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KEPLER99
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October 19, 2017, 07:51:22 AM |
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Imagine the situation in which we don't have any physical money and every currency is digitalized. The US dollar is now a token, the Japanese Yen is only in the network and the British pound is a fast-moving digital coin. What are the consequences of such an economy for the poorest of the population? Do you think that a few people can influence the digital wealth of people and wouldn't hackers be the best people to have as friends?
That would be very hard and I think that is the time that poor people will kill themselves. Think of it. How they will able to earn money in simple means like a little help or massage or other service. How they will buy foods if they do not have any fund online. Maybe, if the government will educate all poor people in using computers and computers will be available for all then it can happen. Cash is confined to some specific classes and all other are suffering and bitcoin is remedy to this without cash world will be better place to live because everyone’s profit will depend on the other interest and his coins so all will be unite but for implementation of cashless world is very far we will have to live on this currency for more 7 to 8 year then there will be possibility for cashless world. |
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According to NIST and ECRYPT II, the cryptographic algorithms used in
Bitcoin are expected to be strong until at least 2030. (After that, it
will not be too difficult to transition to different algorithms.)
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Malaya
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October 19, 2017, 08:02:25 AM |
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An economy without physical money for now might not be really safe for the poorest. Though they can just do barter change on which community they belong with, for now most of the poor people doesn't have a good access on the internet. With that, having no good access to the internet can lead them to not having the use of digital currencies like bitcoin. For now, it is of low value for them because this might not be also a familiar thing to some of the people around the world. It will take time. In this present time, this is not a safe idea for them.
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faceoff97
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October 19, 2017, 01:51:34 PM |
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Cashless society demands educating the people about the new system, it requires orientation and reorganization. Having a cashless society might be good to imagine, but this would only be beneficial to those who really understand it. They can easily control, manipulate it and circulate because they fully understand how it works. But on the other side, it will be a hatd time and a disadvantage to those poor who are not well educated. Its a good thing to have an advance system, but it is a hard thing to educate the majority specially the poor (which are usually the people who are not aware of system advancement).
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Firefox07
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October 19, 2017, 02:25:46 PM |
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I don't think it is fair for them. Because what will they use in buying their needs if there is no money. How can they adopt to a cashless society if they are struggling in their life. How can they buy a gadget to use if they cannot even buy a food to eat.
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thenameisjay
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October 19, 2017, 02:46:40 PM |
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Imagine the situation in which we don't have any physical money and every currency is digitalized. The US dollar is now a token, the Japanese Yen is only in the network and the British pound is a fast-moving digital coin. What are the consequences of such an economy for the poorest of the population? Do you think that a few people can influence the digital wealth of people and wouldn't hackers be the best people to have as friends?
I think it's likely that the poor will have problems on acquiring the said digital currency because not all people have access to computers. However, it can be done be giving out physical wallets in the form of RFID Cards for free so that everyone can place their currencies their and just tap it to whatever receiver when purchasing products. We're a long way there but it'll eventually come through. |
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nelmari
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October 19, 2017, 02:54:02 PM |
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That'll be hard for the ones that are less fortunate, but I just saw a video somewhere if I'm not mistaken in China there are elderly that looks like begging for money has a laminated ID with the QR code and knocking on windows of every car that stops near them. So I guess the economy would still be the same though or maybe better around a little percentage higher.
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ekoice
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October 19, 2017, 05:38:20 PM |
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Definitely,the poor would face severe problems in handling digital transactions.Most of them still don't even have a credit card or a debit card.They would need a device to carry on such digital transactions.They should also have internet to get access to such actions.Instead,if they have cash in hand,it would be much easier for them to lead their daily life.That's why,such schemes have not been yet implemented in much developed countries like US till now.
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katrimans
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October 20, 2017, 09:01:52 AM |
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Imagine the situation in which we don't have any physical money and every currency is digitalized. The US dollar is now a token, the Japanese Yen is only in the network and the British pound is a fast-moving digital coin. What are the consequences of such an economy for the poorest of the population? Do you think that a few people can influence the digital wealth of people and wouldn't hackers be the best people to have as friends?
A situation where we don't have fiat currency or a system where we operate a cashless economy may make things more difficult for the poor in the societies and i strongly believe that it is the poor and the less privilege that will suffer the consequences that comes with it. They will suffer because it is a known fact that poverty is associated with the level of your education. One thing is to have a cashless economy and another thing is to be able educate the poor people in the society on how the machine will be used including the resource required. I don't think it will be easy for poor people to survive in the atmosphere of digital currency because they already face financial issue and the will not be able to pay extra money for transaction and other digital money related expenses It will also be very hard for poor people to adapt to this big change in money as the have already set up there live in small amount of money.It will also be hard for them to earn this money as most of it will be used by high class and educated peoples and this uneducated poor peoples will face a big problem from than and they will starve to death. So making a society totally on digital or online money is not possible in current situation but cash and digital money can work side by side and be used by people at the same time for now. Transaction and other digital money related expenses It will also be very hard for poor people to adapt to this big change in money as the have already set up there live in small amount of money. |
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aencarnaci
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October 25, 2017, 04:15:08 AM |
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Imagine the situation in which we don't have any physical money and every currency is digitalized. The US dollar is now a token, the Japanese Yen is only in the network and the British pound is a fast-moving digital coin. What are the consequences of such an economy for the poorest of the population? Do you think that a few people can influence the digital wealth of people and wouldn't hackers be the best people to have as friends?
That's actually not good for any economy because the GDP of the economy will be affected very badly when it would be compared to an economy which only uses physical coins. Most of the economists consider crypto as a transfer income which again is not used when national income or GDP is calculated. And poor people will find it really hard to use cryptos as they might have not even used a computer before and they don't such facilities as well. I don’t think a community without physical money is safe for the poor ones. Not everyone can be able to buy an ordinary Android mobile device, talk-less of buying an Apple iPhone and laptop. So I don’t support the idea of having only digital money, it’s nonsense, only someone stupid and selfish will come up with such an idea. |
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Altas
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October 25, 2017, 04:29:23 AM |
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Imagine the situation in which we don't have any physical money and every currency is digitalized. The US dollar is now a token, the Japanese Yen is only in the network and the British pound is a fast-moving digital coin. What are the consequences of such an economy for the poorest of the population? Do you think that a few people can influence the digital wealth of people and wouldn't hackers be the best people to have as friends?
That's actually not good for any economy because the GDP of the economy will be affected very badly when it would be compared to an economy which only uses physical coins. Most of the economists consider crypto as a transfer income which again is not used when national income or GDP is calculated. And poor people will find it really hard to use cryptos as they might have not even used a computer before and they don't such facilities as well. I don’t think a community without physical money is safe for the poor ones. Not everyone can be able to buy an ordinary Android mobile device, talk-less of buying an Apple iPhone and laptop. So I don’t support the idea of having only digital money, it’s nonsense, only someone stupid and selfish will come up with such an idea. Having digital money is good if the government take the responsibility of educating each and every citizen of the nation. Also need to ensure the security of the digital money, because the poor keeps hold of little savings and if that too gets hacked he can't have a living. |
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Rashid555
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October 25, 2017, 04:57:22 AM |
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I think it is very difficult for now to say that physical money is very much important for today economy. Now a day’s physical money is very necessary for the good economy with out fiat or physical money solve many problems of us. When paper money introduced the big problems were solved by this and today we are able to sale and purchase through this paper money.
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Nahl
Legendary
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Activity: 1652
Merit: 1000
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October 25, 2017, 05:31:13 AM |
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i can't imagine if this is happened and impossible to makes digital currencies as instead of cash and indeed many conveniences using digital money especially you can do almost every transactions at home even you don't need to go out from your rooms to buy daily needs because if digital money used i think online shop also will available plenty but i don't think this is effective and because digital money price can be manipulated then the consequences is there are some people could control the particular countries
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saenko
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October 25, 2017, 05:41:05 AM |
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I will say that we already have such a little, because everyone has money on cards, so you have a digital currency, and accordingly we are counting on it, only while it can be cashed. Well, if you can not cash out, what will be the problem is everything will simply develop and each will have 3 cards for each currency and everything, ATMs will only be removed.
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arseaboy
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October 25, 2017, 05:53:18 AM |
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I will say that we already have such a little, because everyone has money on cards, so you have a digital currency, and accordingly we are counting on it, only while it can be cashed. Well, if you can not cash out, what will be the problem is everything will simply develop and each will have 3 cards for each currency and everything, ATMs will only be removed.
possible that this might happen but not entirely as we still need real fiat in some cases especially if we will be dealing from such place where innovation and technology is not yet been embrace, so it wont be secured and safe for more poor people to use this new system as the risk of losing it by a simple mistake will be occur and it cant be repossess back. |
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Prettyme
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October 25, 2017, 05:56:46 AM |
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Imagine the situation in which we don't have any physical money and every currency is digitalized. The US dollar is now a token, the Japanese Yen is only in the network and the British pound is a fast-moving digital coin. What are the consequences of such an economy for the poorest of the population? Do you think that a few people can influence the digital wealth of people and wouldn't hackers be the best people to have as friends?
Its a big problem for the poor people if every country use digitalized money. But before they should do that they must consider the awareness of people about cryptocurrencies. And i think it ia very hard to make it possible. |
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Sled
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October 25, 2017, 07:29:21 AM |
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I don't think that it is safe for the poorest to live in a country or world without the physical money because they can't afford the things that they need to have in order to fit in the society like for example, when the country or the world goes online payment and cash based money then it will be hard for the poor to adjust since they can't afford a device to use to fit in.
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tee-rex
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October 25, 2017, 08:08:57 AM |
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Imagine the situation in which we don't have any physical money and every currency is digitalized. The US dollar is now a token, the Japanese Yen is only in the network and the British pound is a fast-moving digital coin. What are the consequences of such an economy for the poorest of the population? Do you think that a few people can influence the digital wealth of people and wouldn't hackers be the best people to have as friends?
Honestly, I don't fully understand what you mean. If people are not quite happy with digital only money, they will certainly use money substitutes when they need to make hand-to-hand transactions. I don't know what it could be, but, as the saying goes, the necessity is the mother of invention, so they will come up with something handy and convenient. On the flip side, though, people on average don't have plenty of savings, therefore there is not much they can be stripped off by hackers or their friends. Anyway, the poorest people are not poorest out of fun. |
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lordquanta
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October 25, 2017, 09:38:55 AM |
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Imagine the situation in which we don't have any physical money and every currency is digitalized. The US dollar is now a token, the Japanese Yen is only in the network and the British pound is a fast-moving digital coin. What are the consequences of such an economy for the poorest of the population? Do you think that a few people can influence the digital wealth of people and wouldn't hackers be the best people to have as friends?
In above scenario, we need to understand that all the fiat currency in hard-cash and net-currency/digital currency is managed by the banks (federal and other). Having all currency over the digital medium will give these entities more power of price manipulation than ever. One more thing, the carbon footprint to manage this infra structure of digital transactions will be even high side and all people will have to bare its cost. For poorest people perspective, lack of infrastructure which support digital transaction directly links to great danger and life-death scenario. |
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hh4mmm
Member
Offline
Activity: 378
Merit: 13
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October 25, 2017, 11:28:52 AM |
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conspicuously speaking i don't is safe for the poor to stay without physical money, because not all that have debit card or credit card moreover having access to the internet were they could do their transactions, infact the poor needs physical money for immediate usage. for instance if the poor doesn't have the following requirements that mean they all have die off hunger and frustration. so i advise let there be physical money.
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Lecam
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October 25, 2017, 11:47:59 AM |
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Imagine the situation in which we don't have any physical money and every currency is digitalized. The US dollar is now a token, the Japanese Yen is only in the network and the British pound is a fast-moving digital coin. What are the consequences of such an economy for the poorest of the population? Do you think that a few people can influence the digital wealth of people and wouldn't hackers be the best people to have as friends?
I think it's not good because people who are poor wouldn't have access on cryptocurrency, which means there are no means for them to purchase or get any amount of it. I really think that it's still best to have fiat money even though crpytocurrency is convenient to use. |
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