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Author Topic: The Shift To A Cashless Society Is Snowballing  (Read 799 times)
LiteCoinGuy
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May 22, 2016, 12:52:09 PM
 #1

The Shift To A Cashless Society Is Snowballing

Love it or hate it, cash is playing an increasingly less important role in society.

In some ways this is great news for consumers. The rise of mobile and electronic payments means faster, convenient, and more efficient purchases in most instances. New technologies are being built and improved to facilitate these transactions, and improving security is also a priority for many payment providers.

http://www.zerohedge.com/news/2016-05-19/shift-cashless-society-snowballing

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May 22, 2016, 01:05:54 PM
 #2

Great news for consumers?

You mean every transaction is tracked and accounted for and when cash is eliminated and your bank is about to fall over you cant withdraw anything and have to sit back and watch your wealth be stolen due to bail in laws.

Things are going exectly to plan for elite who will soon totaly own your ass, not conforming - bank account suspended and your fucked.
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May 22, 2016, 03:41:17 PM
 #3

There's two sides to this. There's a side that the need to bring our wallets with filled amount of cash would be eliminated however there's another problem that what if when your going to pay, the internet that banks use, go offline? Then there will still be the need of cash somehow, just so the trend continues as usual. I'm not sure how different banks work (in each country), but in where I'm at the moment, most payments are done using debit cards and the moment, there be some internet interference, where stuck since most people don't have cash with themselves anymore and as result, they have to literally to go to the bank and request a withdrawal in person (speaking from experience). Another thing is, I don't like letting banks have a saying on my kept money since there could be some sort of deflation as we've seen lately and users are forced to use their money in faster rate. On the other hand I do like that BTCitcoin be the reason instead since no one controls it, so it will be better than banks on that matter, however the price volatility would be always the concern. Since we already have a cashless country since few months ago, I haven't seen major errors while payments are on their way however there are always minor complications so stability of this process is the main concern.

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May 22, 2016, 06:27:00 PM
 #4

Your right i hardly ever use cash these days and find it a real annoyance when i have to because some store dosn't accept cards.   Undecided  But it is still up for debate on weather crypto will be the answer, banks wont like it.
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May 22, 2016, 06:48:59 PM
 #5

I hope there's a contengency plan in case of a solar flare or an EMP.
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May 22, 2016, 07:07:26 PM
 #6

A cashless society is only good if it runs with a decentrailzed system. If everything is cashless and still using fiat money the state and banks can simply control all money. And that's a world where I don't want to live in.
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May 22, 2016, 07:14:17 PM
 #7

On paper digital money sounds more secure than cash but I fear there will still be issues like outages in the network when your account won't be accessible or someone gaining access to your account and your account getting frozen for a long time while the investigations of who hacked into it continues etc. If you are solely dependent on your online bank account to pay for everything and out of the blue you are cut off from your money you are basically done for without paper money. You can't even buy food for the day  Shocked

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May 22, 2016, 08:06:10 PM
 #8

Just because people are suing different electronic forms of payment in their daily lives doesn't mean that a cashless society concept is snowballing. People always use more convenient systems of payment, we saw this with debit cards, credit cards, etc. If there was some sort of legislation coming with this then I'd consider it having some kind of substance, but this is fluff.

When a government actually creates something that more strictly enforces or encourages a cashless society, let me know.
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May 22, 2016, 08:34:11 PM
 #9

On paper digital money sounds more secure than cash but I fear there will still be issues like outages in the network when your account won't be accessible or someone gaining access to your account and your account getting frozen for a long time while the investigations of who hacked into it continues etc. If you are solely dependent on your online bank account to pay for everything and out of the blue you are cut off from your money you are basically done for without paper money. You can't even buy food for the day  Shocked

This. There have been a few outages in the UK (I think it was NatWest) and loads of people bought petrol went to pay and found their card didn't work. But petrol station understandably not willing to let them leave without paying, queues building up for other people wanting to fill their cars, etc etc. Also people in supermarkets finding themselves unable to pay because outage on the card - but at least with supermarkets you can just leave the groceries behind - with the petrol station scenario, people had already filled up. Always carry some cash for emergencies, people.

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May 23, 2016, 03:52:06 AM
 #10

Good news you shared, that is already predicted that in the future we will shift to cashless society, bitcoins played a vital rule for that to be realize. Imagine bitcoins as an international currency that can be use with very fast, secure, and cheap online transactions. That would benefits its users and improved the world as a whole.

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May 23, 2016, 06:54:06 AM
 #11

Great news for consumers?

You mean every transaction is tracked and accounted for and when cash is eliminated and your bank is about to fall over you cant withdraw anything and have to sit back and watch your wealth be stolen due to bail in laws.

Things are going exectly to plan for elite who will soon totaly own your ass, not conforming - bank account suspended and your fucked.

This will be true, once banks and governments force down these alternative private permissioned Blockchain technology onto people. In a sense public Blockchains like Bitcoin are not influenced by this at the moment, but we never know who will take charge of the development in future and if people like Mike Hearn might sneak in malicious code and trick people into consensus.

I will exit the Crypto currency world, when they get full control over my wealth.

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May 23, 2016, 07:39:51 AM
 #12

Call me old-fashioned but I like hard cash. I'm not against going digital, I enjoy all of the perks of having everything online but I would've preferred to still be able to use paper money.
Ironically true anonymity will die along with paper money.
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May 23, 2016, 07:48:38 AM
 #13

A cashless society is only good if it runs with a decentrailzed system. If everything is cashless and still using fiat money the state and banks can simply control all money. And that's a world where I don't want to live in.


This is indeed a nightmare. That wold be an orwellian dystopian future where not just money, but almost everything will be audited and controlled by big corporations and the ones dealing with them, i.e. governments!
The only possibility to avoid that are decentralized crypto currencies like Bitcoin who mimic physical cash in the digital world.
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May 23, 2016, 07:50:30 AM
 #14

Seriously, the only usage for cash right now is for scammy people to transport their funds overseas, to trade illegally, or to money launder. There aren't that much people that need cash right now.

With increasing technological advancements, it is only logical that we move to a more digital solution. Bitcoin is the perfect answer.
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May 23, 2016, 11:59:35 AM
 #15

A cashless society is only good if it runs with a decentrailzed system. If everything is cashless and still using fiat money the state and banks can simply control all money. And that's a world where I don't want to live in.


This is indeed a nightmare. That wold be an orwellian dystopian future where not just money, but almost everything will be audited and controlled by big corporations and the ones dealing with them, i.e. governments!
The only possibility to avoid that are decentralized crypto currencies like Bitcoin who mimic physical cash in the digital world.

Exactly! BTCitcoin is decentralised and not controlled. I know lots of countrys are alread setting limits for payments with cash. France has a limit of only 1000 Euros. Italy has a limit of 2999,99 Euros. And we know this will continue in other countries. We need to spread the word of bitcoin/blockchain techmology as a digital fiat is not the way to go.

Regards
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May 24, 2016, 03:47:27 AM
 #16

A cashless society is only good if it runs with a decentrailzed system. If everything is cashless and still using fiat money the state and banks can simply control all money. And that's a world where I don't want to live in.


This is indeed a nightmare. That wold be an orwellian dystopian future where not just money, but almost everything will be audited and controlled by big corporations and the ones dealing with them, i.e. governments!
The only possibility to avoid that are decentralized crypto currencies like Bitcoin who mimic physical cash in the digital world.

Exactly! BTCitcoin is decentralised and not controlled. I know lots of countrys are alread setting limits for payments with cash. France has a limit of only 1000 Euros. Italy has a limit of 2999,99 Euros. And we know this will continue in other countries. We need to spread the word of bitcoin/blockchain techmology as a digital fiat is not the way to go.

Regards

Thanks for having that idea, I agree, we should help the community by spreading the good news about bitcoins, with bitcoins the world is a better place to live because we have an honest and transparent transaction with people, not only that, we can enjoy the benefits of low cost transaction.

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May 24, 2016, 06:01:18 AM
 #17

Seriously, the only usage for cash right now is for scammy people to transport their funds overseas, to trade illegally, or to money launder. There aren't that much people that need cash right now.

With increasing technological advancements, it is only logical that we move to a more digital solution. Bitcoin is the perfect answer.

I disagree with you, because Bitcoin is actually far from perfect. At the moment, with the current code, it will not scale to a global currency and the developers need to scale it in increments to be on the safe side. Also, something that might hamper mainstream adoption is pseudo anonymity. Governments will not allow people to have any form of anonymity in the future. The bigger countries under terrorism threats are already moving towards a Police state.

Bitcoin will scale to a alternative form of payment like PayPal and a store of value like Gold.

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May 24, 2016, 08:40:21 AM
 #18

Seriously, the only usage for cash right now is for scammy people to transport their funds overseas, to trade illegally, or to money launder. There aren't that much people that need cash right now.



Nonsense! You need cash to pay for taxis and in pubs (neither of which will accept cards or bitcoin). Also farmers market stalls and open air car boot sales and temporary christmas market stalls. How dreadful if you needed to sell a few things, but couldn't take cash and had to set up an online payment system just to get rid of your old sofa! Cash will always exist because it is so convenient.

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May 24, 2016, 11:46:26 AM
 #19

Seriously, the only usage for cash right now is for scammy people to transport their funds overseas, to trade illegally, or to money launder. There aren't that much people that need cash right now.



Nonsense! You need cash to pay for taxis and in pubs (neither of which will accept cards or bitcoin). Also farmers market stalls and open air car boot sales and temporary christmas market stalls. How dreadful if you needed to sell a few things, but couldn't take cash and had to set up an online payment system just to get rid of your old sofa! Cash will always exist because it is so convenient.
Of course we can always pay our taxes with digital money if the government will legalize the use of it. If so, it will more favorable on us being the early adopters of bitcoin as the value of bitcoin that time will be high, we can profit from our investment. This is better than cash as all our transactions are properly monitored in the web or in the public ledger so it can be our tools for budgeting of finances.
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May 24, 2016, 12:46:53 PM
 #20

Great news for consumers?

You mean every transaction is tracked and accounted for and when cash is eliminated and your bank is about to fall over you cant withdraw anything and have to sit back and watch your wealth be stolen due to bail in laws.

Things are going exectly to plan for elite who will soon totaly own your ass, not conforming - bank account suspended and your fucked.

I agree that a cashless society holds the serious danger of total financial surveillance / control / slavery. However for this dystopia to become reality it is essential that the state / the banks actually control the digital flow of money.

With Bitcoin there is still hope that electronic money could remain privately controlled and fully fungible without the possibility of restrictions by the state. But for Bitcoin to remain free private electronic cash it will be imperative that improved privacy features will be deployed in the near future that make filtering / blacklisting of transactions impossible.

Of course people could still find a way around if all money is under government control, which could mean informally using precious metal coins again.

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