Bitcoin Forum

Very interesting.

https://www.youtube.com/watch?v=GbECT1J9bXg

The video centers more on digital payments spearheaded by banks and financial groups but the essence of being 'cashless' is there. In some places, establishments are already implementing a strict no-cash payments, so it might start small on some businesses but cash wouldn't be replaced or removed for a decade or so, I'd say. Seeing that this world has turned into a fast-paced environment, using physical money would take a longer time than scanning a QR code and let the machines do the work, but then it opens up a room for potential vulnerabilities and such that could easily make things worse for those avid fans of scan-to-pay methods.

We are transforming into a world of digitization, and it's no surprise that one day we might not be using cash as we know it as most of our money would be held in databases and can only be accessed using smartphones.

What some of the most interesting points in this doc. (to me) are some things that many of us who have been "bitcoiners" for years already know:
We 'will' eventually end up cashless. What we think of as money has been growing in its digital form for a long time and that evolution of money will end up being more beneficial to banks than consumers: fractional reserve banking is already bad enough. Imagine when they don't have to give you your money anymore.

One of the other things was how easy using their payment system was for them and what a quick evolution it was for cash to become inefficient and burdensome to use.

"cash wouldn't be replaced or removed for a decade or so"
I agree, though it will probably be decades.
Most consumers will move into this very easily but can't even imagine how very bad it will come to be for them.
Ironic because 2008 wasn't that long ago but we've almost forgotten that you can't trust banks, governments or corporations with your money.

I think we'll eventually go cashless completely on the introduction of some sort of bio chip that contains all your details of your identity as well as allowing access to your stored funds, it will be used like a contactless bank card is now used except it will be an insert in to your forearm.

The world is going into a cashless society were people do not need physical cash to make purchases and for other transactions. It is why the cryptocurrencies can be used with time.

There is no real incentive to adopt a cashless society outside of a pro centralization marketing campaign. Paper money will always be more efficient, a preferable payment system, in contrast to cashless transactions under some circumstances.

Cash will always be better and preferred for purchasing weed, drugs, tipping waiters and strippers. It will always be preferred for the unbanked and poorer demographics which cannot afford the minimum balance on a bank account or lack the personal documents necessary to get an ID. Some countries boast 15% and higher demographics of their entire population who lack access to electronic payment methods.

The proof of what I'm saying can be seen in china where their government recently made it illegal for anyone to refuse paper money for fear it could decrease confidence in currency issued by their central bank. There are countries like sweden who heavily favor a transition to a cashless society but I tend to think those who support those types of measures aren't necessarily the smartest people you will ever come across. Moreso the opposite.

Yes>

China Behavior Rating System V/S Sweden Microchip implants

https://www.youtube.com/watch?v=3FMWcLZy3jU

Everybody knows how to deal with cash but very few people realize that having the cryptocurrency, they can make good money. Cash can be spent on different things but the crypto can make you a rich man.

It is the "banknotes" that are becoming the thing of the past, cash literally means money and when you spend debit card or credit card that is money as well. So what we are losing slowly is the banknotes and honestly I am doing my part to keep it alive all the time. When I worked at my last job I literally withdrew all my money to cash right away and never worked with the bank.

When I stopped working for my last job and became full time crypto freelancer, I started to actually keep all my money in crypto and whenever I needed money I withdrew it to my bank account and spent it, never keeping too much in the bank account. I am trying to be all liquid without ever needing the bank. Banknotes are important, they are the original against the banks move and if everyone kept all of their money as cash there would have been no troubles.

You are right on that.



The value of a countries currency holds weight in the world so it has been interesting to watch governments deal with cryptocurrencies.
It is also of great interest to  see how things will shake out with corporations like Google with Ripple.
It would be nice to see a fairly stable crypto-currency to use as cash (not a speculative investment)

We are definitely heading for a cashless (physical money) society and
its speeding up. Think about it governments cannot track cash and
cash transactions cannot be 100% taxed for example.
If i buy something from a stranger with cash nobody knows.

To point out how easy it is to pay with plastic card (debit card) last
thursday night I did a small bit of grocery shopping and paid by
card in a self service checkout, i then had to move some items
to a new location for my daughter and bought some fuel for the
car at a self service station and paid by card. It was late so we
went to McDonald's for the first time in about 12 months and
ordered on a touch screen and paid by card.

I absolutely don't want to live in a world without cash, it would mean no way to evade taxes, it would mean that all your transaction history will be sold to companies that will target you with ads, governments will have easier time to enforce some crazy laws, and overall "cashless society" would become a new high-tech tool for oppression. This is why free and decentralized cryptocurrencies are important - because those that only pretend to be decentralized will eventually merge with banks and will work against us.

Hmm, seems like a plot of a science fiction movie.

Anyway, I also wish that I reach the time when we go cashless but I highly doubt that it will hapen not because I don't believe in the potentials and capabilities of our technology but because of the people's lack of willingness to adapt. Like what happened now, we already have cryptocurrency and yet there are still who refuse to use it and the worse is some of them try to destroy its image in the public. See my point? The means of attaining a cashless society is present but we're not all supporting it :(.

Let's be honest with ourselves for a moment. How many people really still use cash? I regularly make a point of it to look at what people use for a payment option, when I go to the Mall. The majority of people use their debit or credit cards, so we are already going into a cash-less world, even if we are not noticing it.

The Banking cartels are also doing their best to market card payments by using reward incentives for people who frequently use their cards. Bitcoin will just be one of several other options that would eventually tip the scale to a 100% cashless payment network.  ;)

Crypto isn't designed to make people rich. That is not the purpose of it, it is meant to be a more efficient system that is free from control by large corporates and governments.


That's mostly where the idea is from, but you'd be amazed how much of sci-fi has historically come true.

Cashless does not have to mean cryptocurrency adoption. There could be fiat currencies that are cashless. Most people that are resistance to change have the right to be, they're people who only used cash for most of their lives. In 20-30 years there will be few people alive who haven't been subjected to cashless payments for most of their lives.

Very true... cash is getting phased out. It may take a half a dozen decades but it will happen. Cryptocurrencies are just an eye-opener to something much bigger

I’m sorry you’re wrong, things will remain this way. Nobody is going to dump cash to make use of cryptocurrency, even if they do, they will still continue to make use of banks and other stable means of making transactions just like PayPal and the rest of them, which still has something to do with banks. There are people in our community today that knows nothing about technology. So take some chill pill.

in this new dispensation and era of globalization the world is turning every into digital format for easy , flexible and storage . indeed the video is very interesting , l enjoy every bit of it . the trend in the financial industries is changing from trader by barter to digital currency ,despite that digital currency is yet to be adopted . paper money is fading away due to ecommerce industries and social media platform making use of digital currrency such as the latest development of facebook stable coin.

No, I do not think that the national cash money of the states will disappear in the foreseeable future. In any society there will be layers of citizens who do not want or will not be able to use non-cash types of money. They will then be forced to switch to barter relations, and this is generally harmful for the economy of any state. States will be forced to reckon with them. However, I do not think it comes to that. In any society, there will be cases when cash will be the simplest and most convenient type of financial settlement.

It is not a wonder that people are moving away from using cash, I mean technology made a lot of stuff digital and because of that cash became very irrelevant in our day to day life but we still use it a lot. By a lot I mean not as a big amount because if you are going to buy something that worth any decent price you are not buying it with cash, you are more likely either using debit card since you do not carry a lot of cash with you.

However, the small stuff like groceries when you buy one watermelon is usually not debit purchases those are still small cash. When you take a taxi drive or something that is usually cash. Basically we still use cash in many places but the number is getting lower and lower in time. I am sure we will have no cash quite soon with mobile payment technology increasing as well.

This video doesn’t make any sense. How exactly is cash becoming a thing of the past? But everyday you still goi to the ATM to withdraw cash right? Cash is still important more than you think. Digital payments are just there to make things easier for us. It’s just like having your credit card and using it in purchasing stuff you need from any store instead making use of cash.

The world is moving towards total digitalization and cashless society is becoming more successful because it fast and easy but we should not also forget the place of time it going to take a decade before we can have a full digital society where the traditional paper money transactions will be replaced with newer technology and scan to pay process.

Many developed and developing countries are focusing on cashless system so that they may remove most of their ATM in near future as people do not need to withdraw and hold cash for their daily needs. Just having some mobile APP or simply holding a debit/credit will be more than enough to lead a happy life as all your daily needed things will be available for those payment processors. Moreover it may like, no one will be there to accept cash from you then why you need to go for ATMs. Now tell me, cash is becoming a thing of past or not (if not in your country, at least for some other people) ?

Now digital payments are seeming like an optional but in near future it may become as the only available payment methods. Just think about revolutions on payment options and make sure you are preparing yourself to face those revolutions.

When I take an Uber or Lyft the only cash I use is as an extra tip.
Just about anywhere I shop, it will be a card that I use.
Shift used to be a card linked to bitcoin. They did away with the card but something like it would be useful.

For the one who says nobody is giving up their cash to use bitcoin? People better figure out something else to use other than relying on the governments and corporations that have already proven that they are not good with our privacy or money.
Right now the technologies behind crypto-currencies are still being tested, so yes: speculation is creating instability. Will it always be that way?
We'll see.

The cashless society is taken into account in the developed countries whereas the infrastructure and support of the citizen supported it. But its become the problem in the developing countries, I don't think they are all ready to migrate to digital cashless payments. People still use cash to buy their needs and etc, the cycle of the market is yet still using cash, As far as I can see in the country where I live, Indonesia. But that doesn't mean a cashless system isn't applied, some of the people are using digital cashless payments in their life but its a minority.

The video is about digital money system which I believe including blockchain technology.  I seriously believe that in future our bank and other financial institutions are going to completely adopt cryptocurrencies and blockchain technology for fund transfer and others transactions.

Right, we must prepare ourselves to leave off cash system completely within our generation too. Because, in my country also government is emphasizing about not using cash for day-to-day life. Even we are not having enough infrastructure for having cashless society, our government has already started an initiative for adopting digital payment systems. I believe that all the digital payment system  users will end up in adopting bitcoin one day or another because when people want start valuing their privacy and freedom then they will definitely go for bitcoin systems.

End of cash based system has already started but we cannot expect a complete cash-free system in flash as it will take more time for every people to realize the importance of adopting digital system and having bitcoin kind of denationalized system.

The world is steadily be transformed into a cashless society. This happens due to huge amounts of debt that are in place right now and Central Banks print money which is intangible. It comes only as a digital form and none can see it or touch it. Thus, they want somehow to promote the usage of this money and they have turned us to not prefer cash anymore. I hope that people will be more exposed to Cryptos as the new era of cashless payments and forget about the digital financial services that banks offer.

Give it 10 or more years and paper money/fiat/physical money will no longer be in circulation on a single country.

If you're aware about other countries using a card as payment system on train stations, bus rides or any local public utility vehicles, other stores stores might make their own payment system. Imagine your local 7/11 store have their own re-loadable card, only your bank account is needed when adding funds to that card.

The main focus is on centralized systems: not even a peep about bitcoin but it would have been nice to see bitcoin included.

every development leads to a practical one, where they do not need to be weak carrying cash which is risky when carrying in large quantities. but I think 10 years is not enough for that, because there are still many small shops that still need conventional methods

Small shops can accept bitcoin as payment with a [free] bitcoin wallet, though I don't think it's ready for average people without knowledge of its current volatility to transact with daily.

Maybe in years to come bitcoin or something like it will be an alternative to trusting someone else with all of our money, especially when banks have already proven that they can't be.

The move towards cashless society have given room for digitalization of the financial system, the bank are more involved in this then any other agenta. But before there can be total face out of cash that will take a long time because the government have no policy towards eradicating the cash system and at that it systematic exits will come with a long time frame.

Indeed this can happen, but not soon because we need more shops to accept cards payment and this is hard outside of towns because not all places have internet access and this can take time to happen.

Do they have cell service? That's enough for a bitcoin transaction.

before making a bitcoin transaction with a cellphone, the internet is certainly the main requirement. in my country cellphones have become commonplace, but the network has not been spread evenly throughout the region, the signal has become an obstacle

This only emphasize the development of a cashless payments around the world. Hence, it gives a good impressions to the most of the users and patronizers. This only means that even if we are still using the paper money, we are in an advanced technology where in we are in favor of using fast and reliable payment method given by this cryptocurrency technology.

Most gov'ts don't, I agree, but hasn't Switzerland almost completely eliminated physical money?  There was a thread somewhere in this section about it.

Governments should realize that although many citizens prefer not to pay with paper money and coins, those instruments are still critical and should not be phased out.  A cashless society would be a slave to the electric grid, and most of us can recall times when the power has gone out.  And what do you do in a situation like that?  Even if you can find a store open for business, they are probably only going to accept cash.  No credit cards, no phone payments, no bitcoin.  Some say it is only a matter of time before a cyber attack on the power grid happens, and when it does cash will be more important than ever.

Electricity concerns aside, physical money still provides the most anonymity no matter how private any particular crypto claims to be.  I am concerned that people are abandoning their concerns for privacy, especially young people.  It is not a good thing when gov'ts and banks can see all of your financial transactions, even if you aren't doing anything illegal.

Economist and experts who knows how to study the market have been saying that very soon cash will be a thing of the past, but the problem with human beings is that they like to jump into things late because they want to see it start happening first before they believe, which is a very bad thing because it might be too late by then.

Due to what is coming in the economy of the world, bitcoin will be the saving grace to this economies that will experience the downfall coming in the nearest future maybe in few months to come.

I actually agree with what you said, electricity is going to be a massive obstetrical when it comes to things becoming cashless, and it will make banks and shops vulnerable to cyber attacks where people's money is at risk, and will lead to a chaos, besides there are a lot of people who are not in favor of the cash and will always prefer the old simple way, and also people think that with governments replacing cash with digital fiat it will make thing better, it is not governments now print money and control the volatility of the fiat, with it becoming digital they will be able to do it with just a click, and people won't be able to do a thing about it.

Some questions come to my mind: If there will be no cash in future, this means there will be no need of gold that currently stands behind money, I mean cash won't be backed with gold because there will be no cash and gold will be absolutelt another investment option, just valuable thing???? But if money will be only numbers in electronic systems, then who will control it overally? How will be inflation? Governments will just change numbers as they wish, even usa prints as much as they want and in virtual, they'll do insane things, possibly. Don't think cash will completly be taken so easily.

I don't think we will ever become a fully digital society. Things like power outages, hacks of banking systems, cards not working (has happened several times in the UK in the last three years due to software glitches at the banks), the risk that payment systems could be hacked by malicious outsiders - all these things can bring down your economy unless you have a backup system. And that backup system is cash. It works smoothly every time and is not going to go away.

I know we already know this since the technology, crypto currency leads there. I am not saying that it is the one that made that path or start that path but what I am saying is that it all leads there. Cards are being so popular especially mobile transactions. This is a thing now but we should always remember that there are still a lot of people that will prefer cash than this.

I realized other things here.

I mean how can those people live in that place without any banks, if they will be having a problem with their cards I think they really need to go far so it would just be fixed. Though in our place, that is the same, not that we don't have banks but as the old man says, we still need cash. Not all the time, we can just "swish" anything.

I think to be able to make a lot of people make transactions using digital currencies it takes time or process to do it because changes in how to transact will not be easy to change.

everything is true that you are mentioned in your video and I I know a lots of things after watching your explanation that mentioned in the videos also everything will be controlled by someone and it will not be not by lots of people

Of course, nothing will change so quickly. To begin to disappear paper money, it is necessary that much has changed dramatically for the better. We must achieve a very high level of development of engineering and technology. They should lead us to a completely different quality of life. We will first populate the planets Mars, Evening, the moons of the moon, possibly Titan and Europe. We will learn to catch asteroids with the minerals we need, and then there will be a different quality of life. However, this is still far away. In any case, our grandchildren and great-grandchildren in the seventh generation will still pay in cash.

right, to see the loss of paper money may occur in several generations after us. for now cryptocurrency can be paired with paper money, it's good. because what is faced is all countries in the world with different backgrounds

You really think so? with the rate at which technology is evolving.

Those generations he stated might really not get the chance to know what cash is, one of the technology that will take part of cash relevance away is what has just been created, which is bitcoin, prior to even when bitcoin was created, I cannot remember the last time, I held cash, there has been lots of digital payment methods I have been using, either I pay with credit cards, make a transfer from my mobile wallet and many more.

We have lots of countries that are even operating a cashless society already, talk less of when bitcoin now takes over, other technologies will still come up that will make cash be long forgotten before those future generations.

No country in the world is a cashless society yet, and this probably will take over a decade or more to actually change. It's impossible to shift over a country entirely to digital payment forms.

I find it quite funny how people cheer for a cashless society but don't know what the consequences of such a shift are. I really hope that we'll never reach that state and we always have cash as an alternative option.

The danger is directly the convenience all these centralized digital payment forms provide. Average joes are very simple in that regard--if something works, they'll use it. Easy bait.

Yeahin some countries today implementing a system that looks like that. As in my country, there are ID cards with chips in them, and they contain big data like names, addresses, bank account numbers and so on, and you can pay hospital bills, electricity bill just with that card.

The world is increasingly sophisticated you know and we will certainly find new innovations from a payment better than cash

Actually, I absolutely do not want such a scenario. Biological chips, it would seem, on the one hand, will create additional convenience for people when making any transactions, but this will allow governments to almost completely control the activities of people. Better let it be ordinary paper money and our freedom, including financial and, in general, personal life. The Christian religion has long warned of such a development of events and calls such biochips a mark of the devil.

No one wants such a level of digitization. People are much comfortable with what is available, cryptocurrencies have begun to serve the community better without flaws. When everything gets into digitized environment there will be more risks of security vulnerabilities. This needs to be overcome with advanced technology and not with the extreme of chip injection. In India recently they've stopped printing their largest denomination of 2000 rupee currencies just to increase the digital payments. Likewise different strategies were followed on different countries which looks like an entry to cryptocurrency usage in the future.

Bank are responsible for devaluation of the cash, the time president Nixon remove gold backing dollar standard all the irresponsible bank start their dirty job, borrowing their cash reserve to the second bank at fraction of 10 per dollar, and the second bank borrow to the third bank at the same fraction, and the third bank to the fourth bank, fourth to the fifth and to the infinite number of bank bailing out each other with scam factional banking. Now the same fraud bank want to tell us they finally destroy the cash, and even come with documentary, wow it’s great I would give them cookies for doing us a favor by killing cash.

It's an eye-opener to me that some first world countries are already near going cashless. I can point out some pros and cons according to the documentary and from my own opinion of going completely cashless. Note that I haven't finished the documentary.

Cashless Society
Current situation points:
1. Almost all shops in Germany are going cashless.
2. For businesses, it's easier and faster to open up since they don't have to setup cash in counters.
3. I don't think it would be much applicable to third world countries where internet and technology are limited to the middle class people.

Pros:
1. It's much easier and faster.
2. Having cash is prone to thefts, or misplacement by the owner.
3. Keeps track of records where the money is going.
4. Eliminates most illegal activities that uses cash to transact.

Cons:
1. Privacy concerns for Pros#3. All purchases are recorded.
2. Fewer jobs, since banks and shops will no longer be needing much employees.
3. Needs constant internet connection just to make puchases.
4. For small amounts, this would be more of a hassle than a convenience.