Cashless society

[clickerz]

I also see a cashless society in the future, but i feel that the "new" currency would still be controled by governments in a BAD way

Maybe it will take many years to happen this cashless society. Government should educate all regarding this from high to low level of societies. But this would never be easy. Many will protests to this especially of low class because its not easy to have cards when you dont have a savings in bank. They will not easily issuing cards to these people. So what are they going to use? This is one of those problems that will be facing by the government if we are going cashless.

I agree with you, pal. I do consider bitcoins as the future leading currency but still the society will not become cashless. We can have cashless society only if all levels of society are equally educated and trained for using bitcoins. It will take time but impossible at all.

I think its already happening now, though not mainstream but the technology is here already.Take for the example for the debit/credit card or the plactic money they say, you can shop using it and mostly on online transaction. I do believe Bitcoin will have a significant role in this cash less society, and we are just starting.

[@prashant]

I also see a cashless society in the future, but i feel that the "new" currency would still be controled by governments in a BAD way

Maybe it will take many years to happen this cashless society. Government should educate all regarding this from high to low level of societies. But this would never be easy. Many will protests to this especially of low class because its not easy to have cards when you dont have a savings in bank. They will not easily issuing cards to these people. So what are they going to use? This is one of those problems that will be facing by the government if we are going cashless.

I agree with you, pal. I do consider bitcoins as the future leading currency but still the society will not become cashless. We can have cashless society only if all levels of society are equally educated and trained for using bitcoins. It will take time but impossible at all.

I think its already happening now, though not mainstream but the technology is here already.Take for the example for the debit/credit card or the plactic money they say, you can shop using it and mostly on online transaction. I do believe Bitcoin will have a significant role in this cash less society, and we are just starting.

bitcoin has given good startup to virtual currency but it will not be used widely as digital currency is used.now various digital currency wallet are there which are very convenient in  buying or selling stuffs and speed is lighting fast.bitcoin lack in speed and price stable criteria but it will become the most popular virtual investment asset.

[Abiky]

I dont think it would happen a cashless society. If you balance the situation not all people would adopt this bitcoin as fiat is already exists. And it willstil exists for more more years. Although this technology help to ease people lives but fiat still being use in the future.

There is no doubt that fiat currencies will still be used in the future alongside cryptocurrencies. However, I believe that every fiat currency will become digital, relying on their own blockchain or a global blockchain. With this in mind, then a cashless society would become a reality enabling anyone to pay anything with their smart device or implant.

Of course, this would take up a couple of years from now, since internet access is not available to everyone in the world. But as soon as solutions come up to make a globally accessible internet, a cashless society would come into effect.

When this comes in, physical fiat currencies would be no more, as they will become digital backed by governments. People will have the same trust and confidence when using these currencies as they will be the same as owning a physical USD, EUR or others. Just my thoughts.

[stompix]

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.

Already possible in Sweden so start doing some research.
There are people there who haven;t touched cash for years.

There is one more problem with cashless society that is we are not really connected with the internet throughout the globe. International transaction are not allowed in every country via use of internet. That is few countries will always be in restricted list of that country so internet won't allow you to do easy e-transaction.

Really? And what do they use for international transfers in those countries? Pigeons or catapults?

I dont think it would happen a cashless society. If you balance the situation not all people would adopt this bitcoin as fiat is already exists. And it willstil exists for more more years. Although this technology help to ease people lives but fiat still being use in the future.

There is no doubt that fiat currencies will still be used in the future alongside cryptocurrencies. However, I believe that every fiat currency will become digital, relying on their own blockchain or a global blockchain. With this in mind, then a cashless society would become a reality enabling anyone to pay anything with their smart device or implant.

Of course, this would take up a couple of years from now, since internet access is not available to everyone in the world. But as soon as solutions come up to make a globally accessible internet, a cashless society would come into effect.

When this comes in, physical fiat currencies would be no more, as they will become digital backed by governments. People will have the same trust and confidence when using these currencies as they will be the same as owning a physical USD, EUR or others. Just my thoughts.

Fiat currency don't rely and will not rely ever on some blockchain.
Fiat has existed for decades in form of digital cash without the need of a chain and will never adopt it as there is no point doing so.

[Abiky]

Fiat currency don't rely and will not rely ever on some blockchain.
Fiat has existed for decades in form of digital cash without the need of a chain and will never adopt it as there is no point doing so.

Well, recently the US began exploring the potential of blockchain technology, which may exist a possibility of the dollar having its own private blockchain in the future.

There is an article which tells all about it here: https://cointelegraph.com/news/us-federal-reserve-explores-the-potential-of-blockchain-lacks-vision

Also, if you make a research within Google, you'll find out that the US is working on a project named "Fedcoin". I know that all of this doesn't guarantee that the dollar will rely on some blockchain, but it shows a possibility of it doing so in the future.

With all the advancements that blockchain has had over the Fintech sector, it is making it hard for governments like the US to ignore it and explore its potential use cases for the future.

Nevertheless, it would be surprising to see central banks from countries around the world to start rolling their own blockchains with digital fiat currencies. Just my opinion.

[Nivir]

This is a good idea but how can this be possible when there are more than half of the earth uncovered with internet? Perhaps still doable unless a technology is develop capable of transferring device  to device without internet. But what happens if electricity is missing or having problems? I think we cannot be dependent on things which aren't at all time accessible. There's a reason why fiat is designed like this. But cashless transaction will be a good option in this developing world.

[slackcryptoz]

As most users suggested it has got pros and cons. In my view the advantageous part of cashless society is that it creates a system where the entire database will be easily accessible for the government and same time this has got disadvantageous part that it can be used by technical giants as everything is interlinked and without that nothing functions.

[kelseydustin]

This is a good idea but how can this be possible when there are more than half of the earth uncovered with internet? Perhaps still doable unless a technology is develop capable of transferring device  to device without internet. But what happens if electricity is missing or having problems? I think we cannot be dependent on things which aren't at all time accessible. There's a reason why fiat is designed like this. But cashless transaction will be a good option in this developing world.

That is true. That is why I think that cashless society can not exist in this decade or even in this century. People need more time to develop and poor countries need to improve their economy and communicate with other parts of the world. And then, it will be a chance for a cashless society to exist

[Bowly88]

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.

That's we, maybe in the future it will come true, 20-30 years approximately. We cannot access a cashless society without an ultra fast internet connection with everybody around the world. We need internet when doing crypto currencies, for now we have a lots of limitations and barrier that I know in the future it will be resolve.

[chocolah29]

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 agree, that doesn't make sense if they we are cashless and we are now using bitcoins but it is controlled by the government and banks. That would be a lot of taxes and fees just like your real money. And with that the bitcoin and other cryptocurrencies are ruined. We don't want the government to be involved in these.

Yes of course, the essence of bitcoin will be lost if the government will take full control to this. I'm sick in paying taxes on everything so I hope they spare bitcoin for this. Bitcoin is invented to be decentralized and not to be controlled by anyone. And it's a big NO in cashless society I mean why they just add bitcoin as currency like without removing fiat.

[bitcointarget]

This is a good idea but how can this be possible when there are more than half of the earth uncovered with internet? Perhaps still doable unless a technology is develop capable of transferring device  to device without internet. But what happens if electricity is missing or having problems? I think we cannot be dependent on things which aren't at all time accessible. There's a reason why fiat is designed like this. But cashless transaction will be a good option in this developing world.

That is true. That is why I think that cashless society can not exist in this decade or even in this century. People need more time to develop and poor countries need to improve their economy and communicate with other parts of the world. And then, it will be a chance for a cashless society to exist

Some of you guys are thinking that bitcoin will solve the cashless society problem but here bitcoin=cash and cashless society also bitcoinless society since they don't have any Access to bitcoin. It's expensive, that's why.

[mantra]

Many countries are beginning to apply cashless, making paper money is very expensive, therefore many countries implement cashless system, I agree with the use of cashless, but must be considered also about transaction security, because it is a worry if our money is hacked or stolen

[Qunenin]

I also see a cashless society in the future, but i feel that the "new" currency would still be controled by governments in a BAD way

Maybe it will take many years to happen this cashless society. Government should educate all regarding this from high to low level of societies. But this would never be easy. Many will protests to this especially of low class because its not easy to have cards when you dont have a savings in bank. They will not easily issuing cards to these people. So what are they going to use? This is one of those problems that will be facing by the government if we are going cashless.

I agree with you, pal. I do consider bitcoins as the future leading currency but still the society will not become cashless. We can have cashless society only if all levels of society are equally educated and trained for using bitcoins. It will take time but impossible at all.

It is possible to have a pure cashless society but it will defiantly take time. Who would have thought hundreds of year back that Bartar system will be replaced by Fiat and then the debit credit card as replacement for Cash. Soon the digital world will be make a reality with the help of Bitcoin and altcoins.
This will be a truly cashless society maybe 50 years from now. 

[Schuyler]

I also see a cashless society in the future, but i feel that the "new" currency would still be controled by governments in a BAD way

Maybe it will take many years to happen this cashless society. Government should educate all regarding this from high to low level of societies. But this would never be easy. Many will protests to this especially of low class because its not easy to have cards when you dont have a savings in bank. They will not easily issuing cards to these people. So what are they going to use? This is one of those problems that will be facing by the government if we are going cashless.

I agree with you, pal. I do consider bitcoins as the future leading currency but still the society will not become cashless. We can have cashless society only if all levels of society are equally educated and trained for using bitcoins. It will take time but impossible at all.

It is possible to have a pure cashless society but it will defiantly take time. Who would have thought hundreds of year back that Bartar system will be replaced by Fiat and then the debit credit card as replacement for Cash. Soon the digital world will be make a reality with the help of Bitcoin and altcoins.
This will be a truly cashless society maybe 50 years from now. 

The printed money back then was a great innovation because it had value and can be carried anywhere with convenience. Today, even during modern times, paper money still plays a very big role in our daily transactions, and it would be safe to say that it is going to remain this way for the next 10 years or so. Technological advances might make the use of paper money less and less but I think we are still many years away from a totally cashless society because of the preference of many people to stay conventional with their spending habits.

[keeee]

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. 

 First of all both of them have different purposes. We should not supposed to cancel Bitcoin and regular money out. But when it comes making money online, Bicoin was ahead to physical money. Surprisingly you can participate even your identity is not given. All matters to your capability.

[Yakamoto]

I also see a cashless society in the future, but i feel that the "new" currency would still be controled by governments in a BAD way

Maybe it will take many years to happen this cashless society. Government should educate all regarding this from high to low level of societies. But this would never be easy. Many will protests to this especially of low class because its not easy to have cards when you dont have a savings in bank. They will not easily issuing cards to these people. So what are they going to use? This is one of those problems that will be facing by the government if we are going cashless.

I agree with you, pal. I do consider bitcoins as the future leading currency but still the society will not become cashless. We can have cashless society only if all levels of society are equally educated and trained for using bitcoins. It will take time but impossible at all.

It is possible to have a pure cashless society but it will defiantly take time. Who would have thought hundreds of year back that Bartar system will be replaced by Fiat and then the debit credit card as replacement for Cash. Soon the digital world will be make a reality with the help of Bitcoin and altcoins.
This will be a truly cashless society maybe 50 years from now. 

Well, Barter replaced by paper tokens backed by a good or physical tokens with a property of value (paper money in China and Asia + Gold/Silver coins through various kingdoms and empires around similar time periods). Then it was replaced by backed tokens again, and then we had fiat, and now we have digital money taking centre stage as the new hot thing again. It's a shame cashless societies are such a bad thing for the average person, really.

[ASHLIUSZ]

Many countries are beginning to apply cashless, making paper money is very expensive, therefore many countries implement cashless system, I agree with the use of cashless, but must be considered also about transaction security, because it is a worry if our money is hacked or stolen

I has got the risk of hacking as every transaction happens online and through different third party support system. This need to be made highly secure, so that the cashless system can be made to function in a effective manner, but at the same time the paper money usage won't gets decreased as people expect.

[azguard]

Well, recently the US began exploring the potential of blockchain technology, which may exist a possibility of the dollar having its own private blockchain in the future.

Besides US many other countries are developing or they are in process of developing private blockchains for there own currencies. This is bad in my opinion, cuz we already have good and working blockchain. I dont see anything that will trigger this to be in some bigger motion. Maybe they are trying to create cuz they can control it, cuz current one they can not, I mean on all governments on this.

[TastyChillySauce00]

Well, recently the US began exploring the potential of blockchain technology, which may exist a possibility of the dollar having its own private blockchain in the future.

Besides US many other countries are developing or they are in process of developing private blockchains for there own currencies. This is bad in my opinion, cuz we already have good and working blockchain. I dont see anything that will trigger this to be in some bigger motion. Maybe they are trying to create cuz they can control it, cuz current one they can not, I mean on all governments on this.

They will stick with the current system, blockchain also have its disadvantages especially the scalability problem. I can say that if the whole US forced to use dollars based on blockchain system, there'll be many issue.
As you can see yourself to what happened to ETH and BTC after these traffics are on its peak.

[el kaka22]

This could be an interesting update here : https://www.cryptocoinsnews.com/british-government-report-seeks-cashless-economy

After few Asian governments are working on implementation of cashless economy, now it seems UK start thinking about it. Governments believe achieving cashless society will lead to more transparent economy system as recording and tracking will be highly possible for them.

But I do believe once people start getting practice to cashless economy, they will start looking for protecting their privacy. That might be the beginning point for them to get into bitcoin kind of fully liberalized system. It is obvious all human will switch over where their freedom is assured. This way only those systems which are seeming as fittest to the users may survive. All others will find their end in more quick time.