Cashless society

[n0ne]

At first glance, I think cashless society will literally improve quality of our life. We don't need to bring wallet or paper money.
However, at second glance, considering security or control issue, I have concerns on cashless society.

Everything will be good at terms of transactions. And that's one of the good thing in it, we don't have to bring cash and sort of credit cards. Well it will be the other effect of that thing, our information will be exposed to the government and they will have the control for this thing when it was implemented already.

I think credit cards include cashless. Because you do not need to bring a lot of money to shop. You only need one credit card to buy anything without complicated amount of money you have to carry. But for future cashless versions will certainly be better than credit cards. So better wait for what will be new to be made

Yes, right now too we get lots of access for cashless society through the usage of debit and credit cards. In specific I don't think that a perfect cashless society can be created. To attain this each and every citizen of the country needs to be educated which is highly impossible. Without knowledge can't make cashless society functioning in an efficient manner, because even now there are people who really don't have any idea regarding debit and credit cards.

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[The_Dark_Knight]

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.

How exactly bitcoin can reduce crime rate and make society less greedy? Bitcoin is a hot topic in the mainstream media and it is presented as new tool criminals are using.
Bitcoin is not perfect remedy created to battle crime, reduce poverty or make people less greedy. It simply won't work.
Cashless society = digital fiat when your every step is recorded and tracked by government, it is not about decentralized cryptocurrency.

Yes, decentralization might lead to ultimate centralization.... irony.

I think that at the moment we are at a crucial point in the history, two massive forces are clashing in one side we have all kind of services and governments that want to centralize the information and as such the power and in the other we have other forces like the internet, bittorrent and bitcoin struggling for the opposite, which side wins will shape humanity forever.

[Sled]

At first glance, I think cashless society will literally improve quality of our life. We don't need to bring wallet or paper money.
However, at second glance, considering security or control issue, I have concerns on cashless society.

Everything will be good at terms of transactions. And that's one of the good thing in it, we don't have to bring cash and sort of credit cards. Well it will be the other effect of that thing, our information will be exposed to the government and they will have the control for this thing when it was implemented already.

I think credit cards include cashless. Because you do not need to bring a lot of money to shop. You only need one credit card to buy anything without complicated amount of money you have to carry. But for future cashless versions will certainly be better than credit cards. So better wait for what will be new to be made

Yes, right now too we get lots of access for cashless society through the usage of debit and credit cards. In specific I don't think that a perfect cashless society can be created. To attain this each and every citizen of the country needs to be educated which is highly impossible. Without knowledge can't make cashless society functioning in an efficient manner, because even now there are people who really don't have any idea regarding debit and credit cards.

The world is evolving and the gadgets are getting smarter and we can expect people to get smarter too because the old generation is slowly getting faded or being replaced by the new generation and after a few years we can see a newer face of the world which most of the people are educated about the latest technologies that we have in this world so the cashless society for me is soon to happen.

[exstasie]

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.

How exactly bitcoin can reduce crime rate and make society less greedy? Bitcoin is a hot topic in the mainstream media and it is presented as new tool criminals are using.
Bitcoin is not perfect remedy created to battle crime, reduce poverty or make people less greedy. It simply won't work.
Cashless society = digital fiat when your every step is recorded and tracked by government, it is not about decentralized cryptocurrency.

Yes, decentralization might lead to ultimate centralization.... irony.

I think that at the moment we are at a crucial point in the history, two massive forces are clashing in one side we have all kind of services and governments that want to centralize the information and as such the power and in the other we have other forces like the internet, bittorrent and bitcoin struggling for the opposite, which side wins will shape humanity forever.

It partly depends what you mean by "win." If BTC becomes highly regulated, with ETFs and banks offering bitcoin banking services and KYC every which way, have the forces of centralization won?

It seems like this is the direction we are heading, and I'm torn regarding what it means. How will the world react if we start pushing forward with things like confidential transactions and other privacy-enhancing features? Could inputs that have participated in these practices be blacklisted by regulated exchanges and banks someday?

[PhucS]

The official digital currency is a trend in the future, and the central bank has made a point before,

Indeed, it saves costs and improves efficiency

Yes, what you say is absolutely true. Digital currency is a trend both now and in the future. It has a lot of value and benefits, helping the economy to develop. They use technology, modern platforms to make transactions easier, people will not need to spend too much time and trouble to be able to trade with each other. But I think that society may need to have cash because many people do not know about Bitcoin. Moreover, using cash to spend everyday is more convenient, it is still very necessary

[Anfisman]

I think we can not just use cryptocurrency for transaction. Because each person have different ways to do that, maybe some need fiat money and beside that some of them need cryptocurrency, and this happen determined by where they live, villagers usually prefer fiat money because it is more suitable for them, meanwhile urban society usually choose cryptocurrency because it has provided in their place. .

[xMOPEx]

Current fiat currencies are already digital-fiat in a way because most of the money is not backed by paper money notes but it is just a number on the bank's servers.

[sumangs]

We already have bank accounts that has a digital fiat on it. However, it is prone to be froze or hacked. A better way is bitcoin which could prevent from being frozen. In preventing hacking we have hardware wallets available to secure a huge amount of bitcoins. If the poverty is solved we could be a cashless society. Poverty is a difficult issue that the world needs to be the top 1 priority in order to achieve the "cashless society" you told.

[amaral1977]

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 don´t see how your description fits in a "cashless society". Currency as we know it is no more than debt titles. you go to the supermarket get groceries and leave a debt title. That the supermrket owner believes its good to get and go to the barber shop have the haircut and so one. The only thing you said it would be a society without the cash as we know it. the is digital it most ways already.
What would be a nice vision is a society where cash is not central controloded by central banks but instead decentralized in the blockchain. Of course we still want some services to be provided to us, to i dont see how to get ride of the "state" itself, so taxes are a must.

[azguard]

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.

How exactly bitcoin can reduce crime rate and make society less greedy? Bitcoin is a hot topic in the mainstream media and it is presented as new tool criminals are using.
Bitcoin is not perfect remedy created to battle crime, reduce poverty or make people less greedy. It simply won't work.
Cashless society = digital fiat when your every step is recorded and tracked by government, it is not about decentralized cryptocurrency.

Yes, decentralization might lead to ultimate centralization.... irony.

I think that at the moment we are at a crucial point in the history, two massive forces are clashing in one side we have all kind of services and governments that want to centralize the information and as such the power and in the other we have other forces like the internet, bittorrent and bitcoin struggling for the opposite, which side wins will shape humanity forever.

It partly depends what you mean by "win." If BTC becomes highly regulated, with ETFs and banks offering bitcoin banking services and KYC every which way, have the forces of centralization won?

It seems like this is the direction we are heading, and I'm torn regarding what it means. How will the world react if we start pushing forward with things like confidential transactions and other privacy-enhancing features? Could inputs that have participated in these practices be blacklisted by regulated exchanges and banks someday?

Some day will be in they way like this, but for now this is good concept and there are things that need to be done if this is what they want to be success.
Off course every change has to  be well prepared but this is partially semi done. We are doing most of the things in bank and like someone mentioned here it more digital now there is no way that in the world there is that amount of money printed.

[streazight]

The official digital currency is a trend in the future, and the central bank has made a point before,

Indeed, it saves costs and improves efficiency

Digital currencies are going to rule the world in the near future. The most used currency will be bitcoins. This trend will continue for the future decades and even scores. There are maximum chances that the world will go cashless after half century at least. I don’t know about 3rd world countries but it is possible for developed ones.

[dmamigo]

The official digital currency is a trend in the future, and the central bank has made a point before,

Indeed, it saves costs and improves efficiency

Digital currencies are going to rule the world in the near future. The most used currency will be bitcoins. This trend will continue for the future decades and even scores. There are maximum chances that the world will go cashless after half century at least. I don’t know about 3rd world countries but it is possible for developed ones.

Yes it surely will, but not only with Cryptocurrencies. Fiat will still be there at least still after half century in my opinion. The government would surely accept Bitcoins but completely depending on it might turn problematic until they fix their transaction time taken to complete. The world will be going faster, if cashless society rises, speed will be one cause, so with current Bitcoin drawbacks, it will be an issue. Hope it gets fixed, will be an wonderful thing to happen.

[ivanst776]

I don't think that cash will completely be replaced with cryptocurrencies in future simply because crypto don't work offline. Crypto is mainly for the educated class who know how to use Internet and can't be used by everyone so i don't think cashless society is possible.

It is true that cryptocurrency is getting popularity across the world and many countries are thinking about legalization of cryptocurrency (Bitcoin), but here I will agree with the statement that the time to demolish cash currency completely is not seeing near to come.

I think, it may be only in one case when all the people become educated across the world and no one exist therein the world who don’t know computer and internet, and finding this era is just imagination. I think 50% cashless society is expected in near future.

[thend1949]

I don't think that cash will completely be replaced with cryptocurrencies in future simply because crypto don't work offline. Crypto is mainly for the educated class who know how to use Internet and can't be used by everyone so i don't think cashless society is possible.

It is true that cryptocurrency is getting popularity across the world and many countries are thinking about legalization of cryptocurrency (Bitcoin), but here I will agree with the statement that the time to demolish cash currency completely is not seeing near to come.

I think, it may be only in one case when all the people become educated across the world and no one exist therein the world who don’t know computer and internet, and finding this era is just imagination. I think 50% cashless society is expected in near future.

I believe that this will be possible in the near future and as we observed on our current places right now malls, banks, and other establishment and services required cashless payments systems. Number one proof for that is the credit card for fiat transactions needed to have cashless payments. However it's worthless as cashless because the payment system from the account holder toward the banking system still using cash basis and manual hand over transactions in order for the credit bills payments to be paid. It's a better idea if it's made like bitcoin system like as pure digital transactions like wallet to bank or direct payment using bitcoin is the implemented technology will do the rest of the transactions, which is fast and most reliable if ever this will be adopted to the system of our economy now.

[Chachacoin17]

In order for this to happen,  we have to end povery first then change the education about money and finances. Not only that,  we have to force tech-illiterate people to use it. As dreamy as it is, it wouldn't end well

Yes, I agree with this. Cashless society means all the tech-illeterate all be educated. And that means it involves a million bucks to do it. This is very expensive to attain. This might happen to big and rich countries but for the poor countries especially to those remote areas, it is quite impossible.

[btc_angela]

In order for this to happen,  we have to end povery first then change the education about money and finances. Not only that,  we have to force tech-illiterate people to use it. As dreamy as it is, it wouldn't end well

Yes, I agree with this. Cashless society means all the tech-illeterate all be educated. And that means it involves a million bucks to do it. This is very expensive to attain. This might happen to big and rich countries but for the poor countries especially to those remote areas, it is quite impossible.

For those tech-illiterate, this will be a big challenge for most of them. To adopt in this cashless society because people still prefer fiat or physical money as opposed to crypto's. So this is a big hurdles specially in those poor countries. But having said that, for us to survive, you can no choice but to go what the majority of people are using that time. But, it will only happen in the future, so I don't think I need to worry it today.

Advance countries like Japan and China and the USA will lead again if ever this cashless society could be the next big thing in the future. I think its already happening but to realized of all this globally if will really takes years to accomplish.

[SugoiSenpai]

This is actually a good idea, a cashless society means less hassle more convenience to all of us. Imagine a world without worrying about your money in your wallet, that it may get stolen from you. Cryptocurrency also helps us with its security, we do not need to be bothered by storing our money in the bank or at a safe, the online wallets do that job for us. A cashless society is the most convenient way to live our lives carefree.

[Ljanesanti]

The idea is fascinating though I do think that this will not happen yet soon or in the near future. But given that it happens it will be very convenient for all of us , shop online, go to grocery stores, pay rents and make everday activities without carrying physical money nor cards with us. Imagine also that crypto banks would multiply i mean it could open a lot of opportunities for everyone in terms of knowledge , money and career. The only thing I see is lack of security what comes to my mind is the Ghost in the shell movie. The industry will never be ever be safe as it is. Especially as good people become smarter so does the fraudsters, twice as much.

[siddartha1492]

That can surely happen someday in future. But there are a lot of decades left for that. Firstly you need near 100% internet availability for all. Secondly there are hacking and internet security issues. Thirdly there are awareness and internet literacy issues. So yes, it will take time and more importantly will of the society and government, but yes, I see that happening in distant future.

[exstasie]

This is actually a good idea, a cashless society means less hassle more convenience to all of us. Imagine a world without worrying about your money in your wallet, that it may get stolen from you.

Imagine having every payment openly tracked by the government. What if you like to partake in recreational drugs or prostitution? If you blow a bunch of money in Vegas, are banks going to start using it against us like credit reports? Maybe our employers will even start having access to this information? This seems like a very dangerous path to me.

Cryptocurrency also helps us with its security, we do not need to be bothered by storing our money in the bank or at a safe, the online wallets do that job for us. A cashless society is the most convenient way to live our lives carefree.

I don't see fiat currency going anywhere. So ideally, cash will remain. As for cryptocurrency, I can only hope that privacy-enhancing features are on their way. Because Bitcoin is very transparent, and governments are looking closer and closer.