Is an economy without physical money safe for the poorest?

[hashshashin]

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?

Each country creates its own economy and everything should happen gradually. Immediately abandon the physical money no one is going, and maybe in each country will have its own economy and its rules, and they can be different, as at this time.

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[supermam]

How come it will be safe  for them poor country with poor people how about their technology they cant transact without this so what will happen to them i think its not good for them.

[Nahl]

Electronic money accounts can be hacked. They can be also controlled by security forces. It means a lack of freedom for poor people. That's why cryptocurrencies with their safety and anonymity are so important for ordinary people. Awareness of such technologies is also very important for poor people to safe their money.

there is no 100% secure in this world that besides electronic money accounts can be hacked then paper money also can be stolen even the government can't control paper money for every people and we're not talking about the securities system for every technology but we are talking about whether if someday there is no physical money then it will have an advantages for poor people or not but in my opinion the poorest people problem is too complicated to solved and it can't be done instantly

[dmamigo]

In my opinion, no its not, even developing country is not suitable for having completely digital money, people will fall in trouble impacting there day to day transaction. People who are not that literate and are poor will be targeted easily by crooks. I think economy with physical money will not be possible for atleast for few decades. Both the system has and will be having flaws, for poor people, Digital Money system has many disadvantages for them.

[Elseye]

I don't know really; no society is safe for the poor people I should say.

[Marma Kalari]

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?

yes it is still safe because the transactions are fast, the reason why the security of cryptocurreny is safe is because there are a lot of bitcoins that is not circulating in the market since their password is lost by their owners.

What kind of example is this, if people can loose their money because they forget about their password and cannot retrieve it means is not a good sign and how does people loosing bitcoin have to do anything with security, no one is having a doubt in the network strength of bitcoin but the way in which you store the coins is more important to safe guard your asset.

[megamanexe002]

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?

No it is not, not every people in the country does have the capability of investing or earning cryptocurrency and if the government will plan to use cryptocurrency for the entire nation to be used then they must also think about the disadvantages on other people.

[bajingluncat]

maybe those who are the victims of technological advances, if that is true, those who will feel so greatly impact, by using cash they just have to fight extra moreover this, I think it will trigger increased crime, hackers for example, but do not let the effects negatives do not make us step backward, technology must stay ahead any risks, because sure every problem there must be the best solution that can be taken

[kateycoin]

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 many people will be poor because some people don't have ability to use crypto it will hard for them. I think its much better if the situation be fair like government in every country give consideration the poor if they don't have ability to use crypto or digital coin. It's hard to think if that scenario will happen.

[Whitly]

Well, I think economy without physical money safe for the poorest, plus it will have many pluses, every transaction will be public, so now even street beggar what will use QR-code, will pay taxes. OF course, no one will rob a bank, there will be hackers who will find ways how to hack it, plus popularization of carding all this can make a negative effort on the economy.

[DPrillio]

Well, I think economy without physical money safe for the poorest, plus it will have many pluses, every transaction will be public, so now even street beggar what will use QR-code, will pay taxes. OF course, no one will rob a bank, there will be hackers who will find ways how to hack it, plus popularization of carding all this can make a negative effort on the economy.

I think its not, because today's world situation that every society in different corners of the world have different status and understanding  in life, most have no access of internet and others doesn't have the opportunity to handle computer because of lack of knowledge or generally that is the poor people that are living in a simple way of living, so how can they will survive if they have no more access to monetary transaction? then as for me without physical money of this generation is not safe for the poorest.

[East2011]

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?

This situation will never be safe for the poorest. How can they use digital coin if they don't have any gadget or they don't know how to use them. It is unfair to them.

[Whitly]

Well, I think economy without physical money safe for the poorest, plus it will have many pluses, every transaction will be public, so now even street beggar what will use QR-code, will pay taxes. OF course, no one will rob a bank, there will be hackers who will find ways how to hack it, plus popularization of carding all this can make a negative effort on the economy.

I think its not, because today's world situation that every society in different corners of the world have different status and understanding  in life, most have no access of internet and others doesn't have the opportunity to handle computer because of lack of knowledge or generally that is the poor people that are living in a simple way of living, so how can they will survive if they have no more access to monetary transaction? then as for me without physical money of this generation is not safe for the poorest.

Well, even if economy will leave from physical money, I think the government will run some education programs to teach people how to use "virtual money" and some lessons about how to save yourself from being scammed and not lose your "virtual money", people don't need computers or internet connection, I think, on street will machines connected to the internet, that will let people transfer their "virtual money" via them and check balance. Other information or functions they will able to get in local Bank.

[Bitexpert2017]

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.

[rehydrogenated]

This is a really great question.

It really depends on whether or not the government has the best interests of the people in mind or not. However, I think blockchain currency could prevent all kinds of fraud and theft. It allows the government to actually reverse transactions. There isn't a debate about how much the transactions may have been worth. It is all stored on the blockchain. This allows a good government to step in and say, "This was fraud" and instantly return the money to the exact people who were taken advantage of. Making the poor whole again. (Of course it will be impossible to get the fraud money back from the fraudsters that spent it, but that is far less important IMO than helping out those who have had money stolen from them).

[keeee]

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.

I agree, poor people cant access it and they will suffer until they die. They dont know how to use digital currency and how to earn it, then it will be hard for them to survive. We must consider them because they are part of the world. It will not be safe for them when do not use paper money.

[EnricoGomez]

It is a sad and terrifying thought.
They do not have the access to primal need for technology to which cryptocurrencies heavily rely on. Though pretty sure that future on regularization of crypto as an actual money is very far and governments will have to do a lot of work if they want it to be actualized.

[jamids]

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.

Poor people have limited or no access at all to the technology so it would be hard for them to adopt to the changes. The government should do something about it when it happens because they just cannot survived when they don't have any idea how to use it or don't have any gadgets for them to easily access the sites used. This is the reason why I think cryptocurrency would not be totally adopted because of the limited access to technology and network. It can be done in first world countries but it is nearly impossible to implement it in third world countries.

[keeee]

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.

I agree, poor people cant access it and they will suffer until they die. They dont know how to use digital currency and how to earn it, then it will be hard for them to survive. We must consider them because they are part of the world. It will not be safe for them when do not use paper money.

[skillink]

For weak systems, hackers may be able to power with this. but is the paper money safe? many corruptors you will make friends