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Author Topic: Is an economy without physical money safe for the poorest?  (Read 3045 times)
jamids
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April 20, 2018, 03:27:08 AM
 #401

If all the economies of the world starts using digital money instead of physical money all of a sudden, many people get suffered. Poor people will be the first persons got hit by this digitalisation. Physical money is the most popular currency of the world.

Poor people have limited or no access at all to the technology so it would be hard for them to adopt to the changes. The government should do something about it when it happens because they just cannot survived when they don't have any idea how to use it or don't have any gadgets for them to easily access the sites used. This is the reason why I think cryptocurrency would not be totally adopted because of the limited access to technology and network. It can be done in first world countries but it is nearly impossible to implement it in third world countries.

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April 20, 2018, 03:48:13 AM
 #402

If all the economies of the world starts using digital money instead of physical money all of a sudden, many people get suffered. Poor people will be the first persons got hit by this digitalisation. Physical money is the most popular currency of the world.
I agree, poor people cant access it and they will suffer until they die. They dont know how to use digital currency and how to earn it, then it will be hard for them to survive. We must consider them because they are part of the world. It will not be safe for them when do not use paper money.

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April 20, 2018, 03:55:36 AM
 #403

For weak systems, hackers may be able to power with this. but is the paper money safe? many corruptors you will make friends

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April 20, 2018, 06:29:26 AM
 #404

I think that the problem of the poorest people is not in the security of transactions or storage, but in the absence of the money itself - digital or cash does not matter.
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April 20, 2018, 06:39:32 AM
 #405

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 true that digital form of currency are gaining a lot of popularity among the people since it has started and its users have also increased a lot since it has started but still I don’t think that digital form of currency is better than physical money because firstly, physical money is way more popular than digital money throughout the world. Then physical money is accepted everywhere and by everyone throughout the world whereas digital money is not accepted by everyone and everywhere

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April 20, 2018, 06:44:15 AM
 #406

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 physical money is something of the future, unless and until the complete living population is able to adopt a digital payment setup, this future cannot be realized.

This complete population includes both the rich and the poor, however, the rich with access to more resources can stay above the curve with more knowledge of technology and a better way to make the new tech work for them. The poor on the other side often lack technological literacy to fathom the intricacies of a new advance system. So they may take more time to adapt. Having said that, this doesn't mean it would be bad for the poor. If digital currency is made mainstream, the rich don't be able to get away with tax evasion and other illegal monetory transaction, this will keep more money flowing in the economy which will help everyone in the long run


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April 21, 2018, 12:04:57 AM
 #407

For the safety and being secure about their money if they use the digital money is too risky for anybody because of the active hackers. Moreover we don't if they know how to secure their money.

For the rich country or rich people actually they are fit to them because it is hand carry.
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April 21, 2018, 01:00:08 AM
 #408

in my opinion, this situation may be very sad for the poor, because most of the poor are those with weak human resources. so they will find it hard to adapt to new technology and take a long time to adapt if forced into such circumstances.

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April 21, 2018, 01:37:12 AM
 #409

A reasonable thinking that for the low income people or the poor people among the community to be improved to the minimum required standard for  the computer or net work usage.Till that the government should operate both the money parallel to the physical money and the virtual money.like in Japanese government  adopted method. Bitcoin is the most powerful currency can operate world wide and which can be useful for all means of life for the human being  so it is a stable currency.Normally bitcoin will not effect the inflation.
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April 21, 2018, 10:54:38 AM
 #410

For weak systems, hackers may be able to power with this. but is the paper money safe? many corruptors you will make friends
i think between that physical and digital money has its own advantages and disadvantages. but clearly government can not resist development of technology, so that later will also be legalized by government

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April 22, 2018, 05:24:29 AM
 #411

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 will always have people who don't have a smart phone.
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April 22, 2018, 05:44:22 AM
 #412

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 was alarming ! If that would happen, poor will be devastated due to they don't have physical money to hold  and use.They will have difficulty in handling money because digital money needed a gadgets and internet to access. The world will be unbalanced and become bias for a reason that only the average and rich people will benefits it. Fiat is important to people, governments, country, and economy. It is not bad to have a digital money but choosing one between the two is unneccessary.

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April 24, 2018, 06:11:52 AM
 #413

For weak systems, hackers may be able to power with this. but is the paper money safe? many corruptors you will make friends
i think between that physical and digital money has its own advantages and disadvantages. but clearly government can not resist development of technology, so that later will also be legalized by government
There is no point of denying this fact that it is not possible for the ones who don’t have enough money to buy some crypto coins and that they are only dependent on the paper money. If there remains no paper money in this world, then they will be facing lot of problems but if the government plans to take some positive steps, then all their worries can be finished and that they can live a happy life.

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April 24, 2018, 07:07:54 AM
 #414

It is hard for the poor to accept digital encrypted money without physical form!

They only accept legal tender and gold and silver!

Digital cryptographic currencies are highly volatile and prices are volatile and it is hard for the poor to accept such investments.
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April 24, 2018, 07:24:09 AM
 #415

The poorest people may have no understanding of the digital currency, and no one can eradicate poverty in the world.

If we do turn to the digital future, people who are behind The Times will be eliminated.

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April 24, 2018, 07:25:39 AM
 #416

For weak systems, hackers may be able to power with this. but is the paper money safe? many corruptors you will make friends
i think between that physical and digital money has its own advantages and disadvantages. but clearly government can not resist development of technology, so that later will also be legalized by government
There is nothing perfect in this world and an invention of human can never be without a flaw. Definitely, digital currencies has its own pros and cons and same stands good for paper money. It is the need of time that decides what someone is going to pick between both of them.Digital currencies are according to the requirement of present and future where speed matters a lot.

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April 24, 2018, 07:42:09 AM
 #417

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 population doesnt affect with digital or cryptocurrency because what they need is education and more jobs. I am believe if good education and good job will make them shifting from their life.

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April 25, 2018, 01:58:57 PM
 #418

For weak systems, hackers may be able to power with this. but is the paper money safe? many corruptors you will make friends
i think between that physical and digital money has its own advantages and disadvantages. but clearly government can not resist development of technology, so that later will also be legalized by government
There is nothing perfect in this world and an invention of human can never be without a flaw. Definitely, digital currencies has its own pros and cons and same stands good for paper money. It is the need of time that decides what someone is going to pick between both of them.Digital currencies are according to the requirement of present and future where speed matters a lot.
Yes, nothing is perfect in this world and something or some people must make a huge sacrifice in other to achieve some greatness but I still don't think the world without physical currency will be fair for the poorest.

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April 25, 2018, 02:23:28 PM
 #419

It would absolutely takes time or wont take place at all wondering of that all would be digitalize thinking about that now not all people do have the resources or tools to interact with and adoption will took too lengthy because some even didn't recognize how to use internet,gadgets etc. and this is why local fiat would sincerely stay no be counted what. I assume it is now not secure on account that the poorest doesnt have any information about digital currency. They can be fooled easily by way of those people who knew a lot about it. In addtion to that, they want to have or acquire at least one gadget and an internet connection in order to manage and manipulate their money. We knew that terrible humans cant manage to pay for that kind of matters so that they will have a tough time coping in digital currency.
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