Cashless society

[Przemax]

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

The UK might want a cashless society badly, because there could be a sittuation of it not having the option to be backed financialy by the EU in the future.

Having no cash option makes you store your money in the bank, increasing their reserves. Advocating for a cashless society by the UK might not be a good foresight of its economical future, as it might signal that its reserves as dangerously low.

All those talking about the transparency is just silly. Most banks would not share their clients info if they would not be forced to either way.

[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.

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.

I agree. From one perspective i dont see why would some governments/countries (especially US or Russia or China) do this. I mean why create something new when some system that you are using is working more then fine and on top of that brings income.

[ecnalubma]

We are not far from that big change actually, maybe 50 years from now cashless society can be made possible or even earlier. But if the government will interfere the blockchain then anonymity and privacy might be void. In that particular change there should only be one world currency and that could be bitcoin. The government must make sure that internet is running 24/7 without interruption in order to sustain transactions.

[ether19]

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.

Every body opting for a cashless economy would be a huge advantage to the economy. It will help the  government to track people who evade tax, launder money and even in fighting terrorism. It can also cut the massive costs in making and distributing  fiat currency notes. So I bet, we will see the economy becoming cashless slowly.

People who value their privacy will have the option to use crypto currencies such as Monero, Zcash, etc to protect their identity.

[CryptoBry]

Anything is possible here in this world due to the adoption of better technologies and communication devices. Now a cashless society had been envisioned a long time ago. With the advent of credit/debit card, people were assuming that soon we don't need paper or fiat money but as we see it they go alongside each other.

I think when we say a cashless society it would not be 100% cashless as there can be a certain percentage of the population who might not be able to adopt to such an idea and there can be circumstances when infrastructure is not present to effect that cashless concept.

Remember that TV did not kill radio...so it might be the same thing.

[TastyChillySauce00]

Anything is possible here in this world due to the adoption of better technologies and communication devices. Now a cashless society had been envisioned a long time ago. With the advent of credit/debit card, people were assuming that soon we don't need paper or fiat money but as we see it they go alongside each other.

I think when we say a cashless society it would not be 100% cashless as there can be a certain percentage of the population who might not be able to adopt to such an idea and there can be circumstances when infrastructure is not present to effect that cashless concept.

Remember that TV did not kill radio...so it might be the same thing.

Thinking the same but seeing from the perspective as someone who always feels insecure of what we have especially about digital things which really are vulnerable to hackers, it simply increase the chance of some people to not adopting such thing,they'll stay with what they have from the start which they might think the most convenient and safe way.

[slaman29]

This is the shaping reality for some countries, but only if you live in a First World country.
Developing countries like mine and my neighbours see this as a dream, but only to augment current reality. To really want our society to be cashless we have to wait for the old generations to pass, and bring the new one up with new ideas for cash (not happening yet).
And the rest of the world, which is probably 50% of the world, are a long way of even considering this.

[Lampaster]

Anything is possible here in this world due to the adoption of better technologies and communication devices. Now a cashless society had been envisioned a long time ago. With the advent of credit/debit card, people were assuming that soon we don't need paper or fiat money but as we see it they go alongside each other.

I think when we say a cashless society it would not be 100% cashless as there can be a certain percentage of the population who might not be able to adopt to such an idea and there can be circumstances when infrastructure is not present to effect that cashless concept.

Remember that TV did not kill radio...so it might be the same thing.

Thinking the same but seeing from the perspective as someone who always feels insecure of what we have especially about digital things which really are vulnerable to hackers, it simply increase the chance of some people to not adopting such thing,they'll stay with what they have from the start which they might think the most convenient and safe way.

Why everyone is afraid of hackers? Do you think that they are not people at all. Against any poison always has an antidote. Most break-ins occur not because the hackers are so smart, but because the people themselves allow them to burglary.

[cramblimp]

Cashless society using bitcoins. It is good to know that we live in the world of technology now.

[BCTalkaccountforsale]

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 think it takes a lot of time to perform in less developed countries because technology is backward and does not know much about digital money but if digital currency is known in the future, I think we should combine both currencies as they both have their own benefits.

[djoko adi]

If people are without money I think in the financial transaction no longer use cash, but already in the form of cards, whether in the form of credit cards, debit cards, or cash cards. Moreover, in making the payment obligations to other parties also no longer in cash. All done by electronic means, either in the form of internet banking, transfer via ATM, or phone / SMS banking. So, in everyday life, the circle is arguably no longer holding cash. Even if there is, only a little perfunctory. Just to pay for parking or activities that require a small amount of cash. As well as bitcoins that are very easy to use. Perhaps most of them prefer to use bitcoins instead of credit or debit cards. Because by having bitcoin we can get big advantage just by storing it. In contrast to credit cards every month there are taxes.

[FlightyPouch]

Cashless society using bitcoins. It is good to know that we live in the world of technology now.

A cashless society is still far from happening, if you can notice it right now, bitcoin is just accepted by some countries, cash or fiats are still circulating in our societies and it will be circulating our societies for another hundred years before the digital currencies became a threat to fiats.

[Beparanf]

Cashless society using bitcoins. It is good to know that we live in the world of technology now.

A cashless society is still far from happening, if you can notice it right now, bitcoin is just accepted by some countries, cash or fiats are still circulating in our societies and it will be circulating our societies for another hundred years before the digital currencies became a threat to fiats.

It will be hard to implement new things especially when it been part of the culture and daily lifes, adjustment will took too long and will be impossible since most often there are more who countries that are not avanced unlike other countries.

[Abiky]

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. 

Agree. A cashless society make take up quite some time before it becomes a reality, since there are many factors which limits its ability to do so in the future such as limited worldwide internet access, and blockchain inmaturity. There are many things that need to become improved on, towards helping speed up a cashless society.

Also, governments like the US have shown enthusiasm towards blockchain technology which shows a sign that we're heading towards the path of becoming cashless in the future. By then, fiat currencies will be turned into digital currencies issued by governments, while cryptocurrencies like Bitcoin will co-exist with them for many years to come.

With all of this in mind, a cashless society would enable a new global economic order, leaving the power to the governments to audit and keep track of our financial information wherever we go. Just my thoughts

[btctube]

Its almost here actually. Visa card had already made it happen, they are not talking crypt but if all are using visa card, cashless is possible. crypto society may not really be happening during our generation, it may take another10 years before half the world will accept coins.

[xIIImaL]

Its almost here actually. Visa card had already made it happen, they are not talking crypt but if all are using visa card, cashless is possible. crypto society may not really be happening during our generation, it may take another10 years before half the world will accept coins.

Lol, yeah if we see it as only cashless option we can use that itself. If you are planning for digital currency option in the sense you need to wait for bitcoin or other altcoins will increase it more everywhere and legalization of digital currency happen in every country.

[azguard]

Its almost here actually. Visa card had already made it happen, they are not talking crypt but if all are using visa card, cashless is possible. crypto society may not really be happening during our generation, it may take another10 years before half the world will accept coins.

Lol, yeah if we see it as only cashless option we can use that itself. If you are planning for digital currency option in the sense you need to wait for bitcoin or other altcoins will increase it more everywhere and legalization of digital currency happen in every country.

Still we may not seen this in our lifetime. True with not just visa cards, more we use this more we are in cashless society. But we need to know that not use card (visa, master, diners, maestro) and that they are still countries that relay more on fiat rather then plastic. For cryptos to achieve this will take time maybe like btctube mentioned 10 years maybe more or less but eventually it will come to this.

[malikusama]

This need a lot of time to make a cashless society what you have stated. May be in developed countries this idea will be easy to apply but to make cashless society in underdeveloped countries where there are already so many major problems this need a long time.

[SaShiRaJaVu]

This need a lot of time to make a cashless society what you have stated. May be in developed countries this idea will be easy to apply but to make cashless society in underdeveloped countries where there are already so many major problems this need a long time.

It is not a reality in this day and age even in developed countries to have a cashless society as there are many hurdles to overcome the basic problems to become one,we might need a long time to see the world adapt to a cashless society,with the rise in technology i think we could see that in twenty years time.

[btcjocan]

This need a lot of time to make a cashless society what you have stated. May be in developed countries this idea will be easy to apply but to make cashless society in underdeveloped countries where there are already so many major problems this need a long time.

Yes it really needs longer time to implement this kind of idea about cashless society,  because we are not only talking here the developed countries. We can consider those poorer countries and it maybe difficult for them to adopt the system of digit currency.  Educating people financed by government is the best key prior implementation of cashless spending.