Why we should fear a cashless world

[speem28]

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?

Well, it's that change that we are afraid of. Yes, we got used to using physical money and going into a cashless will take a long time of adjustment for most of us that are not that used in electronic transactions. Not all are capable in adjusting when this cashless society occur and no one can predict whether that change will have a positive effect in our lives or not.

[bitbunnny]

There is no room for fear. Cashless world is probably our future but it's not the monster and it will not happen over knight, there will be period of adjustment. And that doesn't mean that everything will only be about cryptocurrencies, cashless doesn't mean without fiat money, it will not disappear just we will probably use in electronic transactions and through credit cards.

[Eclipse26]

This is the worst point of the system. At this point laws can manipulate any person on the planet to do anything.

Exactly we're  like being a robot if this happen. It have a bad effect on every people around the world because we are like a puppet of the law. Also poor people will be affected because some of them are not aware on it. Still not all people around the know what bitcoin and other cryptocurrency is.

[Theb]

In fact all people businesses rely cash. Yes we are now living in which cashless transaction exist but what is the main reason they are being accepted? It is because they have monetary value in it every time you buy something on credit your bank pays the business in cash companies will always want the living proof that their assets exist and there is no way better than to show you have a lot of Fiat currency in your bank account. We are still officially living in a world where cash is still king.

[bitllionaire]

In fact all people businesses rely cash. Yes we are now living in which cashless transaction exist but what is the main reason they are being accepted? It is because they have monetary value in it every time you buy something on credit your bank pays the business in cash companies will always want the living proof that their assets exist and there is no way better than to show you have a lot of Fiat currency in your bank account. We are still officially living in a world where cash is still king.

i think advanced people have already changed their payment method then are now welling to have cashless business, which is i think more safe and reliable. i am hopeful that with the passage of time people will start giving importance to cashless society.

[Capradina]

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.

Well, I understand what you feel towards a problem that is now occurring. Because I also feel that, you need to know right now it would be much better if you use the bitcoin for long-term investment. If you assume that bitcoin is an investment which is the quickest to give advantage it could probably be wrong, because the bitcoin is a technology that is still under the radar of everyone. Where is bitcoin is not fully used by all people, it is now a very large number of transactions and it's causing a problem that until now still not finished. But if bitcoin is best known and used, the problem will definitely be done. Only a problem on rising prices unusually high until you can become crazy if not resistant
 

[Chin Cheng]

In fact all people businesses rely cash. Yes we are now living in which cashless transaction exist but what is the main reason they are being accepted?

I am not sure whether i am able to understand everything you said here,but we have the option to have cashless transactions with the help of debit and credit cards and things are changing ,now we have more options rather than carrying hard cash

[speem28]

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

Even if they say it will be a cashless world, it will really be not entirely cashless because as you say, a cashless world where we do most of our transactions electronically, it will not be applicable to the lower levels of society. So it is given that fiat money will still remain in the future, we can't get over with something that we are used to using for decades.

[Lampaster]

In fact all people businesses rely cash. Yes we are now living in which cashless transaction exist but what is the main reason they are being accepted?

I am not sure whether i am able to understand everything you said here,but we have the option to have cashless transactions with the help of debit and credit cards and things are changing ,now we have more options rather than carrying hard cash

Now many people have the ability to do the job for cash and increase your income through tax evasion. Once Fiat will cease to exist it will be impossible with respectively the income of people will decrease.

[franco123]

When we talk about cashless society, meaning all Bitcoins or digital currency society, the tendency is that the economy of the countries will not be able to perform properly. This is because the rates of the currency of each country are determined through the supply and demand of a country. With that, it will be hard to determine to the currenct rates and balance it with the interest rates. We might also have a negative interest rate because of that.

[AK47-]

Cashless economy doesn't only means the cryptocurrencies we are looking at now. When there will be a cashless economy, governments of every country would have their own online currency backed by them just like fiat. Right now a cashless society isn't certainly possible. But in future, cashless economy will definitely be a reality. Governments and banks would change accordingly.

[Bagaji]

I don't believe such a thing will happen in the nexst 10 years that bitcoin will be worldwide acceptable. This because there are so many part of the world today that the cost of Internet subscription is too high that the poor cannot afford. And there are some part of the world that are still operating trade by batter despite the present of fait currency. And lastly, so many people don't know how to operate computer and highly advance cell phone let alone to read in their general language which will make it difficult for the poor and illiterate to operate in such a system.  

[Aventhe]

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

Yes, this may be true but I do not think that we should really fear a cashless world. However, there are certain security related questions that have to be asked - as you have pointed out. If we all have our money in a wireless account, hackers will be investing more time and money into cracking that.

However, despite this, I do think that wireless transactions will be the future and that wired / cash will  be eliminated altogether. While this may not happen any time soon, I certainly see it feasible within the next few decades. We should also remember that wireless transactions are not just cryptocurrencies.

[Hydrogen]

It is possible the relationship between net neutrality and ISP's (internet service providers) could apply to a cashless world.

Many support net neutrality with the idea that ISP's will raise rates/fees and resort to exploitive behavior if net neutrality is abandoned. The way ISP's are structured, some consumers only have 1 ISP as an option in their geographic area. having only 1 ISP as an option creates something like a monopoly which could pave the way towards ISP's adopting exploitive and predatory business practices as many have no recourse but to accept them.

Banks too could have something resembling a monopoly over buying/selling/exchange if cash transactions were banned, leaving only electronic transactions. Banks having a large majority of the electronic payment industry could give them something like a monopoly which could also pave the way towards banks resorting to exploitive and predatory business practices if paper money were ever banned.

[E-shipper]

The non-cash world will destroy many sellers and increase fraud cases due to anonymity. The banking system will never allow such a turn of events which will be unprofitable for many sellers.

[joebrook]

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

A cashless system will not work everywhere especially the third world countries, we are very much dependent on using cash to make about 99% of all our transactions, there are also illiterate individuals that won't simply understand how the system is going to work in it's entirety and that will pose too many troubles for the system. It's not worth the trouble.

[Aprijhunot]

No one in this world is happy to lose money, but also no rich person who never loses money. Conversely, many poor people never lose a single currency, because in fact they never invest or do business at all.

The fear of losing money is very real. Everyone has fear, even the rich are afraid. The difference is, because of the fear, the poor stopped acting. The rich, because of fear they will be careful but still act.

[yrreg ger]

For me the one reason to become fear in the cashless money if this will fall and to lose our money using this. Since most of the bitcoin user used the bitcoin as source of income they want allot of profit not a losing of money, it means that they don't want to happen the falling of their business like investing or trading using the crypto-currency. Additonally we can't predict what will happen in the future in the world of crypto-currecny.

[Hutalar]

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

A cashless system will not work everywhere especially the third world countries, we are very much dependent on using cash to make about 99% of all our transactions, there are also illiterate individuals that won't simply understand how the system is going to work in it's entirety and that will pose too many troubles for the system. It's not worth the trouble.

that’s sad but there are still many places in the world where you can easily find cities and cities full of illiterate people who just wake up in the dawn to work whole day for their meals and return home at dusk. Such people are never ever going to adjust into cashless society and they do make significant portion of our population.

[Sled]

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

A cashless system will not work everywhere especially the third world countries, we are very much dependent on using cash to make about 99% of all our transactions, there are also illiterate individuals that won't simply understand how the system is going to work in it's entirety and that will pose too many troubles for the system. It's not worth the trouble.

that’s sad but there are still many places in the world where you can easily find cities and cities full of illiterate people who just wake up in the dawn to work whole day for their meals and return home at dusk. Such people are never ever going to adjust into cashless society and they do make significant portion of our population.

We need to adjust our self to the innovative technologies because it might become the game changer for us and become something that we don't expect. We are lucky that we are in the beta of the cashless society because we are in bitcoin on its few years of age and it is starting to revolutionize the world and we can say that cashless kind of thing is a great for people who want to leave their job and earn more money through bitcoin.