Is an economy without physical money safe for the poorest?

[Feuerbach]

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?

Physical money is in circulation to service non-cash. The basis of monetary circulation are non-cash money. Emissions occur only non-cash, and money is printed as ancillary. Cryptocurrency is not provided with goods and services, so leaving only it in  circulation is a delusion. Therefore, with the phrase that cash lags behind the growth of technology, do not agree, because it is said incorrectly.

[KEPLER99]

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.

Agreed! This concept of digital currency was purely based on internet and there is no way that you can use it if you are not having some good internet connection as well as laptop or PC. I don’t think so that this is something good for the lower sector of the society.

It is because of the reason that they are not having this much of resources that they actually can afford buying of stuff like that.

[Pinkris128]

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 poor people will have a hard time if there will be no physical money to use because they dont have enough or prior knowledge about digital money thats why they cannot cope up with that kind of change in their economy. A country will still need a physical money to use by the lower levels of the society because not all of them can have an access to bitcoin or any digital money.

[mOgliE]

Hi,

Of course, an entirely virtual economy raise the issue of the physical access to the technologies. So indeed, for poor people (even those leaving in rich countries), this would be a problem.

Though, an entirely virtual money world would not be so jeopardizing I think. Indeed, through systems like the blockchain, it would finally be the end of market manipulations instituted by large corporations for their own benefit.

At inception, money adopted by the government relied on gold. This makes the first exchange rates in history: the more gold you own, the more powerful your money. At that time, money was meant something. Today, even though we can touch our dollar/euro/etc coins, they do not represent any tangible reality.

The amount you have on your bank account is more or less the same as a grade on a sheet of paper. Each month, your wage represents the grade that is given to you by society. And according to your grade, you can either live in a cosy flat in the city center or under a bridge.

That is why I do not worry about your scenario. It will not change the everyday life of most people but may oblige large companies to behave!

[Nanot]

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 consequences of such economy in poorest pupulation is their is possibility that the poorest pulation may had a wise thingking. They thingking to make these such country be hacked when their knowledge was increase or maybe they can get into danger these such country when it comes into terorism.

[KalaiBTC]

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.

If we talk about the poor people then obviously the use of physical money is much better option than the cryptocurrencies. This is because they lack the basic knowledge required to enter this field and have no access to the facilities like all day ling internet connection and constant electricity supply because of poor living conditions. So in this regard, the Btcs or other virtual assets are only to be used by the people who have and sort of relation directly with the developed country.

[Umar001]

Not at all, economy without physical money is not safe for the poor, a poor man or woman has no access to internet or others online transaction, a poor have no idea of E commerce,  whatsoever, any cashless policy put in place by government is an attempt to frustrate  poor in the society.

[btcjocan]

Not at all, economy without physical money is not safe for the poor, a poor man or woman has no access to internet or others online transaction, a poor have no idea of E commerce,  whatsoever, any cashless policy put in place by government is an attempt to frustrate  poor in the society.

I agree with you. It is not safe for poor people without physical money because they cannot afford to buy things just to connect with the internet and sometimes they have no knowledge of accessing the internet without anybody's help and it could be risky for them. They would rather choose to use their money to buy basic needs like foods and clothing than buying things that will not ease their hunger. So I think it is not safe for them.

[FameBroker]

It is something that nobody ever takes into consideration. I think it's great that you have brought it up. If all currency is digitized you would think that the government would have to provide access to that money to the poorest. However, considering that there are people in this world that starve to death every day, and their governments are doing very little to nothing to help them (because trust me there are countries where the government just doesn't give a shit), it is hard to think that they would provide them access to crypto-money.

[detector]

Digital means they need internet to operated so it's difficult for people who have not internet knowledge.
But in other side, everything will be gone faster and fully automated which make people's transaction got easier and faster !

[Sled]

Digital means they need internet to operated so it's difficult for people who have not internet knowledge.
But in other side, everything will be gone faster and fully automated which make people's transaction got easier and faster !

Learning how to use an internet is same on learning how to use spoon and fork and that is how simple is learning on using internet. I think that people can easily adjust themselves to learn and get used to the internet and that is why i really believed that in the future, digital things will be more popular than physical things like shops, currencies and many more.

[shata]

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 would say that in having an electronic currency (such as Bitcoin) to any kinds of people (such as rich and poor) is possible. Bitcoin is also safe in the way that you will secure you account. Hackers are everywhere but we can prevent our account from being hacked if we are thinking before we click some links/sites that our accounts be involved. Indeed, An economy without physical money is safe from the poorest. It is safe if you will secure your account and be aware of what you are doing here in cyber world.

[The Alchemlst]

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 yes but not advisable since poor people have other priorities to be given than internet accessibilities and cryptocurrencies. They should be given proper education first and a opportunity to earn so that if ever the economy adapts vitual money they wouldn't been vulnerable to attacks and threats like hacking and scams.

[trako]

it can literally be a chaos. but this chaos can turn somebody into cash. there are a number of people who will provide the circulation for the poor.
I think that the poor will be included in that system in the face of some other things.
but the betting time is a minimum of 20 years.

[carlisle1]

Poorest will not safe by then,because they dont have access to internet,if may have limited and same thing as theyre tools.the poorest will always need physical money.so lets not take the physical for money for tham..let the poorest be educated by these system

[deadpool08]

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's like a bitcoin here you do not have money to spend on helping to learn what you just need to do and if you really want to earn a bitcoin here you just need to focus on it.

[LiveEdutvICO]

I don't think so for the poorest since they will need to purchase an electronice device to hold their money somehow. But you wouldn't want to have a hacker as your friend 

[bohr]

It is something that nobody ever takes into consideration. I think it's great that you have brought it up. If all currency is digitized you would think that the government would have to provide access to that money to the poorest. However, considering that there are people in this world that starve to death every day, and their governments are doing very little to nothing to help them (because trust me there are countries where the government just doesn't give a shit), it is hard to think that they would provide them access to crypto-money.

If cash did not existed anymore this will create a great divide between the people that have money and those that do not, those people will be unable to access even the most basics of services that will in effect create two societies and as we know that is never good for the long term well being of a country so I do not think we are going to see the elimination of cash anytime soon.

[bitfornewbs]

No its not, majority of the poor in the country for example, doesn't have the access of internet or the technology. If the economy rely on the technology it will be unfair for the others and use the electronic money instead of the physical money. Let's think about people.

[dogz12]

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 poorest of the poor will be left behind. They will have a hard time transacting using modern technology because they can not simply afford it.