Bitcoin Forum

Well I went to a NEO coin Developer Convention today and based off everything they were discussing it sounds like Europe, Asia, S. America and N. America are getting ready to completely get rid of cash and unite the entire global economy. Those of you blockchain developers what are your thoughts on this?

Get rid of all the cash?
Probably sometime, but this is still a long way ... of course, this is not only our (user) goal  but also (probably even much more) governments, because cash still remains the most difficult way payment to track down...
However I think needs very long time and saying that I do not think about years but rather about decades ...

The global economy is already united imo, and getting rid of cash means they will remove their control of money in the market. It sounds too good to be true because at this moment bank control/government control on the number of circulating fiat money is essential for their monetary policy.

I'm not sure the discussion is based on fact. What I heard from media, most of the time is that there are more countries which make or prepare regulation or adoption for blockchain + cryptocurrency, but not entirely remove their fiat system. So both fiat & crypto will stay, run hand in hand and who knows what will this bring.

no,
it means getting rid of PAPER cash. thus everything is electronic and locked in custodian(banks) managed by the same financial industry.
banks and governments wont give up control.
just look at how they treat exchanges. you can google it and find LOADS of examples where exchanges KYC and report users. and some who go over certain thresholds are told that a service(withdrawal) cant be offered unless KYC/extra data is provided as required by a higher threshold.

something not needed when storing and handling PAPER cash.

what will change is the lack of need of a walk-in bank branch. and instead payments and exchanges can b done online or via ATMS.
banks save on alot of physical costs:
less rents/transport/maintenance

banks save on staffing costs:
less security personnel, auditors, IT staff, cleaners, supervisees

but in the end average joe who just about knows hw to use a debit card would not notice much difference in spending experience wither its old fiat on card or new bank managed crypto

That is progress. we are all in the phase of developing digital currency so that it will gradually until someday completely eliminate the currency. Technological advancements have driven our lives to become much faster and also flexible so that we make a digital currency and blockchain technology that can help the financial system become much better.

I'm not a blockchain developer but I would say that its highly unlikely that we can get rid of cash just like that. Remember that banking institutions are one of the pillars of a country, so getting rid of them would somewhat collapse any nation, in my opinion. I'm sure there are advanced countries experimenting on being a cashless society but it doesn't mean that other nations will follow and make cash obsolete.

that's one of the biggest problems with these altcoin gatherings. they focus on advertising their tokens to get more pumps out of it and to do that they sometimes end up exaggerating everything that comes out of their mouths.
in this case "getting rid of cash" which is not going to happen, specially with some token that nobody even uses and more importantly a token that is for smart contracts not a currency so it can't do anything to cash which is currency.

It is always easy to convince people that changes are coming fast but actually what is happening on the ground can be different. The massive adoption for cryptocurrency is still to come and this can't happen within just years or even just a decade...as we are actually dealing here with real people and not machines that can be easily program. There are many places in this world where cash is always the prime way of exchange so I guess we should be looking at the accelerate use of non-cash based transactions but not expect that cash can totally be eliminated. When credit cards became so popular in the 80s and 90s people were predicting that we are going to become the cashless society...well credit and debit cards are so popular today but so does fiat money. I am then seeing a world where people can have many choices they can opt according to different situations and locations.

Where difficult to predict whether Bitcoin can change financial institutions or not because as of yet bitcoin hasn't changed any financial institutions majorly as of such in so many years of its existence even when bitcoin values were somehwe 19k and had good market value it didn't turn out to be that influential on financial institutions majorly so as of now with cureent market I don't think bitcoin would change any financial institutions.

Getting rid of cash - Yes it is an imminent future!

Decentralized Cryptos to replace cash - Daydreaming!

When you say, getting rid of cash, what do you exactly mean? The way digital economy is moving forward, I am sure Banks and governments will start issuing digital currencies very soon! But those digital currencies will be strictly the digital form of the existing fiat currencies and certainly not bitcoin or any other cryptos. So we will probably see Digital Dollars and Digital Euros circulating in the market. But we won't see NEO/bitcoin to replace them! These are two different thing!

I don't think "get rid of all the cash" is a long way to go. Using QR, China successfully built its own cashless society[/url] with 1/7 of the world's population: https://www.bloomberg.com/news/videos/2018-08-23/china-s-cashless-society-video


Utilizing blockchain to carry out cashless transactions is highly possible but that would be digitized banking with USD-backed or GBP-backed cryptocurrency instead of BTC, ETH or NEO. It's very difficult to reach something we call "decentralized".

I think that is a discussion that will have a positive effect on the crypto world. but the negative impact of this plan is for some primitive people. they will be difficult to adapt to a decentralized system. so. in my opinion classic transactions must also be maintained to serve primitive people.

yes blockchain is the best technology for saving money or transaction. By Get rid of cash and unite the entire global economy. i think it's a good idea because with blockchain your identity will be safe and can keep track about your transaction

No government is planning on getting rid of cash, nor is that a practical suggestion at the time.
A global currency would emerge and grow slowly over the next century not at an instant.
Both fiat and bitcoin can coexist for a while together as financial tools.

Cryptocurrency will serve as an alternate to the traditional fiat. As of now financial institutions have begun to adopt the blockchain technology, but this will enlighten the future growth of blockchain technology and the same won't make the cryptocurrency network go mainstream. However financial institutions will focus on centralized crypto development. This will let the decentralized network flourish big.

Completely? Nope it wont happen till the end of this world. At least it wont happen globally, perhaps some countries may burn all their paper cash and change it with digital money in the future but it wont apply for all countries in this world. Regulation and economical condition are some of the reasons why it wont happen globally.

In my opinion it has this power. Its acceptance will cause us to easily monitor what everyone is doing. Even the states will have a wallet like you, so you can see how much they spend or gain. In addition, limited supply will go against by additional money production.

If you mean completely getting rid of cash and adopting digital currency, it's a great development yet I don't think it'll be as easy as it is since not everyone are that good when it comes to technology. And it will be also hard to replace traditional currency since most people were already used to this type of currency.
The government will probably be strict when applying digital currency and it might be hard for bitcoin since of course, the government wants it to be centralized.

I must agree with your opinion that for now cryptocurrenices can't solve all financial problems but yeah these can be major players for sure.

Even though am not a developer but I am a crypto user and lover. I believe one day the world will be united with cryptocurrency but this won't mean the traditional financial institutions won't function again. Its just going to die down slowly as the worldwide adoption of crptocurrency increases. Financial institutions might are already bothered now about cryptocurrency which is why many don't want it to survive because they know its going to change things and they will be forced to make changes in the trending direction which will be difficult for them.

Bitcoin? Probably. Altcoins? No!
Bitcoin is the only currency which I predict would survive, as a currency and a means of exchange. It could possibly outlive fiat currency as the world looks for a global currency to unite all states.

It's already changing financial institutions. Crypto made banks open trading desks and even consider launching their own cryptocurrencies. Many banks are testing blockchain as a secure place to store information. I read that there was a Bitcoin exchange between 2 countries Argentina and Paraguay. It's happening as we speak!

It might take a long time to change the payment method using crypto currency because now only a few countries legalize the crypto currency only as an investment commodity, but even with rural areas that cannot access the internet, it will take a long time to get to that direction, but also not to close the possibility that this could happen just like the internet which was still considered impossible but finally can now fulfill the reality and really help our work.

Change financial institutions as a whole?

I don't think that will happen, even though there are applications that provide policies for crypto use, it seems that there are still many people who reject this, as well as some of these institutions. I think this should be applied to some places before applied to whole institutions.

The revolution has already began with the major disruption of the banking services. Cryptocurrency provides fast, smooth, secured, transparent and low cost transactions for its users on a well decentralized platform. The decentralization grants users the back to assume control over the finances and related transactions.

To anticipate such huge change in the system and so the wide adoption of blockchain technology, they used to move and accepting crypto's with in.
We heard that some banks offers crypto deposits and also ATM's which could take a lead for their acceptance also with this new technology. 

I do think that crypto currencies will come to have a huge impact much more in the future. No doubt that it will totally change the financial institution in the world we are living into. Moreover, crypto currencies will come to lead the globel financial industry in the future ahead.

Cryptocurrencies will surely have a big impact on the financial institutions and change the economy but until cryptocurrencies can completely take control over cash a lot of things will have to happen. Right now there are about 25 million people using bitcoin according to some researches made last year but there are billions of people in the world and everyone use cash. So in order for cash to be fully replaced by cryptocurrencies it would take at least 25 years in my opinion but it's impossible to even predict that since bitcoin is still something pretty new for the most majority of the population

I think cryptocurrency will significantly change a lot of financial transactions but will not completely eliminate the fiat money or cash. This cash will be there to co-exist with cryptocurrency. There are transactions that will still need the use of cash. Remember that these cryptocurrencies are all digital. They have limitations.

They just can't get rid of it immediately. Do you have the source on where did they get that idea that all of these continents are starting to get rid of cash soon? The gov't of each country won't allow this to happen.

But going with the possibility, it can also be the digital cash but it's still the same fiat currency of that country. My thought on this is we're going there soon and it will happen gradually.

Financial institutions were the key members with each and every economy related activities. Here, third party usage is big and they make a big earning out of the users pocket. This gets minimized with the usage of cryptocurrency and financial institutions will serve as always. Apart from this more financial institutions will begin adopting cryptocurrencies.

Sounds like they were in shilling mode. People in power don't voluntarily give up that power, it's a long and painful fight to make the world a better place.
But crypto does have the potential, and it is the first viable alternative to traditional finance. So that's a huge weapon for us.

I think we will rid of financial institutions in the next 5-10 years. We are going to become decentralized and utilize what is known as independent money. Have you ever heard of Ampleforth before? They're a project currently in testnet that is looking to accomplish exactly this!

There is no guarantee that cryptocurrencies will change financial institutions completely. But, it will have an effect on the future financial system. The application of technology is happening but, complete decentralization is hard to be implemented. I am not saying that it is impossible. Cryptocurrencies has its advantages and disadvantages,while traditional financial institutes has its drawbacks too. But it will take much time for people to get used to.

Blockchain technology is the main tech that will change how financial institutions operate. Cryptocurrency is just a payment system found on the blockchain technology network, without blockchain there is no cryptocurrency. In relation to removing or getting rid of cash, I don't think that is gonna be an easy thing, this can take about a century for that to be possible. just a few are aware of the use of cryptocurrencies and the majority strongly trust old traditional cash.

Cryptocurrency is a financial system that has now begun to be applied to several financial systems. Cryptocurrency is used because it has so many positive benefits, to support a much more sophisticated future, cryptocurrency is needed. The future will require far more flexible things and must also have a better level of security.

I don't think it will change financial institutions completely but it will work hand in hand with financial institutions for a long time, using crypto as a means of transactions will be a choice made by people who want too, fiat will still be use by many because they are use to it, especially the less enlightened one's who have less knowledge about blockchain.

I wouldn't say crypto's will change financial institutions. Why don't we leave the option of creating fiat crypto - USD on blockchain technology...
Blockchain will definetly change financial institutions. Not just banks, but stock markets, brokers etc. Blockchain will introduce digitalization of security and other assets. And that will be revolutionary.

if indeed America will eliminate cash and unite globally it might be a good issue for crypto development, this is one of the popular things and this will pump crypto prices and lure investors to invest heavily because of this effect crypto prices will return up high.

well if your information is true then it is a welcomed development for the cryptocurrency community and this will for sure change financial institutions completely in our society. I sincerely do look forward to cryptocurrency being fully adopted by all nations soon enough.

Indeed the USA always wanted a strong dollar and they will never let any alternative currency replace their whole system. Cryptocurrencies have no chance in this competition and if such thing gonna to happen Euro and other worldwide currencies will willingly replace USA $.

Well i would not want to call it a total change but more of like an improvement upon the financial industry where we would be making transactions with the use of cryptocurrencies which are very fast and also charges very low transactions fees as compared to charges that we pay through banks.

It wont change it completely but then I think its technology will be used alongside or will be integrated with their activities to help bring more transparency and also security to them.

Yes, we will all go towards improving financial conditions when we can apply digital currency in financial transactions that we do. Digital currencies provide enormous benefits to the world financial system, indeed this will not change everything in total. but I will all optimize gradually, with increasing levels of trust, digital currencies are projected as a major financial system in the future and fiat will still be used as a supporting financial system.

   If  cryptocurrency can change financial institutions completely it will be the inefficiency of the traditional finance systems even though most of the money flows globally daily through banks and financial institutions that have to employ several staffs to serve the customers so the traditional currency transactions may cost too  high and  more time since the process of transactions is carried with a third party interference .Cryptocurrency can change by solving these problems that occurs in traditional currency transaction since cryptocurrency is a decentralized and there is no need for a third party interference  and time can be saved and low cost since the transaction is carried by internet accepted globally ..

cash may be difficult to replace completely with crypto, it takes a variety of tools if you want all trades to use crypto. the best possibility is that cash is still used and crypto currencies can also be used. all currencies are used according to location and circumstances.

Well, that's a big question. But in my opinion, I think with time, these things are possible. Though it may take a while, but its a digital age now. And with the right infrastructure and management, cryptocurrwncy is the gateway to financial freedom. And will eventually change financial institution completely.

I say no it wont replace it completely i know alot of bank in New Zealand are closing down new zealand buy and sell crypto exchanges bank account to do business which make it a lot more harder as i know bank hates cryptocurrency. in saying that banks should embrace changes but i know they wont as they still want the monopoly over people money.  this is hard to say at this stage as crypto are still new.

Maybe what he menans get ridding of is only the said countries on top. Since most counter parties like China N.korea are not into crypto currencies. Who knows maybe it can help ones country to grow even faster than the present if they use cyrpto for their trade and other businesses.

As of today, cryptocurrency is attracting more and more financial institutions blockchain asset developing and implements and adoption is happening in financial institutions and even they are developing the crypto product

yes i believe so as financial institutions will have to make so much adjuctment in moving into the crypto world. Though I don't believe fiat will be completely stopped, financial instituitons will have to rearrange things so they serve two purposes at same time which is doing both fiat and crypto transactions. Well lets watch closely as events unfolds.

Most big financial institution only adapting on blockchain technology but with old economic system. I think hard to change current economic system because banking bussiness is too big to replace and many interest involve in banking bussiness

Well truly, the world of financial industry keeps on becoming into innovation that brings completely in a different level of modernization. Crypto currency have a high potential to make a better changes and a lot more interesting way of financial institution. I am looking forward how would our financial institution be look like in the future.

I don't think any country is ready to get rid the cash completely, to get rid the cash the country's need to prepare the infrastructure and there will be need for the people to learn about the new process, it won't be so simple, and cashless doesn't mean they will embrace crypto

I think I also trade crypto money, so for me, if I think about getting rid of cash, I don't believe it might work, so I think both are good currencies, cash and digital money.

As mentioned it isn't that easy to get rid of cash. People were adopted to it, compared to the cash usage on the global scale cryptocurrency usage is very low. In future there might be some possibilities of it being get used by each and every people around the world knowing its importance. Same time such a growth doesn't assure of the decrease of cash usage.

I'm not a blockchain developers but it's not that easy to completely get rid of cash especially on "third-world country" like in my country. Most of people here don't know what is bitcoin and what is cryptocurrency. I guess America, europe and japan first who will get rid of cash.

uniting the global economy? and eliminate cash? if indeed that happens it is the progress made from the big countries, and it cannot be denied that many other developing countries will participate. You could say this is one form of change in the economy that was influenced by the digital era.

This is not going to happen. Unite global economy and no cash, not a chance. At least not in our live time but in general I think that expecting so huge changes from cryptocurrencies is utopia. They are just not designed like that and global economy couldn't rely on them, such system would crash. I wouldn't say it's completely impossible but for that some major changes in technology of cryptocurrencies would be needed.

Well honestly, it is not that easy to change the financial institution in a very short period of  time. Honestly, even a decade is still a short period of time to take and make change eventually the financial institution. We all know that we, people are all born and sees the financial industry with a fiat currencies as the medium. And so this brings up the existence of the crypto currencies resulting people to decide that it would be a better one for our financial institutions as making it a medium for our payments methods.

Globalization has been rapidly progressing but were still far from having a united global economy, much less a cashless society. Even with the formation of the UN, I still think that having a global economy is far from reality. As for now, were already experiencing technological advancements due to crypto. Blockchain technology will soon be utilized everywhere.

This idea of getting rid of fiat  completely to me is a fallacy. In my own opinion crypto and fiat can co- exist without this constant rancor created by some crypto enthusiasts who know little or nothing about the finance world..

every country has a policy about the future of crypto currencies. America may delete fiat currency and replace it with digital currency, but it is different from policies with other states. in my opinion, we still need fiat currency in our lives because not everyone uses crypto currencies. and not all countries legalize crypto currencies.
 

bitcoin itself cant be taxed but the goods that you are buying online can be taxed  . aside from tax , we also pay for the transaction fees  . crypto is pretty costy to me if used as a currency means  .


fiat money wont ever be replaced by a cryptocurrency because like what others said  , not all have the ability to use it because they are lacking of knowlege and they didnt have the required resources to run a crypto  . i agree on you  that crypto and fiats will co exist  together , infact its actually happening today .

No, not completely, but it will brought many changes. Financial institutions, can either cooperate or compete by improving their services to cope up with the cryptocurrency exchanges and trades.

Yes, every country has a different policy in using cryptocurrency on which can help their citizens to minimize the risk and use it according to its purpose. It can't also change financial institutions completely as we know that their are places who doesnt know it because of lack in accessibility in the internet on which the fiat currency are mostly needed in order to transact easily.

I think not, because fiat needs a bitcoin vice versa. Both would be perfect if it could work the same. Bitcoin has a new system that cannot be controlled by anyone. While fiat can conversion of currencies into the bitcoin State.

I agree, a still long way to go, but it is catching up though.

Yes, just like the crypto exchange (https://darbfinance.com/?=crowd) site I know where the transaction speed is very fast. The payment fee of this site is one of the cheapest site of exchange I know.  You can even pay in online business, games or physical store a s the risk is very small. If financial institutions will not make any moves to cope up with it, then they will lose to these online exchanges.

I think this is only possible in a progressive countries. Like in US. Let embrace the truth that here in south east asia countries this is impossible to happen because the type of government that we have and also one factor that we need to consider is technology. If the merchant did have not exact fund to upgrade their system how it possible to change the financial institution completely? I think all of us will be affected

Its impossible to happen dude, the world is full of many problems, they will not add to their work by changing the economic system
that they have built for hundreds of years, eliminating cash and fiat for crypto. it's too difficult to imagine

Each factors needed to consider and it will be a tough calls for each countries how to adopt new system that they are also ain't aware completely, the people inside such countries needs assurance before going to change the system, those who understand crypto can adopt right away but for those who's completely new, doubts will overflow as they will continue using fiat system.

Most of the users have stated that the governments won't be that supportive to make change on the financial institutions. From this people have a thought that legalizing cryptocurrencies will help with the change on financial institutions. This is completely wrong, the change begins with the technology adoption which doesn't need any form of legal measures. The financial institutions systems when integrated to blockchain technology automatically the use of cryptocurrency will emerge. To achieve this it takes a lot time as we've got very few number of financial service renders functioning on the blockchain platform.

Cryptocurrencies are a long way away from completely replacing fiat. When it comes to payment, over the past few years, we have seen sharp upward growth of transaction volume for cryptocurrencies. Some big companies have already started integrating bitcoin in their financial systems and others have also seriously thinking about it.

removing fiat currencies is very impossible even though the crypto currency has grown rapidly and many digital currencies are legal. Fiat and digital currencies will support our economic activities. and fiat currency can be used in urgent situations without having to use technology.

They're looking at something that'll be extremely hard to realize for now. Especially in asia where you don't have as much support in certain countries like china. It'll be easier for western countries since they're open to that as probably have better tools to work with by their general vision of crypto majority world is a very long shot.

I really doubt our fiat will be completely do away with, but am sure they will in gbe future be limited to local daily transactions and transactions that arr not very heavy. Cryptocurrencies will be use across borders and inter-states within country. To achieve a truely cashless society wherein transaction failure rate is kept almost at zero, we need the digital currency. We really can't continue with the gangster like style by which these economic cartels manipulate money to their advantage.

Of course blockchain is the best technology for saving money or transaction and can also get rid of cash and unite the entire global economy.

What on the earth are you talking about?
it does not make any sense, why would NEO conference have any bearing on world economy at all?
NEO is vet cool project , possibly the best smart contract crypto project but thats all. Economies are not going towrads blockchain this is just air.

I am very welcome about this. That's a good idea, because it should have adopted the blockchain technology. but what they mean is just to move fiat currency to this blockchain technology. so it's easier to use for transactions and carry. I don't think they will make it even, they still make a currency difference.

yes i agree with you getting rid of fiat money sounds easy but i think it will be quite difficult to implement. because fiat money has been used for a long time by the community and until now fiat money remains a means of payment. even though most countries have started to adopt blockchain and cryptocurrency not means that fiat currencies will disappear. it might take quite a long time for people to be ready to use cryptocurrency.

Pure speculation in my opinion. You shouldn't believe what a single dev is saying just because he heard some rumors. Cash won't be abolish but in time cryptocurrencies ( if they reach the point when you can rely on them on absolute everything ) will take slow and steady the front of monetary system no wonder why China is building its own currency and USA is facing regulation with Libra ( the debate already began on this super-powers ).

I agree, its been ages since fiat is the source and main currency of all the countries worldwide, honestly I think cryptocurrency cannot remove or takes place fiat. Cryptocurrency can only help the economy of each country, it can help people also with their daily lives, similar to dollar and local currency, dollar remittance help the country grow by converting it in local currency same as in crypto to fiat, if I am not mistaken to this one.

Cryptocurrency will change institution where bitcoin and altcoin become only one currency have transparent data for each transaction, every payment history of bitcoin and altcoin could check and companies or government using bitcoin and altcoin as transaction payment will know detail about their transaction, they will easy to know where is their money sending and how much bitcoin receiving in their wallet with correct transaction history.

I think its just their personal opinion and ideology not exactly decided by those countries. Eliminating fiat money in a country was hard to di and takes a long time before emplementing. In addition, there are a lot of countries on that contenents fully accepted bitcoin or not even know about cryptos. Maybe this was possible but not today, maybe years ahead.

First and foremost, it will be nearly impossible to get rid of cash completely. Cryptocurrency has a good potential of improving the entire global economy but for the adoption of it might take a very long time for the entire world to accept the use of it. The online nature of cryptocurrency makes mass adoption very slow. Personally, I think crypto developers should find a way they can integrate both cryptocurrency and cash together to further enhance the massive use of cryptocurrency in the financial ecosystem. With that, there can be some possibilities of getting rid of cash  completely.