Cashless society

[Pleione527]

I don't think that can be possible I mean crypto currency requires technology not every people in the society can adopt, we know the fact many people don't have the chance to access internet beside I don't think bitcoin can provide enough supply to circulate in the market..It is more realistic that many will use cashless payments when doing their regular transactions but definitely not all.

[yndye]

Cashless society is an ideal way to solve or at least minimize the illegal doings of some people thanks to blockchain technology in which the records are in public so there is transparency in all things. This ideology is still far from reality because even if the internet is still not accessible by every one. To be able to connect online, you still need an internet and some parts of the world don't even have an electricity so unless the basic necessities are met then this cashless society cannot be totally implemented.

[yugyug]

in this new era of digital world cashless society is quite acceptable but transaction limited only through internet stream it is either centralized or decentralized. bitcoin ecosystem is one of the greatest example of cashless society only if no fiat exchanges intervenes.that's the real concept of cashless society.in a real world situation is hard to adopt the cashless society it is only applicable to highly develop countries where internet access is highly secured unlike to less developed country where internet security is very vulnerable and it is prone to digital theft.

[betlord90]

Cashless society is an ideal way to solve or at least minimize the illegal doings of some people thanks to blockchain technology in which the records are in public so there is transparency in all things. This ideology is still far from reality because even if the internet is still not accessible by every one. To be able to connect online, you still need an internet and some parts of the world don't even have an electricity so unless the basic necessities are met then this cashless society cannot be totally implemented.

It cannot solve or minimize the certain illegal activities on the society since if this one will be implemented I think syndicates or bad headed guy may have good stuff to be used so that they will not be easily traced out by authority. Remember BTC is been used by those abductor/criminals so that they can make their deals became successfull and anonymous and they will not earn a sweet for lifting some huge money since digital moneys can make their life easier.

[Theb]

in this new era of digital world cashless society is quite acceptable but transaction limited only through internet stream it is either centralized or decentralized. bitcoin ecosystem is one of the greatest example of cashless society only if no fiat exchanges intervenes.that's the real concept of cashless society.in a real world situation is hard to adopt the cashless society it is only applicable to highly develop countries where internet access is highly secured unlike to less developed country where internet security is very vulnerable and it is prone to digital theft.

But believe it or not we still end up using our own Fiat Currency, for example even if Credit Card is widely accepted now we still end up using our fiat currency to pay our bills from our credit card transactions. Also Bitcoin's value is based on Fiat Currency there is no changing that because we as the investors give it an equal value to our real life currency. I want to agree with you but turning our world into a cashless society will just complicate rather than solve anything. But making Bitcoin as a payment option is always welcome for a change.

[wdnj]

Old people who do not accept plastic cards gradually die, and a new generation use Bank cards without problems. The costs of printing, delivery and service of Fiat is very high and therefore the state will certainly move to full clearing. I think it would be a period of 10-20 years.

Because old people were not having that knowledge what are we expecting from them right now while new generation is directly getting the advantages of these things now and learn these things in the grade 1 to Ph.D. so I would like to say that comparison of old and new is bullish we should say that old people were too old therefore they didn’t accept the plastic cards.

[Rostadom]

Cashless society is an ideal way to solve or at least minimize the illegal doings of some people thanks to blockchain technology in which the records are in public so there is transparency in all things. This ideology is still far from reality because even if the internet is still not accessible by every one. To be able to connect online, you still need an internet and some parts of the world don't even have an electricity so unless the basic necessities are met then this cashless society cannot be totally implemented.

Forget about the Internet connection problem. Even with full transparency, people will still have a way to have illegal transactions. How? They will hire people to do it for them. We do have a governor in our country that has scammed the whole nations billions of money and what she did was divide the money to her employees. She sent some money to her driver, her maids, her family, and so on. This way, there will be smaller denominations in their accounts and it wouldn't look as shady as someone who all of a sudden received billions of dollars in her account.

What I'm trying to say is that there's no perfect monetary system. It will always have a flaw and people will always find a way to get through it and continue doing their illegal transactions.

[AUDREY23]

Indeed the society in the future will not need paper currency but they only need digital money, to require digital money they need universal free internet access, then as a developed country must meet the people in accessing the internet for free.

[Come on!]

Cashless society means, everything is done electronically. For now its not possible, but may be in the future.
Its risky knowing that there are lots of hackers around you. Snatchers and robbers will decrease but online hackers may increase.

[Dainye_dyep]

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.

Do you think so? Not me, simply because before it will happen world must acquire free and a faster internet, which people may used for transactions, and its kinda hard, no one will shoulder that enormous amount of expenses, so I think it will be better if paper and digital crypto-currency will merge together for easy transactions and trading as well.

[faceoff97]

Cashless society is not really a need for the future. Cash is essential, and we can no longer get away from it. The idea of making society cashless is good, this may cause reductuon of crime and corruption. I believe that it is not impossible to be a cashless society through the implementation and aid of the government but i dont think so that it must be done. Having cryptocurrency and cash at same time is more idealistic than choosing either of the two. The future does not depend on what means of buying and selling, it basically depends on how to make buying and selling easily done. Cashless society is possible but its not necessarily needed.

[azguard]

Old people who do not accept plastic cards gradually die, and a new generation use Bank cards without problems. The costs of printing, delivery and service of Fiat is very high and therefore the state will certainly move to full clearing. I think it would be a period of 10-20 years.

Not just old people, but many people in different parts of the world where the internet is still rare and technology is not so popular in the country, maybe in many poor countries they are not too familiar with the plastics card let alone non-cash currency. Of course they will not be able to accept cashless at this time

True. Most so called third countries have this problem, dont think that is most of the part in the world this can be done but for those countries that are still relay on paper money it will be very hard to adopt and to accept changes in there monetary system. Eventually it will come to this, like mentioned here making paper money is expensive. There for it will only take that all government be united in this not just big economically strong ones.

[Decoded]

This not need to be case in cryptocurrencies at all. Without internet you can pay nothing even with credit card or some other sort of card for payment. For solution nothing can come over night slow and steady like you mentioned is the best possible way. IF all see this is good and acceptable then they can start changing the way of people payment. Not to mentioned to all use cards for payment especially old people, they like more papers then plastic. This could be big problem.

Yeah. The big issue here would be worldwide acceptance of a new cashless society, and the introduction of a global internet which anyone can get ahold of. As for old people, they're going to have a hard time getting used to making payments in a cashless way, as like you said earlier, they're more familiar with using physical fiat currencies.

But, I believe that we will get there someday with the introduction of cashless payments every step of the way. One thing for sure is that if proper steps are taken to ensure a great level of education for people to start adopting cashless payments, then a completely cashless society would come into effect in the future.

The most interesting part of a cashless society would be automation, as it would open up a world of new possibilities never before seen with physical fiat such as borderless payments, fast settlement, and the ability to self-fund bots and drones that would make most of the stuff we do nowadays.

If we combine the blockchain with smart contracts, IoT, and AI, we'll be able to see a world where anything could be funded with cashless payments in what we call an Internet of Value. Just my thoughts

A good point is that you may not even need internet to transact bitcoin. Maybe if you have the weakest of signals, that's all you need to verify a private key's balance. I think in the future, infrastructure will be much better and internet connectivity will be extremely fast, stable and available.

There is no doubt that the internet is a game changer. It is still changing our ways of life now.

[HabBear]

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

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.

We already live in a nearly cashless society...and we that's in fiat (forget bitcoin for a minute!) What transactions do you actually need cash for? The only one's I can think of (legal transactions) are to tip a valet guy or pay for a beer from the guy walking the aisles in a sporting event. You don't need cash at all! You can pay for parking at a meter on the curb without cash.

The future is here, baby!

The only thing I don't like about the current cashless society we live in is that to facilitate all those electronic transactions someone is in the middle getting paid a small fee...it's a toll to move our money around...every single time.

What Bitcoin does is reduces that fee and allows me to control who gets its - do I want to pay an exchange more for some convenience? do I want to pay the miner less and directly if I choose to take a more active role in my transactions? It's all my choice...and that's how it should be!

Most banks have it so backwards these days. They don't pay interest on savings. They charge you a fee or require you hold a minimum amount of money on hand to get an account. It's counter to all sound principles in the world of business and risk/reward management. Banks that don't treat customers fairly should be abandoned for good. They aren't really needed.

[basyang]

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. 

     In my opinion, I do not want to come in the cashless society because we are usually use physical money to purchased items, yet bitcoin can use as payment in an online shop who accept it as a payment and if ever we come to cashless society, I think the older people is getting hard to adjust because of there knowledgeably in using internet because of there age.

[Osarman]

I do not think that in the future everyone will switch to non-cash payment. In many countries there is no Internet for the smooth operation of this system and for the alternative they will always use paper money.

I think in the world there are very less countries that who don't have internet and remaining countries have Internet, and now the advance of technology in modern world I hope the techlogy of internet spread in all over the world, and due to this there are more of chances for development of digital currency and everyone it will use as a payment of paper money.

I agree that rare counties are unknown about internet and computer technology and most of the world is well known to these technologies, but I would like to mention here that providing facility and understanding and become educating people are two different factors. A country would provide facility of internet and computer to people soon but educating masses completely will take decades. It is possible that developed countries may able to introduce cashless society somewhere in their countries.

[doomloop]

Cashless society means, everything is done electronically. For now its not possible, but may be in the future.
Its risky knowing that there are lots of hackers around you. Snatchers and robbers will decrease but online hackers may increase.

Yep! Cashless society will absolutely promote hacking. I believe that electronic money should be used side by side with paper money. That would make a better society to live in. Cashless society is not possible practically. Many people are going to oppose this idea because of too many risks.

[Polar91]

Think of how much of your money is already digital. Your salary, most of the bills you pay; even when you get cash it is normally an electronic transfer at an ATM. Digital cash is not a coming trend. It is the norm now.

I dont think so, since government were aware about digital method of paying, i dont think cashless society will be possible, it might raise corruption digitally, that people were avoiding using credit cards because entities were raising their fees that lessen people's money that they should have used for themselves.

[BeGoods]

Cashless society means, everything is done electronically. For now its not possible, but may be in the future.
Its risky knowing that there are lots of hackers around you. Snatchers and robbers will decrease but online hackers may increase.

Yep! Cashless society will absolutely promote hacking. I believe that electronic money should be used side by side with paper money. That would make a better society to live in. Cashless society is not possible practically. Many people are going to oppose this idea because of too many risks.

I think someday, maybe cashless society can happen to see the technology continues to grow forward and all the transactions will become online because the internet will be a major necessity for all living beings, hacking is a risk to the cashless society, but technological developments will also bring security more good

[exstasie]

Cashless society means, everything is done electronically. For now its not possible, but may be in the future.
Its risky knowing that there are lots of hackers around you. Snatchers and robbers will decrease but online hackers may increase.

Yep! Cashless society will absolutely promote hacking. I believe that electronic money should be used side by side with paper money. That would make a better society to live in. Cashless society is not possible practically. Many people are going to oppose this idea because of too many risks.

We're already largely there. Most people I know don't carry much cash, if any at all. Nobody I know uses change (coins) at all. Most people (except for day laborers and field hands getting paid in cash) use credit and debit cards instead of cash now, and I've read that some European countries (like Sweden) are aiming to eventually phase out cash entirely. Further, from Applepay to Paypal to Venmo, paying with one's smartphone is becoming the norm. Smartphone apps like Uber are plugged right into your cards. As I see it, a cashless society is not only practical, but it's where we are heading.