Why we should fear a cashless world

[eaLiTy]

Besides bitcoin can be hack because the technology and everything is in the internet is not safe so I think real money is needed to the economy became balance because the bitcoin itself is just a secondary currency and I think it should be a secondary only because the paper money is needed in the real world.

This is a misconception that bitcoin can be hacked,it is not possible to hack bitcoin or blockchain and that is the reality.People lose their bitcoin because they do not know how to protect themselves online ,there is nothing to fear when it comes to cashless economy,but in order for that to become a reality it will take a longer time to completely change how we deal money,there are many hurdles to overcome for a government to push for a cashless economy,infrastructure should be implemented and for a poor country to do that,it is impossible .

[1714062751]

1714062751

[darthmaul]

I guess to become cashless completely you have to look after your country's economical system first. This change may not be implemented completely until everybody gets literate about the cashless technology. But according to me it won't be that big problem to let the people understand what it is. In recent years, India has made giant leap by investing heavily into a card system which they call it as "Äadhaar Card". This card includes all the biometric information about the person in the country and it links all your KYC documents too. This way everything is connected and contains unique barcode to access the services. Recently they have launched Wireless hotspot which Indians can buy just by scanning their thumbs! As the whole system is connected they don't have to submit their identification as the system already knows who the person is, and it gives access to them. It is not similar to contactless technology but it is something India has implemented even though they have highest poverty ratio as well as illiterate ratio. So its not fearing thing at all.

[chineseprancing]

I can't imagine that different nation and country were cashless, because paper money was used as symbolize each country. However, primary needs and used of people are cash that's why maybe we fear in cashless.

[just a man]

I can't imagine that different nation and country were cashless, because paper money was used as symbolize each country. However, primary needs and used of people are cash that's why maybe we fear in cashless.

I am pretty sure that it could happen easily, all it require is one person who has a bunch of power to influence the exconomy to go cashless.

[UCHCHILD]

For me I just worry about the logged of the transaction. And the hidden transaction in your account and also once the transaction is full.like what we are experiencing now the big volume of users the log may happen which is so bad to experience especially if you want your money now and you are in emergency. I hope if cashless implemented world wide those problems must be solve first then people will not be bothered of those problems anymore.

[Shutup]

In our society we got used cash as our transaction. We trained to use it as our money especially when buying things it is more easy to use than digital money. People are got used in cash thats why it is hard for all that cash will be remove. So, it is so hard for us a cashless world. We should fear a cashless world because many people are poor in knowledge about technology.

[Malsetid]

In our society we got used cash as our transaction. We trained to use it as our money especially when buying things it is more easy to use than digital money. People are got used in cash thats why it is hard for all that cash will be remove. So, it is so hard for us a cashless world. We should fear a cashless world because many people are poor in knowledge about technology.

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You're right dude. And the requirements of a cashless society may not be available for the lower levels of society. It's not as if access would be given freely to all people. Of course there will be terminals used for cashless trnasactions. We may need cards, stable internet snd all that which is of course readily available for people in the higher levels but those in lower tiers, it would be a challenge if we go entirely cashless

[GreenBits]

A cashless society is giving complete control over to the bankers.

When implemented (which will happen sooner rather than later) you can expect the following -

1) Negative interest rates - spend your money or watch the balance shrink daily

2) Bail in's - Laws already in place, you are classed as an investor in the bank.  When the bank folds you loose your cash.

3) No more bank runs due to point 2 as there is no longer any physical money to withdraw.

4) Every transaction you make is logged and audited.

5) Not classed as a "good" citizen, they will freeze your account leaving you destitute instantly.

I looked back at your post and had a good chuckle You were right on the money, less that a year ago.

1) This is what banking fees on low value accounts typically amount to. If you keep less than 1000 dollars in the bank,  you will pay out the wazoo in fees, to justify/profit from your deposit.

2) We are repealing Dodd Frank as we speak. Why that's a good idea, I don't know, but if banks don't have regulation and don't carry adequate cash reserves, we move into:

3) good luck running a bank nowadays. It will simply close they don't keep a whole lot of cash on hand, you have to notify them in advance now if you are making a substantial withdrawal, lest they give you a cashier's check.

4)ACH/SWIFT

5) Owe back taxes. At some point, they will freeze your account, take the balance, and incur a charge off fee on the 'compromised' account. If that isn't enough, they will come for your wages.

We didn't even need to reject cash completely; the reliance on ACH and debit/credit have ushered in a quasi cashless society already

[Nathland]

We should fear a cashless society firstly because it would be very difficult for government to monitor decentralized bitcoin. Then the transaction fees are already touching sky so small transactions would become impossible. Then cashless society requires 24/7 Internet connection and any fault in Internet will stop all the transactions.

[Bakemat]

Poor people and small businesses rely on cash. A contactless system will likely entrench poverty and pave the way for terrifying levels of surveillance

http://www.theguardian.com/money/commentisfree/2016/mar/21/fear-cashless-world-contactless

Discussion

I agree, with electronics and surveillance more advanced than ever. A cashless system would only be a way wherein the higher - ups can control people and the stocks. A cashless system that embarks on electronic levels would also spell doom once a hacker can work its way through the network and can spoil all the funds that this world can offer. Cashless can spell doom if not checked and not monitored correctly.

[Cofee.BLUE]

If a cashless society would be implemented, many people will be affected especially those we can say poor people because they are just depending on the usage of cash as a type of payment. Some are also not yet oriented of how or what does cashless society will be. It will  took such a great time for them or us to adapt before we can completely say that we can go on cashless. There will problems that will arise in the implemetation of cashless society because powerful people can control various accounts and we can't do such move when they did that.

[ubitcoin]

We need to be more afraid of the laws in the country, not the payment system. Any form of payment in my opinion has its pros and cons, but many laws do not allow people to live in full.

But then you agree with me that money is life and a lot of the population in this world live off their lives in their financial incomes and so if such a critical part of human existence is being controlled by the powers that be and your financial freedoms are encroached then you're better off not living and it is difficult than any law from a wicked leader.

I don’t agree that money is life there are still some tribes in the jungle who are living for ages without money, so it proves that money is not life but yes we can say that with the money we can live a quality life and the money provides us the strength to afford the luxuries of life, the bitcoin in this regard is enabling us to be financially strong.

[Kevin77]

cashless world will never happen because the government wont allow this because if there's no fiat system they can't get tax on us because if our money will be crypto currency they wont be able to get money from us. that's the reason they wont never gonna do this thing. more or less they will ilegalize crypto currency in the future if they see that its growing so fast.

Well things are not that simple when it comes to the governments there is a huge difference between the thinking of an individual and the governments. The governments are liable to look at the things in a broad sense and for this purpose many diplomats, technocrats and politicians play their roles to strengthen the institutions and build the countries interest stronger.

So, currently the government is not taking any tax and this is true that the governments generate revenue from taxes of the citizens if it stops the system will be damage and no government will allow to do so.

[RedX]

I think I don't fear that. Cashless world can't happen but if it's a cashless country then it's very likely to happen. I've got a feeling that either USA, Japan or China can implement that. If I'm one of their citizen of their cashless country then the only thing that I fear are hackers.

[Armstand]

I think I don't fear that. Cashless world can't happen but if it's a cashless country then it's very likely to happen. I've got a feeling that either USA, Japan or China can implement that. If I'm one of their citizen of their cashless country then the only thing that I fear are hackers.

if ever those above mentioned countries will implement that there'll be for sure some ordinaces or movement to refrain those activities to happen , though that thing may won't work since hackers will still find a way.

[ocid]

Before this country developed indeed my country in antiquity never make transactions without money is to exchange goods but it is very difficult for everyone and make complicated, with the development of the existing era then issued cash as a more simple exchange without having to use the exchange With the goods then than that actually if we do the transaction without money is actually not to be afraid but it is only back in the past which will be difficult.

[Dontme]

People should fear a cashless world because as of now. Most of the people are ignorant of bitcoin or any cryptocurrencies. You can not quickly teach or introduce to some people how cryptocurrency works and not all markets, stores, business, and transactions uses internet and is cash basis. There will be big adjustment and ignorance for a cashless society and that would create fear to many people.

[Wesimon]

Poor people and small businesses rely on cash. A contactless system will likely entrench poverty and pave the way for terrifying levels of surveillance

http://www.theguardian.com/money/commentisfree/2016/mar/21/fear-cashless-world-contactless

Discussion

Cashless society is not possible. But having decentralized system is possible. And bitcoin best fit this cashless society.

[shone08]

Cashless world also brings in a lot of advantages so don't be fear if the world will became cashless. A cashless life means less trouble with money itself: no need to look for an ATM, no heavy coins in your pockets, no cash to be lost or stolen. It’s simply more comfortable not to worry about having enough money with you for your needs. When you go abroad, this becomes even more apparent, because you don’t bother with currency exchange — you just pay with your card as usual. But for me a cashless world is a fantasy can't be happen!

[gabmen]

People should fear a cashless world because as of now. Most of the people are ignorant of bitcoin or any cryptocurrencies. You can not quickly teach or introduce to some people how cryptocurrency works and not all markets, stores, business, and transactions uses internet and is cash basis. There will be big adjustment and ignorance for a cashless society and that would create fear to many people.

I don't see why we should fear a cashless world at all. I mean it's not as if it's gping to be sudden and people won't be prepared for it. Of course there probably would be a long transition before we can all go cashless and i also don't think it would be entirely cashless. We're all born to adapt to change so why fear change?