Is an economy without physical money safe for the poorest?

[pugman]

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.

[hase0278]

Lol. Hackers would definitely have use for their skills. And i don't think it will be good even for the middle class sector. Well if we talk about the poorest, i don't think even cash is available, so much less would digital currencies be.

You are right. In fact, it will make the matters for them worst. How would they even get hold of a digital currency if they dont have any money to buy electronics in the first place? Therefore an economy without physical money is not good for the  poor and without them owning electronics, an economy without physical money is impossible. Crypto will always remain to be a way to pay unless things change.

[v0rtecxz]

Lol. Hackers would definitely have use for their skills. And i don't think it will be good even for the middle class sector. Well if we talk about the poorest, i don't think even cash is available, so much less would digital currencies be.

yes I agree with what you say, there will be many hackers who use their ability to earn money by stealing or anything else that can harm other users, and of course will have a negative impact for lower middle class society, it will be difficult, because to access digital money that requires electronic goods they must have, of course they have to spend some money to buy it, and certainly need internet access to access it, it will make it difficult for the poor especially for the poor

[Xester]

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.

[speedy963]

Lol. Hackers would definitely have use for their skills. And i don't think it will be good even for the middle class sector. Well if we talk about the poorest, i don't think even cash is available, so much less would digital currencies be.

You are right. In fact, it will make the matters for them worst. How would they even get hold of a digital currency if they dont have any money to buy electronics in the first place? Therefore an economy without physical money is not good for the  poor and without them owning electronics, an economy without physical money is impossible. Crypto will always remain to be a way to pay unless things change.

Totally right. Think about the situation if it will happen, then if poor people cannot afford to buy electronics, lets just say most of them, then how could they get digitalized currency? Even if they work hard as they could, they cannot get their salary, and the worst case is that they would have steal gadgets in order for them to get money, and one more sad thing is that they would strive to climb and meet the social standard.

[malikusama]

This is why it will not going to happen, we need fiat even if we hate it.  The population of the world should be financially and economically on the same level to implement this that the whole world will become free from fiat and only digital currency will rule the world , because the poor will suffer if the whole world money will be digitized. Both fiat and digital currencies have their own importance, so it will be good to keep them both instead of using only one of them.

[Casabrandy]

This is why it will not going to happen, we need fiat even if we hate it.  The population of the world should be financially and economically on the same level to implement this that the whole world will become free from fiat and only digital currency will rule the world , because the poor will suffer if the whole world money will be digitized. Both fiat and digital currencies have their own importance, so it will be good to keep them both instead of using only one of them.

We still neede to have cash or fiats since bitcoin still needs to improve, it's delays ,mild crashed and other's issue  so it's better too

[bitctrimor1]

It can be if it will go mainstream. However, it comes that a person should be knowledge with the use of technology even on the most basic of aspects. However, since you've made mention of the poorest, then there can be a big disadvantage for them, since they don't have close reach with using technology, whether it's by using PC or phone with access to internet.

[salihno71]

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?

To be honest, i wouldn't like to see that happen at least in my lifetime. Imagine now someone from government dislikes you for some trivial reason like speaking your mind or opposing somehow what government does. What options would you have? They just cancel you somewhere and you have no option to pay for anything anymore. This is significant advantage of the cash.

[Vaskiy]

This is why it will not going to happen, we need fiat even if we hate it.  The population of the world should be financially and economically on the same level to implement this that the whole world will become free from fiat and only digital currency will rule the world , because the poor will suffer if the whole world money will be digitized. Both fiat and digital currencies have their own importance, so it will be good to keep them both instead of using only one of them.

We still neede to have cash or fiats since bitcoin still needs to improve, it's delays ,mild crashed and other's issue  so it's better too

Cash is always an important source, because it gives the ease of accessing and another thing is that when a single USD gets circulated the revenue it makes moving through different business platforms is very high. This too is an major reason why governments doesn't show much interest upon cryptocurrency.

[White Christmas]

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 not safe for the poorest without physical money because not all people especially the poor people have an idea about digital currencies so that it will be hard for them to follow and cope up with that kind of change. They can be fooled easily by someone who knew a lot about digital currencies and just steal their money.

[BUK2016]

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.

[romeitaly]

It would be the same situation when it was still all fiat. Nothing would have change with how the economy would be running except if it is in crypto, the government will not be able to control the inflation or deflation rate of the currency.

I had the same thoughts. It's not the currency makes the people safe, but the people themselves; on how they control it and hold it. The change starts to people who are willing to change and that change is for the good. We can use bitcoin as a tool to change something but it will not make a difference with itself only.

[Bellator]

Lol. Hackers would definitely have use for their skills. And i don't think it will be good even for the middle class sector. Well if we talk about the poorest, i don't think even cash is available, so much less would digital currencies be.

An economy without a physical money is absolutely not safe and not favorable to the poor as what i have observe this day that even to touch a gadget is hard them to do; how much more to use it? so if they don't know on using it then how can them to access the digital money.. like the beggar on the street i dont think they have a digital wallet for money transfer.

[marjoree]

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 and besides they make the society also and governments will provide for them and maybe get alittle help from those rich. Maybe with this, they will gradually rise up by the help of bitcoin as they accept it

[Dalmar]

No matter what type currency governments use there will be always poor people.It is capitalism and noone can change rules of economy. Bitcoin has nothing to do with poverty and high prices only expand gaps between poor and rich.

[Pettuh4]

No matter what type currency governments use there will be always poor people.It is capitalism and noone can change rules of economy. Bitcoin has nothing to do with poverty and high prices only expand gaps between poor and rich.

Exactly, levels of societal class has become natural and we cannot all be the same financially and so i agree with you that every economy can have what we call poor people in it no matter how it is run. Whether they print out fiat or not they populace cannot have the same amount of money. All what the governments can do is to bridge the poverty gab with social interventions.

[btccashacc]

One thing that I imagine is the world and its technology must be so advanced if all the currencies in this world are digitalized. At least the poorest people has their own wallet to store their money, beggar just sits on the street, put their barcode and asking for some money, criminal will learn cryptography and become a hacker. The point is there's always rich people and poor people no matter what type currency that we use, well but this is not gonna happen at least in 20 years the world is not ready for that.

[Aryanto28]

This crypto currency has nothing to do with poverty because homeless pasilitas is not enough to achieve it. Most crypto users are people whose economic statistics are middle and upper.

[nejibens]

Nowadays fiat money is essential worldwide. The people dealing and using crypto currencies around the world represent a minority compared to the general population of earth.
We need to wait and keep supporting BTC and similar digital coins and let others know about this currencies.