Bitcoin Forum

The discuss have been on for many years about the possibility of a cashless society. Especially with the current wave of the use of cryptocurrency.

Many have favoured it while others have not.

These are the pros

Extra theft protection
Complete transaction records
Benefits and bonuses
Convenience

These are the coins

You may spend more
Data can be compromised
Privacy concerns are another consideration
Small transactions get tricky
Electronic methods aren’t perfect

https://www.moneyunder30.com/the-pros-and-cons-of-going-cash-free


The above argument to me is not enough ground to be a pro because as much we lose our cash either to the wind, armed rubber, dropping from your pocket/pause to the floor or bank theft, we can also lose digital currency or coins without recovering.

Well, the good thing about cryptocurrencies (those based on foundational Bitcoin standards) is that it's possible to use them in "cash" form & avoid being cashless... You can print your coins on physical things like paper and use them like you would use paper currencies. Crypto has the necessary features to allow this unlike the current internet based fiat currencies. And I think crypto can designed to be used safely in cash/printed form.

This is what I don't like about cashless transactions--the main thing anyway.  I'm not talking about bitcoin here, because at least it's relatively anonymous.  But when you use your smartphone or debit/credit card to buy something, forget about it.  You bank, the government, and sometimes even hackers know what you purchased. 

I live in an area that tends to get very inclement weather from time to time, and the last power outage was last week.  Though it didn't last long, it was enough to cause my local convenience store to only accept cash for the duration of the outage.  And what happens if you don't keep any cash on you (like many people these days)?  You're screwed. 

That's why I hope the government doesn't have plans to eliminate cash entirely.  It's fine if people choose to not use it, but I think it should remain available as an option.

At times like this going cashless helps to avoid spreading of virus plus the fact that it is able to do it's job properly thru bitcoin or cryptocurrency. Being able to have money in terms of crypto to pay our bills and transfers money easily and in a faster way. Though it still have cons like in countries that only have low Internet coverage or only few areas have Internet and for some fees and security. We can't deny that it's able to do more good things these times.

 While all good things have pros and cons it will depends on us how we will adopt it to avoid problems, huge amount of transactions if can be done via p2p then better do it that way.

This is just an example of what can happen and get the whole system and country into a mess if there were no option of cash usage.

Imagine if electricity or internet go off a longer time that is unbearable, then what will happen? Chaos...

I think choice is even a fundamental human right.

Cash is very important and indeed it cannot be replaced or eliminated.

Digital money may have advantages over cash, but digital money also has disadvantages such as your experience when the lights go out and you only accept cash at your store. even digital money is very vulnerable to being hacked by others via the internet.

Transaction records can also still be made in cash, using paper notes if necessary so that the transaction can be recorded.

Technological developments that are getting faster and more advanced do have a better impact, but there are some old technologies that cannot be eliminated, such as cash.
The use of digital money is only an alternative to an easier transaction.

One of the perks of living in a 3rd world country lol. There's just so much poverty that eliminating physical cash entirely is going to take out a huge percentage of the total population out of the economy. 1st world countries like the U.S. are far more likely to go completely cashless.

China, as far as I know, had their major cities is already a cashless society but the towns outside the big cities are still using cash especially near the borders. The people in China didn't worry about data breaches though.

Having the fiat cash will still be the best to use after all they are more untraceable than coins using blockchain. This is why there will be resistance in adopting blockchain.

Look what India was willing to do to their population by cancelling those high denomination bank notes. Millions were fucked by that. I wouldn't be surprised if they were willing to go further and harder next time.

Anyway this article is about the personal choice of going cash free. I can think of plenty of places near me that won't take cards. I'd feel very 'cutting edge' being told to sod off and find a cash machine, and there probably won't be one nearby any more.

I expect China will be the first place to make it mandatory. Less evil countries may like to but it's going to take another generation or two in most places.

If I were to choose between cashless or cash, I would love to support cashless fully. I'm somehow doing it now with some exceptions of stores that only accept cash as payments. Mostly you could see businesses starting to accept electronic payments, and maybe it would be widespread even more. There are a lot of complications when it comes to the older generation, but I think it can still be done.

Anyways, I disagree with the parts

• You may spend more
• Small transactions are tricky

For spending more, I think it applies to credit cards as payments but not every cashless method. In which debit cards and crypto would not make you spend more because you can't lend from it.

For the small transactions, isn't it even better? Because no one would need to give you change because you will always be paid in full even with cents, etc. It's better for small transactions unless it's crypto P2P unless you are a member of the same custodial wallet.

If you're broke, and I have been many a time, cash gives you a hard and tangible limit to your spending. Once it's left your possession that's it. In my experience cards absolutely do encourage more frivolous spending. It's not about credit or debt, it's about running out of what you have faster and maybe being left stuck.

Everyone's different of course but if I was back on my arse and had to eke my money out over a week or two the card would be chucked in a draw and never looked at again.

We have see alot of countries (an example Greece) that planned to go cashless but failed because we need cashless and cash in other for people to make good means of payment because both cashless and cash have advantages and disadvantages. However, cash does not guarantee extra theft protection and convenience states by OP.
 

Well you look around about the cons of the traditional cashless policy, you will discover that many of it has been taken care off using digital crypto although it also add some other cons such as high liquidity, inability to retrieve coin back when sent to wrong address and possibility of being hacked in a wallet. All the same I still prefer cashless policy especially in my country where crime rate is getting high

Crypto is not cashless. Crypto is cash. Crypto is the real money not a imaginary money that you have on your creditcard or on your bank account.  Cypto is bringing cash society back.

It depends on what you mean by "crypto is bringing cash society back".
Rightly, I do understand that cash is an integral part of crypto.

The privacy issue in digital cash is not something to be taken lightly. Users' data, such as shopping habits, when and where we shop, our favorite restaurant, etc., is valuable. These data will be a precious commodity by banks or payment processors. Moreover, these records are usually maintained for years!!

Bitcoin is one solution, and another solution would be via regulations to require anonymous data collection in financial transactions.

Not as convenient when the system is experiencing technical difficulties and will reject your card or the transactions. Unlike fiat, transactions cannot be interrupted in a physical transactions when you're shopping in a supermarket or malls. And this is one of the most essential reason why fiat will continue to exist, and both cash and cashless transactions co-exist.
While I also believe Bitcoin will be the cure to this concern, since Bitcoin has no central authorities like banks who control the system.

It does apply to debit and crypto as well. Specially when you have enough funds stored  to your wallet or card. Unnecessary spending is inevitable when you have easier access to online shopping.

I agree with the argument that if you have lost your cash, it's lost forever. Like if your wallet has been long gone, it will never be returned to you. Unlike with cashless or credit cards or online wallets, you can always retrieve it as long as you have the recovery information that you have to answer. And that's easy on your end because you're the actual owner of it. China has been long implemented cashless and soon, most of the developing countries will start to have it.

you guys are confused on terms between "cash" and "fiat"

Cash on a simple terms is a tangible form of money it may come in a note or in coins. In short this is the physical form of money, while fiat is a established money created by our government, it may come in a form of "cash" or electronic. Anyways these two does not have intrinsic value, and so the cryptos are.

What's imaginary is our belief that money has a value.

Those are developing country and we’re slowly adopting the cashless transactions especially right now where almost all the transactions is through online because of the virus. Well, it may not completely happen but its ok as long as there’s a progress despite of corruption it can happen. Going  completely cashless is hard on the isolated areas, the physical cash will remain despite of the growing technology.

As far as our government or my country as a whole is concerned, I truly believed cash won't be eliminated here.

Remote and isolated areas won't be able to ride the wave of this cashless transactions due to lots of factors and considerations. The same goes for other countries, especially in the so-called third world countries.

The cashless transaction will be heavily used while the world progress, no doubt about that. But I'm thinking even for a considered rich country, there is no way they can achieve a fully 100% cashless payment for at least within 10-20 years from now. The use of physical cash is hard to eliminate and not that simple to implement.

A lot of areas can't go full cashless society because there will always be some parts that are not covered by internet or electricity.
And others just prefer to keep the traditional way of living even if modernization is in front of them.
Maybe for certain areas they can have a cashless society but not all can have that kind of lifestyle.
Just consider those that are living in rural or remote areas. They will still prefer the fiat payment over digital one.

Meaning that cashless should not be push through or become a mandate and instead it should be an option.  We do know that having physical money is effecctive on doing transactions to small business where most of them are requiring to the use of physical money. There is nothing wrong with if and since the time it was been created and up to now physical money is proven effective. No one can argue of its effectivity over its existence for long time. So, let the people to have the option of doing cashless or with physical money. This is way better than having absolute physcial money or cashless society.

Sure, we're getting there slowly but surely. But definitely nowhere near going fully cashless for 3rd world and developing countries. Yes, even with COVID, simply because a lot of people can't even afford smartphones, and taking them out of the economy is pretty much economic suicide.

Being cashless has many advantages, especially in the middle of the pandemic that we can avoid getting physical contacts, and we don't need to wait in a long line, so we could pay our bills or buy goods. But being cashless should not be mandatory that it should be an option because not everyone in this world can afford to be cashless or buy smartphones and credit/debit cards. Also, going for 100% cashless is dangerous because we will be prone to hacking, and it would be tough for us to save our funds, that is why physical money would still exist for more than ten years or more.

Everything has 2 sides and nothing is perfect. The anonymity and our privacy have the price and if you don't want other people to steal your things, more money is needed. In my opinon, we wont have a cashless society in the next 20 years. It is really hard. Moreover, the world we are living in right now is kinda stable. Many people claim they can't handle the truth that there are still many people struggling for their life and daily needs. However, charts and scientists see the world with another perspective in which we are kinda stable. No war, no death.  Our medical system is working really well. The banking system is governing the monetary and its quite convenient.

Therefore, I hardly believe that we will have a cashless world in the next decade. Moreover, Is Cryptocurrency cash ?

No death? You mean no death for any various reason? Immortality?
Or you mean no death caused by wars? IMO, I am not believing that this world can achieve no wars. Just take a look how our current world is now.
Take a look how other countries bully others. Other countries that takes someone else land and sea.
It's unachievable unless all agree to a single treaty to remain peace at it's fullest. If this is broken by some country, then they should be punished.

Cryptocurrencies is no way a cash, there's no any banks or entity that backs it up. You can call it a digital asset that you can trade.
But it is believed that cryptocurrencies can replace cash decades from now.

We cannot eliminate the fact that cash is still essential even if being on a cashless society is way more convenient for everyone. In my country, not all establishments have another option of payment, you can only use cash. Examples of instances where cash is preferred are public transportation, establishments in isolated or rural areas, and not mention not everyone has access to the internet or means to use plastic money or pay online.

I believe both can exist without eliminating cash, either of them can be used as an alternative. There are instances that paying cash is more convenient than paying it online or credit/debit card.

The main problem I see if we were going completely cashless as a society is that we don't have a 100% control of your money. The cash at home or in your wallet can't be touched by anyone. So if the bank goes bankrupt all your cash might instantly be gone. Without a very good form of government protection on the banking sector the risk of losing all your FIAT money in a banking crisis is very high. Additionally the governement has a higher control over your cash too. If interest rates would be forced below 0% again you don't have the option to leave cash at home to not pay interest. You will basically have to pay (on top of your bank fees already) to leave cash at a bank. We are giving up control over our own money if we only use electronic payments.

Credit cards have extra theft protection because the amount of scams involved with digital/cashless transaction is too high. Credit cards can easily be misplaced and stolen.
And reversing your transaction isn't as easy as you think. It takes weeks to get back your money and sometimes your claims are rejected when you lack adequate proofs!
But yeah, the probability of getting back your missing cash is almost zero when compared to digital cash.

I am one of those who do not refuse going cashless transactions, but eliminating cash for payments is not a good idea.
Because some transactions are more suitable for using cash, after all, based on several articles I read cash and cashless
transactions there are advantages and disadvantages. So using both of them is the best way, especially in third world
countries cash money is needed.

Cashless transactions can be effected without a smartphone. Mpesa for example allows one to send and receive money by simply owning a SIM and a mobile phone (could be a 0G device). It runs at a rate of about 1200 tx/sec.
This service has been heavily adopted by a number of Africa countries especially kenya where it was launched and has expanded outside the continent.
Smart phone usage in Africa is growing rapidly but still limited. Lower grade or zero generation mobile devices are quite popular among the citizens and could be enough to support an economy.

With the growth of technology, people tend to use credit/debit cards to shop in a local store, but the local store still accepts paper money because not all people feel comfortable using credit/debit cards. The government itself still uses paper money and distributes it to the public, so people can still use paper money. But as we know, and many members said, there will be the advantage and disadvantages by using the paper money and cashless. But people still prefer to use paper money to buy in the local store.

We have been using cash for so long that's why it will be hard to adopt a completely cashless economy. Just like what you have said, there are places that cannot adopt it since there's still a lack of technological advancement in certain places.

Even if cashless brings convenience, in some cases, it's more convenient to use cash that's why both can be useful for us depending on how we will going to use it. I don't think they will be eliminating cash even if the cashless method of payments becomes more rampant.

We can't completely eliminate the cash transaction and turn into the cashless transactions.

During the pandemic situation, cashless transactions are extremely good to avoid transmitting the virus but the fact that not all people are good at using technology or even have an internet, or even others didn't comfortable using their debit/credit cards.

Both of them are useful, and both of them have different pros and cons. We should keep them all as also we have a secondary option in any transaction we have.

You didn't noticed but you contradict it on your list of cons :D. Always remember that no system is safe. Yes you can get rid off of pickpocketers/snatchers but hackers and scammers online are still present to haunt you. So whether you are into cold or digital cash, learn to keep your money safe.
What do you mean? Getting more tempted when you online shop? Or due to fee? If it's the latter part then I don't think it will hurt your pocket so bad.

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Another con I could think of when it comes to cashless world is the literacy of the tech. Some people particularly the old ones can't comprehend how these stuff works. You know, exchanging paper money and coins are easier to do than clicking here and clicking there lol.

I've been using cards as an only payment method (at least I'm trying) for last 5 year and noticed several things.

Pros:

When I have cash - I spend more. All the time when I change a bill and get lots of coins, I'm trying to get rid of them, ie buying useless or unnecessary things.

All these coins turned my wallet into fluffy bun. It is ok to put this wallet into back pocket of jeans, but if you wear trousers or shorts - once you put such a wallet in a pocket, you need to a bit of luck to get it out. Or you could walk holding this fluffy bun in a hand. Which kinda look stupid, walking with a fat wallet in hand. Like I want to show "how rich I am" or "how much money I have".

Small wallet looks much better than fluffy bun.
I've changed this: https://thumbs.dreamstime.com/z/fat-wallet-14714450.jpg to this https://www.cozzoo.com/387210-large_default/100-sheepskin-genuine-leather-card-holder-super-slim-soft-credit-card-wallet-men-wallets-purse-gibo-auja.jpg (both pictures are just examples)

Cons:
Still, cards are not accepted everywhere.

its funny that each of its pro's have an equal con's except to the transaction records . i found this extremely useful and it doesnt have a con i guess because when the transaction records is online , we can save it easily and we can comeback later to check it but this cant be done easily offline because we can misplace the records or the company can manipulate your records  .

that is why i starting to love being cashless   , do other users find that a reasonable thing to go cashless  ?

Not everyone can go cashless as there are many who do not know this technology or cannot use it. The ones educated and who know and have all facility might be able to use it only for the things where the merchant accepts it. It is seen that not at everyplace every shop goes digital so there is various constraint for going cashless 100%. To an extent we can use it, but cash is still the king I would say as per the current situation what I have observed it.

I think if you have no control over your spending, it would be easy for you just to check out everything that you set your eyes on. If you have control, you don't need to think about it too much and worry that you will purchase something. Imagine as well. If you are spending your crypto in a hardware wallet, it will make transferring funds a hassle, making it another obstacle to prevent you to pay. Maybe that could be an option for cashless peeps who are worried about their spending habits.

Digital money has its advantages and so is physical cash. Digital currencies are the new innovation but are still under the progress of development. As long as issues regarding this cashless system is not yet resolved, cashless society would remain sketchy. At this moment, there are already services which are preferred to be cashless because transactions promote convenience but not all the time. There are delays and also, the fees are mostly high in general. I do not specifically refer to cryptos because it is not yet accepted to most of the countries. There are many digital currencies which exist at this moment, and most of those currencies are regulated by governments or are centralised. If digital currencies will be the future, the question now is 'which is which' - referring to that currency which will be more supportef someday.

At times like this specially we are currently in a pandemic where it is said that virus can be potentially spread through the usage of physical money, people will tend to see more of the pros or the positive impact that going cashless can do rather than seeing and realizing the bad sides of it. Well, it is true that going cashless can have both the pros and cons but the negative side could be managed and be resolved if you are going into a legitimate and reputable transaction.


Those were all duly agreeable both for the pros and cons side and this must be known by many people to better weigh and know the benefits and disadvantages of getting into a cashless society. Getting cashless needs to provide wide adaptation beforehand so people can duly access and be adaptable on using such mode of payment. Once people are being reliant on such thing, surely merchants will adjust on the consumers want and adapt into a cashless basis. The possibility of getting hacked can be manageable just assure that you are doing a safe transaction with a reputable merchant and secure your device to avoid the possibility of getting hacked.

One swipe payment, just touch payment because we are that much become lazy because we even worried about counting the currencies on their hands. :D

Apart from sarcasm, the pros of going cashless is can avoid counterfeit currencies which is big problem on most of the countries and also illegal transactions can be reduced a lot because they can be traced down.

Cash and non-cash payments have their advantages and disadvantages. First of all, it should be remembered that states will constantly try to track transactions in cryptocurrency and identify its owners. Therefore, more and more exchanges and exchangers are forcing us to undergo verification. In the future, new rules will constantly appear on the part of states for this purpose.
Cash may be the only means of payment that keeps us anonymous.
Also, cash is the easiest and fastest form of mutual settlements, especially when it comes to small household transactions.
 On the whole, states and a certain part of the population will be interested in keeping paper money as a means of payment, at least in a small amount.

Digital money is easier and safer, and without the hassle of paying and returning the remaining payments that take a long time and are safe from real crime and there are still many advantages that can make it easier to use them safely and comfortably.
but it all depends on where you live because not all internet network access or related digital technology is equally available and there must be advantages and disadvantages.

Not all countries do have that kind of technology and development. Some countries are still struggling on how they will cope up with the development economy and technologically.
Let's accept the fact that there are countries who have a good resources from the start, they have plenty of resources in their territory and now the took advantage of it to grow as a progressive country. Cashless transactions are really less likely to happen if people are used to make transactions in a traditional way.

Digital transactions are new, people are unable to go with the flow, some people are ignorant about that because not all of us do have the same status in life.

The safety depends on every situation, remember that there is no safe system in the world even bitcoin's code can be cracked theoretically by a supercomputer. Digital money is easier to use and safe, indeed, but it is convenient to use compare to cash? the problem now is more with the convenient that it would cost you, if you buy an apple in a supermarket it is easier to hand a cash than scanning QR code. Digital payment is only convenient in huge transactions like hundred of thousands and millions, that's where the digital money is perfect to use.

Good thing that the internet has most of the world now, even in some isolated places like in Africa, there are already internet there though it's not as fast as they got in US or Europe. This only means that we are adding the digital into our lives.

Cashless is a good way of doing transaction, yes rhe listed above OP states are true and we could make things done here easily compared to the old ways of doing exchange by using the physical money.

But in my opinion, it would rather be good for letting the user to chose whether to use cashless or the physical money. For now, physical money is very useful in exchange to goods, products and services to small establishments because most of the clients are bringing with the physical money.

Not all are ready for a  cashless society so let everyone a choice in doing transaction whatever the comfort he will be made according to the payment option he will choses.

Cash will survive. Elderly people still don't trust and don't use cards in my country. There are plenty of remote areas where internet doesn't work well so the only way to pay is with cash. And in same areas sometimes the power goes down for days.

Of course cashless is easy, you don't have to carry the cash with you and you always know where you spent your money. And in most cases it's insured too. But again, if you want to add a tip you may need cash again.

And adding crypto into the equation.. may work in the big cities, but the rest of the world may need one more change of generations...

The main thing that is concern of being a cons of getting cashless is always the issue about the threat of being hacked due to the reason the money will become digitalized which I think can be managed and be resolved by providing tight security features on the device not to be accessed by anyone and of course only doing transaction into trusted individuals and online stores and logging into a safe website to secure your account. Other thing is the accessibility of people in a certain place to go cashless for not all are capable of adapting and using digital money for they are being reliant on fiat money which can also be managed but would take time and a lot of effort to do such as having mass adaptation of using digital money to go cashless providing all individuals would be capable to adjust and adapt on using it. It would take years for sure to be able for that thing to happen but if that will be managed, I think every individuals can go cashless.

With the current pandemic we have faced and still currently been battling up to now, we have seen that there is an essential benefit that going cashless can provide since there is a potential spread of virus that can be gained for using physical money since it is a direct contact transaction with a certain individual. Going cashless is a futuristic idea that is really hard to be massively and widely implemented.

So much agree in this. With a lot of conviniences happening, you will tend to do transactions more often. But I don't think we should add this because this is a problem to people themselves and not in the system.



Online wallets should be really secure but I think as long as people find vulnerabilities they would be in risk of being compromised. This will all depend on how a company will create their wallet and how will they make it more secure.

In my country we are living with little cash. I practically live with cashless due to high inflation and less issuance of paper money.
What consequences does it cause us?
The circulation of other paper money such as the US dollar that not all of us are paid with that currency.
Incoherence in the prices of consumer goods.
What does it mean?
That goods and services paid for in cash or US dollars are cheaper than electronic money.
There is a madness of prices that disadvantages the poorest people.
From this perspective I could say that cash should exist or continue to circulate to protect those who cannot access electronic money.

Going cashless has a convenience especially to us who often deal online.

But we cant go full time for many reasons, one of that is not all people are familiar to the new technology or cant afford to buy a gadgets to use for online transactions.

We can use a cashless system to those who prefer it and fiat for people who used to it because its the traditional way for them to transact especially for small amount.

Every systems has its imperfections.

You can't add this to cons since this should be the description of the system. Every system has its imperfections, obviously, this will not be different. Even before we consider cryptocurrencies to be used, or if it will be, we should also consider these mobile wallets or these ATM cards that are already used by the people. The government are developing these cards to lessen frauds and those people being robbed of their cards.

I also like the idea of being cashless society but there are also benefits on using cash.
It is true that online payments are good but it wouldn't be always good for everyone and cash is easier to use.
Just like in losing your cash you could also lose your phones or the gadget that you are using to pay online.

your right bro  .  on the times that we are living now , we cannot say that people outside are totally cashless  or dont use machines but they are ,  like for example when we are going to pay in the cashier  . they use electronics and those devices can get faulty too sometimes but not all times we use them because we can be able to use physical cash on small stores but on cryptos, small or big transactions . all of them are online  

Going cashless has been pushed and widely talked about. There are a lot of things to consider for this one since like everything else, it has its advantages and disadvantages.

One of the advantages of being cashless is conveniency. You can put your money in a bank or cash applications and you can use it anytime and almost anywhere. You can buy groceries at supermarkets, dine in to some fancy restaurants, buy some stuff at department stores, etc. by using credit/debit cards. Just one swipe and you’re good to go. You can always pay the exact amount. No more hassle on counting bills and coins and accepting the change.

Next thing is you can always spend it globally. You can exchange it through any currency online and there’s no hassle of having to go to a bank or money exchangers.

There would be less money laundering and tax evasion. Since there’s a record of transactions, illegal activities would be easily traced and people would always be taxed rightfully depending on the amount.

Another would be not being prone to stealing (hold-up). Since with being cashless, you can always disable and cancel the payment and transactions made if ever someone stole your credit/debit card and used it.

And lastly, cashless being cost-efficient. Since going cashless meaning there’s no need to print and produce pills and coins. It would lessen the money spending of a country.

Although it has its beneficial uses, it also has some disadvantages. One of it is if ever the particular store doesn’t accept card payment. You have no choice, but to find another store that offers digital and online transactions. Most of these stores that doesn’t offer such are local stores and vendors at the small supermarkets. You won’t be able to support local since most of them are cash to cash basis only.

Next disadvantage would be, your personal transactions would be recorded. They would have a copy of what you brought and when you bought it. Your privacy about how you spent your money and where you gave it will be at stake. Your information and transaction history will be stored by the company and if misfortune happens, it can land to malicious hands.

Another thing is, it is prone to hacking. During this time, technology is continuous developing and so are the skills of the hackers and robbers. They could steal from your bank account and use your cards with just a few codes and clicks. Scams and phishing are also widely known in electronic money.

Next disadvantage would be, glitch, power interruptions and internet connection can cause you trouble from making a payment. A software malfunction saying the app doesn’t work can be a lot of headache. So are power interruption and poor internet connection. Without electricity and Internet at the area you are located, it’ll be impossible for you to use your cards and e-money.

And this one i think would be the struggle of majority for going cashless - the older generations and the lower bracket would have a hard time adapting to it. Since not everyone is tech-y kind of people and not everyone is privileged, this would be difficult for them. The technology and the knowledge it requires seems a lot for these people.

In general, i think going cashless should depend to the person himself. Sure, cashless society have a lot to offer, but it can never replace cold-cash. It can be a great alternative for  the convenience it offers, but it has its risks as well. You can always opt to go cashless depending on the situation and location. Just know the two sides before deciding to save yourself from unfortunate events.

I would say there will always be situations when you will need cash, cash is still the king in the world and I wouldn't really do any business without having a bit of cash in my pocket, I wouldn't even go outside for a smoke without money in my pocket just in case, what if I do not have my lighter with me or it is done?

I would need to buy one more, do you think debit card or credit card or god knows crypto is the way to buy a simple half a dollar lighter? That is not the way to go unfortunately.

When people talk about how easy it is to transact money with bitcoin, they are not talking about going to a shop and buying a muffin, you are going to pay as much as the muffin for the fee and you are going to wait half an hour for it to be confirmed. It is the 10 million dollars from USA to china that is much faster.

cashless is great for those who are budgetting wisely their money and savings..using cryptocurrency is the best way if you are an income generating and saving conscious minded person.

I don't think you understand how hard that is. If you have an ATM or a mobile wallet and most of your money are there, you tend to make transactions very often since you could do it even if you are just at home. Unless you have someone to manage your money. I guess this depends on the individuals but most of the people I know usually take advantage of this convenience.

Everything has pros and cons, but nevertheless we are going towards cashless, whether you like or not. Crypto is just the next generation of money, we are going cashless, and we are going crypto, it's my vision of the future economy and money.
For privacy and anonymity people will use privacy coins, some of them are already popular among crypto people, in the future more will be interested in them and it's why I believe that investing in some privacy coins for long run can be very good.

The technology has brought many thing for human being, as of now there is no one who doesn't know about internet and didn't how to operate smartphone or another electronic device. Based on that, I bet there will be many thing that can be offered by some parties to make an easier someone's life.

Especially for their basic need, they can buy anything through the smartphone and that's really help them. And this thing has been done by most people in this world, and yeah sooner most merchant will just open for they who just have a smartphone or buying their stuff through the electronic device. Which mean, if they do that most people in this world will not use the money paper anymore.

The important question is when. There will be more than thousands of years ahead and you cant presume a future like that. I do believe that crypto will be the next generation of money but there will be many years ahead before people fully adopted bitcoin or other forms of digital money. First of all, many places are still lacking of facilities and infrastructures in order to use bitcoin appropriately. Secondly, not many people are aware that digital money is way better than cash.

There is no significant correlation between cashless and "budgeting wisely money and savings". The term cashless refers to not using physical money in daily transactions. Cashless can turn into a disaster when there is network disruption that causes no connection or total blackout for a long time, how will humans make transactions? In addition, a cashless society can be applied if the distribution and absorption of basic technology is evenly distributed and easily accessible to all parties. So that the generation before the millennial generation can easily access.

Cashless payment's are very common these days. There are many platforms which allow us to perform digital transactions very easily and at very cheap rate's. By cashless transactions, I mean the transactions made by using card's such as credit card's,debit card's,Master card's etc. We can also include bitcoin or any other cryptocurrency but their usage is still very limited. Some of  the benefit's that I am personally enjoying by going cashless are-:

• In this pandemic, cashless payments is the finest way of payment because no physical contact is involved.
• No need for me to carry a large amount. Swiping a card will be enough.  
• No need  for me to remember the transaction details,as they get automatically recorded by the platform I am  using.
• If somehow I lost my card,no one can use it without the pin and I can also get it blocked very easily.
• Various platform's provides with various cashbacks and offers.
• It improves my credit score.

The only problem that I face is that sometimes my internet speed is low due to which I am not able to complete my transaction. The risk of losing my personal details or card details is also there because with a lot of benefits  cashless systems opens the door for many cyber frauds also.

This is an interesting topic.  Personally I believe that we will not have a completely cashless society at least for another 2-3 decades or so.  I think that cash, cold hard cash, has been so ingrained in our societies that it will take quite a bit of time to move away from.

That being said, I think we are clearly on our way to a cashless society.  I don't think you can even argue against this.  Bitcoin and the blockchain have paved the way to this cashless based society, even more so that credit cards did in my opinion. 

I agree but I think it is still early for Bitcoin.

Maybe other cryptocurrencies could be used in this scenarios or maybe in the future, maybe Doge. Even before we talk about Doge and other cryptocurrencies, I think we will walk through Cards and these online wallets like PayPal and maybe PayMaya. Cryptocurrencies might not be that good for some people and I think it still needs more time.

If the all the cons could be resolved then the chances that a cashless will become a thing earlier than we could expect. The problem with going cashless though is the possibility of total collapse, now what I mean by the total collapse is when all of us are doing cashless transactions, what would happen if the power grid is down? EMP grid down kind of situation? I do not know the right answer but if my deduction is correct maybe a total chaos/shit hit the fan situation will happen.

That is the reason this is still imperfect.

There are a lot of things to consider and obviously power is one of those, some provinces here in our country can't even have a stable electric source since most of them are still having blackouts(brownout) every now and then. I don't think they consider EMP but I know that electricity is also a concern. Still, we don't need to think about this now since we still have a lot of time before this is implemented.

Assuming that the use of crypto doesn't have any loopholes then that's for sure. You know, people love the concept of advance society and a cashless transaction part of it. I'm sure most of us will be willing to dump the old fsshion way for the hi-tech one by that time because mandkind naturally strives for the better.
Yup but it won't happen once we discovered a source of energy hundreds of times powerful and sustainable than coal and renewable resources — like Tesseract (or other snergy sources we see from sci fi movies lol). Well, that's another "what if" story.

I agree with that opinion. Cashless transactions are better and have more offers, but at the same time, we have also provided personal data to card issuers. If your personal information is not so important then it is recommended to use transactions via cards and mobile applications.

Actually, several countries have tried to popularize cashless payments from before the COVID19 pandemic occurred.
But there are some obstacles, such as not everyone can afford a mobile phone and not all the place can be covered
by the internet network. The sad thing is there are some countries where the population cannot afford to pay internet
bills.Therefore, fully cashless cannot be realized, if there are still obstacles as I have mentioned before. In other words,
cash money is still needed.

Engaging cashless now would be a more convenience because it can help lessen contamination of the virus and less contacts with people outside as a safety precautions as well. Other than that, it's fast, economical, secured, traceable and less fees for sure. The implementation only would be the trouble of it and adoption is still far ahead from expectation because most people still using fiat currency to buy goods. Nonetheless, it would be a dream to achieve those innovations and i am optimistic it will be a something to look forward into the future of cashless society.

Unfortunately, some people are unable not only to pay for Internet services, 13% of the world's population (about one billion people) don't even have access to electricity. We are talking about the inhabitants of some countries in Africa, Central and South Asia. Also, it is believed that the lower the income level of the population, the more often they use cash when paying for goods and services.

If a person is income generating and conscious minded then he won't need to have cryptocurrencies at his disposal as he can turn coal into gem with his skills and hard-working nature, cryptocurrencies would be great for those who are usually transacting in between places that are far off from each other and require a lot of fees while sending money or maybe there is a danger of theft or when the seller and the user want to be anonymous, or maybe in the case of pandemics like Covid where people are afraid to touch banknotes as they can transmit the infection.

even How hard you wanted to have cashless Living But your country is not allowed to Use the Currency you supposed to Deal then nothing will happen still.
I understand all your Eagerness to Use crypto for even Buying foods online but it is the reality
That government of many countries Don't allow us still to Pay using Bitcoin or other crypto that we owned.Maybe another long wait will do
after this pandemic Living will back to normal and people will again engaged in Fiat payment though at least there is
a knowledge installed in their Mind that there is a crypto that can be an option for all their Payments method.

That's why it needs reform since this cashless society will never gonna happen once there are countries that cannot follow the track of the other countries, but sad to say its really hard for poor countries to follow since they are left behind interms financially and in technology.

Maybe in future once those said countries will progress and the only thing needed to make this thing happen is to choose a country leader which have great vision on how his country to became a financial competitive country.

There are a lot of pros and cons with the use of cashless

Pros.
Less hassle
No interaction with other people
Can be internationally made a transaction.
Can trace the transaction id

Cons
Still prone to hackers
Can be used to scam

Most of the country will adopt this kind of changes are the rich countries because they don't worry about the physical money or the paper money they want to have more convenient and faster transactions.

To those poor countries, they still stick to the physical money.

You can see the country if they were rich or not on their paper money if they have a lot of coins with a large amount they are now struggling with their country.

How does extra theft protection work in cryptocurrency? In cryptocurrency you’re in the one on charge of your money and if you make any mistake, or maybe someone else eventually manages to gain access to your wallet, then you should be saying goodbye to your money because I don’t think there is anything like theft protection, so why is it added to the pros? And what do you mean by benefits and bonuses, what benefits are you referring to exactly?

There is convenience in making use of cryptocurrency, maybe that’s the benefit you’re referring to, and you already mentioned it. Something else you didn’t add to the list is the fact that making inter-transactions will be fast and cheap.

I think this topic is discussed pretty often and OP, to be fair, we can't just write it's pros and cons so shortly cause it needs a huge explanations.

Cashless society - before we move on it, humanity have to have access on internet, computers and smartphones, on all of them. According to statista, 59 percent of population has access on internet but it doesn't mean that each person in each certain countries have access on internet. We need at least decade to become cashless society. At the same time not everyone wants to move on this system because of it's pros and cons.

Cashless society doesn't automatically mean that we will move on bitcoin/blockchain and everything will be perfect as others think. Cashless society at the same time means that banks and governments will have much higher advantage on control of money than they have right now and they would be easily able to manipulate numbers the way they wish. We don't want to get tracked, right? Cash is the simple answer here for everyone.

Pros can be that we don't have to keep coins and papers in our wallet and worry whether we have 10 cent or if our paper gets wet/damaged. It's far more flexible and comfortable. You get card and pay with it contactless, just in seconds. Did you lost your card? No problem, login via smartphone on your bank's account and just freeze it, so no problem.

That's just what I wanted to say shortly, will be interested if we have debate over it. If anyone wants to argue with me, no problem, you are welcome.

Were not going anywhere wether we like it or not, soon our financial system will transform to the new system bit by bit. Pretty sure that it will undergo a long debate, we must prepare for this or these changes will just occur unnoticeable.

The biggest pro for me would be to never having to work with banks. I hate banks, and I hate them more than you can imagine, ever since I was a little kid I hated them, whenever possible I do not put my crypto into my bank account, I just hate them so much that if I can remove them from the world I totally would, however I need them for payment stuff and to turn my crypto into fiat since exchange sends fiat to bank and not cash.

However when the world becomes a lot more crypto, I am sure we will have to use banks less and less, it is not even an option right now and we all use it, but in the future it will all be available to your own picking, if you do not want to use banks you will not use them and when that happens I can guarantee you that some banks will bankrupt because if you give people to not use banks, A LOT OF people will stop using them.

I do not like cash for the reason that all paper money and coins in circulation are dirty, so I prefer only a non-cash payment method. But still, you should carry a couple of hundred dollars with you just in case, because there are unforeseen situations with payment terminals.

I don't understand.

You said that it is dirty but you still use it? I don't dislike the idea of being cashless but this is the problem. We can't just act this like it is that easy. We are not even at the part where we can fully use our technologies since there is still those population that is not literate when it comes to these. They can't even use a phone, let alone pay online using it. It will not always be the matter of the money being dirty, the security and privacy, it is the matter of that country being ready to that kind of system.

I assume it will take more than a couple years for world to transform its financial system to that point where crypto will be applicable by most of merchants.
However, I thrive to see this day at least in this decade

Crypto users have more advantages than cash it is not right to look down on anyone. Everything is changing now with the improvement of the world. There will be a lot of change in the case of cash as well there are many places that have not yet been touched by technology so they are more concerned about cash. But it will take a long time for the whole world to change. Many times after the purchase of products need cash for sale businesses are ready to transform both ways.

Well Only corrupted people would worry about their privacy lol  Apart from that, I don't think the crypto has reached its target yet. It will go through stages of improvements. But I see this is our future!

Going cashless in the modern world will make the division between the poor and the rich gigantic. I think some 50-100 years should pass to make the system fair.

Going cashless is all about the advancement in the day to day use of fiat. There is nothing to associate the cashless accessibility along with the economic situation prevailing with the people. There is nothing as, cashless system is for rich/poor. All levels of people can use it for the good. The system is fair, and the change is being felt now.

   Ayiranorea you are right about everything you said! Cashless system is not for rich or poor people, it will be the system for all!
How much balance you have will depend on many other factors, like your salary, or you have some private business, inheritance.
When country adopt cashless system everyone will have to oblige to use that cashless system, no matter which class they belong.
   I believe that cashless society is the future, we can like it or hate it, but we will have to adopt to that.

Cashless are really good in this kind of situation due to the risks of getting the Covid-19 disease.

On the other hand, there are still people who disagree in this new system of transaction due to not all people are into the use of modern technology.

But we need to adapt, we need to adjust so that we will not be outdated and become in to the use of new technology. Hopefully, this will be the proper way for people to see the essence of cryptocurrency in the market and economy. Digital currencies are appropriate right now due to much more safe, secured and easy transactions.

Cryptocurrency is not the way I’d be seeking security of digital money. The biggest risk is the volatility of the asset itself. When you can’t be sure the value day to day, let alone for an extended period of time, there is tremendous risk in holding the asset. Bitcoin could be up or down 10% today. It could be up or down 50% by next week. These moves are also not uncommon in these time frames. That makes storing value for people who want safety untenable.

That's why we can't rely on for now since the volatility is a big traitor since we might gonna lose our money if something bad happen to the market so this is not really the best option for now. The current cashless system is good enough since it serves well to the people thru the years and might this is the first adopted by the people since the familiarity will win on this selection.

It will be hard to become cashless on a remote area and I think there's a lot of things that need to be consider before doing this. Well, we have to define first the real meaning of poor because even those poor are have social media account so I think they still have the access on internet that can be use on going cash less. My concern here is that, the people who are still living on the forest and enjoying the life without using the modern technology.

There are advantages and disadvantages to having only one of them.
-Going cashless will mean being dependent on the network and device of payment, and we know no network is 100% dependable.
-Not going cashless will mean being depended only on the cash for payment.

In my opinion, it's better to use both.

Going cashless and going decentralized are not same, if we making more adoption towards the banking cashless transaction then there will be less protection to our funds and transaction history because you can buy credit card details on darknet if you want and in most of the countries, there is not much severe action for such crimes.

Did you buy now everything without cash in your hands or in your pocket? I think no because online payments, buying goods and services is still not enough. Also a cashless transaction has a limited user because all are using cash based on the their accustomed.

That is without a doubt a challenge and it is one of the reasons why people indebt themselves so easily in this era, when you are holding cash it somehow feels more real and you are more apprehensive about spending your money but when that money is in the form of just a few numbers on a computer screen you are more tempted to spend that money, and this kind of attitude can be very dangerous especially now that thanks to the pandemic we must save every single penny that we can.

Not just accustomed to cash but also can't actually use digital currency or crypto currency because of the status they have. People already have mobile phones and laptops while some can't even afford a mobile phone. We still need time for this to happen and I think it still need years to be able to be applied.

It is more on the person's attitude towards spending. Like in my experience, I had a credit card before and before I knew it, I was already accumulating debts. So what I did was cut my credit card usage and paid for the debts. And up until now, I haven't applied a new one. This is for me, to really watch out how I spend with things. I don't want to go back to the time that I have to pay for the interests accumulated. Really not worth it. Though there are a lot out there that are better in handling their finances. But for me, I will stick to debit card and cash right now.

There will also be Cybersecurity issues and Price volatility and lack of inherent value.

Cybersecurity is probably the least of an issue for bitcoin. However I don’t see bitcoin ever overcoming price volatility. Lack of inherent value is arbitrary. That risk is with the US dollar as much as bitcoin. Both only have value because everyone agrees they do. Value stability is the most important aspect of a currency, so unless we enter hyperinflation in the US, the dollar is always going to be a superior currency.

This means that I have to be corrupt because I avoid KYC and don't want my private data to be used by corporations.
I guess you do KYC wherever you can and send them videos and selfies of yourself just to prove how honest and transparent you are.

It is true, China has been implementing cashless for a long time, even though it has not been 100% evenly applied in China...
Payments via the WeChat pay application are rife in Chinese society and the drawback is that if the cellphone is lost then the balance in it will also disappear, but the way to deal with it is easy, just filling in the balance in the application as needed, do not charge large balances.

The winner takes all. Through dollars, the real money owner wants to make his wealth last. Through the dollar, they built a system from telex to swift which caused acute dependence on the dollar. Even if in the end the dollar loses value due to hyperinflation, even though it is impossible because even though the dollar is printed out of thin air, America's gold reserves are still the largest in the world. So to shift, the domination of the American currency, is only false wishful thinking, because America wants to keep the system running the way they want it forever.

You still run both sides risks when you’re making use of both methods, it’s all about being very careful with what method you have chosen to go with. They are both good, there are some situations you will be in and cash would be the only option to go with because you can’t be making use of your payment app and wasting time when you can actually just dip hands in your pocket and drop some cash. That’s just it, there are situations where any one of the two methods can be better.

These days there are lots of websites to shop online like Amazon, eBay, and the rest, and when making use of these sites what you need is electronic payment methods.

Yeah, if you're just a normal person with nothing to hide even your privacy then you must not be afraid of being KYC-ed while other people secures their privacy and prioritize their security. If you do regularly taking KYC on whatever platform that requires it, you must not be surprise if one day there's a police knocking on your door for interrogation lol
I'm thinking of a less where we can still do KYC besides from taking a selfie or anything, I guess that's the most appropriate one.

Have you ever wondered why when you go to a physical casino you need to exchange your cash for chips and then do the reverse process once you need to get out of the casino? This is done by casinos to make you dissociate the idea that you are actually using money to bet and that you do not feel the same regret that you will feel if you saw money actually been lost, this is why the chips look like something you will find in any other board game, it is to make you feel you are not using real money, and the same trick is being used by banks when they give you credit cards, it is very easy to lose control of your spending with a credit card but it is way harder to do so if you are actually using cash.

Exactly. Implementing cashless payments and transactions are great, less hassle and less hand on hand contact. For me, its just a matter of practice and proper teaching to everyone, so they will learn and understand how convenient and safe it is. Here in my country, there is already few cities that implemented this cashless payment system especially in the market where most people and vendors used to do the traditional ways of transactions, but are now slowly adopting this digital method and they were grateful that they learned and taught about it for its been safe and convenient according to them. So, its really possible in wherever place we are in, as long as there is internet and signal and a smart gadget of course, it can be made easily.

The only problem I see with going completely cashless is the security of your deposits. The more money is stored at a bank, the higher the risk too lose money in case of bankruptcy. What if the bank is using all the deposit to buy risky assets and loses big time (like with Lehman brothers) in the end we would all hope for the government to guarantee the deposit of the average savings. Imagine all your cards stop working at the same time and you have no more cash left. Of course this is a very unlikely event, but with giving up our beloved cash completely we are also giving up some form of independence. I definitely hope that the regulation of financial firms and banks will be increased once we get completely rid of cash. Maybe a first step could be to not use coins anymore, and only work with bills. Stopping to use all sorts of cash all at once sounds a bit harsh.

I think nothing can replace the money. because considering the transaction fee, you can't pay little amount of money with bitcoin or other crypto also imagine you have no internet for a few days due to technical issue then you can't use any crypto currency. but in the other hand for large amount of money crypto is the best way to go. generally, money will go it own way and crypto will go the other way both are us full depending on usage. thanks to the OP you can easily compare them.

Cashless transactions may have more advantages rather than its consequences but i believe majority of the users are not yet prepared for it so it would be best if fiat transactions will still be here and paying through cashless payments will only serve as an option. Through this way, people are free to choose which they feel more convenient and at ease.

Surely, there's always the advantages and disadvantages to a thing. It is only logical to weigh it out to see if it can be done. As it stands, the world is not ready for a complete cashless policy. The disadvantages that have been listed out outweigh the advantages.
In developing countries especially in Africa, there'll be a lot of measures needed to be put in place for such policy to work.
I however do believe that with time, cashless policy eventually take over as the world is constantly moving forward digitally.

Cashless payments should exist alongside paper money, since each type has its own advantages and disadvantages. Non-cash payments are now gradually replacing paper money, but this should be up to a certain level.
Cashless payments are bad because they require certain technical devices, maintain communication with banks and allow the government to fully control the financial activities of each person.

Already we are living in the cashless fiat economy where fiats are generated in the numbers only not as physical paper.Most of the transactions are happening via banks and other online payment modes but the the development of these technology the security of our funds also getting lesser since internet is full of scammers and hacker so we have to educate the people about being safe while using their bank related details while paying online.

There's a good bit of inertia behind the dollar being the world's reserve currency.  It will take a lot to displace it due to this.  But one of the things that can certainly do that is rapid inflation, or at least losing value faster than the alternatives.  The US monetary policy has a lot at stake because it has to protect the reserve currency status of the dollar.

I am not against to cashless society. It is one of the best solution to prevent the spreading of virus. But my concern is how we can be so sure the safety and protection of our transaction or our accounts online? We all know that number of scammers as well as hackers, increases during this time of pandemic wherein most transactions, schools, and work becomes online. Another, simple people who does not know how to use touchscreen phones cannot deal with it. Jeepney drivers, market vendors, parents. Technology grows, it is not impossible that cashless will takes place. New generations will be more advance.

Yes cashless payments are less hassle  and easy to make transaction ,also we can avoid virus from a paper bills or coins. But I think this is just easy for those at the middle and and higher class. Old people in the remote area    need to educate first regarding on how to use it if ever.

Agree with you, as of now I'm comfortable with using both. It's true that cashless is less hassle especially when you are ordering online, however, there are a lot of scams and you are prone to scam when you've paid using credit cards or debit card. Cause you can't really check the item first before you pay. So I always choose cash on delivery. And some stores here, I mean small stores, can't accept credit cards and debit cards anyway. Try buying street foods or shop through sidewalk stores in your place. We are not really the one who should decide, if the world around us switch to be cashless friendly, then we are all going to use cashless eventually. Its just an example of why I feel it should co-exist. Its the same when it comes to cryptocurrency, pr bitcoin.

I agree with you, sir. I don't usually use KYC, I don't want my information to be leaked nor used by corporations. This may be our future, but I guess it will take a lot of time before this happens. There are a lot of things needed to be considered before it will be pushed through and adapted. Whenever it will happen, I am hoping that the system will be stable.

I also dont use KYC and in order for us to be cashless and to be able to reach the convenience of having a cashless society everyone should be in favor of that which will be hard because not all of us have devices, if we will do it without considering the others it will make the society chaotic for everyone doesn't have the same opportunity, and just like you're hoping that it will be stable, im sure not, it will take years even after it was stablish to be stable.

It is known the majority of the transactions already happen online however we can still use our cash to buy things, however we need to consider if it is such a good thing to be in a completely cashless society and in which the money supply is completely controlled by the government, in such a case an authoritarian government could destroy their political opponents by blocking their access to their money without any justification, this already happened in China and I will not be surprised if this begins to happen all over the world, which is why we need something like bitcoin so we can make transactions without government intervention.

No, you are wrong about that. People like me doesn't want my identity to be accessed by some corporations. We are just making sure that private information like name, country, etc. will be safe and protected from people who have bad intentions. Whenever there is a KYC requirement in any campaign, site or what, I do not engage myself with that because I am well aware of Identity theft  and I value my identity. I do not want anyone to stole information from me.

Using cashless transaction is a great help especially that we are still in the middle of pandemic but risking our identity for small transaction may cause a lot of trouble.

currently, there is no country that is 100% cashless but based on the information I see, the weaknesses of cashless that have been implemented are;



currently, only crypto wallets can provide strong security to users such as personal data and access.  I never believed in the security of the digital wallet platforms out there.  Personal data, balance data, transaction data, and recent shopping data are still the privacy of many people (not for publication). I think this be tough homework for the government in the future because a cashless society is a future..

Government doesn't understand mathematics so, they label it as a danger. Their obviously some reason why crypto doesn’t look good for them! They can't control the blockchain that's what I meant. Government tag it as weird scam investment services. But, It's only futures others issue doesn't make sense thought literally everything has risk and could go to zero.

Even in the traditional mode of payment is still associated with privacy risks. Not all transactions we made online or even in personal are safe. Our records of information are prone to deterioration, loss, etc. but digital world is more prone to problems like hacking, identity theft, etc. because if we compare the process of the traditional and the digital way of transacting.. the digital mode is more instant in collecting data from individuals.

Its quite true that most of these cons are currently why Cashless transactions are hard to develop. Most users are not trusting these transactions since they do not know knowledge regarding about it thus lacking transparency. They are not getting any tangible evidence that they are payed even though some systems can give receipts, its not yet available to most systems like Cryptocurrencies. Data cannot be compromised since the only thing that they can see when you transact is the name and that is actually good.

The biggest con I see from having no cash is it becomes so much harder for the least fortunate in society - namely the homeless, to make a living on the streets. There are many desperate people who have very few options and when the one source of money from kind strangers passing by is taken away, it is going to be absolutely devastating for them. I think going cashless is ultimately going to be a good thing for society, but a safety net needs to be set up and these people need to be given the tools to survive without bank notes.

Yeah its also one of the cons but does it really matter not to make out some transition just because on minding for those homeless people? Innovation is on the move and
there would be really be affected.Not to be cold-hearted on this one but i dont see for this kind of reason on stopping if there would be plans on a society to be come cashless.
Pro's do outweighs its con's and i do much prefer even though some people wont able to grasp out such transition then its up to them if they would really find ways
to learn on it.

We do even been using it for a while with our credit/debit cards but i dont believe that it will really just be on a short time for such switching.

I wouldnt really argue that, one of the most dangerous transactions is when people are scheduled to pay a big bill in a manual way and alot of caution must be used to verify all details used.   Its really best to assume the worst case, I certainly know the older generation dont trust cashless as safer.    The main arguments around the cashless debate is taxation and tracking all transactions for revenue monitoring, its why its quite likely to happen and events in India show some precedent for suspension of plain cash notes where its seen to benefit government taxation coverage.

I believe some Cons for going cashless is the unnecessary spending. If you have funds in your wallet, it's inevitable not to spend for unnecessary things specially when you're one click away to put all your list of orders in your cart from an online shopping website lol.
Happens everytime to me though, and for the other people.

And because of that, I dont think this one below is a Pro for me  :D

I may not going to calculate my budget because everything seems one click away from me (specially If I become filthy rich lol)

This is really the serious problem with the cons, because it requires a strong internet connection to carry out the transaction so it is difficult to implement in many places especially in the provinces. But I am also not against the pros because it makes easier for us to transact with our bills and shopping and feel secure that you will not have to worry too much that you might be robbed and followed by evil intentions because you are carrying cash. For me they are both beneficial and maybe it depends on the area capability accordingly to the way of life of the people there.

I can relate to this. With just few clicks I sometimes overspend even if I don't want to. The convenience of buying something anytime is difficult to avoid especially if there are sales going on. Add to that is my parents doesn't also question me about the things I bought because they don't know the real price of it. If they ask I just say that it's cheap that I paid it online.

Cashless transaction has increased a lot. In the past people had fear that someone might use their credentials and take their funds. Slowly the security of these transactions increased and people learned better about the benefits of cashless transaction.

In simple it has the advantage of limit the spending, and no need to carry separate wallet to handle the cash. The disadvantage is people who aren't much used to cashless transaction were easy scammed by fraudsters. Here the users needs to be more careful handling such situations.

In recent years, there has been a growing trend toward using electronic payments rather than physical cash. This trend to a cashless society is likely to be accelerated by the Coronavirus which gives an impetus to avoiding unnecessary physical transactions. There are several advantages of a cashless society, such as a lower risk of violent crime, lower transaction costs and fewer issues of tax evasion.
However, there are also concerns that a move to a cashless society could cause privacy issues and problems for those on low-incomes and with bad credit histories.
Hope this is much more easy to understand.

I think the security level has increased very well which is the reason people have developed interest in it. Both the aged and the youth are now using the means because it is faster for parties anywhere you are. In the past, it was not possible because of the risk involved in it but lately, it has become the preferable for many.

Cashless and Cash both have advantage and disadvantage to look into before know the one that is more preferable to humanity. Many people engaged in cash to grow their businesses to enable them make a good profit. Many got robbed in their business center base on the cash people saw around them. But in cashless it hard for someone to know there is money in your wallet unless you disclose your address details to that person. Many people prefer cashless when dealing with population of business people not to involved their self in the hands of scammer.
I prefer cashless because it hard for someone to steal your money. Even though you misplace your laptop or phone that you save all your personal details very easy to retrieve them back with another system to get your money back.

When people learn how to use it properly they started to love the benefits, cashless are more secured now and the people who  learns how to take advantage of it are really enjoying it. There's no stopping now as the developments are continuing with offers that it will add layers of securities and more easy and convenient to use.

It touches to know that someone can even think like that because not many care for the most needy people of the society. But to be honest having cashless society also means more tips for the daily wages workers like delivery person because most of the companies have an option to add tip for the delivery partner and when spending cash we sometimes don't want to spend more but having added a few extra cents or a dollar during payment does not hurt. I mean you order a pizza worth $5.5 then you can happily pay $0.5 for the delivery partner but if you order by cash it is often not the case.

I feel like there are more benefits and pros than the cons in this case and while we must care for the needy people but they must not be the sole reason behind the progress of the society as a whole.

Eliminating cash in our society will be creating a bigger problem In unbanked countries, beside its not everyone that has access to mobile internet. Africa will suffer the most, how will a country with lack of access to Internet in order to make daily living and day to day business transactions. It will be  very difficult.
Local Market, Marchant and Retailers will be at verge of collapse in many countries. The cons will outweigh the pros when we fully go cashless.

The rate at which US is money printing, I don't think they will be going cashless any time soon as you said. Check the chart below, the rate at which new dollar bill is been minted to the economy is at peaked for now, more is coming as soon as the senate pass the bill for the 3 Trillion stimulus check.

Source:  LiveMint  (https://www.livemint.com/industry/banking/lessons-from-the-fed-s-3-trillion-money-printing/amp-11592322603528.html)

Going cashless these days is a common thing, because people are getting used to card transactions and other forms of digital payments through mobile. When you don't have cash in hand there is more chances of spending on unnecessary things. Even the small shops have started to provide QR code for payment. Through digital payments corruption is made easier. Whatever might be the pros and cons, if it is used for the bad it affects the reputation and same is when used for good.

But, there are still enough cases about online scamming and cyber hacks that one fears doing online transactions and actually as the technology moves further the hacks and the scammers also learn new ways to cheat people.

I think during the virus spread the cashless economy voices were raised but as this virus settles down we will again come to the normal cash payments while more payments being online but some places you just have to pay with cash and it is the easier way indeed. Cash payments are still the more convenient method and although in the next 10 years maybe we will see the surge in online transactions but really looking at the current stage and in under developed countries, cash payment is the way to go ahead.

Of course, non-cash payments make our life easier and more convenient. However, we become attached to certain technical means that can be easily lost or stolen from us. In addition, non-cash money is often attacked by hackers or various scammers.
At the same time, cash is very easy to use, it is convenient to make small household transactions in cash. Also, cash, unlike non-cash, is very difficult to track.
I don’t think we’ll get rid of cash anytime soon, if ever.

Very well said, going cashless saves you a lot of space when you're out and let's say shopping or buying groceries, it makes our day-to-day life easier, but it doesn't mean that we are invulnerable and no one would plan to steal our money, and that's where privacy and security comes in very handy, having 2FA or biometric security is a must, technology continues to evolve and so does hacking, thieves move in from the streets to their laptops or desktops because they know how much people are moving in to the "cashless" lifestyle, this is definitely the biggest cons in cashless aside from forgetting your password/passphrase from your mobile wallet.

There are several advantages of a cashless society, such as a lower risk of violent crime, lower transaction costs and fewer issues of tax evasion. However, there are also concerns that a move to a cashless society could cause privacy issues and problems for those on low-incomes and with bad credit histories. I often end up with cash because I organise not for profit running races. I then enjoy having cash in my wallet which I then spend in town. Whilst I like spending cash, since COVID-19, I haven’t spent any cash at all – only card. I feel 2020 was a tipping point COVID-19 is only going to accelerate the trend towards a cashless society.

The pros of going cashless is being seen right now that a pandemic is currently going on. Dissemination of the virus can indeed be made as everyone go cashless but at some point, it has a bad side. Not only because of the internet connection but also the availability of it for everyone. Not everyone has enough cash to put in their accounts to go cashless. Some are barely surviving due to the crisis this pandemic has brought. Nevertheless, going cashless is not mandatory for any country yet, therefore not everyone is obliged to use it, you still have your freedom to choose.

Fraudulent transactions are easily blocked by your banking institution if you were to report it. So with that information in mind you should have a good gist of what he meant when he said Extra Theft Protection in the case of cashless transactions. Now you will sometimes be needed in determining which transactions are to be blocked off or allowed to pass through.

but this pandemic really brought a lot of changes in how we look at payment methods. a lot of delivery companies are opting for cashless payment as much as possible. not only for the safety of their clients but also for their employees. less contact with fiat, the better. there are some ridesharing apps here in my area that only accept cashless payment where they were used to accept cash before the pandemic. times are changing. but i dont think we will converted to full cashless as there are some services that only accept cash up until now like small stores/shops

I'm pretty sure that even we have the abiliy to make things cashless, we are still not ready for it. During the pandemic, most of the transactions occured in online and that's one of the key that we can go cashless and due to that, scam activity have increased in online. It's still very difficult on our situation since some part of the world doesn't have reliable internet that will sustain to make use online transaction daily. Cashless is a good idea but as of now, I can't see that it's possible.

Most of people gone to online but doesnt mean that it is one of the main factor that do affect scam numbers are in increase.Its understandable on the other hand though
but this wasn't the main problem but the other side you had mentioned is that not all is knowledgeable when we do switch to cashless.Not all parts of the world does have connection
which means they would prefer nor ending up on using those traditional fiat itself and even though lets say that almost part of the population does have connection but still
paper fiat will exist.Why? government is still existing and we know that it is heavily centralized which means fiat will really not vanish that easily.

Being cashless in each country may also bring different impacts because it will depend on the condition of the country itself. Not all societies are ready with cashless and this commonly because of the habit and also condition of the society itself. Actually, chases during this pandemic are growing so fast and really help us to avoid and minimize being infected the virus. Moreover, if we have a certain transaction with money, it becomes one of the media of spreading this virus. And with cashless payment, can be one of the ways to minimize.

And regarding this situation, many people are also moving to have digital money or using an e-wallet.

However, can it be really implemented in all societies? Once again, maybe not all. But it can be a great option. However, if you are in a traditional market with some old people as sellers, we may still use cash or fiat paper money. This is a culture and probably will be difficult to change

Crypto and cash have their own benifits, I really hope crypto could replace the cash to use between people. This can help poor people in poor countries protect their assets

The advantage of cash lies in its convenience and acceptability. ,
Its disadvantages lie in the possibility of damage, no income, and no transaction records.
As for Bitcoin, its decentralization makes it untraceable and extremely private.

this is almost accurate for me.
I prefer cashless, but it really makes me spend more.
It's too easy to spend money digitally, almost no effort on spending those "digital numbers".

Fintech really made its hype in my country during this pandemic situation.
we already have many centralized digital wallets, and now they make those things connected to consumptive and productive things.
now I can allocate my "spending" power to some productive things like mutual funds and stocks.
every time I want to spend my money on consumptive things, I immediately allocate it and spend it for mutual funds and stocks.

in a nutshell, my crypto profits feed my mutual funds and stocks portfolio.

Cryptocurrency and cash are option that can be used by the world's population to pay, receive, and are legally recognized as a means of payment. If you are in the third world, you will probably find out how much interest people are in continuing to use cash as the main legal payment method. Bitcoin as a crypto currency is the third or fourth choice that we can use as a means of payment because its legality as a legal currency is still not legalized by the government. We need cash while we also really want to have the freedom to manage money without government interference or control.

I don't think the government will abolish the circulation of cash and replace it with a digital currency, cryptocurrency. Cash will still be needed even though for countries can possibly delete it.

Going cashless with fiat money is very fundamentally different from cashless with crypto-coins. It is true that when we go cashless, corruption is checked on a lot of levels but it also gives the government huge power over us by monitoring our transactions and placing heavy taxes on it. I think crypto is a win-win situation because it is cashless and hence it has all the benefits that being cashless has and it also removes the governmental regulations on common people and their money.

Cash can be extremely private and untraceable. The fact that criminals are widely using fiat with their illegal activities or transactions means it has its convinience in that area. Also, transactions with bitcoin can still be tracked, all of the transactions can be seen on the blockchain so you can't say that it is extremely private.

If you want extreme privacy, there are a lot of other cryptos out there.

There are tons of mixers too if you believe someone is tracking your BTC address and the transactions you are making. In fact there are some mixers that can arrange fresh funds for you, which means the coins are never used before and are coins which have been mined by the miners.

I believe the only problem with cash is the risk of theft because imagine you are a millionaire but your wealth is in BTC and you don't have any risk of being robbed or anything like that. While if you have cash and people near you would notice that and the threat starts from there itself. Going cashless has a lot of problems of its own like lose of money in case you misplace the private key or online scams are there who can inject virus in your system and take everything.

In the event that we conversation almost current circumstance cashless makes a difference to maintain a strategic distance from spreading of infection additionally the reality that it is able to do it's work legitimately thru bitcoin or cryptocurrency.Eligible for have cash in terms of crypto to pay our bills and exchanges cash effortlessly and in a quicker way. In spite of the fact that it still have cons like in nations that as it were have moo Web scope or as it were few zones have Web and for a few expenses and security. Also cant ignore positive side of crypto because it made new history and attract many investors in short time.

I don't think these millionaires would keep their cash on theirselves at all times unless they are those ones that won the lottery and can't manage their money so well. We have ways now to take care of that huge lumo of money and it will usually be the cards they have not the cash itself.

Each side has their own pros and cons and I think we should stick with what we have right now because there are a lot of things to consider before turning it to cashless.

I don't think they are that stupid.

Obviously, they have their money is kept in a bank or somewhere safe. With a lot of people getting attracted to a lot of money, obviously, they would keep those on fiats or cash, they would put it somewhere safe. This is one of the best pros of our world getting cashless although the technology that we have right now might not be enough to secure this cash or funds.

Another thing is that the government might still not be ready for this change.

When cashing our crypto there are multiple ways of saving taxes if one wants to by converting your funds into paypal and then spending from there and let me tell you there are countless paypal account sellers. The there are services that allow you to buy products from amazon or other shopping sites for your BTC by charging a minimal fees. I am not supporting these acts but neither can I deny that this happens very often.

It will happen slowly maybe because going from traditional cash payments to online transactions require education among the society because not everyone is habitual of doing transactions online and forcing them might lead to loss of money.

The biggest con for me for going cashless is that you lose a bit of oversight. It is much easier to keep track of the money in your wallet than it is with a credit card. Not all payments are directly collected there is always some delay involved. While with your wallet you have actually to touch the money to spend. I also find that you spend money faster if everything is done online. Maybe I just need to get more used to being cashless.

Benefits of non-cash monetary relations:
- Ease of use - available virtually everywhere, simple, convenient, functional
- Reducing the risk of loss of savings
- The ability to receive additional services and services

Disadvantages:
- centralized management of accounts, which in certain cases may lead to blocking of funds (judicial appeals, etc.)
- outside the country of fiat money, an exchange is required (provided that it is available)

Mostly people these days are into cashless because of the ease of use especially these days it's a big help to avoid spreading of virus. The convenience bring to people makes it easier to track records on how much you spend. The cons, cash can be easily lost. If we search the change there is an increase of usage of cashless. There is always an advantage and disadvantage of having cashless and not. As what others been saying it is how you adopt the situation.

If you delve into the history of the emergence and development of money, you can see that each time the money changed, becoming a more convenient and simple way of payment. Were there opponents of such changes in those days? Of course, there was and in the end money changed and became the way we know it now. As for non-cash money, then of course they, like cash, have a number of positive aspects, as well as a number of negative ones. For example, losing money is easier than cash than non-cash, but both of them can steal money from you. But no matter how it was, with the development of the world, money will also change and we cannot get away from it.

The money is spent faster when using a credit card, it really is true for a lot of people, myself included. However, I disagree with you about the tracking money part. With cash, it is not uncommon that you spend the money and then wonder "where did all the money go", simply because you can't remember all of your expenditures. On the other hand, a credit card allows you to actually see all the transactions, exact date and time, to whom the money was sent, and sometimes even specified what was the purpose of the transaction.

Non-cash transaction are currently very popular with the public just because it make it easier for them. People no longer need to carry a lot of money in their pocket just to shop at supermarket or the like because they only need to use an ATM. It has become a modern payment system.
But when it come to bitcoin, I think it will still be difficult to implement in countries where the status of using bitcoin as a legal means of payment has not been legalized. Although bitcoin is much better than digital currency, its illegal status as a currency in some countries will hinder its adoption.

The only cons I find in the cashless is you need the internet and the entire world is still not connected totally with it.( even electricity is one of the major problems)

Non-cash transaction is no doubt good. I remember in my childhood there was an option to send money through the post using money order. This kind of procedure become simplified by NEFT, and now by UPI. I won't like to compare between fiat and crypto because they are so different. In crypto people are really independent of their own money. But as per the current situation people will rarely choose BTC, because of price volatility, even if it is legal.

I agree with you completely, while going cashless has many advantages, like convenience to pay from anywhere anytime, the money actually gets spent real fast than what we can spend it if it was in form of physical cash because for then, we have to move our lazy legs to the store and buy something, while if the money sits online in bank, spending it is just a click away from our phone or computer! So savings is much convenient if it's done through cash.

Indeed and credit cards were introduced to make shopping easier but the hidden moto was to make the average person spend more than he would because of the credit system and paying it back slowly. It is often said, spend only what your pocket allows and the only method they found to enlarge that pocket was to fill it with virtual cash which sounds good but ultimate you have to pay it.

The problem with going cashless are not one but many, bad internet connection might lead to cancelled transaction and confusion (I am talking of centralized wallet transactions, not bitcoins or blockchain based payments), then there is a big risk of theft as scammers can access your device if you are novice and there are risk of lack of understanding about technology because despite the best efforts there will be doubts for some and it will affect their business. Fake receipts are easily edited/generated and sellers might be tricked.

At least today, non-cash payments primarily provide the user with convenience for any payments, including utilities, buying goods via the Internet while at home, as well as the absence of any problems when buying any product in a store where the seller has a -that moment there will be no opportunity to give change from a large bill. That is, I passed the card through the terminal, and the required amount was withdrawn. That's all.

The most problem of using cryptocurrency as cashless payment processor in daily life is the country really afraid of their fiat become useless and loss its value. The another problem is the transaction hard to be tracked by them for tax issue. The one that i thing possible is digitalize the fiat like USDT and make it for cashless transaction.

Usually non-cash payment platforms provide many promos which are a strategy to attract people to enjoy all cashless services.

This digital money and wallet service is always competing to provide promos such as discounts to large cashbacks for every product purchase.

The bad impact if you realize it, you will indirectly become consumptive and wasteful, because you are tempted by various promos and discounts. So that financial management becomes unstable.

They use mobile phones in areas without electricity in some African nations I think, its possible to exchange but the confirmation of the transaction is probably not the best in these remote situations.   Still I believe even if imperfect its of worth to the, perhaps to clear a tab then absolute payment.   I hear of women in Afghanistan using Bitcoin and gaining new found freedom from the ability to retain wealth and value to their livelihood that was never possible before with physical currency only and the constant violent threat they live under.   Whenever there is a utility and gain, commerce enabled by the operation of a blockchain or any exchange of value then it becomes justified and more likely to continue in its value long term.  
  Ultimately FIAT betrays all who have trusted in it as its raw background of being bound to politics and all that weakness rather then trade and security of value wil become apparent, by the time its obvious it will be over at that point so its a good thing BTC is already here as a possibility to anyone who wants it.

It won't be useless if it is still the currency being used online and they want to coexist more than annihilate the other form of payment. The tax bureau can probably make up for the difference of lost tax if they raise it on commodities and such or they can proactively hunt for potential and active tax evaders.

I think for the tax sector, there seems to be no end to looking for loopholes to collect taxes. Of course, if crypto is allowed by the government, then taxes are unavoidable. even for now, exchangers who have legal entities, of course they are taxed, and every transaction will be easily known to determine the amount of tax

Pros of going cashless is the convenience first and foremost and the fact that you have less physical contact when doing transactions and you will just have to wait for it to be delivered. Cons of going cashless is that we are at the mercy of electricity, one outage in a small town can cripple the economy since it relies mostly on electronic transactions.

Yeah, I forgot about that psychology part of having electronic cash, if I have thought of it earlier, I wouldn't put it as a pros. I don't think that fiat would disappear in our lifetime so you don't have to worry about it as long as you live.

For me the situation is completely opposite. When I have money on the card/bank account, I spend less, even though there a lot of temptations to spend. When I have cash (paper money) I spend them on something less useful. For example buy berries all the time, buy 0.5l bottle waters even though I'm not very thirsty. In other words - I buy different trifles. And when I get coins as a change, I try to get rid of that weight in my pocket/bag. In other words - spend more. Give 10 EUR for a bottle of water, get change as 5 eur bill and coins. Spend coins same day on something. In general - I've spend 5 unintentionally or things I wasnt even planning really to buy.

Obviously, it has its own pros and cons. What might blur the line here is how this would cover people, consumers or producers etc. that doesn't even have access or is very limited to devices? This can be a possible form of society, cashless, but it is not recommended or viable for globalization. Classic, first-evers, and many forms of payment and currency that ran a very very long time ago since trading has began has its own characteristics and benefits that nothing, in any form, could be beaten in general.  :D

Agreed on this sentiment mate because Cash physically is easily to manage than Online as imagine we are allowable to send any amount(as  long as we can see our available funds by eyes) than when we are feeling this physical form.
My wallet has a maintaining funds of 100$ permanently and once this was being lessen then i know that i must tighten my budgeting things that i can't apply in my electronic wallet.
so yes Fiat will never lose power but it will only blend in crypto money.

Another very Important one:  With Physical currency you have reasonable control over your fund, I doubt you will get thesame level of control if use their centralized version in virtual/cashless form.
It's a bit shocking sometimes that the world/nations wanted/want cashless society based on centralized virtual currency. Who do they think controls a centralized currency system?
 Humans too careless like drunkards.

Also depends on the real meaning of the word "Cashless".... Though I have seen and heard several articles/publications claiming it's about phasing out cash or physical currencies completely
 Could also mean Less Cash in a given society or Cash-is-Less, rather than Zero Cash, No Cash at all etc. That's how I tend to see certain Words with  "Less" attached to their ends

Money seems non-existent when we put it in a centralized system; banks and institutions circulate it for their own gains.
It feels like we don't own it. We just let them decide what they want to do with it.
Bitcoin might fix this issue, but vulnerabilities are still present.

Usually, people put their money into a centralized system/bank in order to have liquid funds to save and spend. In order to increase our money, we can diversify to avoid putting the whole money into a centralized system/bank by investing them into various investment opportunities along with cryptos due to the vulnerabilities as you said.

Crypto like Bitcoin is a good option to gain some good profits and use it sometimes for a transaction but completely relying on Bitcoin or any crypto is a risk because of the price fluctuation which goes violet sometimes.
Centralized currency won't be replaced by any cryptos but the possibility of centralized crypto is quite imaginable. Hence, the price volatility will be always there and without it, Bitcoin won't be so popular either because maximum people put their money on Bitcoin to earn some profits.

- The chance of cash disappearing is very low when relatively small payments always require the efficiency and speed of cash while electronic and online payments have too many annoying points, processing and confirmation, account login, quite a lot of problems. In addition, the bank's system is not perfect, sometimes they also need maintenance periods to better serve, if we don't use cash, I don't know what we will do to process the payment in that time, cash has too few downsides to mention, an ideal product that fits and can't be eliminated

It is true there are advantages and disadvantages of every technology.Same as cashless technology have merits and demerits as well.The government itself still employments notes and disseminates it to the public, so individuals can still utilize notes . But as we know, and numerous individuals said, there will be the advantage and drawbacks by utilizing the notes and cashless. But individuals still favor to utilize notes to use as medium of exchnage.Cashless technology helps you to save from lost of cash and use globally in any state but otherside demerit of cashless technology is you cant use it as emergency because most of vendors dont accept cashless.

Pros

• Lower crime rates, because there's no tangible money to steal
• Less money laundering, because there's always a digital paper trail
• Less time and cost associated with handling, storing, and depositing paper money
• Easier currency exchange while traveling internationally

Cons

• Exposes your personal information to a possible data breach
• Some may find it harder to control spending when they don't see physical cash leaving their hands
• If technical issues exist, you don't have alternative source of money
  

Less crime, but it becomes easier to commit a crime. When you steal physical money, at least you have to prepare mentally and physically to get them from your victim. But with digital money, it is a matter of one click to commit a crime.



I think it is opposite. Greater amount of money is being laundered as a digital money. With all this shady companies, off-shores, multiple accounts you can get through "laundry" millions. If you do same with cash, I think this is simply impossible. Nobody moves trucks full of cash nowadays. [/list]

everyone has the freedom to choose, so there's really no need to complicate things like this.  because basically all have benefits.  The cash money system was formed because the community formed it, as well as the community currency system that formed it.  so we also have to participate according to the circumstances.  I actually feel wasteful when all my money is in electronic form, and I feel stingy if my money is in cash.

                          The pros and cons of going cashless.

1. Various Attractive VS Consumptive Promos

One of the most effective strategies to attract people's interest in using digital money is through promos.
A number of money services and digital wallets are competing to provide promos such as discounted prices to massive cashbacks.  Is this profitable?  Yes, if it is spent on a product that is really needed.
 But without realizing it, sometimes this makes people more consumptive which in the end only becomes an impulse purchase because they are tempted by discounts so that spending becomes out of control.

2.Fast Transaction VS Signal Problem

Large cash transactions generally take a long time because the money used for transactions must be calculated first.  Sometimes, small change is not available at the cashier.
With cashless transactions, the process becomes much easier and faster.  Just swipe the card to the EDC machine, tap, or scan the barcode via the application.
However, are there times when these machines or the user's smartphone have difficulty catching the signal needed for the transaction to take place?  Thus, without a good signal, payments cannot be made.

3.Safe From Conventional Theft VS Cyber ​​Attack Vulnerability

Security features have become mandatory for money services and digital wallets on smartphones.  Usually this security feature is in the form of a PIN, password, or fingerprint scan.
This is one of the advantages of cashless transactions because the transaction value is only known by the user and the merchant/tenant concerned, so it does not invite criminal action.

Well I think it is nice to try it being cashless doing transaction online or going out with only your cards and phone
But it is hard right now or a bit more expensive than going out with cash,
Because only few accepts those kind of payment so you would end up using them if you want to try it so it would cost more.
And of course the problem of your phone being low battery would be a huge problem for you.

The first thing that comes to my mind when it is talking about cashless is the pros and cons of it in which there are really a lot of pros and cons that may list here, just for example The pros that may include is that having a cashless transaction will prevent the spreading of virus and another thing is that it is more comfortable for us when it is cashless because we don't need to bring money anymore but the cons here is that those who are not yet knowledgeable on cashless transactions just like for example those people who are aging around 50's and 60's they are not aware on cashless and it would be hard for them to adopt it.

I see not benefit on going strictly cashless. I am kind of almost cash-less in the sense of not carrying coins nor notes around, but I am not willing to renounce the anonymity and convenience of using cash to pay, and I think most people d the same. Stop using government issued currencies at this moment is impossible, except in El Salvador. You can use crypto but it is anyway converted to cash on most transactions, so you are not really cashless in any case.

Me too, not all transactions can use cashless and it is more convenient to use money. In our country, with the complexity of the population, we do not fully use cashless, although in some cities we use cashless, but officially we still use money for payments. In rural areas, it is difficult to implement cashless because the infrastructure and the environment are not sufficient.

I disagree with this due to the fact that if world goes cashless and all would adopt with it, companies like PUNDIX and binance support cards which you could use for transactions with less fees involve. No hassle holding your money. Another thing is it is inevitable due to the fact that this pandemic helps a lot with digitalization and cashless transaction is a trend.

Yes you may spend more with cashless and that is because you have access to your money at any time through your app. Your fingers gets inchy for buying something even if not needed the particular time but because you are a second away from your money, you open your app and transfer is made. On that point, if you were to get to your bank to facilitate withdrawal or transaction, you may not see the need for unnecessary spending. Looking at the instances, you understand it that you can spend more with an app than going to stand at the front of a cashier for transactions.

I understand your point but the fact is that not all merchants accept it according to the needs of each person. indeed all still on progress for digital payment adaptation, and sadly all people are not having the same status economy. like a poor or homeless.

I believe its just a matter of personal discipline. It could simply be solved in the future by having wallet functions like budgeting section where you can lock up your money for specific uses. I believe we're still in early stage but in the future, I can 100% predict that cashless is inevitable.

For certain businesses it makes sense to jump into a cashless future today. After all only one in four bears cash on them and simply paying cashless means more efficiency reduced risk of theft and higher costs however it is not easy to have a cashless business not whether you should be cashless depends on your industry customers and how many transactions have already been made with a card. The target is to make the country's economy fully digital not in cash but in cards all transactions will be online.

If the majorities will adopt then cashless will push thru, we can't deny that fact that economic status also

affects the entire adoptions but things may proceed if more and more people will embrace this new digital

system, cashless may happened along the way.

We just need to always have back up, not to depend on single system or platform since there are some problems or maintenance that may occurs like when the app is under maintenance or under attacked and we need to do transactions. I sometimes have experienced not being able to pay right away since the system is under maintenance but I needed to pay that time to get the items luckily I still have another bank to use.

the pros of going cashless transactions are:

1. fast and easy transaction
2. no limit purchases and remittance
3. safe and convenient especially during this time of pandemic

the cons of going cashless transactions are:
1. poor internet connection when doing transactions, might have difficulty and delay in sending
2. it can be used in some bad transactions such as money laundering, so we have to keepsafe our accounts..
3. might have problem in handling cash on hand
4. if you send remittance and your receiver doesnt know or not knowledgeable on online transactions

I feel that the biggest advantage of going cashless is the neat convenience and not cumbersome, but using coins the biggest disadvantage is that it is very easy to be stolen when someone is good at network programming.

As long as physical currency can still be used by people for  buying, selling , holding etc. If only digital currencies controlled by centralized financial institutions are allowed, you will likely lose full control over your funds unless you use a decentralized currency system that gives you full power/control over your funds. And probably use some sort of decentralized Banks that let you plug your node/wallet to their wallets/nodes to benefit from better services like better interface, additional security, smartcontract services etc.
 

Going cashless is an inevitable action for the future. Digital currencies are being developed by some countries now. And the number of them will increase in time. We will start leaving fiat slowly and start using digital currencies. Pros and cons will always exist for any kind of money. Fiat is also not perfect. Maybe we won't ever have a perfect kind of money but it'll continue to be more practical to use as time goes on.

No system is perfect. Everything has its own advantages/disadvantages. While going cashless makes your life much more convenient, it's not the perfect solution when there's a natural disaster or major catastrophe. Digital payment systems are highly dependent on energy and Internet access. Without these two, you won't be able to participate in the digital economy. That's not the case with paper money these days. You can pay with physical banknotes regardless of a blackout or lack of Internet access. Yet, paper money has its own downsides including (but not limited to) lack of portability, and lack of eco-friendliness. You'd have to use both systems in order to balance between each other's respective advantages/disadvantages. Only then, you'll be able to achieve peace of mind no matter the situation you're facing. Just my thoughts ;D