Cashless society

[Harlot]

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. 

Cashless society is like a dream for every individual but it is not impossible to happen. Yes, it is better in some ways like reduction of Criminal activities, hassle free, no more long transaction at the office. On the other hand, it will make people more dependent with technology, less socialization less interaction with others. Nevertheless, it will be really helpful. Everything has its own advantages and disadvantages anyway.

In my own opinion we are living in a cashless society now in which we have the option to use other modes of payment outside of the fiat currency which is credit cards, debit cards, Paypal, and Cryptocurrency but I don't think that we can really eliminate the use of our very own Fiat currency as it is the very proof that your wealth exist, we are not prepared in some kind of transition in which we eliminate Fiat currency as not all of the generation living today are not technologically inclined individuals and adapting from it might take some time.

[halych]

I think that the whole economy will not look like a digital society. People need to still feel the money in their hands to be sure of tomorrow in the event of a catastrophe.

[olushakes]

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. 

Cashless society is like a dream for every individual but it is not impossible to happen. Yes, it is better in some ways like reduction of Criminal activities, hassle free, no more long transaction at the office. On the other hand, it will make people more dependent with technology, less socialization less interaction with others. Nevertheless, it will be really helpful. Everything has its own advantages and disadvantages anyway.

Several things we always think is impossible is very much possible. Cashless policy being a policy spread by government is not to achieve 100% cashless situation because that alone is not possible but what they are trying to do is to ensure that the use of cash is to the barest minimum because of the cost involved in getting the physical notes available and having to destroy and replace it every time the one available are old.

[Rojectime]

Cashless modern society is quite difficult to produce.Even now,there are a lot more men and women who will not have debit or credit playing cards and don't know antything about electronic transactions.In india,lately the govt tried out to develop a cashless modern society by banning large valued notes but still it failed to produce the expected benefits.

[aizen10]

We are already in the cashless world and plastic money is already being used by the developed and developing countries much commonly. But we are using all this with the support of fiat. Without them all these cards etc are useless. I don’t think so cryptos will eliminate fiat forever even buying bitcoin is too hard in many part of this globe.

Crypto currencies can never make a cashless society as they will be available for only those who understand them. An illiterate person doesn’t know about crypto currencies what these are and how they work.

Even in today’s era not all of the people are well aware of credit/debit cards. So it is impossible to have a cashless society.

Exactly! There is hardly any chance that we can see a cashless society ever as far as I think. There is a large community of people who are using paper money since quite long. They will never opt for digital currency especially those who are not well educated. We cannot expect a society without paper money.

im on this opinion, without the help of fiat, cashless never exist and cryptos cannot eliminate fiat forever because we all know that the fiat is a traditional mode of payment implement long time ago and fiat is the only one who does symbolize their country to be use. and cashless is for those who understand and totally educated for the use of it..

[The_Dark_Knight]

Everybody that doesn't live in a third world country must have noticed that we already use e-money.We are paid with money that we can't see,we are trading without cash money(POS for example),we are using atm,paysafecards,paypal etc.
There is obviously more easy to transfer money, but I think there are still problems suchs us criminality,interest rates, and generally the feeling of insecurity.

This is becoming more common especially in first world countries, however even in those societies I think it is a bad idea to not have cash, what is going to happen if the lights go off for a significant amount of time? No one is going to be able to trade products since there is not a medium of exchange.

[millgates]

Everybody that doesn't live in a third world country must have noticed that we already use e-money.We are paid with money that we can't see,we are trading without cash money(POS for example),we are using atm,paysafecards,paypal etc.
There is obviously more easy to transfer money, but I think there are still problems suchs us criminality,interest rates, and generally the feeling of insecurity.

This is becoming more common especially in first world countries, however even in those societies I think it is a bad idea to not have cash, what is going to happen if the lights go off for a significant amount of time? No one is going to be able to trade products since there is not a medium of exchange.

Friends, now we are live in millenium century which the advance of technology is grow so quickly. People are smart enough to confert wind, water flow, coal and even sun light to become electricity and deliver it to anywhere around the world. There are some advantages to become cashless society such as reduced handling and transport costs, increased security and a drop in attempts to steal cash. Bitcoin is the best currency for cashless society because it is not controlled by anyone and no inflation in it.

[Abiky]

Crypto currencies can never make a cashless society as they will be available for only those who understand them. An illiterate person doesn’t know about crypto currencies what these are and how they work.

Even in today’s era not all of the people are well aware of credit/debit cards. So it is impossible to have a cashless society.

That is certainly true, mate. It is one of the many things cryptocurrencies have which limits their ability of becoming used in the mainstream world. A lack of education may prevent a cashless society to become into effect anytime soon.

Thus, it is only a matter of time before people in crypto land decide to promote cryptocurrencies and take the initiative of educating new people into it, towards helping a cashless society become a reality in the future.

This however, may gain greater traction if governments start educating their citizens towards making the transition towards a cashless society. If they want to transform their fiat currencies into digital currencies, then they would need to take initiative of spreading mass education to achieve a cashless society.

Nevertheless, in the present time there are many limitations which prevents a cashless society from becoming a reality. Lack of global internet access, and awareness is what we are facing right now, and may take a couple of years before a solution comes in, for a cashless society to take place in the future. Just my opinion

[kkofor]

That might happen if the governments are involved, but I'm sure it won't it might lessen the income possibility of business as goverments collecting taxes for each transaction in their bockchain being made and every businesses being involved with governments are what Chinese people hate, in the other hand its still pretty much impossible for now because there will be too much people to having a transaction every munite so basically there are so much things to work on for this being able to happen.

The government has to create their own platform like ETH so we can transact under the government chain. But who would trust the government?
Its not like you can do something whenever they will try to edit things which are suppose to be immutable.

People support bitcoin because the government can't control it.

Everybody that doesn't live in a third world country must have noticed that we already use e-money.We are paid with money that we can't see,we are trading without cash money(POS for example),we are using atm,paysafecards,paypal etc.
There is obviously more easy to transfer money, but I think there are still problems suchs us criminality,interest rates, and generally the feeling of insecurity.

This is becoming more common especially in first world countries, however even in those societies I think it is a bad idea to not have cash, what is going to happen if the lights go off for a significant amount of time? No one is going to be able to trade products since there is not a medium of exchange.

Friends, now we are live in millenium century which the advance of technology is grow so quickly. People are smart enough to confert wind, water flow, coal and even sun light to become electricity and deliver it to anywhere around the world. There are some advantages to become cashless society such as reduced handling and transport costs, increased security and a drop in attempts to steal cash. Bitcoin is the best currency for cashless society because it is not controlled by anyone and no inflation in it.

bitcoin still have some pros. Maybe we will have some upgrade on blockchain with new coin. this will be an end of era for cash

[voztata]

While we are moving towards that direction but I do not think we are moving all at the same speed, there are some countries where almost no one uses cash and there are other countries in which cash is still the preferred payment method, so this is not an uniform process.

Man, whoever is coming up with such an idea must be crazy. Do you even know what is cash ?
Cash is money in the form of notes or bills and coins. Without cash, there will be nothing like working offline, and man is not ready to go back to using old tech/or form of money.

[azguard]

I think that the world will not completely give up cash, because in case of failure, a person will not be able to sell or buy anything. Cash will probably be less, but they will exist.

Cash has been used for centuries for buying and selling goods, moreover people are really comfortable with cash since it is easy to deal with. There are chances that in the near future the usage of cash decreases but as you said, it won’t disappear forever. People will always love to carry cash.

That is true. From old ages cash is something that is more form of wealth but we are living in modern age now and we have increase use of internet or online paying and purchasing for this year and last year. We see that many dont want to stand in line in bank or ATMs and they want to do most paying from home. This is start for cashless society but still it will take lot of time for whole world go into this phase. Like you said people love to have cash in pocket rather then in some plastic.

[kingntking]

I will not consider that income will totally be changed with cryptocurrencies in long term simply since crypto don't function offline. Crypto is largely for the educated course who know how to use Net and cannot be utilised by every person so i will not believe cashless society is achievable.

It is not only you who does not believe on cashless society, but there are many more as well including me who thinks the same. I think it is nearly impossible to wipe out paper money completely from this world.

This is possible that the number of users using paper money may decrease but even then there will be many believers of paper money.

[Abiky]

That is true. From old ages cash is something that is more form of wealth but we are living in modern age now and we have increase use of internet or online paying and purchasing for this year and last year. We see that many dont want to stand in line in bank or ATMs and they want to do most paying from home. This is start for cashless society but still it will take lot of time for whole world go into this phase. Like you said people love to have cash in pocket rather then in some plastic.

Yeah. There are still many people in the world today, which are used to using physical cash rather than relying on credit cards or even use cryptocurrencies. As cash is easy to use and understand, it makes the top choice for anyone in the world for transacting unlike cryptocurrencies. However, I believe that if people get properly educated about the benefits of using cryptocurrencies, then many will make the switch, slowly contributing towards a cashless society in the future.

Nowadays, it is only the beginning as Bitcoin and other cryptocurrencies start to mature. The moment Bitcoin and the rest of altcoins start to scale for the masses, it will be such where a cashless society will gain traction and governments will have no choice but to start implementing their own digital currencies for their citizens to use.

Nevertheless, only time will tell if people will be able to adapt a cashless society or not. Just my thoughts

[ricardobs]

I think that the world will not completely give up cash, because in case of failure, a person will not be able to sell or buy anything. Cash will probably be less, but they will exist.

Cash has been used for centuries for buying and selling goods, moreover people are really comfortable with cash since it is easy to deal with. There are chances that in the near future the usage of cash decreases but as you said, it won’t disappear forever. People will always love to carry cash.

That is true. From old ages cash is something that is more form of wealth but we are living in modern age now and we have increase use of internet or online paying and purchasing for this year and last year. We see that many dont want to stand in line in bank or ATMs and they want to do most paying from home. This is start for cashless society but still it will take lot of time for whole world go into this phase. Like you said people love to have cash in pocket rather then in some plastic.

Having no cash in a society won’t be possible. Cash (any physical form of money) had been in existence for a long time, so you can’t end it. No matter what you do. Without them, you’ll find it hard to do business physically. Bitcoin, PayPal and the rest of them are just to make the computer world an easy place to live in.

[TitanGEL]

That is true. From old ages cash is something that is more form of wealth but we are living in modern age now and we have increase use of internet or online paying and purchasing for this year and last year. We see that many dont want to stand in line in bank or ATMs and they want to do most paying from home. This is start for cashless society but still it will take lot of time for whole world go into this phase. Like you said people love to have cash in pocket rather then in some plastic.

Yeah. There are still many people in the world today, which are used to using physical cash rather than relying on credit cards or even use cryptocurrencies. As cash is easy to use and understand, it makes the top choice for anyone in the world for transacting unlike cryptocurrencies. However, I believe that if people get properly educated about the benefits of using cryptocurrencies, then many will make the switch, slowly contributing towards a cashless society in the future.

Nowadays, it is only the beginning as Bitcoin and other cryptocurrencies start to mature. The moment Bitcoin and the rest of altcoins start to scale for the masses, it will be such where a cashless society will gain traction and governments will have no choice but to start implementing their own digital currencies for their citizens to use.

Nevertheless, only time will tell if people will be able to adapt a cashless society or not. Just my thoughts

Yeah you have a good point. All of the people in the world are still prefer cash than cryptocurrencies or credit card but I think if the cryptocurrency will become more popular, there is a chance that the cashless society that are you saying will happen

[gabmen]

I think that the world will not completely give up cash, because in case of failure, a person will not be able to sell or buy anything. Cash will probably be less, but they will exist.

Cash has been used for centuries for buying and selling goods, moreover people are really comfortable with cash since it is easy to deal with. There are chances that in the near future the usage of cash decreases but as you said, it won’t disappear forever. People will always love to carry cash.

That is true. From old ages cash is something that is more form of wealth but we are living in modern age now and we have increase use of internet or online paying and purchasing for this year and last year. We see that many dont want to stand in line in bank or ATMs and they want to do most paying from home. This is start for cashless society but still it will take lot of time for whole world go into this phase. Like you said people love to have cash in pocket rather then in some plastic.

Having no cash in a society won’t be possible. Cash (any physical form of money) had been in existence for a long time, so you can’t end it. No matter what you do. Without them, you’ll find it hard to do business physically. Bitcoin, PayPal and the rest of them are just to make the computer world an easy place to live in.

For the moment i believe that to be true. Any market that doesn't have any physical form that people can hold in their hands would be insufficient to support a society. We're going to be prone to crashes and hack concerns that would make most paranoid about transactions and their money

[Succurs]

I feel this would take heaps of many years and concerns by politics and bankers. This would be a new paradigm for every person, so it has to be examined just before shifting to a cashless culture. And with digital currency you get all the dangers you have with the electronic world.

[HotCold]

It wouldn't be a cashless society because the state would simply adopt crypto as the new cash. Money is anything that is used as a medium of exchange, it would simply be a crypto economy.

[rtinedal]

I'm sure fiat will still exist in the future. Not every people in this world has the money to buy a cellphone and they will buy food instead.

Yes, fiat will exist for sure but over the time we will head towards a cashless society and it might take a few decades from now. At any given point, not everyone will use digital modes of payment but the number of users using digital form would be a majority.

Here are some examples:

* Beggar with swiping machine.

* Another one.

I am sure some beggars will accept Bitcoin too within next 5 years. 

you're right if you lose the physical money that the beggars are people who just rely on other people's blessings and blessings I'm sure they'll ask for food and clothes because no physical money will be missing out on street folks You are welcome to buy a drug addicts

[Aureliusy]

combine that with  a no more useless jobs society  and a fairer distribution of "wealth and earthly possessions". World Population might have to decline for that.
It would be great if you could work for fun without having to worry about paying basic bills (house/food/electricity) .