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There is no such thing as digital cash outside of cryptocurrencies. The money in your bank account is a liability of the bank, it's not cash.
by jcbrand 6y ago
There is no such thing as digital cash outside of cryptocurrencies.
The money in your bank account is a liability of the bank, it's not cash.
- Grustaf 6y agoYou can go through life without ever using physical cash. You get paid digitally, you buy groceries digitally. You even borrow money for a house digitally. The thing you transact with is digital, liquid and fungible. In what sense is it not cash?
- mj4m1n 6y agoAll those transactions are reversible at any point with a flip of a bit (or two). If you receive physical cash, it's in your control. Now if only that cash could not be inflated as much as it can.
- Grustaf 6y agoI don’t think any common definition of cash includes the idea that payments are “irreversible”. I don’t even see why this is so important. If someone pays me physical cash by mistake they have legal recourse to get it back. It’s not finder’s keepers.