Cashless society

[BaraxLo]

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.

Exactly it is a form of ambiguity about cash. You are right, cash is not something different. It is just a form of physical appearance of currency. Like notes we use, cents, coins etc. So whatever bitcoins have developed so far in business market, it will never replace cash.

[radjie]

it is very unlikely that people are without cash. it is true with the current technological advances that are getting more sophisticated day nothing is impossible. but there are still many people who are blind with digital technology and still difficulties with the use and function especially for the parents who will be so difficult to follow the progress of today's technology

[Pumapipa]

This phenomenon is actually possible. It can also be handy because you don't need to bring physical money anymore. Like nowadays we also have cashless transactions through online payment methods like express payment systems of some banks. But with the rise of the knowledge on cryotocurrencies, maybe many selfish people can find and formulate a way to hack on the system. Robbing people of hard earned bitcoin. Potentially damaging the reputation of digital currencies.

[Mr.Stinson]

Today we cannot imagine how much it will effect our society.
1. crime:
there might not be the traditional crime we are used to because robbing a bank would be useless. It would change into an other sort of crime like robbing people directly. in fact everyone has all their savings at home, unless something else gets developed.

2. economy:
If bitcoin gets the new all-around-the-world currency alot of people would lose their jobs but on the other hand maybe even more jobs get created by the new economy system

3. convenience:
i think people would get more lazy because everything would be more automated and you can do everything without moving your a** off the couch. It is bad today but i guess it could get even worse.

[jekjekman]

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.  

No one knows what will happen in the future as no one really came back from the it. I don't think so that Fiat currencies will be overtaken by cryptocurrencies. The fact that market capitalization of this coins are base in Dollar which is a Fiat currency so it has value because of that, as of now I don't see the future with no paper money.

Anything can really happens though and the good example of this is the Kodak company because even though it is founded way back in year 18 hundreads it still vanished and falls down because of the modern technologies adaptation, let the strongest survive.

[The_Dark_Knight]

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.

There is no doubt that using electronic money has its advantages, just look at us we are using bitcoin and we love it, but there are some instances where paying with cash is superior, for example I see many people paying their groceries with credit cards and that is a mistake for many reasons, you are asking credit for something that you could be able to pay without it and second cloning credit cards is becoming extremely easy so you are putting yourself at risk.

[Fireblade]

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.

There is no doubt that using electronic money has its advantages, just look at us we are using bitcoin and we love it, but there are some instances where paying with cash is superior, for example I see many people paying their groceries with credit cards and that is a mistake for many reasons, you are asking credit for something that you could be able to pay without it and second cloning credit cards is becoming extremely easy so you are putting yourself at risk.

i also think that this is a great idea, but i think that this is not applicable in present time. in fact bitcoin is still not so much mature and is not present in all over the world, i think it is not yet providing all the facilities that a normal currency is providing us, but i think in future we can expect cashless society when all the people of the world will start using bitcoin, and when bitcoin will just become a legal currency throughout the world.

[Kim Domingo]

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.

Mayne it is possible but we should consider the fact that before a cashless society roam all over countries , every state must acquire a fast and reliable internet connection in each every street of a certain place for bitcoin pay!ents and transaction will going to be happened cause I think it will not be successful if we cannot it simce bitcoin is a digital currency in which digital system is one of the fastest way to used it, and I thi k it will not be successful in the sense that who will finance it? And how about of those people who will stand for the fact that they will not used bitcoin in their lives, I mean theyre nkot into it?

[rocketbits]

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.

You are correct. I believe that both the digital currency and the paper money are entirely different things. They are not directly related to one other. Both of them have their own users and investors. We can see a little decrease in the number of users of paper money but we can never experience this cashless society ever.

I will support your argument. I think that there is no need of making comparison of paper money with digital currency. Digital currency is mostly used by the ones who are having the access to internet and those who know about it, but still there are so many who don’t know a single word about it. So it is something nearly impossible to see.

[azguard]

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.

You are correct. I believe that both the digital currency and the paper money are entirely different things. They are not directly related to one other. Both of them have their own users and investors. We can see a little decrease in the number of users of paper money but we can never experience this cashless society ever.

I will support your argument. I think that there is no need of making comparison of paper money with digital currency. Digital currency is mostly used by the ones who are having the access to internet and those who know about it, but still there are so many who don’t know a single word about it. So it is something nearly impossible to see.

Technically this is correct. Only users with internet access can use it and mine or trade it. But any crypto is revolution in some way if you look little deeper.
You pay low fees for any amount of sending no matter how small or big this is its always the same, while when you send money its based on percentage of whole amount so it variate from amount to amount. On other hand globally we still demand paper money cuz this is mean of paying everywhere. For this to be completely cashless it will demand lot of aspect not just to be internet everywhere but many other thing. Its hard to completely tell everyone that paper money will no longer be used this is just hard not to say impossible. Banks need to make first move and when they do then we can say little bigger about this cashless society.

[alyssa85]

Technically this is correct. Only users with internet access can use it and mine or trade it. But any crypto is revolution in some way if you look little deeper.
You pay low fees for any amount of sending no matter how small or big this is its always the same, while when you send money its based on percentage of whole amount so it variate from amount to amount. On other hand globally we still demand paper money cuz this is mean of paying everywhere. For this to be completely cashless it will demand lot of aspect not just to be internet everywhere but many other thing. Its hard to completely tell everyone that paper money will no longer be used this is just hard not to say impossible. Banks need to make first move and when they do then we can say little bigger about this cashless society.

The fees arn't low anymore, not if you are using bitcoin.

But if people are using an alt like doge; you do have a point.

[Soranith]

Technically this is correct. Only users with internet access can use it and mine or trade it. But any crypto is revolution in some way if you look little deeper.
You pay low fees for any amount of sending no matter how small or big this is its always the same, while when you send money its based on percentage of whole amount so it variate from amount to amount. On other hand globally we still demand paper money cuz this is mean of paying everywhere. For this to be completely cashless it will demand lot of aspect not just to be internet everywhere but many other thing. Its hard to completely tell everyone that paper money will no longer be used this is just hard not to say impossible. Banks need to make first move and when they do then we can say little bigger about this cashless society.

The fees arn't low anymore, not if you are using bitcoin.

But if people are using an alt like doge; you do have a point.

Yes the fee's right now in using bitcoin for a transaction is a bit high and I hope this will change in the near future because if this will keep on rising people might not use bitcoin anymore to make transaction but only buy it for investment.

[The_Dark_Knight]

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.

You are correct. I believe that both the digital currency and the paper money are entirely different things. They are not directly related to one other. Both of them have their own users and investors. We can see a little decrease in the number of users of paper money but we can never experience this cashless society ever.

I will support your argument. I think that there is no need of making comparison of paper money with digital currency. Digital currency is mostly used by the ones who are having the access to internet and those who know about it, but still there are so many who don’t know a single word about it. So it is something nearly impossible to see.

You are correct but Internet access is getting cheaper and it is becoming more common I think in several first world countries it is going to come to the point where the internet is going to become an ubiquitous thing and it may be free in the future and if that happens then the access to digital currencies like bitcoin is going to become almost universal.

[Cherylstar86]

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.

You are correct. I believe that both the digital currency and the paper money are entirely different things. They are not directly related to one other. Both of them have their own users and investors. We can see a little decrease in the number of users of paper money but we can never experience this cashless society ever.

I will support your argument. I think that there is no need of making comparison of paper money with digital currency. Digital currency is mostly used by the ones who are having the access to internet and those who know about it, but still there are so many who don’t know a single word about it. So it is something nearly impossible to see.

You are correct but Internet access is getting cheaper and it is becoming more common I think in several first world countries it is going to come to the point where the internet is going to become an ubiquitous thing and it may be free in the future and if that happens then the access to digital currencies like bitcoin is going to become almost universal.

This is now becoming a daily necessities and right I am living in 1st world country, it's now getting so rampant to all average living individuals. Cashless society is very ample way of choosing fast transactions which gives us purely digital payments on all required sectors particularly basic needs like electricity and other bills online. Internet is very imoortant to the lives of the people now,  so it maybe free to all levels of people soon.

[Dainye_dyep]

However governments focus on digital growth​ cashless society is simply an impossible task. The reason why I made this statement is that even now people avoid using cards just because of the increased fee that's been levied as well few people haven't gained the required knowledge to use it.

Yes it is, and I dont see it happening soon , well since every country has its fiat I think governments will not allow bitcoin to rule over it, they will not allow a decentralized system be ahead which they cannot control just like that and just think about using bitcoin in buying icecream hassle isnt it? Unlike if we have still paper money , simple transaction.

[White Christmas]

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.

It it possible when the government agree on it but I think it wont happen the fact that they didnt legalized bitcoin. And it will not be good especially for thos who didnt know what bitcoin is. We all know that even bitcoin was comtinue spreading all over the world, still there are people who doesnt interested on it. There may be lot of people who wont let this happen for the sake of those people who doesnt have knowledge about virtual currency.

[sana54210]

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. 

Not everyone is a tech or internet freak and not everyone wants to understand what cashless society means. If you doubt me, you should do some research. Even before cryptocurrency, the whole idea of going cashless with the internet age has been gradually being introduced in most countries around the world. However, so many people who see internet as stress or too scared thinking their funds can easily be stolen if they involve themselves in it still prefers the traditional system of banking. Over time, though, once some generation fades off, we may start seeing more of the cashless society being played out easily but I still give it some 2 - 4 decades.

[nightways]

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.

That’s true! We can’t just remove paper money from world economy forever by digital currencies because a lot many people are still not comfortable with digital currencies, besides paper money does not need internet access or other accessories to be used for making transactions etc but all this is needed in case of digital currencies.

Paper money is as important to world as digital currencies for working properly. I think that in near future these two currencies will work hand in hand for the betterment of society. Paper money has still bigger market than bitcoins or precisely crypto currencies. It is not easy at all to remove fiat forever.

[christian07]

I think if it will give conveniece to others its possible here in bitcoin,i think we can call that digital world big word but its not impossible here if that will happen like the transaction nowadays in different country in digital money,its so much fast and secure thats why we can trust now digital money here in bitcoin but i think im happy now here even bitcoin or a bank so let see if that will happen

[Heni23]

I think if humans without money for now can not be realized because not all over the world using the means of payment without money for example small shop stall that many spread on the edge of the highway, but in the future it could be a community without money so effectively and efficiently.