Cashless society

[stompix]

That's why I bring up the situation in the USA. In many respects (particularly regarding infrastructure-related technology roll-out), the US indeed lags behind others. You bring up internet speeds: this makes sense considering the immense cost of rolling out fiber-optic infrastructure vs. the sheer size of the US. Population density is much lower here than in Europe, so such massive projects are much slower to roll out. Telephone and water piping infrastructure is also quickly deteriorating in the US....

Sorry but population density makes no sense.
Take for example Romania which is one of the poorest in Europe, they have one large city and then nothing, low density, low wages yet you can still have 500Mbps for 10$. And they do have fiber optic cables even if they don;t have running water in some villages.

New York should have the highest speeds in the world because of density and purchasing power, yet....

As I said, it's something peculiar about Americans and their cash.
Even Chinese are far more open minded than you when it comes to electronic payments.

Maybe you are right. It was just based on my gut reaction (judging by the costs to roll out fiber optic nationwide). Here is what I am talking about:

United States population: 324,070,000 = 33 per km2
Israel population: 7,697,600 = 371 per km2
Netherlands population: 17,210,000 = 414 per km2
https://simple.wikipedia.org/wiki/List_of_countries_by_population_density

The cost to deploy new fiber optic infrastructure to extremely dense EU countries is nothing compared to that of the sparsely-populated USA:

How outrageous? Well, a new report from Goldman Sachs that talks about the possibility of Google building out a cable system says it would cost over $140 billion to cover the whole country.

http://www.businessinsider.com/how-much-it-would-cost-google-to-build-a-cable-network-2012-12

The real problem is that the US government chooses not to invest into telecom infrastructure (and it continues to allow other aspects of vital infrastructure to crumble as well). Instead, it expects private industry to pay all the costs. So, what do private companies do? They continue milking customers for massive profits while rolling out quality broadband infrastructure at a snail's pace.

Maybe the real problem is the monopolistic position of companies like AT&T and Verizon. With more competition, there might be a greater push in the private sector to advance fiber optic roll-out. But regarding the deployment, due to population density, I am quite sure that the midwestern US will receive service improvements many years later than metro centers like New York City and Los Angeles.

You nailed the problem on the second attempt.
Check how low populated Romania is for example and those guys have some outrageous speeds for their overall infrastructure development.
For god sake they don't have a damn highway and but they have almost full coverage on fiber optic.
With a little more than double the US density (with Alaska).
Don't tell me they afford this but the US does not.

I think that the US has a lot of living dinosaurs in a lot of it's economy and they are opposing any change.
And coming back to the main topic, what the hell was wrong with you people and a credit card without a simple pin number?

This was and still is a mystery to me even in these days.
Which choosing to have a card that screams rob the moron and spend all his money without problems?



 

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[The_Dark_Knight]

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. 

We are moving towards that direction but I do not think it is ever going to be achieved, there are too many impediments, many people like me do not like the idea of a completely cashless society, also that movement is lead to try to control you more effectively but now that bitcoin has appeared that system of control is going to be a lost less effective.

It might works on some big country like USA, Korea and Japan but i'm not sure for other countries. Cashless society is our future and we can't deny it, especially our technology is always upgrade and our life will follow it, maybe our next generation will start using cashless society.

Yes, but even in countries like the US and Japan where there is the technology to do so, many individuals are against this and are going to resist such a control, they will probably turn to bitcoin or at worst they may leave their countries and reject such a control from their governments.

[Hydrogen]

I still think cashless society is like an internet without neutrality.

The second ISP's are able to self regulate, they'll likely use their monopoly position to raise rates, increase fees, throttle bandwidth and engage in other profiteering measures knowing full well they can get away with it. ISP's having full control over the telecom industry and its regulation is a bad thing.

The second banks have their cashless society, they're likely to utilize their monopoly to do very similar things.

[batang_bitcoin]

I like it going cashless because I hate having coins in my pocket.

There are still some credit card / debit card in the choice before and for sure we are getting there, cashless society is about to happen very soon.

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!

Actually we can do this already, there's online / mobile banking and with bitcoin we can actually do this too And that idea about MR robot or sort of that bot will come out soon.

[Schuyler]

For a cashless society to become a reality, the governments must first uplift the lives of those who belong in the lower classes of the society because these are the people who are very much dependent on cash for their everyday transactions. These are the people who remain without bank accounts or don't have means on things digital. Maybe in the near future, the sophisticated economies with very few poor people can adopt a cashless society on a step by step process.

[Wa(t)ch_night()]

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.

[azguard]

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.

For alternative is ok. But we all are new to bitcoin and not just that we cannot replace something that is here for ages. Money in any way is used far more longer then bitcoin. Bitcoin brought something new and revolutionary but still everything is still spinning around money "paper money". That is something that is very hard to remove completely and not to mentioned if this comes to be, it cannot be happen over night.

[karmamiu]

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.

For alternative is ok. But we all are new to bitcoin and not just that we cannot replace something that is here for ages. Money in any way is used far more longer then bitcoin. Bitcoin brought something new and revolutionary but still everything is still spinning around money "paper money". That is something that is very hard to remove completely and not to mentioned if this comes to be, it cannot be happen over night.

       It is something i believe too, but the truth is that, right now, the economist are thinking or they are planning to replace.fiat to electronic currency, because it has less time consumed, save energy and they are also talking about hygiene of the consumers and vendors. This is what i had seen or read the other day, maybe they are protesting to replace fiats by electronic currency and specially i believe they are specifying bitcoin as a method of payment. But we all know that it will be hard to replace.

[PhucS]

Currently, digital electronic money is developing quite strong. Platform blockchain trading system has modern technology, making it easier for people to pay, transactions, which is also a good sign. Yet today's society still needs cash, it also accounts for a very important part of everyday life. Many people still do not know how to use Bitcoin, even without knowing what it is, they still need to use cash to spend everyday, using electronic money to spend everyday is quite difficult, They are not as convenient as cash. Society still needs cash

[severaldetails]

I think that a cashless society is possible. Sweden for example is one of the leading countries in that matter.
You can pay with your credit card nearly everywhere. There is no hot dog stand that would not accept it.
And no amount too small that it would not be processed.
I think sooner or later, this is coming everywhere in the world.

[olushakes]

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.

This is something that can only be reduced but not eradicated for whatever reason. In the advance country, they might decide to set a time plan, or phase plan in other to go fully cashless and achieve it 98% say in 10 years but where I stay, it cannot be achieved in 50 years because large percentage of the population does not even trust the banks to put their money while some that do only do so to receive money from far places. These group of people with their population can change the direction of government in a free and fair election. Cash will never disappear in my country.

[Ronaldcoin2017]

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.

This is something that can only be reduced but not eradicated for whatever reason. In the advance country, they might decide to set a time plan, or phase plan in other to go fully cashless and achieve it 98% say in 10 years but where I stay, it cannot be achieved in 50 years because large percentage of the population does not even trust the banks to put their money while some that do only do so to receive money from far places. These group of people with their population can change the direction of government in a free and fair election. Cash will never disappear in my country.

yes i agree it is not really goin to happen cashless society is hard.its just like an ilusion. I think this thing is not going to happen.

[wizardee]

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.

[The_Dark_Knight]

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.

[esatceza]

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.

In the next few years when the internet is covering the world, I believe that cash will become unnecessary for people. They are afraid to bring cash, not compact, easy to lose or robbed. So, with just a credit card or QR code scan, everything will be resolved quickly. Society is increasingly modern, people increasingly civilized, no one wants to go out of the way to carry more cash, easy to lose and mess

[VFabio]

Society without cash is a society without freedom, because you can only behave according to the boundaries of the system. If you wanna be limited by system rulers more than ever, support the abolition of cash, it's a major step.

[Bezobraznike]

Society without cash is a society without freedom, because you can only behave according to the boundaries of the system. If you wanna be limited by system rulers more than ever, support the abolition of cash, it's a major step.

   There is truth in your words, but we can do much about that. Higher authorities have the final vote and I think that society is goin in that
direction. Cashless society is not a new idea, now with technology this is possible more then before, and in future this will happen separately
from our wishes.
   Adopt or fight back will be a question for some new generations, but many of us here already adopted idea of bitcoin and other currencies,
we made a first step, and this steps will continue to be bigger with future generations. Cashless society good or bad will come in next decades.

[Theb]

Society without cash is a society without freedom, because you can only behave according to the boundaries of the system. If you wanna be limited by system rulers more than ever, support the abolition of cash, it's a major step.

   There is truth in your words, but we can do much about that. Higher authorities have the final vote and I think that society is goin in that
direction. Cashless society is not a new idea, now with technology this is possible more then before, and in future this will happen separately
from our wishes.
   Adopt or fight back will be a question for some new generations, but many of us here already adopted idea of bitcoin and other currencies,
we made a first step, and this steps will continue to be bigger with future generations. Cashless society good or bad will come in next decades.

Actually you are both right with your statements and I also think that our world is not yet ready to go cashless. I mean can you imagine our world entering into a digital phase in which criminals and hackers are hungry for more money, it would be a gold mine heaven for them if ever that will happen. By being a cashless society we are shifting more power to the rich rather than the government itself.

[Pab]

Hold on.We have already bitcoin cash,and i have already withdraw some cash from money machine.Cash is king most secure wallet is my pocket,that will never change

[Kiweikoo]

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.