Why we should fear a cashless world

[gabmen]

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.

Exactly. It shouldn't be feared but we should start thinking about how it will benefit us all in the long run. I don't see us going cashless anytime soon but we should already be able to incorporate cashless transactions to make ourselves aware of how it works

[Dobmader]

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.

Well it has the both sides the bad and the good if we look at the positive side we will think positive so being a cashless world mean everyone is involved In the bitcoin and the crypto currency but the problem will be that not all the people are known to the technologies it will be easy and facilitated world for those who will earn and are aware of the use of bitcoin but it will be bit difficult for a few people who don’t know bitcoin and the use of the bitcoin properly.

[que91]

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.

Actually I think this revolution has been started when Visa/Mastercard replace paper money. You also know almost rich country, everyone are using Visa/Mastercard for purchase anywhere, the picture use paper money for purchase is gone

[marjoree]

I dont fear a cashless world, in fact its a good idea. My concern is when will it be adopt? Because there are less people in the world knows about Bitcoin, so it will be hold to that idea of cashless world. And If that happens, and so does in the banks,it will probably be easy for all of us

[Dainye_dyep]

I think we will never reach cashless world till USA is printing money. It will hit its economic system and bring it to default.

I never want to see this because its too technical I mean natural and simple way of living will be extinct and thats not my visoin of life, I want to stay with this kind of like I mean, I can pay my ice cream using my coins, I will lost my wallet because of being clumsy, I dont see all my profits will be in digital way, I have red somethat it maybe a way to punished someone like if your not a good one rhey may closed all your account , see? terrifying.

[n0ne]

In a cashless ecosystem each and every transaction gets noted to a ledger or to some data management service. This will easily make the people under a cover, governments can easily keep track and hacking possibilities too will be found high even when we have an better security system to be highly secure.

[jmigdlc99]

The article gives some valid points but I stopped reading when i saw:

"In a world without cash, every payment you make will be traceable. Do you want governments (which are not always benevolent), banks or payment processors to have potential access to that information? The power this would hand them is enormous and the potential scope for Orwellian levels of surveillance is terrifying."

Um. How will they track privacy oriented coins? Monero? Zcash?
Seems like this is a good example of resistance to good change. What you must remember here is that the benefits of crypto currencies outweigh the risks.

[Blackdeath]

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.

Indeed. Those what you have stated are really can be the reason why we people must fear the approach of having a cashless society. Even though the currency of bitcoin is put into virtual which can be access online that really gives us benefits that we enjoy such as having an income online, we must not still do not forget to see the presence of the real money which was the one we usually use traditionally because it do have benefits also to us humans. Having those consequences of having a cashless society must be really a fearing reality to come so we must maintain the balance on the usage of crypto and natural currency which separates virtual from the reality.

[Open4lies]

In a cashless ecosystem each and every transaction gets noted to a ledger or to some data management service. This will easily make the people under a cover, governments can easily keep track and hacking possibilities too will be found high even when we have an better security system to be highly secure.

That is really the best system to keep our money, not easy to hack a decentralization network. Therefore, I believe the day we use currency created by blockchain technology will become the truth and not far.

[fiulpro]

Not everyone has access to Internet; nor do everyone has sufficient knowledge to run a cashless routine... Its.. hard to go cashless in a world where there is still a margin between people.... Not everyone is provided with equal opportunities to study nor do everyone has that much money to afford a credit card or a debit card... Some people earn 1 dollar a day.... Where as some earn... 50 dollars a second... That 1 dollar a day person won't..be able to..get a bank account and.. go cashless as a whole... It can't be implemented its sheer... Insensitive towards a major sector of human population... Yes they can go hand in hand but never alone.

[Melissa95]

In a total collapse, people might accept silver but I'm not sure constitutional silver is going to do you any good. The average person can't tell the difference between a silver quarter and the silver plated coins we have today and even if they can, what makes you think anyone will trust it more than the money that just collapsed? Sure, you can make arguments all day long but I'm not sure it's a sure thing as it's still just symbolic and has no real use in the day to day. On the other hand, gasoline, food, ammunition, and medicine are useful in any scenario. My first gut reaction is to figure out how to create antibiotic ointment in my basement as this would be a very valuable skill. This, however, only works in a stationary scenario where people trust or can see that your antibiotics actually work and you're not selling snake oil. Hundreds of pounds of food is also problematic if you're on the move.

[JonahCallan]

We already live in a world that is, as far as the distribution of wealth is concerned, about as unequal as it gets. It may even be as unequal as it’s ever been. My worry is that a cashless society may exacerbate inequality even further. In a world without cash, every payment you make will be traceable. Do you want governments (which are not always benevolent), banks or payment processors to have potential access to that information? The power this would hand them is enormous and the potential scope for Orwellian levels of surveillance is terrifying.

[pitiflin]

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

Some people are scared of using the technology because they believe in traditional methods than in scientifical/technological methods.  Some people are scared of getting scammed and some people are scared of this and that.  Eugh, common people are you gonna be scared of anything and everythin? Man up a little. Just because there is a massive chance for cashless society to be implemented all over the world in the future, you are going to be afraid of it? I do understand most of people don't like change, but accept the fact that world doesn't move around under your fingers and like it or not the world is getting dynamic. Technology is conquering the whole world fills with new innovations.

[robotrobert]

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.

Indeed. Those what you have stated are really can be the reason why we people must fear the approach of having a cashless society. Even though the currency of bitcoin is put into virtual which can be access online that really gives us benefits that we enjoy such as having an income online, we must not still do not forget to see the presence of the real money which was the one we usually use traditionally because it do have benefits also to us humans. Having those consequences of having a cashless society must be really a fearing reality to come so we must maintain the balance on the usage of crypto and natural currency which separates virtual from the reality.

There is no fear in being cashless and this will be amazing if cash is not in pocket no worries about it security everything will be in you smartphone and no one will access it and more over the facilitation that will be given in that era of no cash is amazing and enjoyable everything on just one click there will be banks and no bankrupts also.

[kimochidesh]

There is no harm in being cashless....hard cash is difficult to handle and protect. But still, a huge part of society all around the is under poverty line and are illiterate. how will they all manage to survive in this tech-friendly world. So i think Being totally cash-less is not possible.

[balakang00]

Having everything on a software is a bit dangerous. You are not able to hold your money. It can easily be taken or gone if something went wrong.

[betMaster]

Well there's nothing to be afraid of if you are walking without any cash/credit card on you that could be stolen off you or you can even be killed cause of it . You won't have to queue up to withdraw money from your  bank or your  ATM machine . You'll always have track of your spending and everything will be on record whenever you'll want to know what you've been throwing your money at . You'll be able to pay from anywhere and you'll pay exactly the amount needed and not worry about change or whatsoever . Moreover digital payments will offer you more security since you can block your accounts if you think you're being robbed or something and you'll eventually get your money back since it will be traceable , unlike cash money that if stolen will be impossible to get back .

[ajmapalo22]

I think the fact that not all people can adopt the technology bitcoin has is something that must fix first before entering a cashless society. It needs ro settle first the issue of how to teach uneducated people about bitcoin and how those people in the lower level of the society can access to internet aside from that who will regulate the currency if government can't..I think there's a lot of problem if we enter the cashless society

[dioanna]

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 realize that this is a sad reality
but government should have programs to educate the rural people and the poor and make sure that technology  reaches them
and people or citizens should also take initiative
its a give and take relationship
we should help each other as much as we can

[jvdp]

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 realize that this is a sad reality
but government should have programs to educate the rural people and the poor and make sure that technology  reaches them
and people or citizens should also take initiative
its a give and take relationship
we should help each other as much as we can

I strongly agree you Buddy. Why because, the government want to control over the People by the medium of paper Currency. For example, if they made any of currency is not valid means,all the people having that currency will affect by that act.Like wise ,government fail to educate the  poor people to had a control over them.