this post was submitted on 19 Jun 2023
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I'm glad I never got into cryptocurrency. For all intents & purposes, it might as well be Monopoly money.
I'm not a big fan of crypto for a number of reasons but that "for all intents and purposes" bit applies to all fiat cash.
That's not entirely true. The US dollar is backed up by it being mandated as (I believe the only) acceptable payment for US taxes. So long as the US government exists, US currency will have value to anyone who has to pay those taxes.
I specifically said cash, maybe people use it differently but cash to me means paper money. I haven't paid for anything with US paper bills in possibly a decade. All my money is just numbers on a screen. I'd wager a lot of people are similar, especially when it comes to taxes. Are you actually paying taxes or receiving refunds in cash?
I am confused that you think cash is fiat, but a checking account also denominated in dollars isn't? Or else your responses seem to be a nonsequitur.
I am constantly surprised where the need for cash pops up. The local ice-cream stand. Any used purchase from another individual found on Craigslist or Facebook Marketplace. Even just reimbursement for family and friends you don't want to set up accounts for.