Do you remember the time when shopkeepers used to force you to buy something due to lack of change? That time when they made more money out of consumers.
Cash is that economy where people love to squeeze each other for every cent. They want to make use of the lack of change and the numbers they see in front for making people pay more than they are supposed to do in transactions.
How consumers were played by shops, business and banks?
Most of the shop owners and the people who offer services to the consumers prefer cash because they can get away with the taxes and also get away with charging more. They can extort the consumers and there is nobody to take care of the issues, even govt doesn't always intervene.
This is where the dominance of cash created issues and digital payments in crypto were intended to serve better. As digital payment means more transparency in receipt. You can't get away with taxes and other money laundering and manipulation of consumer services.
We always treat the growth of the crypto based on how much it is adopted in the USA. but we forget there are other nations. And many of them are resisting crypto in real life. Some dont want to use phones, computer even to date. And some just want to use cash.
In such case it makes sense that there is a mindset issue. They want gold and silver but not the crypto. And that kind of is an opportunity and also the obstacle. Because if you are surrounded with such people who are resisting you are likely to not profit when you are taking profit to benefit paying local.
In such case the bet on the new generation always helps. Like new generation is going to invest into the crypto and the blockchain. While people born before 1980 like pre millenial or you can say generation X is going to resist more. And unless they are out of market you can't do much about this.
How does crypto payments changes this scenario?
More crypto payments means more we are bypassing the govt and the VISA/Mastercard realm where they are making things worst for us. Like they dont charge too much taxes or even have more random taxes added on the card transactions.
Crypto payments bring the web3 and web4 world lot closer. You can pay to international friend just by sitting at home and pressing the buttons on the phone. More people use this the more they would be attracted to future features of the crypto payments.
More people adapt to the crypto payments the more govt and other big enterprises would be forced to use the crypto And they would be forced to accept the crypto and add their treasury. Consideirng USA and many other nations already into the BTC treasury you can see it would never end the crypto now, atleast not this decade.
Cash on the other hand would be restricted to uneducated people, adamant people who don't like digital economy and economy where they hate IT and electronics. So there would be a digital divide but we would be on the other other side of the world where we are open to faste payments and more easier compliance.
In short, cash is about to be restricted to people who are not fast in head to use digital products and the payments. In such case they would be possibly making use of the cash in limited places and keep it alive and unfortunately bank too would support that economy for few more years.