How a cashless society could kill Bitcoin.

[Fluffy_Turtle]

If the government came out today and declared that Bitcoin cannot be accepted as legal tender for purchases, I believe Bitcoin would find a way. It would find a way only because of the anonymity that today's cash affords people. Cash is the lovely bridge that people use in turning their Bitcoins into value.

Tomorrow though, when there is no longer cash and the only form of payment is electronic, and where all electronic payments are handled by auditable pools of companies, what will happen?

If you want to look how that might look in the future, look at a company that already functions are entirely electronic payments.
Take a look at Amazon: If Amazon was ordered not to accept Bitcoin, and cash no longer existed in the world, how would one be able to use Bitcoin to purchase things on Amazon?

In order for Bitcoin to work in a world that is hostile against it, it needs the anonymity of cash. What happens when that goes away?
Would love to hear anyone's thoughts on this dilemma I've been having.

[Zadicar]

If the government came out today and declared that Bitcoin cannot be accepted as legal tender for purchases, would it survive? In today's world I believe it could, because in today's world we have cash to obfuscate things.

Tomorrow though, when there is no longer cash and the only form of payment is electronic, and where every electronic transaction has a history and is auditable, what will happen?

Take Amazon for example: If Amazon was ordered not to accept Bitcoin, and there existed no cash in the world, how would one be able to use Bitcoin to purchase things on Amazon?

If someone could detail an answer to this scenario I would greatly appreciate it.

If the government would declare such implementation or action then they are already created a new cryptocurrency or electronic money on which it would be used globally or on just single country then we cant really used bitcoin regarding on the goods or transactions on daily basis but still the same story even you cant use bitcoin you could always still exchange it to electronic cash that you mentioned.

[xavier77]

I do not think cashless society will kill bitcoin but increase its price. Imagine a society without any currency notes the only method of paying is online. Since bitcoin transaction is fast and cheap and anonymous hence it would be preferred.

[btcdiggingmaster]

I hope it won't kill bitcoin it may increase the price of bitcoin because even bitcoin is digital currency, many people are buying bitcoin through electronic transfer only not with the cash, majority of people are buying bitcoin through electronic transfer only not directly with the cash. If government really declares than definitely there will big jump for bitcoin community.

[~Bitcoin~]

In order for Bitcoin to work in a world that is hostile against it, it needs the anonymity of cash. What happens when that goes away?
Would love to hear anyone's thoughts on this dilemma I've been having.

We will not see cashless world in next few decades for sure, not even in well developed countries because government also use anonymity of cash to fund projects which they don't like to reveal to public. Also it is quite hard to digitize whole economy because of possible data breach so there will be always some cash backing up those digital cash system.

Like gold bitcoin can also be traded directly as cash without need to exchange bitcoin to fiat and than purchase something and lets not worry about fully digitize economy because bitcoin is already a form of electronic payment so it doesn't require to be exchanged to cash. In future you may be able to buy anything with bitcoin over POS machine.

[Betwrong]

~

If you want to look how that might look in the future, look at a company that already functions are entirely electronic payments.
Take a look at Amazon: If Amazon was ordered not to accept Bitcoin, and cash no longer existed in the world, how would one be able to use Bitcoin to purchase things on Amazon?
~

Oh, that's easy. Say you have an Amazon account and I have Bitcoins with which I want to buy something there. I treansfer BTC to you, with some additional fee, say 5%, and you order the item I want for me on Amazon. I'm happy because I've got what I want, you are happy because you've got extra money and the Amazon happy of course too.

[rajasumi2]

Cashless society is the beginning of bitcoins .how can it end it ? People will go for bitcoin transactions as their currncy and it will slowly become more and more popular and the price of bitcoins would rise a lot .

[IIOII]

If the government would enforce using electronic fiat cash only, the formation of black markets would be the result. Bitcoin is already here and it can't be easily banned. There will always be people, who are interested in using it for P2P trade. That form of informal business will only grow, if governments impose restrictions on financial freedom.

[xdrpx]

In a way that's true, but if people could find  away to purchase Bitcoins using the electronic or net banking or 3rd party online payment providers, then they could do this to buy Bitcoins and spend it anonymously. A cashless society could in a way reduce Bitcoin purchase cause people could have many other ways to spend their money and they may not necessarily have to rely on Bitcoins. Where Bitcoin could benefit from this scenario is unrestricted transactions, while Governments could setup restrictions on other electronic forms of payments, Bitcoin could prevail.

[mrcash02]

If the government would enforce using electronic fiat cash only, the formation of black markets would be the result. Bitcoin is already here and it can't be easily banned. There will always be people, who are interested in using it for P2P trade. That form of informal business will only grow, if governments impose restrictions on financial freedom.

That is true. But many people would fear to use Bitcoins on the illegality. Governments would use fisical strenght if their ordens wouldn't be accepted, opression. Because of it many people would surrender to the tyrannic orders, using only fiat instead of btcs. Only some rebels would keep the bitcoins world alive, but the climate of instability would be always present... The most powerfull rules, no arguments against it.

[coolcoinz]

Cashless society is the beginning of bitcoins .how can it end it ? People will go for bitcoin transactions as their currncy and it will slowly become more and more popular and the price of bitcoins would rise a lot .

At the moment there's not many ways to get Bitcoin without cash or at least fiat. If the price rises a lot many people will be afraid of exchanging their local currency to Bitcoins, at least that's how I see it. Of course the answer is buying a fraction, but will this switch ever happen? I can't imagine my grandpa withdrawing his life savings to buy Bitcoin, can you?

[Ayers]

there is already a wrong point in your statement, "if government etc..." first and before everything, there is no single government controlling the world hopefully, no america it's not the only government, so killing bitcoin there will not make bitcoin useless, bitcoin will never depend on an authority ever, so if amazon will never accept bitcoin, bitcoin will be used on the street or on other shop, no central autorithy that rule everything will ever exist imho

[cpfreeplz]

Bitcoins are only doomed if Amazon doesn't accept them? I mean that's what your post comes down to. You do realize that they don't accept bitcoins right? So ... What is a possibility for you is actually a reality.

You don't need to buy bitcoins. They're money. You can earn them like how you would with any other currency. Just because one business doesn't accept that currency doesn't mean it's dead. Let's assume Canada declared bitcoins are illegal and nowhere can accept them. Ok, we'll I still have some, and they're still worth $1050CAD as of today (assuming the market didn't drop) and I see other Canadians on here that I'm sure still have bitcoins and will accept them, it still has value.

Just because something isn't mainstream doesn't mean it's going to die. Just because something is illegal doesn't mean it's going to die. How many people do you know that own a Tesla? Same here, not a single person. Are they dead? Far from it. Do you have cocaine in your area of the world? I can pretty much assume it's illegal everywhere, yet it still has value (pretty high value actually). So the reasoning for your post isn't great.

Think of this now. Your coked out friend just heard that they now live in a cashless society. He needs a fix. He doesn't have cash because it doesn't exist. How should he buy his cocaine? Hmmmm.... What could he use... Oh ya, his outlawed bitcoins! Because that's what everyone else is using! Either that or a shitcoin like potcoin (rofl! Cocaine-coin anyone!?).

There's always going to be a market for bitcoin whether it's big or small. So get used fo it hanging around. Maybe next time post this from your main account instead of a shill so we can try to take it more seriously.

[thejaytiesto]

To the contrary, cashless society will make bitcoin go 100,000+ per coin overnight. As soon as they get rid of cash, people will go to bitcoin because it will be the perfect way to keep financial privacy as the physical cash is removed.

You might ask "but how people is going to buy bitcoins withnout no cash?" well its easy. People will work for bitcoin, and pay with bitcoin, just like they do with cash now.

[Qartersa]

If the government came out today and declared that Bitcoin cannot be accepted as legal tender for purchases, I believe Bitcoin would find a way. It would find a way only because of the anonymity that today's cash affords people. Cash is the lovely bridge that people use in turning their Bitcoins into value.

Tomorrow though, when there is no longer cash and the only form of payment is electronic, and where all electronic payments are handled by auditable pools of companies, what will happen?

If you want to look how that might look in the future, look at a company that already functions are entirely electronic payments.
Take a look at Amazon: If Amazon was ordered not to accept Bitcoin, and cash no longer existed in the world, how would one be able to use Bitcoin to purchase things on Amazon?

In order for Bitcoin to work in a world that is hostile against it, it needs the anonymity of cash. What happens when that goes away?
Would love to hear anyone's thoughts on this dilemma I've been having.

Well if that happens, where no more paper money is available and only electronic ones are available, I think you could still use bitcoin. Only the form of currency changed not the system of things. In the end, you will still find people wanting to trade Bitcoins for their "electronic money." Probably, if the currency will function like bitcoin, then bitcoin may become obsolete.

[prince V]

bitcoin can be easily deposited in neteller/skrill from where you can withdraw in bank.

[prince V]

any money exchanger will work.so cashless society cant remove bitcoin

[Tanic]

I think there is no chance to cashless society to kill bitcoin. Bitcoin is the new word in all financial system and it cannot die, it can transform in something different or to add something to it's system what will follow the interests of the society.

[ikydesu]

It will not kill bitcoin, instead it will rise bitcoin popularity, bitcoin is already exist with a form digital currency. There's always have a way for bitcon.
The government just create centralized digital currency which just turn their fiat to digital form. If you talk about bitcoin into value use cash pair, the value is more worth, you can use it to buy everything, since it's designed P2P.

Amazon can't kill bitcoin just because their not accept bitcoin, otherwise they will miss the party.

[bitbunnny]

I don't understand how cashless society could kill the Bitcoin. This has no sense because Bitcoin represents cashless society, it's digital currency that has no paper banknotes, it exists only virtualy. So Bitcoin can only profit from the cashless world but to my opinion we will have to wait for a while before cash disappears entirely.