Cashless society

[deisik]

There are some thing that are good in some point.

In this cashless society you wont be able to hide anything, tax guys will know. People will love this cuz they wont need to carry cash all the time cell phone is enough. Perfect for today society where everything is done online almost

Won't work out in real life

Folks are using cash because it is pretty convenient in a terrible lot of cases (hand-to-hand transactions, no third party risks, no dependency on infrastructure, etc). And this is the primary reason why the cashless societies is a thing of a too far distant future to discuss it seriously today, apart from sheer curiosity or idle interest. So even if some government decided to ban cash, people would soon start to use cash surrogates. That would most likely be bills and coins of some foreign currency (say, the US dollar unless it is banned too or right in the first place)

[John Wick]

There are some thing that are good in some point.

In this cashless society you wont be able to hide anything, tax guys will know. People will love this cuz they wont need to carry cash all the time cell phone is enough. Perfect for today society where everything is done online almost.

Only downfall will be security for this.

Then can you explain how these football players hiding their income although millions are watching them? For example Ronaldo and Messi. They're hiding tax. They manipulate their formal income.

[deisik]

There are some thing that are good in some point.

In this cashless society you wont be able to hide anything, tax guys will know. People will love this cuz they wont need to carry cash all the time cell phone is enough. Perfect for today society where everything is done online almost.

Only downfall will be security for this.

Then can you explain how these football players hiding their income although millions are watching them? For example Ronaldo and Messi. They're hiding tax. They manipulate their formal income.

I think I can help explain that

They are most likely using offshore accounts as well as holes in the tax codes of the countries of their residence. This is a common thing between world-class sportsmen and not only sportsmen (actors are also massively involved in that activity). Some of them went so far as to change their citizenship (like former world No. 1 tennis player Bjorn Borg or Golden Globe Award winner Gerard Depardieu) to avoid paying high taxes in their home countries (Sweden in case of Bjorn Borg and France in case of Gerard Depardieu). Aside from that, they obviously have very experienced teams of tax consultants which earn from the taxes they managed to save for their clients

[bitcoinvestor]

I think only some level of community use cryptocurrency. For all people , they are stil using fiat. Bankers also won't loose their job if all people become cashless. Many crypto community in the world when they gather together may be fewer  than 10 % population. However the community in the near future will control the monetary sistem in the world. Now , big  holder of bitcoin and etherium and other big currency become billionare. The world will change , bankers soon will be replaced by the cryptocummunity.

[Taskford]

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

Indeed.
Only first world countries can be a cashless society but in third world countries it is impossible. Like in the far provinces, they don't know or they dont have a smart phone and electricity so what more of internet? Even I living in a first world country I wouldn't go cashless at all. I want something tangible. We can be cashless even if there's fiat. Just like now. Money on your bank while paying bills through internet. Well I'm enough for that.

[chixka000]

That seems really good. Of course we all want that kind of society soon well i guess that this would also happen and i am hoping that i can still be a part of it. Tho my only concern right now is that this is very internet dependent and what is worse is that the net connection is not that secure

[Viyamore]

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. 

It depends i think but this will be so possible when almost all people were open to cryptocurrencies and it will depends in every government how they will handle cryptocurrencies to be use as online money .Morely i think about physical coins like bitcoins to exist but this will take many many more years to be passed in the government .
In crime this will be more hard and more crime will be able to scam online this will happen like stealing or hacking online accts just to have money. This online will be more easy for those who knows how to stole money online and create them more opportunity to not can be traceable because of anonymously use of cryptocurrency.

[Abiky]

There are some thing that are good in some point.

In this cashless society you wont be able to hide anything, tax guys will know. People will love this cuz they wont need to carry cash all the time cell phone is enough. Perfect for today society where everything is done online almost.

Only downfall will be security for this.

Yeah. While being cashless has many advantages, it has its downsides too. The biggest downside would be privacy, as governments would be able to have complete transparency over transactions made by its people, not to mention that there won't be a thing where the tax authorities would know about.

In the bright side, it helps fight criminal activity such as money laundering, but it greatly removes the need for privacy of any other individual within it.

As for security, I think that it won't be an issue if governments adopt the blockchain technology. Greater security would be achieved by using an already established public blockchain like Bitcoin (using a sidechain for a fiat currency but with the security of BTC's hashrate), instead of a private blockchain.

Nevertheless, sooner or later, the internet would become accessible to anyone in the world, enabling a cashless society in the future. Just my opinion.

[steamon]

How would a cashless society look? Everyone would by equal. Everyone would by rewarded by working hard. People would trade items off worth with each other and lend stuff out for something else. I don't see much wrong with that it happens in some countries already.

[aTriz]

How would a cashless society look? Everyone would by equal. Everyone would by rewarded by working hard. People would trade items off worth with each other and lend stuff out for something else. I don't see much wrong with that it happens in some countries already.

I don't think that would be the case.

A cashless society simply means that people are not using cash, but rather some sort of non-physical means of transferring money. For example, debit cards and credit cards as you said are already very widespread in developed countries and will or even has already overtaken cash as the number one method of paying.

However, you seem to think taht a cashless society would be a way to eliminate inequalities in this world - this is simply not true, or only partially true. If we have governments issuing their own "tokens" even on a blockchain, they still have control over everything. That is no different to cash at all, it's just another way of representing cash in a digital form. Only if we use a global decentralized cryptocurrency will it help the inequality situation at all.

[shine1123]

The problem is, it's really hard to encourage people to be cashless society. I mean, they already lived a long time to use paper and coin money. Especially on developing country, we need to do it step by step into them. For some big countries like USA, Japan and Korea can use cashless society though.

[n0ne]

The problem is, it's really hard to encourage people to be cashless society. I mean, they already lived a long time to use paper and coin money. Especially on developing country, we need to do it step by step into them. For some big countries like USA, Japan and Korea can use cashless society though.

Japan is technology wise developed, but in terms of cashless society or cashless economy is not active yet. Just as a part Japan has adopted bitcoin and encourage people to use bitcoin. This will help the government make people adopted to the cashless system when they learn about it and start using. Also another reason they avoided cards were due to increased fee.

[batang_bitcoin]

Cashless society is the future but the government will have their own currency for it. I doubt it that they will consider bitcoin for the usage in this society. But maybe they can consider it as another way of payment or there will be a main currency but still we can use bitcoin by that time and there's no more bad words about it.

[azguard]

How would a cashless society look? Everyone would by equal. Everyone would by rewarded by working hard. People would trade items off worth with each other and lend stuff out for something else. I don't see much wrong with that it happens in some countries already.

Not necessary to be the case. It would be the same just without paper money, you would this have rich and poor, and the ones that have and dont have.
This would only change one thing we would more care about our environment (less paper money mean more forest) and we would more care about us.
Off course this is some my point of view on this matter.

[Sled]

Cashless society is the future but the government will have their own currency for it. I doubt it that they will consider bitcoin for the usage in this society. But maybe they can consider it as another way of payment or there will be a main currency but still we can use bitcoin by that time and there's no more bad words about it.

Yes, government will not let the bitcoin to rule their country because they will try to find somethings to counter attack that like having their own digital currency to be used by their people but centralized because they like to still control the money in their country like the paper money and that is why i don't believe that all the countries are able to adopt bitcoin.

[anneiS_02]

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 dont necessarily think  this (a cashles society, not my own miserliness) is healthy.  For example, during a financial crisis, it became impossible to put failed banks down "out of their misery" becasue they would take the cash machines and clearing functions etc with them.  As a result we have been lumbered with a zombie economy ket alive on a drip feed.  This is more an argument for separation of clearing and investment banking functions than for cash.

If we are to have a virtual payments system (and I can see the advantages) I would prefer it to be run by Government with fixed  (1%?)  charges for all users regardless of size, so as not to disadvantage small traders.  There are small businesses that have to charge a fee for virtual transactions or require a minimum spend becasue of the high fixed commissions charged by the payments systems.  
A virtual payment society is absolutely dependent on electronic systems.
Cash is flexible and but part of this is that it enables transactions off the taxation and illegal activites radar - whether this is a good thing or a bad thing depends on the situation.  Generaly speaking he advantages of living in a well governed country supported by taxes outweight the advantages of anarchy.

[Armando]

How would a cashless society look? Everyone would by equal. Everyone would by rewarded by working hard. People would trade items off worth with each other and lend stuff out for something else. I don't see much wrong with that it happens in some countries already.

It's more like moneyless society you are referring to... some socialistic countries are/was trying to create one but without real success. Btw few thousands years ago society was moneyless but doesn't seem that people were equal... even in animal prides there are some roles etc, money has nothing to do with it

[deisik]

How would a cashless society look? Everyone would by equal. Everyone would by rewarded by working hard. People would trade items off worth with each other and lend stuff out for something else. I don't see much wrong with that it happens in some countries already.

It's more like moneyless society you are referring to... some socialistic countries are/was trying to create one but without real success. Btw few thousands years ago society was moneyless but doesn't seem that people were equal... even in animal prides there are some roles etc, money has nothing to do with it

Yeah, that's so true

Power (and stratification of society due to some people being more powerful than the rest of the pack) existed long before the emergence of money. Money can buy virtually anything, but power is not for sale, so money can't buy it (power is taken, not given, anyway). In fact, if you have power you don't need money as such, but with money you can become more wealthier by making people work for you without going for direct coercion (i.e. making people work via economic means). Egyptian pyramids were built by free farmers, not slaves

[Cofee.BLUE]

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.

It may be possible to lessen crime and criminality physically. But remember, in the rise of technology, crime and corruption have also upgraded and put into technological crime involving fake sites that could easily access one's account. People will also need cash for payments, because in our time, before you can be able to access your account or wallet, you must have a internet connection. So it will be much efficient of using cash for now. But if they could think of the best way to hand on money that will not use internet for easy access, cashless society is really possible. Just the assurance for the safety of every account is in need.

[kpcian]

Recently I've also dream about cashless society, it would be very interesting. In the cashless society there are some features should be maintained, technology must be available everywhere, alternative cash must be invented. In this case, Bitcoin and other altacoin can play pioneer role to lead a cashless society...