Why we should fear a cashless world

[Flor1982]

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 is better and good because it will make us at ease and safe during transactions unlike bringing cash on the streets especially today in which many bad guys are now roaming in the roads but i'm afraid this will not happen in the whole world specially in the third world countries in which many are very poor in education in which education is vital to the digital process.

[megynacuna]

Forcing consumers to go cashless comes with concerns. Those hurt the most could be the poor and small businesses who today rely deeply on cash. Some believe that a contactless system will likely entrench poverty and pave the way for terrifying levels of surveillance.

Certainly our privacy will be compromised whenever that system is pushed forward and the governments of the day could easily manipulate the system to collect taxes and create more poverty especially among the  low income families.

[Barbarian]

Not if the way micro transactions were done were also on a blockchain. You won't be subject to surveillance if your blockchain is privacy based and doesn't allow for you to be known. I embrace a cashless world and welcome it anytime now.

I wish the transaction will be low so everyone can benefit the blockchain, for now the transaction fee of bitcoin is really high
which is not good for micro transaction. There are a lot of options that we can use because the crypto market is getting bigger and there are big competition which could bring better service for us.

Soon your wish may become a reality, bitcoin is very expensive when it comes to the transaction fees but that is going to change as the LN developed begins to become functional, once that happens the fees will become ridiculously low for most of the people in bitcoin.

[stronghandsdeeppockets]

I don't see the reason why bitcoin is the only one given as an example in this "cashless world". I am not a holder, but BCH seems to be able to do exactly the same thing, without needing anything added (like the LN for btc). Surely, btc is more popular, but that doesn't mean it is the most viable option ever.

[FlightyPouch]

I don't see the reason why bitcoin is the only one given as an example in this "cashless world". I am not a holder, but BCH seems to be able to do exactly the same thing, without needing anything added (like the LN for btc). Surely, btc is more popular, but that doesn't mean it is the most viable option ever.

And I don't see the reason why the only one option we are thinking are digital currencies since there are a lot of other things besides that. One of the first one to be used when we say "cashless society" is cards, and I think it is happening since a lot of rich people don't really carry money with them but just bring credit cards with them. Digital currencies are still not ready to be a replacement for being a country's currency, there are still a lot of improvements that needs to be done and also not all people will accept digital currencies that easily to be used in their every day lives.

[stronghandsdeeppockets]

Good point, but weren't cryptoccurencies about that long-craved "decentralization and anonimity"?
You are right, cryptos still need time before replacing a country's currency, but we have the example of Venezuela. A year ago, 1 bottle of 0,5l water was 1200 bolivars (~$1). One year later, the same 1200 bolivars are worth LESS than a penny. My question is, when will the time come for a country like Venezuela to make such a radical change in order to save itself from an economic crisis?

[reymartH]

Every transaction will be transparent, so it will be very hard to make peer-to-peer payments for products or services without taxes, regulations, contracts and so on. Want to lend your friends some money or buy something from them? The authorities will know about it and if there’s any opportunity to tax it, they will certainly do that.

[Barbarian]

I don't see the reason why bitcoin is the only one given as an example in this "cashless world". I am not a holder, but BCH seems to be able to do exactly the same thing, without needing anything added (like the LN for btc). Surely, btc is more popular, but that doesn't mean it is the most viable option ever.

As long as bitcoin is more popular then it is the most viable option, it is that simple, other coins may have a great market cap but when it comes to usage no coins is close to bitcoin and when it comes to recognition from the general public the same is true.

[Wolfwar]

I don't see the reason why bitcoin is the only one given as an example in this "cashless world". I am not a holder, but BCH seems to be able to do exactly the same thing, without needing anything added (like the LN for btc). Surely, btc is more popular, but that doesn't mean it is the most viable option ever.

As long as bitcoin is more popular then it is the most viable option, it is that simple, other coins may have a great market cap but when it comes to usage no coins is close to bitcoin and when it comes to recognition from the general public the same is true.

no one should be afraid or be afraid of non-cash settlement in everyday life. For the modern world this is quite normal. But I think that for most people on the planet the crypto currency will be unavailable and real paper money for them is much easier to use.

[bitllionaire]

I don't see the reason why bitcoin is the only one given as an example in this "cashless world". I am not a holder, but BCH seems to be able to do exactly the same thing, without needing anything added (like the LN for btc). Surely, btc is more popular, but that doesn't mean it is the most viable option ever.

As long as bitcoin is more popular then it is the most viable option, it is that simple, other coins may have a great market cap but when it comes to usage no coins is close to bitcoin and when it comes to recognition from the general public the same is true.

no one should be afraid or be afraid of non-cash settlement in everyday life. For the modern world this is quite normal. But I think that for most people on the planet the crypto currency will be unavailable and real paper money for them is much easier to use.

ebanking is a good example of that, i think that. Cryto currency is a modern form of that, therefore we do not need to worry about cashless society because the new generation will be totally depending on it and it will be very common then. No one need to carry big amount of money with them even do not need to change or convert in to any other currency for using it, people will be using a one and single currency in all over the world.

[mahilchii]

Nope, Cashless society cannot be implemented in whole world unless there's such infrastructure set up to support cashless transactions like internet throughout the world even in the under developed countries. Cashless society have already been started by banks for their customers and bitcoin also taking its place in wide range. But, there is a need for everyone to understand and use the same without fear.

[Sled]

I don't see the reason why bitcoin is the only one given as an example in this "cashless world". I am not a holder, but BCH seems to be able to do exactly the same thing, without needing anything added (like the LN for btc). Surely, btc is more popular, but that doesn't mean it is the most viable option ever.

As long as bitcoin is more popular then it is the most viable option, it is that simple, other coins may have a great market cap but when it comes to usage no coins is close to bitcoin and when it comes to recognition from the general public the same is true.

no one should be afraid or be afraid of non-cash settlement in everyday life. For the modern world this is quite normal. But I think that for most people on the planet the crypto currency will be unavailable and real paper money for them is much easier to use.

ebanking is a good example of that, i think that. Cryto currency is a modern form of that, therefore we do not need to worry about cashless society because the new generation will be totally depending on it and it will be very common then. No one need to carry big amount of money with them even do not need to change or convert in to any other currency for using it, people will be using a one and single currency in all over the world.

There are countries that are now on the cashless society and it turned out well for them and i agree to your statement that it will be the new generation where people depending into it because a cashless world means lower rate of inflation because the government can just generate new paper money everyday because it is now pure digital.

[tophe15]

Maybe because it's not easy to earn cash if it happened? Like how can you deal and use for example btc if you don't have a payment in connecting through the web, because transactions might be in danger and will paralyze if there will be no connection to the internet which everyone of us is paying (except for public connection but we need device too to connect). Also, maybe we can't adapt so fast if cashless will happen.

[tannerchum]

Well in case some didn't knew, Sweden was the first cashless country since past 4 or 5 months (IIRC) and they haven't suffer any problem so far and the route for other countries is surely the same, it's just the matter of when it will happen.

Just as a note, Sweden is not yet fully cashless. Still quite a ways to go. The trend is leaning towards cashless, but plenty of places still accept physical currency.

Cashless also grants governments and other parties the ability to fully monitor your cash flow. They will know how much you make from your side job tending bar, how much you spend on pornography, where you travel. Police will track those odd $20 given to the same person every Saturday afternoon, when they realize that this same person is receiving the same amount from a dozen other people at the same time. Congratulations, you are now an open book.

Our government now adays has open their eyes for what is easiest way to go on for life. Being Casless will be a solution to know how to manage in terms of money talking, well government will aprove it. We people loves to use cashless instead of cash. We do not to be afraid because it happens many time and it keeps on doing it. Thanks to Bitcoin many people experience cashless. But they can do transaction through cryptocurrencies.

[Gotumoot]

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

My opinion is said to a bible verse when we are cashless society only uhm what so called the usb or theres a card that will implant on our skin. And it signiface our value. So yep the feeling is mutual.

[outsider99]

Money is the official means of payment guaranteed by the state, like a machine without oil, the economy also will not run without money.
I imagine in the future our children and grandchildren will pay all transactions and goods and services with plastic cards or through electronic money transfers through mobile banking services on smartphones.

[RAMSHIVDEEPAK]

Cashless economy is good concept but it has some problems like cyber attack,fraud,power outages. Because all transactions will be done by the electronically,so we have to trust on gov.or other third party.

[Opekin]

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

My opinion is said to a bible verse when we are cashless society only uhm what so called the usb or theres a card that will implant on our skin. And it signiface our value. So yep the feeling is mutual.

Biblically speaking, being a cashless society is really terrifying. But as long as bitcoin is not being planted in any part of our body especially in our forehead or in a part of our hands, it is not that alarming. Implanting in parts of our bodies indicates the sign of the beast! Please be careful of that. Do not let yourself have those chips inside yourselves. Let us be contented using our phones for bitcoin. Let us fear the Lord our God.

[cepedacharles29]

Nope, Cashless society cannot be implemented in whole world unless there's such infrastructure set up to support cashless transactions like internet throughout the world even in the under developed countries. Cashless society have already been started by banks for their customers and bitcoin also taking its place in wide range. But, there is a need for everyone to understand and use the same without fear.

[Jedzkie050617]

Business occurred in our daily basis only depends on a cash. All types of transaction do practice using only by cash. Business establishment most of them depend on cash basis and person to person transactions. It will be somehow very difficult for people to move without cash on hand like buying a fresh cooked food and others..

Why we should fear a cashless world? For me the term fear is not the exact term to use. Cashless world is good if it is acceptable to all business or in our country such as buying and selling, transacting payments and investing.