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I think another big problem with digital versus paper money is that you can't just transmute money from cash to cashless without you having an institution invol
by asdff 4y ago
I think another big problem with digital versus paper money is that you can't just transmute money from cash to cashless without you having an institution involved along the way. I can't take a picture of a dollar bill and add it to my venmo account, unless I go buy a venmo gift card from a merchant, or I open an account with a bank and deposit the cash through their physical bank branch or an ATM network they've partnered with. Even with crypto, you are relying on some other institution like the echange or the bitcoin ATM or whatever to turn that dollar bill into a digital currency.
- mindslight 4y agoWell any conversion between different stores of value intrinsically requires a counterparty. Counterparties will tend towards centralization out of convenience - it's not like you're going to stand up in a bar and announce "Does anybody want to trade X for Y?" when you're trying to settle up with a friend. If your sets of preferred payment methods are incompatible, most likely you'll just split the bill and let the venue sort it out on the back end.