Cashless society

[jassanpary]

Blockchain is the first step for a cashless society. A public transparent ledger which is not controlled by any entity cannot damage or help any given country, still, cashless is a very abstract term to imagine in the today's world. How could you buy drugs or perform any illegal transaction? If something is applied to everyone privacy is lost too. You can control your cash, even in huge amounts if you are smart, you can do the same with your Bitcoin but just because no one else is looking at your transactions.

Both advantages and disadvantages are there by the cashless society. Cashless society results in a reduction in black money, terrorist activities and also helps the economy of the country. Disadvantages may results in the scams, hacking of credit and debit cards, need to regulate such kind of activities. 

[ranz_18]

I think cashless society is a good idea, but I guess it will takes a very long time for cashless society to happen, because many people in this world do not really know or understand about technology, so paperless society is not applicable to them. But still there were many disadvantages that might be happen if cashless is implemented in the society like hacking of credit and debit cards, and scams.   

[Emem29]

In the world of economic cashless represents paying with credit or debit card, with cheque or electronic methods rather than the use of cash. So with this statement we could say that we are in pretty much cashless world. If we count into this all the cryptos we could say that more then 50% if not more are being done cashless and there for we are in cashless society.

That is true, but at the moment we still have cash and can use it just as easily as the other methods (assuming you're in person). At some point though that may not be the case, and that's what I'm worried about.

There's been a lot of discussion about this lately. And it all comes down to the same thing, there is some hold that paper money has over people that they're unwilling to let go of it this time. Cashless society is not far from now. Actually, most of us make their transactions online via cards.

[NavI_027]

What a bright idea but very optimistic that you forget to consider the hindrances along the way. For this to happen, every single person in this world must have a phone with stable internet connection for us to do transactions, but how about the poor countries and indigenous people across the globe? How they will cope up with this new technology?

Though it's very tough to achieve (I'm not saying that this is impossible), I think POVERTY should be eradicated first before anything else because this is the main factor that hinders mankind in progressing.

[letningmequin]

It's really impossible for a society that doesn't have cash. I know it sounds great or amazing but for me it sounds dangerous for a society that has too much freedom and no undercontrol by something.

[deloreswest]

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 indeed are the future of how we doing the trAnsaction. but obama once said how can crypto be transparant when there is a private key that hold coin anonymously. its like a bank swiss he said. maybe if there is a altcoin that perfectly match the gorverment needs that can help them watch. our money so the cashless society would be came true

[jaysabi]

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 indeed are the future of how we doing the trAnsaction. but obama once said how can crypto be transparant when there is a private key that hold coin anonymously. its like a bank swiss he said. maybe if there is a altcoin that perfectly match the gorverment needs that can help them watch. our money so the cashless society would be came true

It's transparent in the sense that everyone and anyone has the ability to see the ledger and verify that transactions have taken place or that certain addresses hold the funds they maintain they do, and that proof of ownership or control can be published and independently verified. Also that the source code is open source and verifiable. Transparent doesn't mean that anyone can see who is making transactions at all times, which is also true of cash, which is anonymous in nature, so there's no real change there. In theory then, Bitcoin is an improvement from cash because it is more transparent in how it is created and who controls the creation of it, and there is no discernible difference in the anonymous nature of the transactions than there is from cash.

[arrmia11]

It sounds cool but we have to weigh the advantages and disadvantages of it. Cashless society is applicable only when that society knows how to use it perfectly. When I say perfectly, everybody knows about how to use it and maintains high speed internet every single day.

[Omega Weapon]

It is a good idea, if the society does not have cash, we only use the digital currency  managed by the goverments, the society will reduce the plunder situation, .. all the transactions are recorded and will be no cheating in the business. I think it is very difficult to do this because many people still do not know how to use smart phones and other technologies.

What you are talking about is precisely what bitcoin is trying to avoid, it is true that everything is recorded in the blockchain, but you are not required to reveal your identity if you do not want, and you can use bitcoin as a way to move your money without having to go through the fiat system, this is why governments are against it since bitcoin reduces the control they have over their citizens.

no, why the government forbids bitcoin? , government identifies bitcoin can be a scam and most convenient place for money laundering. if government has problems with remittances, how with fastpay, paypal or nettelar? . this is not a matter bitcoin transactions with fiat money, but bitcoin and cryptocurrency can be used for unnecessary criminal acts . and possibly some employees government use cryptocurrency for money laundering?

No, you are talking about the excuses they are going to use to regulate the bitcoin market, if they were worried about such a thing they will concentrate their efforts in banks where 99% of the money laundering happens, they do not like bitcoin because citizens can get away from their controls, in an airport you cannot bring more than 10k dollars in cash and with bitcoin you can have a fortune stored in your computer and no one will ever know, make no mistake that is why they hate bitcoin.

[gredisgold88]

It is a good idea, if the society does not have cash, we only use the digital currency  managed by the goverments, the society will reduce the plunder situation, .. all the transactions are recorded and will be no cheating in the business. I think it is very difficult to do this because many people still do not know how to use smart phones and other technologies.

What you are talking about is precisely what bitcoin is trying to avoid, it is true that everything is recorded in the blockchain, but you are not required to reveal your identity if you do not want, and you can use bitcoin as a way to move your money without having to go through the fiat system, this is why governments are against it since bitcoin reduces the control they have over their citizens.

no, why the government forbids bitcoin? , government identifies bitcoin can be a scam and most convenient place for money laundering. if government has problems with remittances, how with fastpay, paypal or nettelar? . this is not a matter bitcoin transactions with fiat money, but bitcoin and cryptocurrency can be used for unnecessary criminal acts . and possibly some employees government use cryptocurrency for money laundering?

We like it or not we are heading toward cashless society blockchain technology is another thing that the government to look up because how the government how to regulate due it's nature of anonymous how can the government protect the investors againts scam and how can we claim againts them even the creator of this dont assume responsibilities because it is still anonymous.

I know that, but if money goes to shifting with cryptocurrency and blockchain, it will have a blunder consept, you will find ICO waste, HYIP waste and Scams waste, the extent cyber crime has not been easy to solve . and then human resources to scams buster in any country not yet adequate in quantity, the difference is very far . What will happen ? , i think many people will leave cryptocurrency, and assume only demand a HYIP.

[AlaitisalKhayr]

We will not become cashless society. There are many countries which do not have any infrastructures to adopt cryptocurrency. I think it is impossible to make all people turn to use cryptocurrency without any help.

[Farhan786]

We are not only talking here the developed countries. We can consider those poorer countries and it maybe difficult for them to adopt the system of digit currency.  Educating people financed by government is the best key prior implementation of cashless spending.I believe now the government will make the next super currency which will be our world changing payment method for everyone.

[Biggapp]

Yes and it will indeed help countries economy as we as a consumer and those who is a sellers are experiencing more secure, worry free  and faster transaction, we all witness it now as more and more are accepting new age means of payment

Bitcoin never witness any kind of loses I mean I have never seen any kind of person who ever said that they had lost in bitcoin. today all of us are making bitcoin and are earning bitcoin to use like money, bitcoin is able to do all what money and cash can do, now I hold bitcoin for future but I have been using bitcoin a shopping and buying things as well, for us bitcoin has multi talent means saving and investing and to buy all goods as well.

[richmcrich]

It convenient but it will affect a lot of businesses as well. one it is banking and other businesses pertain to money management.
If the cashless society will be embraced by the government the banking business will be dissolves.
No need to hide your money in the bank just save it a nano wallet or any other wallets.

As soon the bitcoin will get implemented as currency banks will become of no use and because bitcoin is itself a bank and it is giving more than banks to its investors and sooner or later we will be living in cashless society and that will be good enough we don’t have any security issues as and we can get our payments done on our finger clicks and I am sure that modern time will be more beneficial for he everyone using bitcoin.

[louisedem]

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 dont really think so, based on what the most people said, this is not going to make our society better but to worsen the current situation we have, it might trigger the urge of the hackers if the mass storage of the profit since its a cashless society already will be centralized which may attract hackers , this is basically will be a digital system so we cannot deny the fact that great hackers will be present.

[ramgonzales]

That would be awesome. Waiting for the day we can go out with just your smartphone or maybe even a chip implanted on your hand to pay for everything. Maybe even add all our details like drivers license and social security in there.

[knightmairesaint]

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 dont really think so, based on what the most people said, this is not going to make our society better but to worsen the current situation we have, it might trigger the urge of the hackers if the mass storage of the profit since its a cashless society already will be centralized which may attract hackers , this is basically will be a digital system so we cannot deny the fact that great hackers will be present.

Of course, it will motivate people to do hacking and to steal in a very advance and technical way which is not good but I also think that it will be a challenge for the crypto world to have a more secured and advanced digital system. It is our hope that the security will be increased and be more effective and efficient but I also think that there will be a problem in these. These advanced system will not just create professional hackers but will also create a big advancement in the economic system, in which I think that we are not yet ready. If we hope for cashless society then there will be a very long road ahead of us.

[Mr.X(999)]

It's possible, just for example China. Most of the people cashless and use alipay or wechat as payment, even a homeless do have barcode for someone want's to donate them. Bitcoin have a good chance to be internationally virtual money.

[Xenoph0bia]

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 dont really think so, based on what the most people said, this is not going to make our society better but to worsen the current situation we have, it might trigger the urge of the hackers if the mass storage of the profit since its a cashless society already will be centralized which may attract hackers , this is basically will be a digital system so we cannot deny the fact that great hackers will be present.

Of course, it will motivate people to do hacking and to steal in a very advance and technical way which is not good but I also think that it will be a challenge for the crypto world to have a more secured and advanced digital system. It is our hope that the security will be increased and be more effective and efficient but I also think that there will be a problem in these. These advanced system will not just create professional hackers but will also create a big advancement in the economic system, in which I think that we are not yet ready. If we hope for cashless society then there will be a very long road ahead of us.

Yes cashless society can be possible but not in the near future.All of the people of the world use the physical money because most of the population have no idea what is a cashless society what are cryptocurrencies.Moreover to operate cryptocurrencies you need to have an Internet connection and some knowledge about how to operate it. Many people are still illiterate and internet connection is not available at every place.The government also will not legalize cryptocurrencies such easily as they are full of risk because they are decentralized so physical money will continue to operate.

[kriptotr]

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 dont really think so, based on what the most people said, this is not going to make our society better but to worsen the current situation we have, it might trigger the urge of the hackers if the mass storage of the profit since its a cashless society already will be centralized which may attract hackers , this is basically will be a digital system so we cannot deny the fact that great hackers will be present.

Yes but governments may not need already existed coins. They can create their own coins as their national currency systems. But this will help the current crypto market expand more anyway.