What solutions do we have at our disposal, if cash is banned?
We keep hearing that in some countries cash is no longer allowed in transactions or has been partially banned. I admit that paying by card is much easier, but there are situations, for example, you need to give your child money to buy a sandwich or something to eat at school, or to have bus/taxi money.
Yes, it’s pretty embarrassing not being able to give your child money anymore, what do you do, give them your card? Are you going to the bank to get a card for your child? No, so banning cash is a disaster for small producers, our children, essential service providers, etc.
However, we have solutions, if this will be put into practice and this is where Bitcoin, Kaspa, Firo, Monero, etc. come into play.
For example, if you want to open an account at a bank, you must be armed with documents, but if you want to create a wallet for Bitcoin or Kaspa, you need 5 minutes to write down the words to recover the virtual wallet, in case you lose your phone.
Kaspium Wallet – Kaspa cryptocurrency wallet
So, if you have an iPhone or Android you can download your Kaspium Wallet from here and use it to collect/pay with Kaspa. Also, if you don’t have a phone and only have a computer, I invite you to use the Kaspa Wallet web wallet.
Coinomi – multi-wallet for Bitcoin and 1700 other cryptocurrencies/tokens
Of course, we have to keep in mind that small merchants or service providers will also have to start accepting cryptocurrencies as a way of receiving money. Yes, cryptocurrencies are not the same as cash, but Firo and Monero can be more anonymous than cash. Also, payments with the Kaspa cryptocurrency are almost instantaneous, and they are easy to do, you write the amount you want to pay, scan the QR code, sign and make the payment, what’s more, you can specify what the payment was made for, and this fact remains registered in the blockchain! Of course, Kaspa is not as anonymous as Monero, but tracking transactions in Kaspa is not an easy task.
In the end
So cryptocurrencies remain an alternative to cash payments that cannot be controlled by a government or banking institution. The latter blamed bitcoin and have now come to use the technology behind it. The point is, some governments can control or limit digital payments at the individual level whenever they want, but this violates a fundamental principle, namely free speech. I understand, he has not paid your debts to the government or a bank, yes your bank account is blocked and you are charged a fixed amount every month, approx. 50% of what you collect for example, but to have your bank account completely blocked, I consider it a crime against that individual!