Is an economy without physical money safe for the poorest?

[Fedrey]

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?

if that is the case, I do not think it will be that fast and there will certainly be a big step forward to overcome the various problems or risks that will be faced because after all, all countries in this world will greatly uphold their citizens in order to have a decent welfare life.

if you imagine that the world will refuse money, it will mean that we will return to the days of the Tripoli. then all people exchanged the goods that they produced. It's only nowadays that this is unreal. How will the purchase and exchange be made?

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[p i e c e]

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?

Unfortunately, poor countries can not afford a stable Internet and provide all those in need with electronic devices for using digital currencies. There must be an alternative, at least in the form of bank cards.

[Ararbermas]

Well on that circumstances only rich people can get some of it if all over the world will use decentralize money instead of physical money. Just imagine how poor people can gain decentralized currency , perhaps when that times happen there will be fury which is poorest people against rich people .or there will be a world war for sure.  Haha

[dongyi17]

I think digital currency is more favorable for the rich rather the poor, because the rich has always has this access to digital money because they have much money to keep it through it, they don't have to carry a lot of cash to carry on their wallet or bags, while the poor needs to have it, they need cash if it is a single centavo, how can they be able to transact through digital money it is not safe for the poor

[sheryl26]

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 do not think so because economy without physical money suggesting that all the people need to have a mobile device because that us where it can easily be transferred to others and to hold it as a wallet but what happens to the poor? They need to buy that in order to buy things that they need and so the mobile phones will now be a basic needs because you cannot buy food without it because physical money dont exist anymore think about it. There are a lot pf people who will oppose it because it is hard for them to cope up.

[taiwww]

If all the economies of the world starts using digital money instead of physical money all of a sudden, many people get suffered. Poor people will be the first persons got hit by this digitalisation. Physical money is the most popular currency of the world. All national have their own fiat currency. Physical money is east to transact, easy to operate, transfer or exchange. All class of society can use it without any barrier. on the other hand digital money needs some basic set up such as mobile or pc, mobile wallet, internet connection etc. This is not possible for all the class of society. Due to this its use get restricted.

[PalindromemordnilaP]

I think it is not safe for the poorest since transacting bitcoins and cryptos need a device that is a bit expensive for the poor and even very expensive for the poorest. Does they need to buy computer, smart phone, and an internet connection so that they can buy food to eat? This is one of the reality that might happen in a cashless society and i hope this drawback will be resolved before we can have this so called cashless community.

[Gladz29]

It's a scary scenario, but not that far removed from today.

Everyone would need to have some type of basic electronic for transacting. Even the homeless.

How to progress the economy or society if no physical money, because now a days money is very important. And everything is so expensive and how to experience the better life if no physical money.

[Cherylstar86]

It's a scary scenario, but not that far removed from today.

Everyone would need to have some type of basic electronic for transacting. Even the homeless.

How to progress the economy or society if no physical money, because now a days money is very important. And everything is so expensive and how to experience the better life if no physical money.

I don't think an economy without physical money safe for the poorest since a cashless community needs educated and well informed citizens which is quite difficult especially for the poorest who lives in remote area of the society. Those who belongs to the poorest cannot afford to buy gadgets and not even familiar with the latest update of the technology. I'm not saying it's impossible to happen but surely it will take decades of implementation.

[davinchi]

I think digital currency is more favorable for the rich rather the poor, because the rich has always has this access to digital money because they have much money to keep it through it, they don't have to carry a lot of cash to carry on their wallet or bags, while the poor needs to have it, they need cash if it is a single centavo, how can they be able to transact through digital money it is not safe for the poor

The worst part is that the poor people in the society won’t be able to make use of it, cause they don’t have any access to the internet. Digital currency or electronic money is not something that can be used without internet and devices. So a world without cash is real bad.

[francojon]

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?

The very poor do need physical money because the banking system does not allow them to have things that the rest of us give for granted. Namely, a bank account, access to the internet, a debit or credit card, etc... If you have at least access to a data phone and internet then depending on the country crypto may be better than fiat.

[Hirameki]

It's a scary scenario, but not that far removed from today.

Everyone would need to have some type of basic electronic for transacting. Even the homeless.

Yeah its true, this might end up buying themselves low quality devices just to transact. I really dislike the idea of eliminating local currency because it is much cheaper and faster in a small scaled businesses such as meat shop. I think local currency and crypto currency can interact with each other in an economy and if this happens it will result to a healthy economic status.

[ocid]

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?

actually in this case very difficult to imagine.! if this country removes the real currency it is a big mistake because if the government removes the real currency, it will have a big effect for the poor because they can not afford to buy digital goods (hendpon android / computer) there will be riot "big demonstration" this digital currency can only be used for the society can afford it.

[alani123]

It would highly depend on other prerequisites. For example, what form of non-physical money would come after the cancellation of physical? The economy to support such change would need to guarantee that even the poorest could afford the gateway to electronic payments because otherwise payments would become less direct for them even than owning a bank account.

[mitabacut]

If according to ekanomi without physical money is safe for the poor, it is not safe because the poor are in need of physical money economy.

[joebrook]

I think digital currency is more favorable for the rich rather the poor, because the rich has always has this access to digital money because they have much money to keep it through it, they don't have to carry a lot of cash to carry on their wallet or bags, while the poor needs to have it, they need cash if it is a single centavo, how can they be able to transact through digital money it is not safe for the poor

The worst part is that the poor people in the society won’t be able to make use of it, cause they don’t have any access to the internet. Digital currency or electronic money is not something that can be used without internet and devices. So a world without cash is real bad.

The poor barely save their money at the banks because they can't even afford the charges that the banks even require and they are always using their physical cash. Not everyone has access to the internet which is common to a lot of people in Europe and America.

[Yzhel]

I think digital currency is more favorable for the rich rather the poor, because the rich has always has this access to digital money because they have much money to keep it through it, they don't have to carry a lot of cash to carry on their wallet or bags, while the poor needs to have it, they need cash if it is a single centavo, how can they be able to transact through digital money it is not safe for the poor

The worst part is that the poor people in the society won’t be able to make use of it, cause they don’t have any access to the internet. Digital currency or electronic money is not something that can be used without internet and devices. So a world without cash is real bad.

The poor barely save their money at the banks because they can't even afford the charges that the banks even require and they are always using their physical cash. Not everyone has access to the internet which is common to a lot of people in Europe and America.

If you are rich person you have a huge advantage in making money thru this crypto since ordinary person don't bother to explore in the internet they were just focus on their daily job and wanted to have  a promotion because they know that when they were promoted their life will change which is not true, they are even loosing the other opportunities.

[GoodLuck2]

If according to ekanomi without physical money is safe for the poor, it is not safe because the poor are in need of physical money economy.

This is a definite thing. When people are poor they even don’t have food to eat for a day then how the whole is just thinking that they will be using cards to get food. They will be using these transition method as a payment method for everything they just buy. Definitely this is so hard to happen. So better for them is physical money, yes they have chance to earn money from this digital money.

[HELLOFF]

If according to ekanomi without physical money is safe for the poor, it is not safe because the poor are in need of physical money economy.

This is a definite thing. When people are poor they even don’t have food to eat for a day then how the whole is just thinking that they will be using cards to get food. They will be using these transition method as a payment method for everything they just buy. Definitely this is so hard to happen. So better for them is physical money, yes they have chance to earn money from this digital money.

It seems to me that this theory is simply ridiculous, because how can you talk about food for a poor person and about the fact that this poor person can earn a crypto currency. How will he do this? What opportunities does he have and can he have access even to the Internet? There are a lot of questions here that are not so easy to get an answer ..

[Lpim01]

It only have the same scenario. Money doesn't give effect to the the status of a person either physical or digital, it only matters to person how they work hard to improved their living. Everyone have chances to grow, if they really want to move and find a better way.