Cashless society

[Fatanut]

Abiky i believe a paper currency less society is possible but not in the recent future. First of all this will require universal free internet access which will not be possible until probably thirty years time that is even if the developed world is ready to make sacrifice to help the less endowed get to that le

True, and in my own perspective, not every country in the world would accept this kind of innovation due to the fact that this is too techy the valuable kind living will be forgotten day by day. Cash has been recognized as one of the outstanding way for being used as successful medium of payment hacking and fake cheque where sprouting nowadays so be careful.,

If you teleport back to year 2000 with a Samsung S8+, everyone is not ready. Everyone is not ready for that type of technology and you will be told that you came from the future (which is true in this case). Point being, the people will not be able to comprehend the device that you are holding. Some might even bid on your phone just because it's a lot more advanced than the current technology. Anyways, it has actually been a long time when we smartphones were invented but it was only recently that it got booming. It's because back then the mainstream aren't ready for smartphones just yet. Now that we have evolved, we are all holding our own iPhones and they are all advanced as compared to what we had a couple years ago.

Point being? Bitcoin is a little advanced today, but not tomorrow.

[idahosk]

I believe Sweden is going to be soon cashless country very soon.

[Allura74]

I don't think cash / fiat money is going away anytime soon. Many countries are still very reliant on physical currency and credit cards are still a suspicious piece of technology for those who haven't spent some time reading up on them. Bitcoin / crypto / virtual currency is still fairly new to the point where financial institutions are still either badmouthing it or barely embracing the blockchain technology. Sometimes I prefer cash payments just because it's upfront and hassle free.

Today's world situation is not yet ready to become cashless society because not everybody have the card, the gadget and the internet to transact and purchase all things out of internet.

[Bagaji]

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. 

Yes government may implement a coins that is backed up by blockchian technology and adopted in their own jurisdiction or country, but that will not completely stop the use of fait currency in the society.  Am of the believe that both crypto currency either own by the government and fait currency will exist simultaneously.

[Zero.X]

It's hard to imagine a cashless society because so many countries and cash users are still very cautious about virtual (say credit cards) and cryptocurrencies. With cash, you know that everyone is conforming to the same rules and know that the currency is backed by SOMETHING (gold in this case). It'll be hard to convince people to convert to something that can't even physically be held.

[azguard]

It's hard to imagine a cashless society because so many countries and cash users are still very cautious about virtual (say credit cards) and cryptocurrencies. With cash, you know that everyone is conforming to the same rules and know that the currency is backed by SOMETHING (gold in this case). It'll be hard to convince people to convert to something that can't even physically be held.

This one is true. Its hard to tells not even to convince many to use something that they dont like for many reason. But trough history we that paper money have much influence in everything and cuz of that many still really on this. Possible that in time thing will change, cuz we see every day some new improvement in this, so i expect to see this in some time to be adopted in some way. Its hard for most to not use cash, cuz still many use cash in everyday transaction when this is reduced we can say that we are entering cashless era.

[Oo ako to]

I think it would take more decades to make that happen. I'm imagining that once bitcoin takes over, people will have a pity or disgust look on you when are still using fiat. It could be possible that fiat won't be accepted in wealthy urbanized areas like in Beverly Hills for example.

[iMark]

I don't think cash / fiat money is going away anytime soon. Many countries are still very reliant on physical currency and credit cards are still a suspicious piece of technology for those who haven't spent some time reading up on them. Bitcoin / crypto / virtual currency is still fairly new to the point where financial institutions are still either badmouthing it or barely embracing the blockchain technology. Sometimes I prefer cash payments just because it's upfront and hassle free.

Cashless society can also be created with credit cards where all physical fiats are electronically imputed on the metal chip of the credit card and not just the blockchain technology or cryptocurrencies. I don't think the world can easily get rid of physical cash either but it's bound to happen at some point in history because we as humans keep looking for simple ways to live.

I think the era is getting more sophisticated and modern society will be more technologically literate, they will start thinking that paper money is very complicated and not instant to use, they will see digital money like credit card as a simple way to make payment anywhere, but for this cashless society can happen will certainly take a very long time to happen,,

[PizzaBTC]

Cashless society may be possible but will take many years for it to be implemented because there are many factors that needs to be considered. For example is the use of internet, there are some areas whch doesnt have any access and don't know how to use it. Payment using btc or any other altcoin requires internet and smartphones for it to process. There would be a big change when the government implemented using it instead of cash.

Yes it will take a long time and better technology  and persuasions since the government will need to be monitoring our finances and they will need to do that with care and security. It isn't going to be easy but i think it will happen one day.

For sure the government should do the thing that will give the profit and the income to the whole country and I know the bitcoin is going to become the world’s most popular and the high income and eh huge profit from the light income, I love to invest in the bitcoin and want to make the money as much as I can, because the bitcoin is the only currency that will give the smart profit.

[ramsdaj28]

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.  

People gets smarter and wiser as time passes by. With the high technologies today, it is not impossible for our generation to live in a cashless society in the coming future, although I don't agree that digital fiat (or digital local currencies) will be created. It would be better if local money/currencies and digital/cryptocurrencies co-exist (e.g. it will be easier to give a cash when you are having a peer-to-peer transaction rather than typing on your mobile phone and sending the payment to his e-wallet).

Another thing, I also don't think the point of creating digital fiat currencies since you can already trade cryptocurrency with the local currency at this time (e.g. BTC to USD, ETH to PHP, etc). There will also be no point on investing in cryptos if local currencies will be gone.

[WannaCry]

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. 

A cashless society is possible because of bitcoin. We have to accept the fact that we can already pay anything with the use of internet. So, due to the fact that internet is another world we can definitely generate a policy that involves bitcoin as payment.

[livingfree]

Jack Ma's visit to Philippines says that cashless society is a no corrupt society. And for sure many will embrace this society and it all started before with PayPal and other exchanges and in he future there will be no more fiat currency and everything is digital. As soon as bitcoin will be announced by big business' tycoons they will start to adopt it, that's the implementation time for cashless society.

[Superzpay]

Abiky i believe a paper currency less society is possible but not in the recent future. First of all this will require universal free internet access which will not be possible until probably thirty years time that is even if the developed world is ready to make sacrifice to help the less endowed get to that le

True, and in my own perspective, not every country in the world would accept this kind of innovation due to the fact that this is too techy the valuable kind living will be forgotten day by day. Cash has been recognized as one of the outstanding way for being used as successful medium of payment hacking and fake cheque where sprouting nowadays so be careful.,

There re maximum chances that these digital currencies will serve the world economy hands in hands with paper money. Paper money has been there for centuries and people are sued to deal in fiat. They find it easy and comfortable moreover there are no limitations for using paper money like that ones in digital currencies. Only educated people can enjoy the perks of digital currencies.

[Bellator]

It's hard to imagine a cashless society because so many countries and cash users are still very cautious about virtual (say credit cards) and cryptocurrencies. With cash, you know that everyone is conforming to the same rules and know that the currency is backed by SOMETHING (gold in this case). It'll be hard to convince people to convert to something that can't even physically be held.

This one is true. Its hard to tells not even to convince many to use something that they dont like for many reason. But trough history we that paper money have much influence in everything and cuz of that many still really on this. Possible that in time thing will change, cuz we see every day some new improvement in this, so i expect to see this in some time to be adopted in some way. Its hard for most to not use cash, cuz still many use cash in everyday transaction when this is reduced we can say that we are entering cashless era.

We like it or not, time will come that there is no more real money carried by every individual on society for buying goods. Purchasing services and other money related transaction, and in fact today the world is starting in that way by means of electronics cards. Most transactions are on it like purchasing gasoline, goods in department store, appliances by using credit card, debit card and other electronics card. And I strongly believe that in next generations the electronics data chips is not in the cards anymore nor it will be implanted in every individual upon their birth, all identity including assets and monetary identity will be loaded on chips and that is the time real money or physical money will be vanished.

[goaldigger]

It is both good and bad.

Good : there would be more convinient transactions. People, like now, can use cards, pins for transaction even hand to hand or online. Thief cannot stole money physically by grabbing someone elses bag for our money is already on electronic form. Overall: Convenience


Bad: there comes a time, or even now, that someone can have the ability to hack all those electronic accounts. There are also a time that the system will crash and some of the transactions will have problems.

For my opinion , todays medium of exchange is better. There are balance among fiats and cryptocurrencies.

[mornabo]

Jack Ma's visit to Philippines says that cashless society is a no corrupt society. And for sure many will embrace this society and it all started before with PayPal and other exchanges and in he future there will be no more fiat currency and everything is digital. As soon as bitcoin will be announced by big business' tycoons they will start to adopt it, that's the implementation time for cashless society.

digital currency does not mean using bitcoin, it must first be known.
yeah with digital currency then all transactions will be recorded in a network and it will minimize the corruption, because the government can monitor and control the running of financial transactions either in government or in society, so I think cashless society will be very useful, but for this era it seems quite difficult to implement

[djangocoin]

I think there will always be a use for currency pretty much, but i can see paper money going away in the near future, just like paper itself for the most part. Everything, almost everything, will be digital and done on computers.

[SacriFries11]

I think there will always be a use for currency pretty much, but i can see paper money going away in the near future, just like paper itself for the most part. Everything, almost everything, will be digital and done on computers.

I agree with you, lots of people will still depend on paper money especially for those people can't afford to buy a device that can store their money with the form of digital currency but like what you said there's still a possibilities that it will happen. Almost everyone have already access in today's technology and inventors are always come up with different idea that can sustained the needs of our society. I think if cashless society will happened lots of things will change especially on transaction of money all over the world with out the used of separate currency.

[Intersan]

I think there will always be a use for currency pretty much, but i can see paper money going away in the near future, just like paper itself for the most part. Everything, almost everything, will be digital and done on computers.

I agree with you, lots of people will still depend on paper money especially for those people can't afford to buy a device that can store their money with the form of digital currency but like what you said there's still a possibilities that it will happen. Almost everyone have already access in today's technology and inventors are always come up with different idea that can sustained the needs of our society. I think if cashless society will happened lots of things will change especially on transaction of money all over the world with out the used of separate currency.

You are right about that. Many people depend on today's technology and it is not impossible that all transactions in the future will be done online. The transactions are fast and more convenient in that way but still bitcoin is not known by other people and we should consider that.

Digital world and currencies is getting popular now but not all people will be interested and not all people are able to adapt in modern ways.

[Agamemnus]

Cashless society is definitely where the world is heading right now because of the amount of technology that we have today, so it was just a matter of time before digital currencies took over.