Is an economy without physical money safe for the poorest?

[xvids]

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?

For me an economy without physical money is what we all need. I mean technology is growing every year and some of them don't include the physical money. Like credit cards for example, there's no physical money involved when buying, just the payment. So, physical money is falling behind the growth of technology. Do you agree?

[henmark]

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 will be very difficult for poor peoples to adapt to this big amount of change as the have no power, money and education. This all things will keep them poor also after the revolution and most of the people will try become evil in digital world. Every hacker in the world will become rich and they will be the best. Most of the people will try to learn hacking  and rob peoples money.

Poor people will die due to this vast change in economy. I will  not be so easy to make whole world digital but one day I think  it will surely become totally digital with digital currency’s flowing every where in the world.

[changcloy]

if virtual money will be implemented to all countries before they will do that they should educate people how to do it because not all people in all countries know how to use it and i think that virtual money is safer just being well educate.

[kylekyle2000]

With the current situation, not yet, as not all people have access nor even a basic knowledge of how bitcoin work, on how to use it for transactions. Can you imagine giving alms in a form of virtual money? That might also be risky. Even if bitcoin becomes more common, I think that cash will still be around and might still be used for small cost transactions.

[usorin]

No matter if there are or not fiat, if you are poorer than your status will continue to exist. In this situations you don't have valuable assets like diamonds, gold, real estate and so on...i know life it can be cruel but unfortunately there will never be a financial equilibrium between people. Just think that some like to drink, other to play games...and other keep the hard work or they steal...so the fiat doesn't make the difference.

[MingLee]

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's kind of like we're moving to a cyberpunk future without the cool parts of cyberpunk, really. If you look around these days almost everyone own a smartphone of some kind, even the poorer folks of society are having more and more alternatives to an iPhone, and much cheaper alternatives that can run as low as $300 and still be an effective phone. A better-implemented "Obamaphone" scenario would further cement this and everyone would have access to this digital banking.

This is the end goal for trying to keep a populace passive, as your account could be frozen at any time from wrongthink or anything along those lines. Not a good scenario, but they also would never have a reason to not do something like that, stating costs or whatever as a reason.

[ssuchy]

if virtual money will be implemented to all countries before they will do that they should educated people how to do it because not all people in all countries know how to use it and i think that virtual money is safer just being well educate.

It seems to me that for a poor person it does not matter which day of the week is virtual or real. I think that the problem is in stock, And in the way of management, there will be no problems.

[Alalex]

Virtual money is actually very flexible but imagine you are out to buy something with dollars not affecting so physical money is also important. Many parts of the world do not have internet access and are not experienced in the modern world.

[bohr]

I think it is safe for the poor to have an electonic currency because it is much safer to carry that the physical currency. Also they need to have such things for them not to be left by the technology. Most of the transactions now a days prefer electronic transaction because it is much economical, hastle free and safe.

The issue with bitcoin is not safety it is accessibility for many poor people it is going to be an issue how to access bitcoin since you need to have access to the internet and a computer and for many people around the world that are only earning a few dollars per day that is not going to be possible that is going to slow bitcoin adoption somehow but as time passes more people are going to be able to get access to bitcoin as computers and the Internet get cheaper.

[chelle5]

No.Even for now the poor cannot be safe even if its physical or electronic money.The issue would be can the poor can an access easily to electronic money?That would be the question to ask.

[reijusama2583]

Well for me it is a no, first of all not all of us have a access on technology and most of us are not well civilized specially in a third world country that have a high poverty state most of them are illiterate in using technology and it is hard for them to use digital money and maybe the other people will use their weakness to make some advantage on them secondly the security it is hard for us to use digital money because there is a lot of scammer in our cyber world it was not safe to use it so I prefer more on physical money.

[Wintersoldier]

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.

But if the government will eliminate the physical money or the fiat could result on the systematical form of flow of money where bitcoin or the cryptocurreny is just associated with the internet or for people who have the power to surf with through the internet and used bitcoin or any other form of cryptocurreny for transactions, investments and business purposes.

[bohr]

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 scenario does not seems very likely in the near future but if that were to happen the difference between the poor and the rich is going to become even greater, the poor are not going to have access to many of the services since they are not going to have a currency to pay for them since you will need computers and access to the internet something that the poorest people in this world do not have, so that scenario will be terrible for a huge part of the world population.

[Astvile]

it'll be unfair for the poor if we dont have physical money. they cant afford to have an access to internet or any technologies. the technologies may evolve but the people cant afford to buy a computer

[cryptoblue77]

Pood people don't know about digital currency, so it is not safe for them. Cryptocurrency is not going to replace the physical currency in near future.

[traderethereum]

lets think about how the poorest can access the virtual money without having a good technology? because not all country have good technology to used the virtual money but i think it will be safe for them because they don't have to carrying the physical money to go every where and they only need to carrying the virtual money. beside that, the poorest need some place to used the virtual money and if there is no supporting from the government then they can not use the virtual money.

[zergenyt09]

Virtual money is actually very flexible but imagine you are out to buy something with dollars not affecting so physical money is also important. Many parts of the world do not have internet access and are not experienced in the modern world.

No. the poorest in the community cannot mange to use the digital currencies for the sake of daily needs. This is because they all need transactions through the wire requiring the internet facility all the time and hence .physical money is a much better option for them when it comes to the buying and selling of goods and doing payments at both the national and international level.

Bitcoin are a safer way of transaction with zero charges potentially only for those who belong to the developed countries.

[pecson134]

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 does make a great implication specially on those lower tier of society. Most or almost all of the people on this branch don't have gadgets or computers to access bitcoins what more the knowledge to use them. So those on those groups would still be using the traditional way of making deals or buying things they need which is in a means of physical money. If the government would do some intervention and focus on this agenda then this can be possible even for poor people but in a country there were still more important problem to solve than this.

[cryptoalfs76]

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 purely imagine the situatuon if that the economy without using physical money,the rich people will be more rich and the poorest people much morely poor,because mostly country who belong to the third world 85% is illeterate and not know how to use internet,gadget etc because lack of education,so how they get a bitcoin or token even to touch the  monitor screen they dont know,so they die in famine,while those rich people and rich countries only can afford to profit bitcoin or more tokens,because they are educated and knowledgeable in terms of digital currency ,so the world become embalance.this is the effect of the economy without using the physical money.

[Biggob]

I don't think it is save because a lot of people could just steal it by hacking it and they don't know what to do. And i think that the poor people right now will be much better treated in the future. Because i think that bitcoin will be used around the whole world.