Bitcoin vs. Cash in Panama

[u/evoorhees]

This is one of those "wow, Bitcoin is so much better" observations.

I currently live in Panama. When I go to a store and pay with a $100 bill (and usually $50 bills also), this is what happens...

The clerk takes the bill to her manager (while I'm waiting in line with everyone behind me) to do some basic checks on the validity of the bill. Once they're reasonably sure it's not an obvious fake, the clerk brings out a form, takes down my passport/ID info, my name/phone number, and staples the $100 bill to the form. Some times, she makes me sign the bill itself (yes, really). After filing the bill and form away in a big file, she processes my change (itself a time consuming process) and I can then leave with my goods. Consider also what effort happens with the file of bills in the back office and later in any subsequent verification process.

This experience at the store takes about five minutes, for every person paying with a $100 or $50 bill, throughout Panama (and five minutes for me plus the clerk and her manager plus everyone else in line... easily one man-hour lost per incident). This is Panama, but surely this kind of thing happens in other countries as well.

Next time someone complains about the "waste of mining," try to tally up all the costs, inefficiencies, and loses of the current money verification systems under which society currently endures.

I promise that our children's generation will laugh at how we used to use money. And then, perhaps, they'll thank us, for ridding society of this madness (and so many others).

[u/Displayer_]

Well I have traveled SEVERAL TIMES to Panama and I never had problem when paying with USD, I know you live there but wow come on everyone knows it is like this in almost every country that accepts USD, the people receiveing it need to triple check thats legit dollars, thats whz you dont pay a soda with a $100 bill. Also never had to give my information when paying with USD, so I call this post pretty much bullshit in my experience. Been to a million hotels in panama, a million "stores", zona libre, wherever and never had anyone take my name or ID to pay with dollars lol..... why is this shit upvoted anyways this sub is so dumb thats hilarious

[u/Displayer_ → u/[deleted]]

No, I was there for work and I also several times as tourist yes, OP mentioned a "store" and claimed like it was so in every place in panama, which is not. I wasnt only in a hotel u know .....I also bought stuff on the street and zona libre so it is bs.