Is an economy without physical money safe for the poorest?

[Rahar02]

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?

Indeed, I must be friends with hackers at that time, 
I don't see it coming, paper money will last for another century I guess, but mostly payment will be made through digital or virtual currency issued by central banks, or in the time when bitcoin acceptance in global market increase and become one of the major payment method, we may rarely use paper money. But, doesn't mean hackers will be easily manipulate fiat currency due to every transaction will be recorded and can be traced.
There's no equality for the poorest, that's why we should help each other, give some of your wealth to them. As I said before, paper money will be here for the next century, or else, if everything will be digitalize, everyone should be able to use it even though for the poor.

[yrreg ger]

I think it is much, much safer to have an economy without physical money because there are less muggings. The point of mugging someone is you take/steal their physical money, but if there is not any then muggings would not happen.

I disagree with you. Not all people can earn that kind of money, especially those people who have no idea in the world of crypto-currency. And most of the people is much prepared the fiat or physical money, it is because fiat is demand at this era especially in buying small amount of things. Maybe those person need the credits card or crypto to avoid knowing the others that they have lot of money. But even some stores accept a credit/debit and fiat because of income.

[bubblebit]

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?

But let’s think this way, isn’t it good? A poor man work and be given goods as a payment because they don’t have access to digital currency. Those they and I earned directly goes to our needs. We can’t go on cockpit to gambling. Isn’t that society a peaceful. Most families now argued about money all the time and this idea is what we really need.

If you work with a company you will give list of what you wanna have with your salary.
Example: foods 20%(W/list) construction materials for your house 30% (all items you list).
And so on. We can put our money where should it be. Only rich man has to go casino at that way.

It is not about what money looks like that matters, sometimes those freedoms that we abused.

[seizetehday5]

Not sure how it will impact the poorest of people but Id imagine either their network would remain on paper money or everybody now has access to internet in the world which would be huge. In regards to

the wealthy well wherever there is money whether it is paper or digital or unheard of type it will be governed and ruled by the wealthy. Lastly, if bitcoin is still in effect and is the gold standard for digital

cash then hackers will be irrelevant. If you do not believe me then you yourself try hacking bitcoin I wish you luck

[The Sceptical Chymist]

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?

It really wouldn't fare well for the poor. They need access to some form of electronics to transact cash if this is the true future. Honestly, I think it would be too tough to put electronics into everyone's hands. It costs money, and chances are, the electronics that the homeless would get would be some very cheap piece of crap.

Failing that, homeless could get benefits with an EBT/debit card.  That's what happens now--they don't get a check or cash in the mail.  It's all electronic, and it's all you need.

I've stated in other threads that it makes me a bit sad to see cash being swept aside.  I'm not a huge fan of paper money, per se, but I'd hate to see the death of coins.  Government keeps debasing the coinage, though I get that we're in a new age where intrinsic value of coinage isn't necessary.  I'm nostalgic already, and nostalgic for a time that I didn't even live in.  LOL.

[fiulpro]

Digitalization needs assets a minimal amount of assets, strong internet connection and a certain amount of knowledge and the question is Is a country or for that matter any country free of poverty ? NO ! For the poors the paper money is hard to earn by itself... Getting everything digitalized will cause a big loss for them ! They won't be able to do transactions or buy anything ... Also.. Internet connection is not strong everywhere.. nor every inch of land holds up to date devices .. thus its not possible... And what will happen during a power cut Its very hard for this dream to materialize

[LordDisick]

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 not going to be fair to the poor specially to those who cant really afford to buy electronics. Imagine what are they going to use to access the internet and use the digital currency. So i think its kind of scary and a lot of people will suffer if that will happen in the future. Unless the government will help to provide them a cheaper electronics just so they can use the digital money but i still don't think its going to work though.

[pginvest]

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 practical terms it could happen, even today it is almost impossible for somebody who is homeless to survive on the street without a mobile phone. Many of the shelters provide a bed for the night for homeless people but will not accommodate them during the day, they will call them on their phone to check in for space with some of them.

It is scary how dependent we have become on our technology.

[Razick]

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 practical terms it could happen, even today it is almost impossible for somebody who is homeless to survive on the street without a mobile phone. Many of the shelters provide a bed for the night for homeless people but will not accommodate them during the day, they will call them on their phone to check in for space with some of them.

It is scary how dependent we have become on our technology.

Most homeless people these days do have phones, can confirm. You would not think it to be so, but in reality phones are not that expensive, nor are pay-as-you-go plans used only when necessary.

I would not call dependence on technology scary. We are dependent on almost everything. Seriously, electricity, industry, technology, food production, the list goes on. Without any one of these things society would be set back ages, although it is clear technology is likely the most significant of them at this point.

[Hamstead]

I don't know why people think physical money is the best form of money that is available in the world right now. Physical money is terrible and has many faults. BTC is far superior in any aspect.

It is totally in the hands of individual, if they preferred for physical money or in digital currency to be used. Not totally cryptos are dominant in all aspects because it have also limitations just like fiat. When we say for online transactions it could be more preferable than fiat because it is fast and easily to used.

[Nikola95]

Not really, without physical money then they would have to store their money in a smart phone somehow. That means they cannot afford a good smart phone. Which also means that those cheap smart phones could easily break resulting to their money lost. Also, it would be a super steep learning curve that might take a long time before the public learns how to use virtual currency.

Smarth phones are not indicator of wealth today. But good education is what we need for fully implemented crypto currencies. One more thing is inflation. Because of that we are still far away of implementing crypto instead of fiat.

[Md Saad]

The human being has a natural tendency very rapidly adapting capacity so when that type of situation would occur so that they will accommodate with that type of situation. but it's too difficult to acclimatize for the poor people as well as illiterate people. so when you bring such type of facilities then you need to consider about that community. but since they are adapting with the smartphone very easily so that it will not be the toughest task for them to be accommodated with the digital system.

[GregH37]

Digitalization needs assets a minimal amount of assets, strong internet connection and a certain amount of knowledge and the question is Is a country or for that matter any country free of poverty ? NO ! For the poors the paper money is hard to earn by itself... Getting everything digitalized will cause a big loss for them ! They won't be able to do transactions or buy anything ... Also.. Internet connection is not strong everywhere.. nor every inch of land holds up to date devices .. thus its not possible... And what will happen during a power cut Its very hard for this dream to materialize

I don’t think that cryptocurrency is an option to be safe for the poor people. It could be explained with a simple fact that they lack a sufficient amount of information required to handle the digital currencies due to low literacy rate. Internet connection, steady availability of exchangers and available choices for trading and investment all are limited for them. Therefore, it is not an option for them at all to pursue BTCs for earning.

[MiF]

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?

Poor people will going to die because they will rely only on actual food and water to survive but i believed the government will not allow this to happen they will create programs that will educate the poor people to become literate of digital technology. This is the sole reason why fiat cant be replace by bitcoin it simply because the poor people cant able to use the bitcoin directly.

[lazaruseffect11]

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 its not safe for the poorest if an economy dont have a physical money. It is because those people who are poor dont have any prior knowledge about digital money or coin and even if they have, only a few. The result to that, they can be fool easily by hackers or scammers and get their money.

[Ranly123]

An economy without physical money is scary but not poor. Scary because the poor will starve coz they need to have access on digital equipments which is expensive to have in order for them to purchase their needs like foods etc. Physical money realy is essential for everyday living especialyon the lower class people because they can have the money at hand and not needing any gadget to purchase the needs.

[batang_bitcoin]

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.

This is possible to happen in our dreams.  

What are the consequences of such an economy for the poorest of the population?

They will remain poor if they'll won't be depending to those countries that are rich in terms of it's economy and are adapting new modern technology in financial system.

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?

It all depends since there are whales in the economy. Why would you make friends with hackers, to have benefits with them?

[MMysterious]

That's hard to take in if that will be the case, I mean for the less fortunate people who can't afford to buy like gadgets they could use online or doesn't have access to the internet, how will they be able to have these tokens or coins if they don't have any access to these technology? They will for sure remain poor if that will be implemented.

[Almat]

I don't think it will be much different from the way things work now. It's going to be harder for sure, because to deal with digital currencies mean you have to have gadgets of some kind, and since it has to store your money and you're depending on it to purchase stuff, it has to at least be decent. That being said, I don't think physical money can ever be eliminated.

[bakkang]

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 is very hard for the poor who cant connect to the internet and they are not yet oriented about technology. If this would be possible poor will not go with the flow. So i think it is good if we are going to still use physical money.