digital world. However, crypto is a way to earn money or, for some advanced folks, to play on crypto markets. However, you can’t pay crypto here to buy goods or services. First, you must exchange your crypto assets for fiat money using P2P.
Oh, I am sorry! That’s just another crypto feature I use – but I didn’t know about it until last fall.
I feel like the world is changing fast.
Cheque, cash, card or crypto?
You know you’re old when you worry about what the hell “these damn kids today” are doing. Take that crypto craze. Please. It all seems more like a trip to the casino than an additional, secure form of monetary exchange. And what’s up with that dog? Good old-fashioned money in your pocket is what I want. You know how much it’s worth today and it will be worth the same amount tomorrow. Unless you live in Argentina… Or Turkey. OK… it’s worth what it’s worth for the rest of the afternoon. Shut-up.
Not only am I old, I’m an old American. As proof of this statement, I offer my wisdom concerning the cashless society. I ain’t for that. Here a list of countries well on their way to going cashless:
- Hong Kong
- Sweden
- Australia
- China
- Finland
I will argue there are three major advantages to cash over cards:
- Using a cashless exchange introduces yet another layer of multi-nationals looking for a cut: AliPay and Apple Pay being two examples. Another transfer of wealth to billionaire stockholders.
- Two friends meet and one owes the other five dollars. In a cashless society, simply handing money over is no longer possible.
- Here’s the old American part: In a cashless society the Government can, and will, track every last thing you do. These payment processors can, and may, sell your data to anybody. The very small amount of privacy left will be completely gone. Consider Google Pay packaging your Internet history and spending history and selling it. Would your grocery store sell which brand of tampons are used in your home to the highest bidder? Count on it.
Removing cash removes one of the few areas of privacy the average person has left and benefits the rich.
Oh, and I have another pain point! When you’re in line at the grocery store and the fool ahead of you wants to write a cheque for three dollars! Oh my God, Oh my God, OH MY GOD!!! AND of course, we have to rummage around for that damn out-of-date coupon! Are you freakin’ kidding me? I’m also against cheques!
Now that I look at my list, I’m against everything; everything I tell you! Being old sucks!