Bitcoin Forum

In my opinion cryptocurrencies seem too volatile to be used in the future within a cashless society. For example, only a month ago Bitcoin was well above £12,000 and it now sits at around £7,000.

This does not mean I would not like to see it, I would love to be able to spend Bitcoin on Amazon, there have been rumours surrounding this. What are everyone's thoughts?

Actually it all depends on the future that we do not know for sure. We all know only that the future is unpredictable and we will never know what will happen in the future. We can only speculate. I do not think I understand what's going to happen in the future with Bitcoin. Maybe Bitcoin will grow, maybe Bitcoin will disappear and fall somehow. But there is one thing that always makes me sure. If Bitcoin can not grow in the future, I think there will be someone who can replace Bitcoin. And when that happens, of course it will be better than Bitcoin.

IMO
we live on the phase where the cashless is still being "adopt" . The price fluctuation still tolerable since there's people come and there's people go away

Honestly, I do not want a cashless society. Not unless using bitcoins is much convient to use when I wanted to buy candies, coffees and some necessities upon buying.

I believe that once cashless society is implemented, there will be more crimes and corruption.
One currency is not even equally distributed within specific countries.

I still want physical money and do not want to risk amount of money with volatility of bitcoins.

What is I have a million worth of bitcoin but it decreased because of different factors. That will be my loss and no one to be blamed.

the potential might be our fiat money will be converted as a cashless money and it still has the same regulations with improvement here and there to make it suitable for the society

You have a great point there so everything needs to be weighed up before it goes cashless.

it depends on how you see it !

if you take nordic countries, for example, they are almost 100% cashless. So if crypto thrive, it will be a cashless society where crypto thrive

but if you are talking about 100% crypto, then we may not see it

In this question, your concern is all about price of bitcoin and the future thing to happen, and something turns like a cashless society, as a bitcoiner we are all concern about what future happens, mostly people are looking forward on what will be happen in bitcoin, we all know that all bitcoiners are worried if bitcoin stopped their operation, and i pray that it will not be happen soon.

I think the future of crypto will grow very rapidly because crypto has a very good potential in terms of investment or storage of financial assets for a greater profit. but with the development of crypto that will continue to increase this does not mean will eliminate the existence of fiat money. because there are still many things that can be done with fiat money which of course can not be done with crypto. such as transactions with small amounts that can still be done using fiat money. so I think fiat and crypto money will keep running side by side.

We all know about cryptocurrencies being operated and managed by a trusted people. If cryptocurrencies like bitcoin still  continued their operation all over the world and spread through remote areas, we cannot see people that belongs to a cashless society. And with the used of advance technology, we are hoping soon that cryptocurrencies like bitcoin will spread through rural areas.

We can live a cashless society but it is hard to dispose papermoney there will be chaos in the banks because banks would be useless. We can also convert out physical money in to btc if banks will supoort it because some other national banks in the other country dont advice investing in bitcoin. Living in a cashless society would be possible if it is well supported and if everyone will cooperate.

It can be possible in the future, we already see different kind of payment processor like apple and android pay. If the governments started making their own version of tether where the prices are less volatile then it could be a reality. I still prefer having cash than putting all my money in crypto because there could be times that I won't have internet at my place. Using crypto still has it's cons like what if there's a power outage for a week or month.

From the very beginning, people are born and living in a cashless society, they survive in many years, they used their products and goods in terms of barter or changing of goods. But time passed by, we are now belong in a new generation, with the change of new invented technology. Before people are depend on agricultural products, but today our economic development improved into industrial, social communications, and today more cryptocurrencies born and adopt by people, and today, mostly people are worried and concern of a cashless society and I'm one of that, because i don't like a cashless society, that's why i slowly learn how to earn bitcoin. Hoping that bitcoin still going a smooth and good operational management.

Well, I think on the nature of volatility of every crypto that is possible since we never knew if someday there will be a major crash for all of it. Somehow I don't see that possibility right now since the future leads us that digital currency will be the next big thing. Considering that we are on the brink of massive adaptation on technology I think we will really thrive to cryptocurrencies.

I will love to see a cashless society where bitcoin and other cryptocurrencies thrive in the market. However, as of now it's nothing but a pipe dream because in order to be considered a currency, the matter of value must be stable in price and is not highly volatile at the very least.

Well this technology improves our current cashless system but I think fiat money will still be use no matter what happen. Because cryptocurrency are not controlled by the government this mean they cannot collect any taxes and the economy will not survive specially for a 3rd world country. Digital currency will just help people to transact easily around the world.

Definitely, it will depends in the future and the development of each country. As of this moment it so far that it gonna be happen but I believe it will happen in the future. Cashless society will be possible to happened where crypto currencies thrive but in some point there should have to be considered before it will happened like the strong internet connections since the transaction that we is via on line and we should aware that there are some area don't have enough signal as the way to process our cashless transactions.

I don't see a cashless society happening soon, unless we use digital money issued by banks, sadly they are in control of the monetary system of the world.

If that happens, then we would be back to how it was in the first place, trade of goods. Those times were cashless. But the way I see it now, Still paper money is more convenient in some ways..

Why not? We are essentially living in this type of society right now. Depending on where you live there is 2-9% cash on hand in your given currency meaning the rest is all digital. Cryptocurrencies will thrive either legally or underground they cannot be stopped at this point.

I think the price of bitcoin jumped too quick from $4000 to $20000,now the price are getting stable at around $10k.I hope the price will grow steady and constant in the coming days.But we have to support the altcoins too to have a stable and healthy cryotocurrency economy.

I think that is the dream right there, to have a society and to live in an era where we are able to become technologically advanced and sufficient for us to have a more cashless and faster and convenient way of being there with us. One thing we can look forward to is for us to have more understanding of the concept and to have the higher-ups be able to integrate it to everything.

Personally, i would really love that. Just imagine the world working only with just cryptocurrency. We will gain a lot of time. No need to go and look for something we want for hours. We can just find it within 2 clicks. This will truly help the world evole. We will be able to exploit the gained time in something else. It can be resting, having fun or even working. The only problem we can face is hackers, who they can ruin this whole system.

The cash versus cashless currency debate might be summarized in terms of efficiency and convenience.

In some instances, cash is a more efficient means of purchasing goods and services than electronic transactions. The greater efficiency provided by cash can be an economic booster: creating jobs, supporting small business, incentivizing greater economic growth producing greater gross revenue and higher tax income for a state.

One might say: the "cashless society" paradigm pushed in the media is a pro centralization campaign aimed at reducing competition and placing the exchange of money under tighter control and scrutiny. This will likely reduce economic growth, kill small businesses and result in economic contraction as the benefits of cash, in terms of it being a more efficient means of exchange, are overall diminished.

The limitless potential in cryptocurrency will make the world economy better. We might be able to witness it within the next 20 years when the majority of people have recognized and und understood the purpose of cryptocurrency and how it clearly transcends to a new level of digital and technological advancement.

I think and on what I believe,men cannot live by a cashless society.Cryptocurrencies are much more digital that its a way to pay someone or purchase something.But many establishments are going to use cash instead of crypto's.A lot of time will be needed in order for a society to accept crypto to be everything in their everday lives.

That will depend on how the economy of the world will react to this cashless innovation society by cryptocurrencies, remember how barter was not the common way to transact these days as the old times our ancestors get to used with that type of dealing then the implementation of paper money takes place, some of them reacted negatively to the change but did we stay to that type of system? No, the economy thrives its currency system to fiat monetary systems the same thing with digital cash.

The bitcoin cannot replace Fiat. The state's economy can only function in manual control. Therefore, there will always be a Fiat. Maybe with time it will be adopted cashless Fiat. But cryptocurrency will remain only for treatment between men and storage of the available funds. As an alternative to the cell Bank.

It is possible, but there are lot of things to be consider: the modernisation of technology, the speed of the internet, and the adaptation of cryptocurrencies. As of now, some people don't know yet about cryptocurrency. If the government is not against to it, they should introduce it first.

I think it's possible with cryptocurrencies, but not bitcoin. Bitcoin is too expensive. Many countries now adapt to using cryptocurrency of their own, establishing companies, backed up by their central banks, so, I think that is what will happen. Each country will adapt it's own cryptocurrency, amount would be very useful for local means of exchange. The currency can be used to purchasse bitcoin or altcoins, then it would be just like forex.

That's a common misunderstanding that circulates among crypto investors. Is it too expensive to send or too expensive to buy?
If it's too expensive to send I have a sad news for you. It costs less than $2 to send a 1 million USD transaction to another country. Try doing that in your local bank, even without the currency conversion fees it's going to cost 10 times more.
Too expensive to buy? How come if you're converting a certain amount of fiat into the same value in cryptocurrency. You can buy 10$ worth of BTC and you will have the same value ready for conversion. The price of a full coin is completely irrelevant. It's the value of real goods you can buy for it that matters. If you can buy a used car for $1000 and you convert 1000$ into cryptocurrency you can buy that same car using the amount of BTC that you've bought. The proportions remained the same.

The process of this project or idea can be more than a decade I think.  It will take a hard time to replace fiat money because this money was a the usual object for transaction.  It is hard to introduce bitcoin to old people in the society since some of them lack a knowledge for technological advancement

This is difficult to think, since currently the entire system of cryptocurrencies in much of the world depends on governments and the sanctions they wish to implement in this regard, now ... It would be interesting to let the cryptocurrency system progress in an alternative way and that can stay within the market in conjunction with fiat money, that's what I would like.

     Damn, I cannot even remember how many times I have seen threads having the same though as this one. Lol. Anyways, in my opinion, I really do not think that the volatility of crypto currencies in the future will be a problem if ever a country decides to implement is as their national currency. The only thing they need to do is make their own crypto and regulate it just like how banks today regulate fiat. But something like this will only happen when internet is not a problem anymore for a country. Because clearly there are still quite a lot of countries that have no internet connections in some of their states.

     Odds are saying so. It really is more likely that our generation will never have the chance to witness something like this happen. Heck, I don't even think that our grand children will ever see this happen. Lol. And oh, about the Amazon thing? Well, it clearly is just another rumor since the Amazon has been silent about the matter regarding the use of bitcoins to purchase products on their website. It is that or maybe I completely missed the news about that.

A cashless society supported by bitcoin is such a great idea but I don't think it's possible even in the near future. Volatility might be an issue but to implement this government will have to enter the picture and make standards or controls so people can use it for transactions. An economy can't rely on a currency which have a very volatile movement a lot of products and the economic growth will be affected.

Of course we can. But the obstacles to that are multifold. First being the necessary hardware and technology access for everyone for a cashless society to thrive is a prerequisite. Then for bitcoin to clean up its own problems the transaction fees, block size, scaling issues etc. If bitcoin doesn't do that some other crypto will. Once that is settled the necessary regulation to make it devoid of unethical practices, manipulation and theft which we hear so often. Then it is on people to realize the shortfalls of fiat currency and be the beneficiaries of crypto.

I'm sure we will and soon.
Remember that we're talking about a cashless society not a fiatless one. Fiat will always be issued by governments as it gives them power over their subjects. You want to go against the government? We'll freeze bank withdrawals, close the stores and make you starve!

If you think we aren't going towards a cashless society check how many payments were being done with cash 100 years ago, 50 years ago, and now. You'll see that while 100 years ago we were 80% cash and the bank transfers were being done only in the form of checks, now most transactions are cashless, especially the bigger ones. Everyone has a credit card, an internet bank account, an account on ebay, amazon... Cash is a dying breed.

The idea of living in a cashless society is something that is very amazing to think, but with the current situation bitcoin is going thru at this moment, moving into a digital economy is quite difficult to achieve. There's a lot of issue to be settle first as well as cryptos will need support of many countries also enhancement of the system is a must so that transaction will become fast and reliable.

We are already in a cashless society where cards and online banking and payment are the new trends in the online shopping and even in our daily transactions. However, using bitcoin as a payment in online transactions would be possible if all those shopping platforms will adopt and make payment options for bitcoin. Nowadays, we are dealing with the cashless society and the existence of cryptocurrencies and sooner, physical money will be less and less to use.

Its not new that bitcoin is volatile and you should be used to this type of situation. The change on its price is silly if someone new will look at it but this how the crypto market goes.
You can still use bitcoin in Amazon whether its price now is $8,000 or $7,000 the only thing that matters is its value and things that you can buy will be minimal.

Things as they are, we're already living in world where cashless purchases are already being done and that's all thanks to credit cards. However, I don't see us moving at a cashless environment where crypto currencies can be used as mode of payment. I mean sure, there are some establishments/businesses who use crypto currencies already, but I don't think the world's THAT ready, yet. It does seem like a good prospect in my opinion, though.

It does seem volatile and that is why a lot of major countires and governments have been shutting it down in their borders and economy because they fear it may cause an implosion if this is not handles correctly. However, if we can just make then understand the concept of cryptocurrency and its cashless advantages then we can make it stable one person at a time with every new investment

As new currency bitcoin still has very low liquidity which means that if there are a people who has big capital then they able to influance bitcoin price. Only 1000 btc that converted to fiat in a day is enough to  make a huge crash on bitcoin. Bitcoin must spread evenly so bitcoin can be more stable, and bitcoin will never stable if most of bitcoin users are trader. Thrust me :) .

Crptos has nothing to do with real life currency .Even though we live in a world of crypto it has nothing to do with the real life currency .It is a fact that there are more crypto currencies showing up in the digital market and it be only considered as a form of investment and it has nothing to do with real life currency .Even though the digital currencies are being accepted world wide most of the government are trying to put a control over it.I know both cryptos and real life currency will stay hand in hand because we need real life currency to buy cryptos as digital currency does not have a physical form and it is not accepted in every place we go say like if we go to a local vendor and buy something we cannot pay him using cryptos as he does not know its value nor knows how to use them.Where as Cryptos are accepted in star hotels and restaurants as they know its value and how it can be utilized.

Being a fantastic currency of the time and replacing the cash from the market, these are two different things. Why these people are mining it? Like if you think bitcoins would be the only one currency of the world in coming twenty years that is amazing but they will never be desiring the sense of cash from the market as well as the society. For making this happen, more and more years are required.

I agree. Bitcoin's volatility is a huge risk to take. We might all end up in great trouble if it's value takes a huge step-back. It will be chaotic if we don't have physical money since not all of us will not have access to Bitcoins.

This may happen if the crypto world grows and continues to grow, but I think it will be difficult if money is replaced with crypto, because everyone in the world must understand about the crypto world and this is very difficult, maybe some people will more easily use crypto, but some will feel difficult because they do not understand. If this happens, maybe later when I die.. ;D

can not happen if people are without money, because money is actually the most important thing needed by society, but it may still be possible if crypto in the future grow and increase, but the future no one can predict because the circumstances can change so fast with time

I don't think that volatility is such a big issue. If the govs would have wanted - the'd figure the way to get through unsteadiness and readjust the market quickly. Also if Bitcoin was used worldwide and legal - it would be more stable. And there always are alternative cryptocurrencies with better stability.

I don't think that we will live in a cashless society because not all people in a country can access and use bitcoin since it requires internet connection. And I think government of a country will not allow it since crypto currencies are decentralized, they cannot control it.

I'm still positive of the idea of moving into cashless society even if this time we encounter so many set back in bitcoin price. Bitcoin only needs to get the support of the government so that implementation of digital economy would become easy and also developers needs to find ways to controls bitcoin price fluctuations

That's the reason why we, who has more knowledge about bitcoin and other cryptocurrencies should help those people who barely know the digital currencies and educate them instead. Maybe the more people who knows about its usage would better understand and could possibly use them on online stores or even physical stores in every country.

Coming from someone that is a huge supporter of Cryptos. I hope to god not. This would be a nightmare, as it is very likely that in this scenario it would be a government controlled crypto. The power they would wield in this situation would be absolute and truly frightening.

To be cashless society need a recognition from the government about the currency that being use. The disadvantages of without a cash is the need of internet to access on it and not all people do not aware about cryptocurrency around the world. Not all people are having access on it. It will be hard to be cashless because bitcoin has no stable value where you do not want to spend when the price drops.

The fluctuations of bitcoin or any other crypto currency will not affect our lives moving toward a cashless society. I mean this society will find an appropriate solution for their convinces if cashless society will be proving good comfort and easy transactions then one day or other majority of people will be using it. Now a days, we can see even illiterate people also using bank cards whereas it was not possible in some decades ago.

Fluctuations of cryptocurrency is working in a way like all the people will be adopting it and we may see traditional transaction methods may become obsolete. We cannot which is going to stay and which is not but the fittest one will stay with us and bitcoin is seeming as a fittest one so far.  

Indeed, all crypto currency is not a stable price and now it's hard to imagine that in the future we will pay with our coins. But now there are a lot of interesting ICO projects that give hope.

Its not hard to happen that in future we can use our coin for payment because now a days we can use bitcoin as payment and this can be also happen in other coin, and it is also depends on the ICO and if it can have a project like that.

For us who really know and learn about cryptocurrencies is easy for us to live when it is thrive and more often about cryptocurrency and it is possible to happened, so while waiting let us teach our family to earn cryptocurrencies now preparing for the cashless society.

The volatility seems to be a big factor lately since it is one of the things a business must accept when they are willing to take Bitcoin as a mode of payment. At a businesses' perspective I can always update the price equal to its Fiat currency equivalent in order to adapt in any market change brought by Bitcoin. So one of the biggest problems I see is not volatility but of course its legality, some countries like Indonesia and India have now banned Bitcoin as a mode of payment meaning they are only accepting their local fiat currency as their legal tender. This is one of the things a cryptocurrency and its users must face in the future, as in the legal perspective a cashless society with crypto looks impossible.

The society will always use primarily the fiat currency. But I think that in the future it will be more and more digitalized as well. In most countries the fiat is stable, and stability is something most people want. Cryptocurrencies will not disappear, but they will only play a minor role.

Naturally cash will be used as well as credit cards. Cryptocurrency will be something optional for the next several years at least. It is cool for trading mostly.

Another point which I would like to make is that even with the fiat currency banking systems have developed a credit card system which gives you an opportunity to go cashless and with the cards only. The latest invention about thumb impression for payments on different places is also a very good step towards the cashless society. Crypto stays or not, we soon will be going cashless in near future.

I do not think I will be alive to see such a system but my kids may be using. In developing countries, 70% population have not even heard about Bitcoins.

Right, we just start to adopt it. Meanwhile, I cannot imagine that in the nearest 15-20 years we will live in a cashless society.

The golden period of wild crypto movement will be gone soon with the implementation of regulations and strict KYC procedure in exchanges,the future must be a cashless society and for that to happen it will take a very long time,the real question is will crypto currency thrive during that phase,it is very difficult to predict those things,but there will be certain changes ,if predicting things was that easy i would have being a billionaire. :D

In fact, some of the world's population live without cash, many people do not even see the salary :) So the salary is paid automatically with basic payments such as rent, electricity, the internet. We live in an absolutely cashless society.

Why not want to live where fiat and crypto coexist making people life easier and better?!

Fiat for daily transaction like paying for transpo, buying something in the store or in the market etc... While crypto for paying utility bills, transferring money and payment for online shopping. Also we can use crypto instead of creditcard or payment gateway for credit card.

Fiat for daily living and cryptocurrency for all online transactions. Better and safer transaction online.

We essentially live in a cashless society already, most of the cash that is spent and circulated in done electronically and not physically. There isn't even enough physical currency to represent the total amount of transactions that occur. Cryptocurrencies are the next logical step in the progression of the industry. The main issue is avoiding the government's attempts to ban and control the crypto market as the central bankers panic about a new industry arising that they don't have direct control over. They are already seeing this as they can't just simply print more crypto or add 0's to the end of accounts like they do with regular fiat currencies.

When majority of the people get into bitcoin or any altcoin, its value will become more stable and its not going to be too volatile. We are seeing bitcoin dramatically changing its value because there were still few people who has the big volume of it. Its normal at this season to see sudden dropping and pumping, seeing how bitcoin gained popularity surely it will once again regain its high value.

Its toi early to see bitcoin being a primary form of payment, it might happen but it will take a lot of adjustment and adaptation.

That's true there are still some countries that some people doesnt know the use of cryptocurrencies. This time bitcoin striving hard its existince because of droping of the price. But, in the future I dont think we will see a cashless society. Although many users adopts this technology but we cannot ensure a cashless society will adopts by the whole citizen.

Someday crypto money is definitely growing rapidly. With the support of increasingly sophisticated technology. All that will be easy pasilitas. And the future of everything that must be in search is instant. But if crypto money will replace fiat money in the future I think it is impossible because it is complicated for small transactions and the community would not agree.

Bitcoin doesn't need to replace fiat currency as payment for everything. It is just an alternative way means for payment. If an individual wants a faster and secured way to make transactions that doesn't want any third-party tracking him then bitcoin is right for the job or if that individual is just sick and tired with all the oppression, exploitation and control from our monetary system and just want to freely use his/her money then crypto currency will be there.

A cashless society would be possible. However, a cashless society wherein cryptocurrencies thrive is less likely to happen. Cryptocurrencies are volatile due to supply and demand and if ever they will be used, the market will be disorganized.

I think it is not impossible to happen maybe in the future we are going to live in a cashless society,
I think once the government takes this crypto currency into their own maybe we would see a cashless society in the future,
But who knows there are online banks right now and maybe we could see it in the near future .

Of course, now it is hard to imagine. The prices for crypto-currencies vary greatly, especially during this period. But in the future I really would like to use my coins to pay for various goods and services, all the more so for this there will be all the amenities, ICO projects - this is proof.

Actually even bitcoin was not yet used, we are able to make cashless society happened.  We uses our credit or debit card to pay our groceries.  We can even pay our bills directly on our savings account.  And now that the cryptocurrency is the one in, it gives even more lot of opportunities to live in a cashless society.  It can be done on some part of the world but not the whole.

I am confident that we will soon live in a cashless society, but I'm not sure which currencies will prevail. Cryptocurrencies or digital FIAT?

Well clearly, bankers are not welcoming this thought. Purchases using credit cards and now being restricted i think, to try and supress this revolution. Blockchain technology can really revolutionize how we do transactions and if given the chance everyone will benefit from it.

I dont think so that we will survive in a cashless society, because crytocurrency or digital currency can be obtain and use of all people who are aware of using technology as a tool. But how about the others or in a low level of community, whom are not capable of accessing in technolgy nowadays, so it is impossible for them to survive in a cashless society.

This is possible to think for the cryptocurrencies to have a big role in the financial system that we currently have in our world. We can live in a cashless society where the cryptocurrencies and the internet have its big roles that are keeping the world's economy well sustained for the next years and for sure in that era, the transactions are very fast, transparent and most important, secured.

That’s quite a crazy expectation. So let me guess, he wants a world where beggars sits by the road side with computers and smart phones and wait for a passersby that comes and send them Bitcoin? Lol. Such is not gonna happen. For you to have such a society, you will have to provide jobs and internet for everyone to be able to have access to the digital money you’re introducing.

You don’t just bring a cashless society, and leave some people in the dark to die, it’s making no sense, and no one will even support you with such a thing. If such thing is mentioned in a government meeting, it would be regarded as stupid, seriously.

Well, I'm sure in the future the volatility will cease to exist because nowadays the volatility is caused by the people who lack of understanding about BItcoin and have no faith in the cryptocurrencies, they just don't understand how promising cryptocurrency is. Because of that, I believe in the future when BItcoin already been boringly well-understand as financial assets, the price will stabilize.

yes, All of our transactions and payments will be digitalized in the near future. So even in payments and bills we will have a digital currencies. SO fiat money will be extinct and will have no value at all.

If we're looking at the price then cryptocurrencies will be consider the most dangerous investment in the world by now however this doesnt close the future of bitcoin being used in cashless society because we all know future payment and cashless payment will be applied sooner or later, exampe of this is paypal which still used until now and who knows if bitcoin or any other cryptocurrencies will be used in cashless transaction as we all know that some government already implemented their own set of laws to regulate bitcoin.  ;D ;D

I think that society cannot completely switch to cashless payments. Cash and non-cash money have always complemented each other. With non-cash money, we are always able to cash them. Have a cashless payment has its advantages. But there are drawbacks. There is a certain degree of vulnerability of electronic systems. All customer account data is stored on a specific server of the Bank. And if it to physically destroy something you cannot restore it.