Cashless society

[Sled]

I do not think that the cash will disappear completely. In the system of electronic money there can be a failure and there must always be an alternative for a person to make purchases at any time.

I agree with you. It is always wise to have back up plans. I also believe that the fiat is not completely going to perish away from the face of earth. The digital currencies no doubt have made their place in the world economy. Cash will always be supported by old school of thoughts.

Bitcoin and other cryptocurrencies are good for back up plans. I agree to you guys that fiat will not completely disappear but the fiat can feel the effect of bitcoin and other cryptocurrencies phenomenon because most of the people will use it as a remittance and also they can use it to save money from fees and time and also effort.

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[n691309]

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. 

I can definitely see digital currency to be the 'next' form of payment method, in the sense that it will replace paper money altogether. Cashless society is very much possible, there is no reason to say that it would not work. Credit / debit cards are already the first form of cashless payment methods, and it is working quite well. This just goes to show that it is possible to have a society that will be 100% cashless.

Also, bitcoin debit cards are already a thing, making the lives of many of those easier who want to purchase a product from a store that does not yet accept bitcoin.

Yeah, cashless society will come into existence within a score. The pace at which people are investing into bitcoins and supporting them, I don’t think so anyone would then be against cashless society. Many people still prefer the debit cards etc over paper money because they are easy to carry and use.

[Abiky]

I like it going cashless because I hate having coins in my pocket. I guess it would be an awesome experience to just having your android phone and pay all the bills with it. As soon as blockchain becomes widely accepted, this MR ROBOT idea would surely come to life. cheers!

Yes. Being cashless, means that you'll enjoy the convenience of paying with your smartphone or mobile device, in a fast and easy way. Transactions would settle way faster than fiat (when measured at a global scale) making it an extremely useful technology for yeare to come.

Of course, it may take quite some time for this to happen, but the more education the people get about blockchain technology and being cashless, the faster they'll be able to adopt it towards mainstream use.

Soon fiat payments would become obsolete, and using credit cards will be a thing of the past, as digital currency payments take over the world by storm. People would recognize the benefits of a decentralized payments system with lower fees than traditional payment processors, and better security (with no single point of failure). Just my thoughts

[azguard]

For technology this is correct every day we have something new and unique and in some way something that will ease our life in future years. Watches some documentary on discovery channel and they predict that by year 2020 we will have one thing for everything to be our smart solution. One device that will be our phone, PC, TV and car navigation.

So who know what will we expect in this 3 years from now. Maybe will be paying with our mind.

It would be amazing to have an all in one device like you said, in order to make our life easier. As technology is advancing at a fast pace, everything is possible here.

I believe that at some point in the future, internet access would spread at a global scale, allowing even third world countries to get a grasp of this technology. When this comes in, a cashless society may come into effect, as every device around the world will become empowered by the Internet of Value, allowing anyone to pay for services, in a quick and convenient way.

As for paying with our minds, this may not be far from becoming a reality within a few years from now. The whole world will change for the better with these technologies, as everything would be fully automated and autonomous, from drones to bots, and smart contract powered driverless cars. With a cashless society, all these things will become possible. Just my opinion

I’m not so sure that the consequences of a cashless society are going to be that good and that there are not going to be consequences, the reason governments are pushing for this is that they want to tax all your income and they want to know what you are doing with every transaction, so a cashless society is going to allow countries even more control over your life.

Was it good or bad this is something that will happen one day or another. Everything new has and it will have flaws and setback. Everything new have it and it will be like that.
Think that main concern will be putted on Earth ecology on this rather then something else we really are in red zone on some point of planet.

[hyunee]

This might happen in the near future. There is just a possibility but maybe just maybe it will happen. Nothing is impossible. The approval of the government is what we just need in order for this paperless transactions. Well we've just started it with debit cards. Where we can buy using cards. It is just convenient for us to use.

[The_Dark_Knight]

I do not think that the cash will disappear completely. In the system of electronic money there can be a failure and there must always be an alternative for a person to make purchases at any time.

If I remember correctly in some Nordic countries most people already use electronic forms of payments instead of cash, personally I think using a single form of payment for everything is wrong because what would you do when things go wrong and you cannot use that payment method?

[gabmen]

I do not think that the cash will disappear completely. In the system of electronic money there can be a failure and there must always be an alternative for a person to make purchases at any time.

If I remember correctly in some Nordic countries most people already use electronic forms of payments instead of cash, personally I think using a single form of payment for everything is wrong because what would you do when things go wrong and you cannot use that payment method?

Well that's the reason why i don't think a cashless society would be applied even in the future. People need something physical to hold on to and transact with as a backup if something goes wrong online. And since we've been so accustomed to this exchage system it would be almost impossible to take it away from us

[Dhaaaw]

I agree with you OP, it would be really awesome and would just make life easier.
But i think it's naive to think that it would be possible anytime soon (probably in 10+ years maybe) because people would need permanent access to internet, have their wallet always ready so the phone/pc would need to be always charged etc 

[skyline247]

I agree with you OP, it would be really awesome and would just make life easier.
But i think it's naive to think that it would be possible anytime soon (probably in 10+ years maybe) because people would need permanent access to internet, have their wallet always ready so the phone/pc would need to be always charged etc 

Not even 10 years. Maybe more like 100 years. See, just like older folks these days lack in technology capability, young people including kids will be raised with cash and we will need it to be able to get by (not all of us, but whoever does not adapt)... with that said, it will likely take a century. And that makes even more sense when you consider the last Bitcoin that will be mined will be in 2021.

[bcnaranjo]

Cashless society maybe far from from reality but it is possible. When the support of the government will with the cryptocurrency then it will be possible to have all transactions cashless.

[azguard]

I agree with you OP, it would be really awesome and would just make life easier.
But i think it's naive to think that it would be possible anytime soon (probably in 10+ years maybe) because people would need permanent access to internet, have their wallet always ready so the phone/pc would need to be always charged etc 

We are some point in cashless society from some point of view. Everyone pays at least once with credit card and do transaction with same card. Off course old people dont use this or rarely use this from one angle and that is that they whole life didnt use this and they like paper as meaning of paying and giving it away to grandchildren. Dont you remember all when all grandpas give you few bucks every time. That is something that will take time. When we become grandpas we will be in cashless society.

[stepwilli]

Cashless society maybe far from from reality but it is possible. When the support of the government will with the cryptocurrency then it will be possible to have all transactions cashless.

A cashless society does not need to be crypto currency-based one hence cashless society will be possible even government will not approve them. I mean to say cashless society are already happening based on other cashless methods.

[mootbritton7]

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.

How exactly bitcoin can reduce crime rate and make society less greedy? Bitcoin is a hot topic in the mainstream media and it is presented as new tool criminals are using.
Bitcoin is not perfect remedy created to battle crime, reduce poverty or make people less greedy. It simply won't work.
Cashless society = digital fiat when your every step is recorded and tracked by government, it is not about decentralized cryptocurrency.

Yes, decentralization might lead to ultimate centralization.... irony.

[helloicon]

At first glance, I think cashless society will literally improve quality of our life. We don't need to bring wallet or paper money.
However, at second glance, considering security or control issue, I have concerns on cashless society.

[Bosx1ne]

I think cashless society that you are talking about is impossible. Cashless society will never be happen.

[Palmerson]

I think cashless society that you are talking about is impossible. Cashless society will never be happen.

Bound to be. Can not even doubt. Governments want to control our every step. It is the dream of all governments regardless of country. To control a human via non-cash money is much simpler so as soon as the opportunity arises the government will make sure she will use it.

[Harlot]

I think cashless society that you are talking about is impossible. Cashless society will never be happen.

Bound to be. Can not even doubt. Governments want to control our every step. It is the dream of all governments regardless of country. To control a human via non-cash money is much simpler so as soon as the opportunity arises the government will make sure she will use it.

We are not ready to go virtual yet, I mean even me as a consumer would still prefer Fiat currency as a form of medium of exchange or a mode of payment. I can't imagine a world in which our form of liquid assets only exist virtually. And come to think of it how will other older generation be able to have a smooth transition with a cashless society? It will be a headache for both the elders and the government just to make them use a virtually existing money.

[Nissan-GTR]

This is possible, but this would be implemented by the governments.  This would result into fiat currency being converted to electronic currency. Generally, I think this will not result to the governments using cryptocurrency as most of those are decentralized. Something the governments don't want.

I think its not, merging will do bug think about that world must have free wireless connection of internet where in every people in the world has to connect on it and must be connected to it because they will not avail food , expenditure, clothes sonce transactions were done technologically, and I doubt that everh people can live in thag kind of system cause not everu people in the world asccepts technology as being part of their lives, merging of paper and digital currency is kinda better for me,

[VadikZimnyayaRezina]

It seems to me that the non-cash society will never be, because banks will not want to lose profits and they will introduce bitcoin in parallel with money or simply destroy it like all crypto-currencies.

[fasdorcas]

Cashless society maybe far from from reality but it is possible. When the support of the government will with the cryptocurrency then it will be possible to have all transactions cashless.

Indeed, for enjoying cashless society, we are bound to make bitcoins legal so that they can be used officially for the money transfer or transactions. I personally doubt the existence of cashless society in the future rather I believe that the digital currencies will be used side by side with fiat.