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The psychology of cash and how people hold and spend it is unique from any other physical financial instruments. They keep it safer and spend less than they wou

The psychology of cash and how people hold and spend it is unique from any other physical financial instruments. They keep it safer and spend less than they would with credit cards or debit cards. A completely foreign object with a printed key might be kept safe -- but it isn't intuitive to do so. We heard multiple stories of people gifting Bitcoin at events like weddings only for private keys to be tossed out with cards.

DonHopkins 4y ago
Why not just give the newlywed couple a dump truck full of coal, which is much harder to lose track of, so they can burn it to mine their own bitcoin?
- prox 4y ago
  Isn’t this also just a full circle, where we are back at printing a currency? I already have a secure, self custodial wallet, it’s called cash in my wallet.
  - vkou 4y ago
    Yeah, but when you give me that cash to buy a hot dog from me, how can I verify that I am the actual owner of the received cash?
    - prox 4y ago
      I see no way how we can solve this problem! /s
wonderbore 4y ago
How can people hold on onto their birth certificate? The infrastructure is already in place for that, so the problem is that they didn’t understand that that piece of paper was worth money. Handing over a monopoly bill will have the same fate. You can’t keep it in your wallet and it can be lost easily. Either way this is a ridiculous project and would probably best be served by the concept of “gift card” instead, given your explanation.
- ccamrobertson 4y ago
  Sorry, I don't follow any of your reasoning here. Monopoly money is a low cost print with little detail on standard paper. People don't throw away foreign currency simply because they don't know what it's worth. I'd recommend taking a look at the psychology of cash to understand my point better.
  - wonderbore 4y ago
    > People don't throw away foreign currency Are you sure? If I find a single bill from a random country I assume the worth isn't a whole lot. Such bills get stashed in the souvenir box which may or may not be thrown out at any point when space runs out. > I don't follow any of your reasoning here I don't think the birth certificate analogy is that hard to follow. It's easier to hold onto a US-letter-sized document than it is to save a single bill that you should not place in a wallet.

DonHopkins 4y ago

Why not just give the newlywed couple a dump truck full of coal, which is much harder to lose track of, so they can burn it to mine their own bitcoin?

prox 4y ago
Isn’t this also just a full circle, where we are back at printing a currency? I already have a secure, self custodial wallet, it’s called cash in my wallet.
- vkou 4y ago
  Yeah, but when you give me that cash to buy a hot dog from me, how can I verify that I am the actual owner of the received cash?
  - prox 4y ago
    I see no way how we can solve this problem! /s

wonderbore 4y ago

How can people hold on onto their birth certificate? The infrastructure is already in place for that, so the problem is that they didn’t understand that that piece of paper was worth money. Handing over a monopoly bill will have the same fate. You can’t keep it in your wallet and it can be lost easily. Either way this is a ridiculous project and would probably best be served by the concept of “gift card” instead, given your explanation.

ccamrobertson 4y ago
Sorry, I don't follow any of your reasoning here. Monopoly money is a low cost print with little detail on standard paper. People don't throw away foreign currency simply because they don't know what it's worth. I'd recommend taking a look at the psychology of cash to understand my point better.
- wonderbore 4y ago
  > People don't throw away foreign currency Are you sure? If I find a single bill from a random country I assume the worth isn't a whole lot. Such bills get stashed in the souvenir box which may or may not be thrown out at any point when space runs out. > I don't follow any of your reasoning here I don't think the birth certificate analogy is that hard to follow. It's easier to hold onto a US-letter-sized document than it is to save a single bill that you should not place in a wallet.