Cashless society

[CodyAlfaridzi]

Indonesian Government has made their move as well. By 1 November, citizen could only pay for toll road with digital fiat currency, they call it e-money. But this digital currency isn't powered by blockchain. With this rules enforced, I'm sure people are starting to realize the benefit of digital, cashless transaction. Now the queue on the tolls is greatly reduced and there would be no need to hire someone to be the toll booth staff. It's all automatic and fast. It's obvious that digital currency is the future.

About blockchain powered digital currency, I'm not sure whether the government will adopt it. I don't really see many goverment interested into it right now besides China, Japan, and Russia. Perhaps some other countries will follow when they realized the need for blockchain powered currency. It's even more unlikely that Bitcoin would be the main currency that people use everyday. Bitcoin will be like the gold of the future, a stable store of value, and will co-exist with other digital currency that was made for daily micro transaction.

[NoNetwork]

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.

I think, the government will not agree on implementing this in the first place. Because, digital currency or cryptocurrencies are decentralized, therefore taxing it would be impossible. By having the fact that it is decentralized and they cannot tax people out of it,the government will eventually be insufficient with their funds. And might result to banning the cryptos.

[azguard]

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.

I think, the government will not agree on implementing this in the first place. Because, digital currency or cryptocurrencies are decentralized, therefore taxing it would be impossible. By having the fact that it is decentralized and they cannot tax people out of it,the government will eventually be insufficient with their funds. And might result to banning the cryptos.

You think that tax is only problem, for the government. More will be that they cant control price and flow.
That why they dont allow and they will never accept it at the first place.

But banning this is not the solution it will only make that more people will use bitcoin and that price will go even more up.

[tailwate07]

Bitcoin is cash.

You either have it, or you don't.

Everyone has his own point of view but I think otherwise. There is no way that we can experience a cashless society no matter what the conditions are. Paper money has its own importance and there is no way that we can eliminate the concept of paper money from this world. People are using it since centuries and they will keep on using it in the coming days as well.

[jassanpary]

Bitcoin is cash.

You either have it, or you don't.

Everyone has his own point of view but I think otherwise. There is no way that we can experience a cashless society no matter what the conditions are. Paper money has its own importance and there is no way that we can eliminate the concept of paper money from this world. People are using it since centuries and they will keep on using it in the coming days as well.

Yes exactly you made a valid point, can't imagine without the use of cash. Off-course the trend of digital transaction growing but can't deny the fact that still many countries are using cash more than the online transaction, it depends on the economy of the country as well

[arthotdog]

I dont think its possible.because crypto needs power or electricity and internet to do transaction.why if theres no available?what will happen to the transaction?not loke cash or physical money.it will be available when the others is not

[DesmondHayes]

It is achievable but not with the current state of our society. Another big problem is the government. They are getting fees from the fiat money and from everything else that is centralized. The third problem is internet- not all countries have superfast internet that works flawlessly and is providing superfast transactions. Pieces must come together if we want to trade without cash. It will maybe be possible in 40 years with the democracy open to people to vote for this kind of society. Everything is achievable, it just needs to be pushed a little onto the right tracks to make it happen.

[dificanovi]

I think humans without real money does not matter if digital currencies have been unveiled worldwide. one day, if the digital currency has been opened then the original money will not be used anymore. other than that people do not have to worry about their money will be lost because digital money is not easy to be stolen or robbed.

[Jedzkie050617]

I dont think its possible.because crypto needs power or electricity and internet to do transaction.why if theres no available?what will happen to the transaction?not loke cash or physical money.it will be available when the others is not

Cashless society is impossible to happen, since having a fiats money is much more important that will used in offline which is more advantage. I would say that a cashless will be implemented on some areas in ther country like in department stores, supermarket or as long as having an internet signal it will possible but it will never be happened throughout the country.

[fearcoka]

Bitcoin is cash.

You either have it, or you don't.

Everyone has his own point of view but I think otherwise. There is no way that we can experience a cashless society no matter what the conditions are. Paper money has its own importance and there is no way that we can eliminate the concept of paper money from this world. People are using it since centuries and they will keep on using it in the coming days as well.

Yes exactly you made a valid point, can't imagine without the use of cash. Off-course the trend of digital transaction growing but can't deny the fact that still many countries are using cash more than the online transaction, it depends on the economy of the country as well

The people’s cultural standard is indispensable if you want to apply a digital currency into the monetary system. Cash is the friendly system for almost people and credit card, internet banking helped Cash become a system better than any currency. But the cryptocurrency can replaces Cash because it is safest, no one can controls our money and low risk in cryptocurrency.

[w33man]

In the future, technology will be evolved to a high level that money or cash will no longer be necessary anymore. This is possible, because looking out how credit card works, it could possibly be the same on how bitcoin will work, except for the fact that it is a loan.

[Aura]

I don't really like the idea of a cashless society, because then every payment is registered on a big database.
Although I think blockchain is really cool, I don't think it's a good idea to implement as fiat system. Because the government is not going to use it like Bitcoin does, making the distribution and validation decentralized. But it will be a digital central bank that controls the unlimited amount of supply instead of PoW or PoS protocols, this way the blockchain can still be adjusted by the central authority. Then it's basically the same system as it is now, but without cash. As the central bank is not really going to use it as a blockchain, but more as a database that they still have control over.

[Osarman]

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. 

That could be possible. However, cash is one of the most established means of transaction, purchase and trade, therefore, it would be quite impossible to have a cashless society because people is more comfortable with the fact of the having money. Although, having to think of it, I think that would be safer means to do business because there is no object to actually put one's life on the line; however, on the other hand, it would be more open to hacking and other means of online fraud.

Agreed! It is very much difficult to comment on this thing and that too at the very present moment. It is because of the reason that still, there is only 1% of the population who is using bitcoin and are knowing about it. The rest 99% of the population is still using paper money and are not even aware of the word of bitcoin. I don’t really think so that we can experience a cashless society in the near future.

[armansolis593]

In the future, technology will be evolved to a high level that money or cash will no longer be necessary anymore. This is possible, because looking out how credit card works, it could possibly be the same on how bitcoin will work, except for the fact that it is a loan.

I beg to disagree about what you say but i think that its impossible to have a cashless society since there are lots on poor country in our planet and if you live in a 3rd world country having cash in your hand is what keep you going because you cant trade there much for the lack of electricity.

[BabyBoss]

In the future, technology will be evolved to a high level that money or cash will no longer be necessary anymore. This is possible, because looking out how credit card works, it could possibly be the same on how bitcoin will work, except for the fact that it is a loan.

I beg to disagree about what you say but i think that its impossible to have a cashless society since there are lots on poor country in our planet and if you live in a 3rd world country having cash in your hand is what keep you going because you cant trade there much for the lack of electricity.

This is the future of the world. We are entering now a cashless society and entering the society that we no longer need cash. Although we can see say it is impossible that those digital currency defeats cash but as I observe that people wants more modern things, they want to try a very new things. So, there is no difficult for bitcoin to be the king.

[balehubucks]

It has to be impossible to go completely cashless, otherwise why didn't credit cards create a cashless society?  There are too many people living off-the-grid whether that be in 3rd world countries or even in 1st world countries.  I mean even in US there are people with no credit cards and no smart phones.  So how would those people a cheeseburger or whatever.  Merchants who serve a mass market will never stop accepting cash and the consumers who use it.

[azguard]

It has to be impossible to go completely cashless, otherwise why didn't credit cards create a cashless society?  There are too many people living off-the-grid whether that be in 3rd world countries or even in 1st world countries.  I mean even in US there are people with no credit cards and no smart phones.  So how would those people a cheeseburger or whatever.  Merchants who serve a mass market will never stop accepting cash and the consumers who use it.

At the moment it is impossible, my picture of cashless is something like in "star trek franchise" you can have everything but for something unique you will need bitcoin or some other crypto. That my vision of cashless society, but in some aspect we are there we use more now plastic to pay everything from bill to every day shopping, so in some way are in going in that direction.

[charmaine08]

It is not impossible to have a cashless society know a in modern days all have transformed , having a cashless society is awesome and I am excited on that

[imamimam1234]

It would be nice if all areas covered with electric and internet. I mean in rural area still this concept would be hard to implemented . Even in urban area, many generations before us really difficult not to use cash. But I do believe next generations will be open minded with this cashless society, even debit or credit card have this cashless system.  Well yeah butcoin will not co-exist
also cooperate with fiat and digital local currency. CMIIW

[mininghubby]

It is not impossible to have a cashless society know a in modern days all have transformed , having a cashless society is awesome and I am excited on that

Many preconditions for cashless society have already been fulfilled but still it's not easy to transfer our finances just like that. Cashless society would make many things much easier but I think it's in human nature to love the cash and feel it in your hands so many of us wouldn't like to give up the cash.