Why we should fear a cashless world

[Barcode_]

I don't really believe the world will go cashless in the future, because fiat money will still be useful for the government to stay in control of the country economy, and some companies will also prefer to collect cold hard cash instead of other form of payment, so there is nothing to fear about a cashless world.

[jonatuzc]

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.

Who will fear?? No one will complain everyone will welcome the digital currency because everyone is sensible enough to distinguish between profit and loss and there is more profit in digital one and everyone will prefer the bitcoins and world will be ready to accept this digital currency because they know cash will not give them such huge profit that is only been given by bitcoin.

[0t3p0t]

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

We should be fearful of cashless world because of fees too high for smaller transactions. Are you going to buy goods that cost only a dollar and the fee worth more than the items you buy? Bitcoin or altcoins can only be good in terms of investments not for buying our daily needs that is only worth a few dollars. Yes, there is a terrifying levels of surveillance in fiat money but we always need it, are you? Sometines we have to learn and accept the fact about controlled centralized assets because we are living in a country under a government. I think it is perfect if we have both centralized and decentralized assets.

[btcjocan]

for me, we should not fear a world without money. because, when there is no money. the way we see items is equal. Example: trading , when we are trading. what we want is what we get.

I don't think so. If we will have a cashless world, the more we become slave by other people because they can hold or freeze our bank accounts even if we will not give our password to them. Why? It's because they can hack our accounts without any hesitation. Unlike when we still have money, we still have the authority of controlling it because for example our bank accounts will be hacked by someone, the bank owners are responsible to retrieve it so we can get back what we lost, but if it's already cashless, we can't get our share anymore and worst we can't eat or we can't have our freedom anymore if we will not follow what the highest authority will command us to do.

[Xenophoto]

for me, we should not fear a world without money. because, when there is no money. the way we see items is equal. Example: trading , when we are trading. what we want is what we get.

I don't think so. If we will have a cashless world, the more we become slave by other people because they can hold or freeze our bank accounts even if we will not give our password to them. Why? It's because they can hack our accounts without any hesitation. Unlike when we still have money, we still have the authority of controlling it because for example our bank accounts will be hacked by someone, the bank owners are responsible to retrieve it so we can get back what we lost, but if it's already cashless, we can't get our share anymore and worst we can't eat or we can't have our freedom anymore if we will not follow what the highest authority will command us to do.

The only reason why the banks give you back your money if your bank accounts gets hacked is because they have unlimited resource of fiat money. Yes, the hackers will be the modern thieves. But regardless of what type of monetary system that we have, be it bitcoin or fiat or cashless society, there will always be opportunists looking for people to take advantage of. Nothing really has changed once cashless world has achieved in terms of theft. The only solution is to be prepared for the different attacks that can be done to us and to counter that attack. Be aware of these attacks and think like the thief so you wouldn't have the constant fear that things can be taken away from you any time.

Secure your funds enough, and you don't have to feat the cashless world. The whole world is a game and a lot of people are playing, you better know the techniques of people to manipulate you into giving them the advantage that they want.

[Sled]

for me, we should not fear a world without money. because, when there is no money. the way we see items is equal. Example: trading , when we are trading. what we want is what we get.

I don't think so. If we will have a cashless world, the more we become slave by other people because they can hold or freeze our bank accounts even if we will not give our password to them. Why? It's because they can hack our accounts without any hesitation. Unlike when we still have money, we still have the authority of controlling it because for example our bank accounts will be hacked by someone, the bank owners are responsible to retrieve it so we can get back what we lost, but if it's already cashless, we can't get our share anymore and worst we can't eat or we can't have our freedom anymore if we will not follow what the highest authority will command us to do.

The only reason why the banks give you back your money if your bank accounts gets hacked is because they have unlimited resource of fiat money. Yes, the hackers will be the modern thieves. But regardless of what type of monetary system that we have, be it bitcoin or fiat or cashless society, there will always be opportunists looking for people to take advantage of. Nothing really has changed once cashless world has achieved in terms of theft. The only solution is to be prepared for the different attacks that can be done to us and to counter that attack. Be aware of these attacks and think like the thief so you wouldn't have the constant fear that things can be taken away from you any time.

Secure your funds enough, and you don't have to feat the cashless world. The whole world is a game and a lot of people are playing, you better know the techniques of people to manipulate you into giving them the advantage that they want.

I got your point and i agree to that. We don't need something in terms of our financial aspects like cashless world or society, even we are in cashless or not, there will still be bad people who will do crimes to just get money and that is why it is all up to us on how are we going to deal with our money. We need to be smart and wise in using and preserving our money so we will not face any problem with our money.

[xYakult]

for me, we should not fear a world without money. because, when there is no money. the way we see items is equal. Example: trading , when we are trading. what we want is what we get.

I don't think so. If we will have a cashless world, the more we become slave by other people because they can hold or freeze our bank accounts even if we will not give our password to them. Why? It's because they can hack our accounts without any hesitation. Unlike when we still have money, we still have the authority of controlling it because for example our bank accounts will be hacked by someone, the bank owners are responsible to retrieve it so we can get back what we lost, but if it's already cashless, we can't get our share anymore and worst we can't eat or we can't have our freedom anymore if we will not follow what the highest authority will command us to do.

The only reason why the banks give you back your money if your bank accounts gets hacked is because they have unlimited resource of fiat money. Yes, the hackers will be the modern thieves. But regardless of what type of monetary system that we have, be it bitcoin or fiat or cashless society, there will always be opportunists looking for people to take advantage of. Nothing really has changed once cashless world has achieved in terms of theft. The only solution is to be prepared for the different attacks that can be done to us and to counter that attack. Be aware of these attacks and think like the thief so you wouldn't have the constant fear that things can be taken away from you any time.

Secure your funds enough, and you don't have to feat the cashless world. The whole world is a game and a lot of people are playing, you better know the techniques of people to manipulate you into giving them the advantage that they want.

I got your point and i agree to that. We don't need something in terms of our financial aspects like cashless world or society, even we are in cashless or not, there will still be bad people who will do crimes to just get money and that is why it is all up to us on how are we going to deal with our money. We need to be smart and wise in using and preserving our money so we will not face any problem with our money.

It will always depend on how much risk a person can handle. Just like what you have said, there will always be bad people who will do bad things in order to get money. Bottomline is not only we need to be wise enough in using our money but also how much risk we are willing to take about our finances. Just like true investors always say "Don't put your eggs in one basket".

[Biggapp]

for me, we should not fear a world without money. because, when there is no money. the way we see items is equal. Example: trading , when we are trading. what we want is what we get.

I don't think so. If we will have a cashless world, the more we become slave by other people because they can hold or freeze our bank accounts even if we will not give our password to them. Why? It's because they can hack our accounts without any hesitation. Unlike when we still have money, we still have the authority of controlling it because for example our bank accounts will be hacked by someone, the bank owners are responsible to retrieve it so we can get back what we lost, but if it's already cashless, we can't get our share anymore and worst we can't eat or we can't have our freedom anymore if we will not follow what the highest authority will command us to do.

What are you saying mate we are being the slave yet when we will become the bitcoin users are the digital world will become the developed world then we will get the more high and the proper space for all of us. The price of the bitcoin is now high enough to make us rich and the world go for the highest profit, so will be the best step I think.

[Crytpozer0]

A cashless society sounds something for like in the future for me, a cashless society sounds like everyone has got those ugly chips in their arms or neck, in my oppinion there must alway be something physical of value to pay for something, this has always been the case and should never disappear, I think cash in combination with bitcoin would be perfect.

[AngelSky]

for me, we should not fear a world without money. because, when there is no money. the way we see items is equal. Example: trading , when we are trading. what we want is what we get.

I don't think so. If we will have a cashless world, the more we become slave by other people because they can hold or freeze our bank accounts even if we will not give our password to them. Why? It's because they can hack our accounts without any hesitation. Unlike when we still have money, we still have the authority of controlling it because for example our bank accounts will be hacked by someone, the bank owners are responsible to retrieve it so we can get back what we lost, but if it's already cashless, we can't get our share anymore and worst we can't eat or we can't have our freedom anymore if we will not follow what the highest authority will command us to do.

What are you saying mate we are being the slave yet when we will become the bitcoin users are the digital world will become the developed world then we will get the more high and the proper space for all of us. The price of the bitcoin is now high enough to make us rich and the world go for the highest profit, so will be the best step I think.

Many people had a fear of ,what our currency will happen. If the bitcoin is being Accepted. Soon the price of bitcoin will reach the value of 10k $.If so,after that the bitcoin will replace the entire currency. At first it will replace the most powerful of currency System the dollar.

[JL421]

There are many reasons in a cashless society if any error is caused in the system everyone will get affected or it is more prone to get hacked because till date there is nothing that can't be hacked online with the necessary tools and time i would still prefer cash as a main source of payments

[Smokey Bob]

Cash might be more secure, since it requires someone to physically steal it from you. However, as a society, being cashless might be very valueable. By reducing the transaction costs we can use resources on more important things, instead of using them on simply transferring funds from one place to another. A society with a centralized digital currency is problematic, as it gives the government and the banks much more power than they have today. This it not necessarily an issue tho, seeing as bitcoin is decentralized.

[Asawakobana2017]

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.

Your exactly right, their are some people out there not yet know how to used like bitcoins, so we must aware of it. Many people will affected mostly to the poor and not been civilize people around the word.

[BTCevo]

There are many reasons in a cashless society if any error is caused in the system everyone will get affected or it is more prone to get hacked because till date there is nothing that can't be hacked online with the necessary tools and time i would still prefer cash as a main source of payments

There is still advantages and disadvantages by using cashless and cash. And it can always like that till the end. People can't adapt with it so fast but with developing technology, now they keep on making feel easier and comfort with buying things cashless. I admit this will really help people but there always have disadvantage here, for instance when there is network problem, all of them will get affected for sure but combining it cash and card or may be other thing that support cashless will sure a great way, so whenever they have problem we still can use some cash

[palle11]

Cashless world as mentioned in the document, it will ruin the poor and the growth of small scale traders. On the whole the technology will make changes but it should be developed in a equal manner to reach all.

Where it is true that it would - "ruin the poor and the growth of small scale traders". I still believe that cashless would eventually bring another set of businesses that would replace the "small scale " still small in its own right. Therefore, "mentamorphosing" another set of business or way to survive in a small scale because there will be the survival of the fittest.

[stomachgrowls]

There are many reasons in a cashless society if any error is caused in the system everyone will get affected or it is more prone to get hacked because till date there is nothing that can't be hacked online with the necessary tools and time i would still prefer cash as a main source of payments

There is still advantages and disadvantages by using cashless and cash. And it can always like that till the end. People can't adapt with it so fast but with developing technology, now they keep on making feel easier and comfort with buying things cashless. I admit this will really help people but there always have disadvantage here, for instance when there is network problem, all of them will get affected for sure but combining it cash and card or may be other thing that support cashless will sure a great way, so whenever they have problem we still can use some cash

I got your point and i do completely agree on this one which they should be always tied up and wont totally switch completely into cashless and as you said we would really suffer technical problems which would surely be a big problem once this problem arise which would really affect daily routine specially on important economic activity and or into simple money transfers.This is why this thing do really have disadvantage.

[jaysabi]

There are many reasons in a cashless society if any error is caused in the system everyone will get affected or it is more prone to get hacked because till date there is nothing that can't be hacked online with the necessary tools and time i would still prefer cash as a main source of payments

There is still advantages and disadvantages by using cashless and cash. And it can always like that till the end. People can't adapt with it so fast but with developing technology, now they keep on making feel easier and comfort with buying things cashless. I admit this will really help people but there always have disadvantage here, for instance when there is network problem, all of them will get affected for sure but combining it cash and card or may be other thing that support cashless will sure a great way, so whenever they have problem we still can use some cash

I got your point and i do completely agree on this one which they should be always tied up and wont totally switch completely into cashless and as you said we would really suffer technical problems which would surely be a big problem once this problem arise which would really affect daily routine specially on important economic activity and or into simple money transfers.This is why this thing do really have disadvantage.

Puerto Rico is a good example of the perils of a completely cashless system, and they're not even completely cashless. There's just a shortage of physical currency, and large power outages that make electronic payments impossible. So you have people only willing/able to conduct transactions with physical currency, and a shortage that leaves not enough currency to transact all the business that needs to occur, at a time when people are vulnerable after the hurricane. For those who are pure bitcoin proponents, note that bitcoin solves none of these problems.

[rocketbits]

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

Bitcoin has all the abilities to replace the cash money indeed it is more reliable and versatile as compare to cash money there is no fear of being cash less and if this will happen money will not remain confined to the specific person and bitcoin will bless everyone so that there will be np class difference and world will be a better place to live in.

[SirLancelot]

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.

Your exactly right, their are some people out there not yet know how to used like bitcoins, so we must aware of it. Many people will affected mostly to the poor and not been civilize people around the word.

These people are in majority in third world countries and they are definitely at least going to take half century in going cashless. But the developed countries that have already made bitcoin legal and their public is happy with using bitcoin can go cashless.

They are already using plastic money and replacing it with digital ones won’t be a problem at all. Cash is tough to handle and print. It won’t survive much now.

[sherlock_h]

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

Interesting reading. I personally think it would be a disaster, and I also think it is very unlikely to happen. The world economy evolved based on cash, and almost every business that exists around the world depends on it.