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Author Topic: Cashless society  (Read 35951 times)
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June 14, 2017, 08:39:03 PM
 #21

I don't think cash will disappear, it's very useful and it will continue being. Technology is expensive and a cashless society too. Poor countries would have difficulty to implement it. Even cash being expensive to print, it's cheaper than the costs of a cashless society.

Also, I don't think it would reduce the criminality, only the focus of criminals would change, instead of steal people on the streets they would focus in cyber attacks, hacking the systems to steal the virtual currencies. It already exist but not so much, because the adoption is still low, but I already see kidnappings asking for rescue in Bitcoins.
If you give it enough time cash will disappear. I'll give you some reasons:
1. Cash is difficult to carry around, it might be easy to have a couple bills with you, but what to do when you need more to buy a more expensive product? Buy a suitcase?
What about change? Coins are heavy and you have to count them every time you're paying.
2. Cash is obviously visible. When you take out your wallet a person standing close sees it and can estimate the value of your wallet. Digital money is invisible.
3. Cash is easy to steal. Once you get a hold of it there's nothing blocking you from spending it. It's impossible to trace.

Digital payments are much better than cash. The only advantage cash has is that it can be used in poor unindustrialized areas.

 
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June 14, 2017, 08:42:30 PM
 #22

I really think the future will be a paper cashless society rather everyone will be transacting virtually but for that to happen we need to have a big leap in economic and living standards of the common man,unless these things are taken care of,it will be just a theoretical thought process and will never become a reality.


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June 14, 2017, 09:49:18 PM
 #23

I really think the future will be a paper cashless society rather everyone will be transacting virtually but for that to happen we need to have a big leap in economic and living standards of the common man,unless these things are taken care of,it will be just a theoretical thought process and will never become a reality.

Bitcoin, crypto or not, there is a cashless society coming. Even using nothing but FIAT, your smartphone is going to rule the world very soon.  Your identification, debit and credit accounts and bank accounts will all be accessed right from there and that can and likely will include Bitcoin in the common marketplace.
 
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June 14, 2017, 09:50:25 PM
 #24

I really think the future will be a paper cashless society rather everyone will be transacting virtually but for that to happen we need to have a big leap in economic and living standards of the common man,unless these things are taken care of,it will be just a theoretical thought process and will never become a reality.

This was going to happen with or without crypto.  Paypal, Google Play and the others already started the road being paved and crypto will just be along for the ride on that one.



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June 14, 2017, 11:11:22 PM
 #25

I really think the future will be a paper cashless society rather everyone will be transacting virtually but for that to happen we need to have a big leap in economic and living standards of the common man,unless these things are taken care of,it will be just a theoretical thought process and will never become a reality.

Bitcoin, crypto or not, there is a cashless society coming. Even using nothing but FIAT, your smartphone is going to rule the world very soon.  Your identification, debit and credit accounts and bank accounts will all be accessed right from there and that can and likely will include Bitcoin in the common marketplace.
 

Smartphones now used for the calculations in the form of cash, but a smartphone is more a means of identification than the terminal. It is too early to speak about the death of Fiat currency. A lot of people still not acknowledge credit cards, for crypto currency, I generally keep quiet.
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June 15, 2017, 06:21:37 AM
 #26

Have you ever wondered how would the world's economy be like in the future as a cashless society?

Perhaps, with the increased traction of blockchain acceptance nowadays, could lead to the creation of digital fiat currencies powered by blockchains that are managed by governments themselves. With this in mind, there would be no need for physical cash, as digital fiat currencies would provide many advantages such as quick settlement, global payments, full transparency, implants use on citizens to make payments, and more.

If this becomes a reality, which I'm sure that it will, it would radically transform our lives for the better and reduce criminal activity as a result of the full transparency and auditability that a digital fiat currency would have thanks to the power of the blockchain technology.

Also, it makes me wonder if cryptocurrencies like Bitcoin would exist by that time, or will they co-exist with digital fiat currencies.

Nevertheless, I would like to know your opinion about this.  Wink
Cashless society is what the world is actually tending towards without even taking a taking a break. Ever since I joined bitcoin community, I have never seen a physical bitcoin coin the only thing I know is that its available in collectible sections still I have carried out several transactions that's cashless. When it comes to the banking system, everything is now being designed that you can virtually do everything your phone or ATM without having to touch cash. That's where we are heading to and if anyone is willing to feature in that future one needs to be ready.
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June 15, 2017, 06:29:32 AM
 #27

Have you ever wondered how would the world's economy be like in the future as a cashless society?

Perhaps, with the increased traction of blockchain acceptance nowadays, could lead to the creation of digital fiat currencies powered by blockchains that are managed by governments themselves. With this in mind, there would be no need for physical cash, as digital fiat currencies would provide many advantages such as quick settlement, global payments, full transparency, implants use on citizens to make payments, and more.

If this becomes a reality, which I'm sure that it will, it would radically transform our lives for the better and reduce criminal activity as a result of the full transparency and auditability that a digital fiat currency would have thanks to the power of the blockchain technology.

Also, it makes me wonder if cryptocurrencies like Bitcoin would exist by that time, or will they co-exist with digital fiat currencies.

Nevertheless, I would like to know your opinion about this.  Wink
Cashless society is what the world is actually tending towards without even taking a taking a break. Ever since I joined bitcoin community, I have never seen a physical bitcoin coin the only thing I know is that its available in collectible sections still I have carried out several transactions that's cashless. When it comes to the banking system, everything is now being designed that you can virtually do everything your phone or ATM without having to touch cash. That's where we are heading to and if anyone is willing to feature in that future one needs to be ready.

I think it had already started with the atm transactions. It was called cashless transaction earlier. So i guess btc is just there for another cashless technology. But offcourse atm's are technically cash but it is not a physical transaction amongst fiat. Btc i guess just removed the ideal investmens in bank. It started an era of digicurrency and thats what makes it unique in terms of other currencies in the world economy.
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June 15, 2017, 06:40:57 AM
 #28

You should watch the documentary called the VENUS PROJECT as it shows what life will be like in a resource based economy and having that type of economy you will have no governments, so life  will have a totally different infrastructure and interface to what we are experiencing now. Check it out and see how we can evolve to a higher consciousness through a far different economic system. The Blockchain is disruptive technology so I believe this is a transitional phase towards a cashless society.


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June 15, 2017, 06:53:45 AM
 #29

One major financial problems we have in all our society is criminality and greedy. Bitcoin and others crytocurrency can resolve this problem by using this great technology to reduce crime and criminality. Cashless society do reduce physical attach on attempt to get fiat from the owner.
Cashless society will be more controlled by the government. It's bad. If people would speak out against the government is enough to turn off the Internet and people will not be able to even buy food. The more non-cash the greater the demand will be for gold.

If your country runs with some corrupt officials this will be insane. If bitcoin will be include in the legal cashless transaction, government will charge taxes in every transaction. If they will know that they will benefit a lot ( which is money ), they'll become interested in manipulating block chain. It will be centralized just like banks and other establishments. And the meaning of bitcoin will be gone. That will be so unjust.

 
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June 15, 2017, 10:19:57 AM
 #30

Have you ever wondered how would the world's economy be like in the future as a cashless society?

Perhaps, with the increased traction of blockchain acceptance nowadays, could lead to the creation of digital fiat currencies powered by blockchains that are managed by governments themselves. With this in mind, there would be no need for physical cash, as digital fiat currencies would provide many advantages such as quick settlement, global payments, full transparency, implants use on citizens to make payments, and more.

If this becomes a reality, which I'm sure that it will, it would radically transform our lives for the better and reduce criminal activity as a result of the full transparency and auditability that a digital fiat currency would have thanks to the power of the blockchain technology.

Also, it makes me wonder if cryptocurrencies like Bitcoin would exist by that time, or will they co-exist with digital fiat currencies.

Nevertheless, I would like to know your opinion about this.  Wink

Going cashless isn't a dream anymore - it is already achieved by banks issuing credit cards and debit cards. What really matters is the transparency and global payments, as well as a decentralized infrustrature that underlies this cashless society. There is no use having a cashless society where the government still controls everything because it just saves them a lot more money from printing cash. They can just add more zeros which is way cheaper.

By using bitcoin, you get everything that cash has + you don't need to trust anyone. Not even the banks to hold your money for you to conduct a transaction. This is the reason why i believe in bitcoin and its future, and will probably be the #1 global currency in the future leading the way to a decentralized, cashless economy.

 
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June 15, 2017, 11:25:32 AM
 #31

I really think the future will be a paper cashless society rather everyone will be transacting virtually but for that to happen we need to have a big leap in economic and living standards of the common man,unless these things are taken care of,it will be just a theoretical thought process and will never become a reality.

Yes this is going to have a lot of hard work to be a cashless society. We should educate all our people about it. But the question is are all people open for this change? Cashless means you need to use internet in every transaction. There's no problem in urban area but what about in rural areas? Especially in the third world country, some rural areas doesn't have electricity what more the internet conmection.
Cashless transaction will only be beneficial to highly develop cities or country. I'm not against with this but I'm just trying to look in others perspective. Of course it have pros and cons about going cashless and we just want to have a better society.

 
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June 16, 2017, 01:39:56 PM
 #32

Have you seen Mr. Robot? You reminded me of it.
Well coming to real world, it is not possible at least for next 20 years. No matter how easy cryptocurrencies made the finance but still its scope limited to internet. We need liquid flow of internet to transfer BTC and other coins from one person to other. But if we see current situation, internet is not the bite of every individual. Lots of technical jargon stops the way of utopian society of CRYPTOCURRENCIES.

You do have a point there, mate. Since Internet is not accessible yet to all areas of the world, it would limit people who don't have access to the web to get ahold of cryptocurrencies. That is why the utmost priority should be a global internet where anyone from around the world could get access to it and get ahold of the most commonly used services.

Perhaps, it would be a satellite that would allow this to happen or via another method. When that day comes, then it could be safe to say that there would be an interconnected world where anyone transacts with digital currencies and use other services over the web.

I've heard that Facebook was planning on distributing internet to areas of the world that lacked access to the web. I'm not sure if this has been implemented yet, but it tells us that we're one step closer for a cashless society to become a reality. Just my thoughts. Grin


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June 16, 2017, 01:56:51 PM
 #33

It is possible. Many countries are pushing this cashless or electronic payments but on the other side how about the third world countries like us? Would they consider the situation of these countries? There are many people living only on the streets. We might not be able to adopt that kind of system easily. But as we all know its our governments responsibility to raise the economy and make the country progressive like the others. Well lets see what will happen in the near future

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June 16, 2017, 03:40:28 PM
 #34

We mostly are in a cashless society now. Think about it. Almost every store or shop accepts credit cards, this was not the case 20 or 30 years ago.

When you go out to restaurants they have smart tablets at the table. You pay for your food through that with a CC at the end of it. The server doesn't have to come back and handle all that anymore in a lot of places.

You can buy almost anything online now, which requires cashess transactions.

Idon't think there is much left that isn't cashless, maybe beyond some small businesses. Cash is on its way out. People use direct deposit into their bank accounts.



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June 16, 2017, 06:31:59 PM
 #35

We mostly are in a cashless society now. Think about it. Almost every store or shop accepts credit cards, this was not the case 20 or 30 years ago.

When you go out to restaurants they have smart tablets at the table. You pay for your food through that with a CC at the end of it. The server doesn't have to come back and handle all that anymore in a lot of places.

You can buy almost anything online now, which requires cashess transactions.

Idon't think there is much left that isn't cashless, maybe beyond some small businesses. Cash is on its way out. People use direct deposit into their bank accounts.
You can still get everything done with cash. I mean sure, you can use your debit or credit card practically everywhere, but cash is still accepted and often prefered over paying by card.
I personally don't even have a credit card and never will, I'm against spending money that I don't have or that I'll have to pay back later.

Kinda difficult to book a hotel room without one, but still doable.

I kinda hope that cash sticks around for a while Wink

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June 16, 2017, 06:39:57 PM
 #36

It would be an utter nightmare. Authorities would have the capability of absolute control over every conceivable aspect of our lives.

The countries that are running towards it like Denmark and Sweden will regret it bitterly in the years to come. I only hope there's more resistance to it elsewhere.

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June 16, 2017, 08:04:39 PM
Last edit: June 17, 2017, 02:33:04 AM by Kevin77
 #37

Perhaps one day we will be seeing a economy with no hard cash as the world is progressing. Here is the present top 15 cashless economy around the world for a ready reference:
Code:
1-Singapore : 61% cashless transactions.
2-Netherlands : 60% cashless transactions.
3-France : 59% cashless transactions.
4-Sweden : 59% cashless transactions.
5-Canada : 57% cashless transactions.
6-Belgium : 56% cashless transactions.
7-United Kingdom : 52% cashless transactions.
8-USA : 45% cashless transactions.
9-Australia : 35% cashless transactions.
10-Germany : 33% cashless transactions.
11-South Korea : 29% cashless transactions.
12-Spain : 16% cashless transactions.
13-Brazil : 15% cashless transactions.
14-Japan : 14% cashless transactions.
15-China : 10% cashless transactions.
Sources :
https://en.wikipedia.org/wiki/Cashless_society
http://www.businesstoday.in/current/economy-politics/here-are-the-top-cashless-countries-in-the-world/story/241430.html

For example, the Indian government is eyeing cashless society but hesitating to adopt bitcoins. I guess this will be the stand of any country with respect to "cashless society" and "adopting bitcoins".
First governments will grab cashes from people and will emphasize the importance of going for cashless transactions and from that people will realize the importance of adopting bitcoins  Cheesy Cheesy
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June 16, 2017, 08:29:21 PM
 #38

Perhaps one day we will be seeing a economy with no hard cash as the world is progressing. Here is the present top 15 cashless economy around the world for a ready reference:
Code:
1-Singapore : 61% cashless transactions.
2-Netherlands : 60% cashless transactions.
3-France : 59% cashless transactions.
4-Sweden : 59% cashless transactions.
5-Canada : 57% cashless transactions.
6-Belgium : 56% cashless transactions.
7-United Kingdom : 52% cashless transactions.
8-USA : 45% cashless transactions.
9-Australia : 35% cashless transactions.
10-Germany : 33% cashless transactions.
11-South Korea : 29% cashless transactions.
12-Spain : 16% cashless transactions.
13-Brazil : 15% cashless transactions.
14-Japan : 14% cashless transactions.
15-China : 10% cashless transactions.
Sources :
https://en.wikipedia.org/wiki/Cashless_society
http://www.businesstoday.in/current/economy-politics/here-are-the-top-cashless-countries-in-the-world/story/241430.html

On a side note, the Indian government is eyeing cashless society but hesitating to adopt bitcoins. I guess this will be the stand of any country with respect to "cashless society" and "adopting bitcoins".
First governments will grab cashes from people and will emphasize the importance of going for cashless transactions and from that people will realize the importance of adopting bitcoins  Cheesy Cheesy
I think it is not about bitcoin or altcoin.bitcoin or altcoin is a virtual investment assets which can be taken similar to forex or share trading.the goverment should focus more on blockchain technology.they should implement blockchain in different aspect of the field.it will greatly help to build innovative society.
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June 16, 2017, 09:58:58 PM
 #39

Actually I am in favor on cashless transactions but I was afraid of something and bothers me most what if there are loopholes, what will the government action with that problems? There were lots of things happened with that kind of situation. There lots of issue to solve first before implementing certain things and see all the angles that may interefer. Because if government adopt a 100% cashless transactions this may one thing will happen for sure volume of tons tx will be happening at the same time which make log to to money to transfer.
ktabb
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June 16, 2017, 11:43:43 PM
 #40

Have you ever wondered how would the world's economy be like in the future as a cashless society?

Perhaps, with the increased traction of blockchain acceptance nowadays, could lead to the creation of digital fiat currencies powered by blockchains that are managed by governments themselves. With this in mind, there would be no need for physical cash, as digital fiat currencies would provide many advantages such as quick settlement, global payments, full transparency, implants use on citizens to make payments, and more.

If this becomes a reality, which I'm sure that it will, it would radically transform our lives for the better and reduce criminal activity as a result of the full transparency and auditability that a digital fiat currency would have thanks to the power of the blockchain technology.

Also, it makes me wonder if cryptocurrencies like Bitcoin would exist by that time, or will they co-exist with digital fiat currencies.

Nevertheless, I would like to know your opinion about this.  Wink

We are almost already in a cashless society. I can't remember the last time I went to an ATM... I use my credit card for everything and hardly ever need to use cash. Services like Venmo push us in that direction as well.

When you say there will be full transparency and auditability, what do you mean? Yeah we can see all transactions, but we can't see the people who they are between.

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