Is an economy without physical money safe for the poorest?

[Harrisonimo]

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?

Wealth is transferable no matter the form in which it might be presented. So, I don't think wealth being in the digital form should be a limitation why the poor can't have it. Physical money is good and at the moment it is still indispensable until when the future comes and then cash is somehow then pushed aside. For now, the use of physical cash cuts across both rich and poor, so also when the digital cash comes to full use, it will cut across them both.

[addict4bitcoin]

You could still give a beggar a paper wallet which he can then go and redeem for a bit of food

[RicardoRicky]

I think it's relative, not everyone poor or poorest fails to understand, many of them are smart with various things, so too with this digital currency. money is just a tool, just know how to use it. poor is a pressure in the economy, because many rich people are trapped in poverty. because the world is spinning all can happen without us predict moreover we are not careful and unwise in making decisions, it will make us regret.

[sizzle729]

It would pose a great deal of problem to the poorest of the poor and the uneducated. Both can co-exist but none can eliminate the other.

[simpleholmes]

the old people would not be able even to purchase their medicine cuz it took ages for them to get familiar with even atm`s, I can`t imagine how long it would take for digital money

[jahmes123]

I don't think that it would be a good thing for the poorest or the lowest kind of people in the society,
Just imagine it like bitcoin there would be a transaction fee for everything and look at the transaction fee in bitcoin it is too high for those who are just earning a small amount.

[tats14]

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 this situation it is hard to believe that money now is involved or influence or is it now a digital currency, i see that poor people can't afford or they don't know what is the world doing now because of this digitalized currency.

[traderethereum]

if every people could earn some amount in one job and he can buy something with that non-physical money then I think it will good but it will not safe for the poorest because he could not buy something if he doesn't have fiat or non-physical money. we still need fiat for buying something in our real life for now, but if in the future, every product has an option payment that we could use then we can use both fiat and non-physical money.

[akishang]

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?

an economy without money is big advantages for those who has a lot of money or rich people. When you are in the lower bracket of community, you won't like things going paperless or via credit because it will only give you problem when its time to pay your bill. Average people prefer cash rather than paperless.

[biskitop]

If the security level on storage can be guaranteed, I'm sure it will be safe. Precisely it can make investment can not be seen. Like for example investing in this bitcoin.

[L00n3y]

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 i dont think so, the poorest of the poor would be left behind. Many things to consider, the means to transact with cryptos (gadgets, internet provider etc) will be very hard for them since they can not simply afford it. Fees from transactions will be collected, imagine if they will buy a kilo of rice, maybe the fee will be much higher than the price of the commodity.

[HELLOFF]

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 i dont think so, the poorest of the poor would be left behind. Many things to consider, the means to transact with cryptos (gadgets, internet provider etc) will be very hard for them since they can not simply afford it. Fees from transactions will be collected, imagine if they will buy a kilo of rice, maybe the fee will be much higher than the price of the commodity.

I'm not the first time trying to bring this information to those users who I just want to see Bitcoin as a means of payment. I also completely agree with you, because for a simple person this will be unacceptable and not practical.

[ramgonzales]

This may just pave the way for poverty to spread even more than it is today. Not all people have access to the internet. If that will be the case, crime rate may also increase. This scenario will prove to be more of regression rather than progression.

[Nerobasta]

For me as of this time its not yet safe even good for the poor people, there are still a lot of adjustments that must be made in order for all the people to have a better understanding of living without physical money. Technology and advancement might bring prosperity but there are a lot of factors which we need to also consider like the great number of people or population who doesn’t have access to other financial means. Lack of knowledge of the devices to be used is also a factor. So I can safely say to this time of age its not yet safe to remove physical money but maybe in the future  we can.

[carlfebz2]

If according to ekanomi without physical money is safe for the poor, it is not safe because the poor are in need of physical money economy.

This is a definite thing. When people are poor they even don’t have food to eat for a day then how the whole is just thinking that they will be using cards to get food. They will be using these transition method as a payment method for everything they just buy. Definitely this is so hard to happen. So better for them is physical money, yes they have chance to earn money from this digital money.

The knowledge of poor people would really be the problem here which such transition from physical to digital currency would really be hard and there are lots of things to be considered first before tending on doing such changes but I do believe this thing wont really happen because there are lots of things would be mainly affected if they do decide to implement this new way or new system when it comes to money.

[Carlsen]

Wealth is wealth, no matter if it is digital or physical.
It is more the question how much does it cost to participate at the form of wealth.
A bank account for example is not for free if you have no regular income. At this point already the door for poor people can close because they can't afford a bank account.
Access to crypto currencies and cash is free in most cases.

[Nick Abimanyu]

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?

When that happens, the government must take action to regulate it. Because otherwise the global economic collapse can be easily controled by someone from a distance, and this is more dangerous than a terrorist threat.

[Topaz72]

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?

When that happens, the government must take action to regulate it. Because otherwise the global economic collapse can be easily controled by someone from a distance, and this is more dangerous than a terrorist threat.

There are pros and cons of everything and every new innovation especially in the field of economy. It feels like using bitcoin and other digital currencies is a fun and profitable as well but there is just one threat to the economist and that is valid as well. If we go out of internet even for one single day, we are going to face billion dollars loss provided there is no traces of cash or paper money in the society.

[Kokoy]

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.

Thats true. I cant imagine myself living in a place that forgetting your phone at home will be the most stupid thing you can ever do cause in phone your account is their and the money that you have saved from the prior jobs that you have been through will be nonsence cause you cannot be able to eat and buy without it.

[pisston]

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.

Thats true. I cant imagine myself living in a place that forgetting your phone at home will be the most stupid thing you can ever do cause in phone your account is their and the money that you have saved from the prior jobs that you have been through will be nonsence cause you cannot be able to eat and buy without it.

I think that this is a little bit funny sounds, the fact that even bums must have electronic devices to use кpиптoвaлютoй. probably many of those who says пaкyю nonsense, were not in such a situation where нeзaчтo even bread to buy. I do not talking about phones and tablets.