Cashless society

[oneyesoneno]

Cashless Society: Is This What An 'E-krona' In Sweden Could Look Like?

Will Sweden get the krona in an electronic format, the so-called ‘e-krona’, as a complement to cash? This question is currently being investigated by the Swedish central bank, the Riksbank. It follows the launch of a project by the back in mid-March to investigate the need for such an e-krona and the consequences.

The reason for this is that digital payments, for example by card, are in the process of eliminating payments using banknotes and coins. This trend towards a cashless society could ultimately “make society vulnerable” in that the payment market would be concentrated among a small number of private participants, it was suggested.

The use of banknotes and coins has been declining in Swedish society over recent years. At the same time, the central bank noted that virtual currencies (read cryptocurrencies) and payment methods are moving rapidly are undergoing swift technological development.

Indeed, the proportion of cash payments in the retail sector in Sweden has declined from around the 40% mark back in 2010 to some 15% in 2016.

“If this trend continues, Sweden may, in the not-too-distant future, become a society in which it is no longer possible to pay using cash. This development is unique from an international perspective,” a communiqué from the world's oldest central bank stated.

https://www.forbes.com/sites/rogeraitken/2017/09/26/cashless-society-is-this-what-an-e-krona-in-sweden-could-look-like/#759d6729165e

[Hydrogen]

Paper money and electronic payments existing simultaneously is a decentralized format. Paper fiat and electronic transactions compete which brings a type of balance.

Eliminating paper money so that only electronic payments exist would be a big step towards centralization.

Centralized formats go hand in hand with monopolies.

Monopolies tend to be exploitive and abusive towards consumers.

It could be a negative consequential chain of cause and effect.

I hope people think twice before committing to a cashless society.

[nicosey]

We are already a cashless society. 

[moanamakeway]

Nowadays cashless transactions are being utilized in many restaurants and or establishments. Major banks already offer this kind of feature through ATMs. Using atm may also be harmful as security against skimming devices are not yet that well established. On the other hand, if we will be using bitcoin for transactions, I think same thing will also apply, security must be up to date. People will always try to destroy or make a way to negatively alter something very precious to us like bitcoin. Internet sites are very vulnerable to malware attacks so there must be something that we should do to enhace its security, with this, cashless society can be more appreciated.

[akablackhat]

cash less really  gonna be funny but is will eventually come with a lot of cons
*our money gonna less secure ( hacking our a/c or personal details)
*govt. gonna look after your money NOt you LOL.
* everybody gonna be expose globally , anyone(hackers) gonna know you real estimated value of your accounts.
*it will be very easy to bankrupt someone.
etc

there are really some pros of getting cashless ( every bank is already forcefully convincing us )

[Victorycoin]

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.

A cashless society is really not all about Bitcoin and decentralized systems and I doubt more than a handful governments would want to incorporate that in their cashless policies. It should be made bare here that going digital or cashless does not necessarily mean transparency would follow. Bitcoin was only able to accomplish that much by way of the introduction and use of the blockchain and hashing algorithm.

[ekoice]

Cashless society would look like great,but its very hard to bring in to reality.Lots of issues would arise.Still we have senior citizens and illiterate people who don't know about digital transactions.They still consider paper money as the true currency.In india too,the government tried to ban high value notes and convert people to cashless economy,but it failed to deliver the expected results.Even in US where mostly digital transactions are carried out,still paper money is used.

[Clairvoyance]

Maybe there will come a time where physical cash are not that good of an option. I think, if more people would want to use cryptocurrencies then a cashless society might already been within reach. One, it can't be easily stolen from the user since it can be frozen and it has to be verified by either 2-way verification. But first a more secure network is needed for it to be implemented.

[chineseprancing]

Cashless society would look like great,but its very hard to bring in to reality.Lots of issues would arise.Still we have senior citizens and illiterate people who don't know about digital transactions.In india too,the government tried to ban high value notes and convert people to cashless economy,but it failed to deliver the expected results.

It looks like great but it is impossible to happen, because more people were not know the bitcoin. Those people who have less knowledge in using gadgets have less prone to have an idea with regards to bitcoin. Moreover cash is included to the daily routine of all people, so it is impossible to declined the numbers of cash users.

[azguard]

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.

A cashless society is really not all about Bitcoin and decentralized systems and I doubt more than a handful governments would want to incorporate that in their cashless policies. It should be made bare here that going digital or cashless does not necessarily mean transparency would follow. Bitcoin was only able to accomplish that much by way of the introduction and use of the blockchain and hashing algorithm.

Correct. Cashless is not just bitcoin or any other other crypto coin at all. We use cards any type or card where transaction is cashless. Everyone pays at least once with card so this is cashless transaction, person didnt pay with cash.

So anything that is purchases by credit card or electronic funds transferral rather than with cash or checks is cashless.

[Conevesses1976]

Presently, digital electronic cash is establishing quite strong. System blockchain buying and selling method has present day technologies, making it less complicated for individuals to pay out, transactions, which is also a very good signal. However today's culture even now needs money, it also accounts for a really essential portion of each day daily life. A lot of people nevertheless do not know how to use Bitcoin, even with no understanding what it is, they even now want to use money to commit each day, using digital money to commit every day is fairly challenging, They are not as handy as income. Society nonetheless demands money

[gekon]

I think the main reason most people don't like this is that everything becomes traceable. From a top down perspective, that's great! Increased public revenue, impede criminal activities, increased economic control (negative interest rates), etc.
The problem is that the vast majority of people place a lot of value on their privacy, and even more that dont trust their government, much less a central bank. And I see there point, this is something that could theoretically be abused.

[bubblebit]

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 do agree from this man. In one day or more, you can roamed around without any cash in your pocket right now. In transportation you can used beep cards, in malls you can buy with credit cards at home you can pay bills by your mobile. We are literally a cashless society now, maybe not all of humans but I would rate maybe 25% of world population is now doing it. And most of those are found on a first world countries i think.

[batang_bitcoin]

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 do agree from this man. In one day or more, you can roamed around without any cash in your pocket right now. In transportation you can used beep cards, in malls you can buy with credit cards at home you can pay bills by your mobile. We are literally a cashless society now, maybe not all of humans but I would rate maybe 25% of world population is now doing it. And most of those are found on a first world countries i think.

Yes, we do live in this generation now that everything can be done through cashless transactions and this is the reason why the blooming popularity of bitcoin starts to make some idea about the future of cashless society. Paying our bills through digital money or specific with bitcoin is less hassle and if other transactions are with this, we don't have to carry fiat money and be scared of robbers out there.

[Jake052478]

All along, this was the dream of a one world government.  If you are watching a lot of movies, especially futuristic in nature, there has been a lot of presentation of a cashless society. One that would not bother anyone of a wallet.  There has been a long campaign already of this.  A no boundary cash.  This will happen in the near future as the birth of this cryptocurrency has crept in slowly into our society.

[youngagethinker]

I do not want to be under control of a government and for that reason I don't want cash to be abolished.

I think its quite the opposite dude. A cashless society run through crypto cannot be controlled by either governments or banks. The current fiat system is centralized and controlled so what youbwould want here is a system run through cryptocurrencies

I think he's talking about merging cryptocurrencies with the fiat system. Which can be done but still we have a long way to go. He's saying that he want fiat to remain the same because it is much reliable these days ( I mean not everyone can provide a smartphone and a fast internet connection in order for cryptocurrencies to work ). But this idea will change 10 years from now where digital age is more improved and more implemented and trasacting with crypto is much more reliable than fiat.

[Harlot]

All along, this was the dream of a one world government.  If you are watching a lot of movies, especially futuristic in nature, there has been a lot of presentation of a cashless society. One that would not bother anyone of a wallet.  There has been a long campaign already of this.  A no boundary cash.  This will happen in the near future as the birth of this cryptocurrency has crept in slowly into our society.

Well the problem with the concept "one world government" or a "global currency" is hard to happen as not all countries are in full cooperation or even at least have one view about the topic, and they are right to do so as there are certain economic consequences in doing so. It is no about cooperating with all the countries but also it is about protecting your own country from economic losses. Accepting one kind of currency will make you face global inflation as well as abuse of large corporations.

[bubblebit]

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 do agree from this man. In one day or more, you can roamed around without any cash in your pocket right now. In transportation you can used beep cards, in malls you can buy with credit cards at home you can pay bills by your mobile. We are literally a cashless society now, maybe not all of humans but I would rate maybe 25% of world population is now doing it. And most of those are found on a first world countries i think.

Yes, we do live in this generation now that everything can be done through cashless transactions and this is the reason why the blooming popularity of bitcoin starts to make some idea about the future of cashless society. Paying our bills through digital money or specific with bitcoin is less hassle and if other transactions are with this, we don't have to carry fiat money and be scared of robbers out there.

Obviously if someone following us when we go to bank and withdraw our money, is the biggest reason why bitcoin is more convenient to be with. Life and security is prone in real world that’s why being anonymous or quite private for our identity is the most in demand in a society full of criminal minded people. You can assure of a long life in bitcoin in staying at home paying everything while relaxing than going one place to the others is a life risk and waste of time.

[doublebit21]

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. 

This got me thinking about all the people and sectors of our economy that are still dependent on cash, and how they might be affected by our increasingly cashless society. However, assuming that this pattern holds for everyone would be a mistake. There are still big sectors of the economy and large groups of people that remain heavy users of cash and are heavily dependent on it, and as others move away from it, that’s increasingly going to cause them problems. Sadly, this likely applies most to some of the more vulnerable and marginalized parts of our society, who will be least in a position to make the changes necessary to keep up as the rest of society moves on. Technology has such an enormous potential to reduce friction and make payments simpler, but what we need are innovations that do the same on the receiving end, including in ways that don’t themselves require technological solutions.

[batang_bitcoin]

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 do agree from this man. In one day or more, you can roamed around without any cash in your pocket right now. In transportation you can used beep cards, in malls you can buy with credit cards at home you can pay bills by your mobile. We are literally a cashless society now, maybe not all of humans but I would rate maybe 25% of world population is now doing it. And most of those are found on a first world countries i think.

Yes, we do live in this generation now that everything can be done through cashless transactions and this is the reason why the blooming popularity of bitcoin starts to make some idea about the future of cashless society. Paying our bills through digital money or specific with bitcoin is less hassle and if other transactions are with this, we don't have to carry fiat money and be scared of robbers out there.

Obviously if someone following us when we go to bank and withdraw our money, is the biggest reason why bitcoin is more convenient to be with. Life and security is prone in real world that’s why being anonymous or quite private for our identity is the most in demand in a society full of criminal minded people. You can assure of a long life in bitcoin in staying at home paying everything while relaxing than going one place to the others is a life risk and waste of time.

The thing about security on us with bitcoin is that we should be careful of the phishers, they are making almost the same name of wallets that we are using and it's interface are really look alike. So if fiat has robbers then bitcoin does have it's hackers and robbers too but this is an easy thing if you are aware of those people, they can't really make you a victim of it.