In my country, cash is legal tender, which means the Govt of the day promises to honour it. So it has value, that others can rely on. Its also backed up by real reserves, gold, etc. Notes are one part of the money supply, credit is another part. Banks have limits on credit. A bitcoin type of operation operates outside the official money supply, which is a concern.
From: "ofwah@yahoo.com [iPad]" <iPad@yahoogroups.com>
To: iPad@yahoogroups.com
Sent: Tuesday, 29 December 2015 7:15 AM
Subject: Re: [iPad] How Apple's Trojan horse will eat the credit card industry
As an aside to the conversation I would just like to point out that is all the greenbacks in your wallet are. They are Federal Reserve NOTES, not actual money.
---In iPad@yahoogroups.com, <tdale@...> wrote :
---In iPad@yahoogroups.com, <tdale@...> wrote :
, it is money that has no real value, just the hope that others give it of they accept it.
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Posted by: Tony <tdale@xtra.co.nz>
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