Cashless society

[xuv500]

The concept of cashless society have been introduced by major card members like VISA, MASTER and AMEX long back. However, cashless society through block chain, decentralized and peer to peer was introduced by Bitcoin, due to this the card members are so curious and want to stop the growth of Bitcoin to retain their business. But what will happen is, all the card members will surely adapt block chain technology to continue their business and everything will be through block chain (Digital). It is an advancement where everyone should stick in to it.

[Umar001]

The idea of cashless society, is to reduce cost of mentainance physical cash, this ideas is being carried out by card member like visa and master card, and been regulate by apex financial authority in the country, cashless is one of the factor that make bitcoin popular, and easy to use.

[dante golo]

Actually fiat currency is very helpful if someone wants to make a sudden transaction.But most residents in a country are not so familiar with bitcoin so they refuse if the original currency is replaced with various other currencies and if the government directly accepts the existence of bitcoin without making a careful consideration as a valid Transaction Tool will automatically cause a huge problem later on.

[Abiky]

I hate the idea of cashless society..... i provokes some of my worst nightmares. But just imagine that situation when governments will have complete control of our earnings (each member of your household).....we won't be able to buy different stuffs,keep some savings.

In some ways, a cashless society may be troublesome for people in the world if governments start rolling in their fiat currencies and track every single transaction made on their ledgers. This will give governments complete control over an individual's financial history, and not only that, but maybe personal information, medical records, and more (as the blockchain has been proved to maintain the integrity of data as well). We may see a future, where all our most sensitive information would rely on private blockchains manipulated by central banks and governments.

Since the blockchain provides immutability, and the ability to audit every transaction made on the ledger (transactions can be assets, real estate, properties, etc) governments can restrict, or allow people to operate in such chain.

Despite everything, I think that a cashless society is still bound to happen in the future as cryptocurrencies gain traction in the mainstream world. More people will join and will start educating themselves about this revolutionary technology that will transform our economy, healthcare, proof of ownership, and more. Only time will tell us what lies ahead with the adoption of a cashless society in our world. Just my opinion

[Omega Weapon]

The idea of cashless society, is to reduce cost of mentainance physical cash, this ideas is being carried out by card member like visa and master card, and been regulate by apex financial authority in the country, cashless is one of the factor that make bitcoin popular, and easy to use.

This is silly maintaining cash is not a real problem, you only need to get rid of old money and print new one how much of a work is that? If you have printed several copies of a page you know it is not a problem to make 1 copy or 100, all of those credit card solutions spend a lot more money in maintenance since they need servers, security, cameras, repairments, wages, insurances and all kind of other things.

[genolica]

This has to be supported by governments, globally. Unless a country's economy will depress because of cryptocurrency, it's hard to say what will can dominate to be our future "money." Criminals and hackers can easily use this kind of currency because of digital processes and algorithms, we can't say it will be a safe way of producing and exchanging money, especially in a country that is full of rebels and hackers.

[rancidgash]

This has to be supported by governments, globally. Unless a country's economy will depress because of cryptocurrency, it's hard to say what will can dominate to be our future "money." Criminals and hackers can easily use this kind of currency because of digital processes and algorithms, we can't say it will be a safe way of producing and exchanging money, especially in a country that is full of rebels and hackers.

Non-cash payments rationalize the process, speed up capital turnover and increase the profitability of public production. The magnitude of the development of dematerialized cash turnover serves as an indicator of the maturity of banking and the ability of banks to influence economic processes.

[altcointalk14]

This has to be supported by governments, globally. Unless a country's economy will depress because of cryptocurrency, it's hard to say what will can dominate to be our future "money." Criminals and hackers can easily use this kind of currency because of digital processes and algorithms, we can't say it will be a safe way of producing and exchanging money, especially in a country that is full of rebels and hackers.

Non-cash payments rationalize the process, speed up capital turnover and increase the profitability of public production. The magnitude of the development of dematerialized cash turnover serves as an indicator of the maturity of banking and the ability of banks to influence economic processes.

Cashless society  lead to a reduction in money supply and, consequently, a reduction in the cost the maintenance of the money supply(printing, storing, moving large amounts.

[Granslam]

I'm also looking forward to this concept where fiats are not already available in the market and only digital money is accessible in the market. I'm sure that the economy of each country will boosts as the demand for it will be a lot than now because most of the people will gonna using it but its hard for now to predict any dates because the need for fiat money is still a must .

[Abiky]

Cashless society  lead to a reduction in money supply and, consequently, a reduction in the cost the maintenance of the money supply(printing, storing, moving large amounts.

Exactly. These benefits may become too attractive for governments to let them slip away. Given the efficiency and environmental friendliness of digital currencies, governments around the world would have no choice but to adopt a cashless system in the future. With a cashless society, criminal activity such as money laundering may be reduced as governments would be able to track their issued fiat currencies from each citizen. This in effect, is bad for other people (even if they're not doing anything wrong) as it threatens their privacy.

However, since being cashless provides a lot more benefits than not doing so, I believe that this would be the way to go in the future. Every time that Bitcoin and other cryptocurrencies grow, governments pay attention to this and try to stop them from becoming huge. But, there will be a point where they cannot do anything, and cryptocurrencies will prevail leaving them with no choice but to join them in the long term.

Therefore, a cashless society may be bound to happen soon. Of course, it won't be fast and easy, but as time passes by, people will learn about this and governments will make their efforts towards educating their citizens into this new field. Just my thoughts

[Yanisumin]

A cashless society is only posible in a rich country. But in a third world country like here in our country it is hard to implement a cashless society. Because of high number of poor people.

This will take time. Even in the beginning of the computer age, only few countries have some working computer at home especially in the 90's. But now even the third world countries have some computer at home and even a six years old have some tablet. Everything changes through time and that change will be applied take on cryptocurrencies too. Maybe we can"t see the less fortunate society paying a digital currency now but the power of time can change everything. Sometimes the development is not mean for a 10 years of patience, remember that one in the 7 millennial problem remained unsolved in a hundred years.

The cashless society will continuously grow until all people will be in that community.

[jaredl]

The two countries that are closest to a cashless society are India and China.

I travel a lot for work and in this 2 countries, you can definitely survive by digital payments.

Even tips can be paid by cashless means..most developed nations have become entrenched in

our traditional payment forms like cash, cheques, credit cards but for China and India, they have

skip everyone and jump straight to cashless digital payments for all.

This trend is very good for crypto as crypto has no physical form as well.

We will likely see countries launching their own crypto currencies this year and in a few more years,

cashless will be the norm.

btw with cashless, governments will be able to track every cent you earn and spend - great for collecting taxes.

This is the real motivation for governments to move to cashless..

[devil jin]

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. 

Having a cashless society will sure be a time consuming one because it is not too easy to implement such thing because people have already been knowledgeable about using real money so turning the whole society into a cashless one will be taking up too much time before it can be able to happen. Also, there will be too many considerations that are needed to be met before we can do such thing like there are also risks and advantages that can be associated in being a cashless society.

[ssuchy]

I'm also looking forward to this concept where fiats are not already available in the market and only digital money is accessible in the market. I'm sure that the economy of each country will boosts as the demand for it will be a lot than now because most of the people will gonna using it but its hard for now to predict any dates because the need for fiat money is still a must .

completely cashless society can not be. I can not imagine old people and children who use crypto currency. In order to use the crypto currency, you need to have not only knowledge, but also the availability of certain capabilities.

[SaShiRaJaVu]

completely cashless society can not be. I can not imagine old people and children who use crypto currency. In order to use the crypto currency, you need to have not only knowledge, but also the availability of certain capabilities.

What capabilities are you talking about,this is a world where everyone has a smart phone and you are telling that you need some special capabilities,what world you are living in,the world has changed and anyone can use a smart phone and start taking advantage of the technology,i am not calling for the entire population to switch over to a cashless society,we need to have more options .

[Jose Rizal]

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

I dont think so, cause probably it will not be a good thing in our society , you will limit and isolate the people who doesnt know Bitcoin already and I think it will not contribute for the aim a better society and it will trigger the people that who dont know how to facilitate Bitcoin, and I see this will make country in huge hindrances.

[farwellbit]

A cashless society is similar to extreme poor. It is economically out balance, without income support, without agricultural, industrial, social and information.

Paper money is no doubt the need of this society and there is no way that we can see this concept and culture of cashless society. No doubt with the introduction of crypto currencies, the usage of paper money has been greatly reduced but this does not certainly mean that the paper money will be completely vanished from this world. Paper money will remain there and people will use it for their benefit.

[jets567]

i really believe on this insight, i mean it would be a wonderful world if everywhere will be cashless. I mean i'm a person who really hates hassle and loves convenience at it's finest. I mean who else here doesn't want it, so really believe in the power of blockchain technology will be a gateway in order for this one to happen in the future.

[MrRiuss]

i dont think in this near year, the world will become cashless society. there are still a lot of country still need and use a real money. cashless need internet for online, and we know that, there are many citizen in many country that still not using internet every day

[litolmarauder16]

A cashless society wherein a state conducts transactions not with physical money but with the use of digital currencies is a bit far-fetched at this point or even at the years to come. While we cannot ignore the fact that the online transactions and atm's are of much help and convenience, we cannot deny the reality that a society with no cash on hand is really difficult because not all countries are developed enough to have this kind of change. It will take a very long time for all the countries to adapt to the fast-rising technology especially in terms of development in finance.