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Author Topic: Does this mean Cash will be extinct?  (Read 14278 times)
Yadstiker
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October 15, 2017, 05:40:58 AM
 #21

Sweden is contemplating to stop using cash by 2023, does this mean cash might be extinct if other countries follow suit?

https://www.weforum.org/agenda/2017/10/sweden-could-stop-using-cash-by-2023?utm_content=buffer40bef&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
Sweden is one of the richest countries in the world and their citizens are already using mostly electronic transactions, this is in contrast to Japan that despite being one of the most advanced countries of the world most of its transactions are still on cash, so it is a matter not only of wealth but of culture, to be honest I think it is a terrible idea to eliminate cash, if electricity goes off in a significant part of the country for some days their citizens are going to go hungry without cash.
I don't think it's possible for electricity to go off for any significant amount of time without any major disaster happening. And if that was the case, not having cash would be the least of your worries.
I highly agree with you. Based on what i have recently read, changing currencies to a new version of currency, takes a lot of time, so as those elimination of fiats or cash. I guess its quiet impossible or if it is, it will take a lot of time before it can be done.

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October 15, 2017, 05:53:34 AM
 #22

Sweden is contemplating to stop using cash by 2023, does this mean cash might be extinct if other countries follow suit?

https://www.weforum.org/agenda/2017/10/sweden-could-stop-using-cash-by-2023?utm_content=buffer40bef&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
Sweden is one of the richest countries in the world and their citizens are already using mostly electronic transactions, this is in contrast to Japan that despite being one of the most advanced countries of the world most of its transactions are still on cash, so it is a matter not only of wealth but of culture, to be honest I think it is a terrible idea to eliminate cash, if electricity goes off in a significant part of the country for some days their citizens are going to go hungry without cash.
I don't think it's possible for electricity to go off for any significant amount of time without any major disaster happening. And if that was the case, not having cash would be the least of your worries.

They are talking about cashless society for years, Sweden, Norway, Finland. I remember reading articles about it 5 years ago, only reason why they didn't implement this laws are 5% of people who don't wish to stop using cash. For them cash is privacy they are asking for, and they think with cashless society they will lose privacy.
Cash will be extinct one day, compare the number of cash users 50 years ago, 25 years ago, 10 years ago, and now. There are less cash users each year, now everything is in cards, pay wave, apple pay. Rich countries will stop using cash faster then others but that will come to everywhere, and in the end there will be no cash in all world.


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October 15, 2017, 06:00:29 AM
 #23

Imagine a City without electricity or maybe something happened to the grid like a disaster and electricity will be offline for 12 hours. While it sounds like a good idea because its good for the environment but going paperless or cashless needs 24/7 access to electricity without it, going cashless is not possible.

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October 15, 2017, 06:13:21 AM
 #24

Imagine a City without electricity or maybe something happened to the grid like a disaster and electricity will be offline for 12 hours. While it sounds like a good idea because its good for the environment but going paperless or cashless needs 24/7 access to electricity without it, going cashless is not possible.


Though everything nowadays are influenced by the fast growth of technology but not everyone has an access of it especially those who are not familiar with online transactions and those who are less fortunate that belongs to the lowest class of the society that dont even know how to read and write their names. Unless there will be no more poor people in the world then we can go cashless which I think takes almost forever to achieve.



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October 15, 2017, 06:24:13 AM
 #25

No cash could never get extinct because of the following reasons:-

Poors ..how are you Thinking about letting them handle a mobile with internet and debit card ,or master card •••!
Well they don't have sufficient money and knowledge and there is always a small population of people below poverty line in every country you can't juat eradicate them for sure!

What about those ederly people who don't know nor can use all the** without cash transactions?**

Well sometimes you even see small kids..using cash...and at their age..its too complex this..online system

Sometimes the electricity is not available then ?

I think a complete eradication is not possible until and unless government actually takes a step towards it.
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October 15, 2017, 06:29:44 AM
 #26

Sweden is contemplating to stop using cash by 2023, does this mean cash might be extinct if other countries follow suit?

https://www.weforum.org/agenda/2017/10/sweden-could-stop-using-cash-by-2023?utm_content=buffer40bef&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

Good move. Cash (paper and physical coin) is so outdated. It is way more convenient to use digital money. You don't need to carry it, don't need to worry to (physical) theft or losing it somewhere. It's kinda obvious that digital money is the future.

Now the problem is that digital money is prone to digital theft or hacking. Even big banks like Citibank has been a victim of such activities twice in the last 6 years. Millions of user data and money were stolen. That is the weakness of a centralized system, one party got hacked and everyone is affected. Cryptocurrency is the solution for this. You can't hack Bitcoin or any other cryptocurrency, there's a science behind it.

Total removal of fiat from the society will do more harm than good.
No matter the level of technological development, not everyone will be able to embrace cashless transactions. And also, most services need to be paid in cash.

Care to elaborate? Why would it do more harm than good?

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October 15, 2017, 06:47:31 AM
 #27

Total removal of fiat from the society will do more harm than good.
No matter the level of technological development, not everyone will be able to embrace cashless transactions. And also, most services need to be paid in cash.

I agree with you, it will cause harm if cash is remove. Cash will never extinct even though electronic currency are spreading and many people are using it.  Eliminating cash will do harm on other because there still services that needed to paid by cash. And just in case if people lost their private key or anything that have access to their wallets, they money will be useless.

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October 15, 2017, 09:19:03 AM
 #28

Belived or not, people in the future will no longer use paper money, it will be replaced by gold. Probably the gold is physical or virtual, I do not know which one.

There is a possibility but it would took so long to be adapted by poor countries and society. Maybe the fast developing country could easily adapt it but there would still be some people that would want to stick on a traditional way which is cash. Improvement is not bad. I myself believe that time would come, people will be reliant to the government and will be manipulated if cashless society would be imposed.

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Indrawan77
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October 15, 2017, 09:27:10 AM
 #29

There will be high possibility that cash is going to extinct in the future, people will choose digital money, it is easier to pay everything with a card, but this will take a lot of time to make prepation especially for the developing country and the company that provide the card will need to increase the security because all of the funds is inside of the card and the government will need to think how to retrieve the fund if the card is stolen

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JeffBrad12
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October 15, 2017, 09:34:09 AM
 #30

If cash will be extinct or come to an end, the world would be a better place, there's no logging anymore because logging the trees to make the paper for paper money is just like destroying your earth for something nonsense, so many government right now have looking for financial technology and now it's the time.
You don't need to worry about losing your paper money in the way you walk around and keep it in full form. Just use digital money, and you'll get the simply convenient way to go.
See china, they're now using some kind of digital currencies like alibaba's secure payment, and many more.

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October 15, 2017, 09:43:26 AM
 #31

Sweden is contemplating to stop using cash by 2023, does this mean cash might be extinct if other countries follow suit?

https://www.weforum.org/agenda/2017/10/sweden-could-stop-using-cash-by-2023?utm_content=buffer40bef&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

Technology advancement is always moving forward so it is possible to happen in the future to face out the money but this is only will possibly happen in rich countries alone like Sweden in which low of population that most of them are rich so they can do cashless transactions because they can be easily monitored by the government but in the countries with very high population like the 3rd world countries this is very impossible to happen therefore extinction of paper money will always depend of every nation's capabilities.


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October 15, 2017, 10:16:00 AM
 #32

That will take forever to happen in first place. The fiat currencies are the sole trading traditional asset which can not be nullified from the economic system that runs on it. Just imagine how big that change could be, will it be accepted in the first place and will it get effectively implemented within the nation. Moreover, what would be nature of new currency and will it be accepted by the rest world so that they can maintain the healthy economy relations in between? Too many things to be considered, this might be just starting from the scratch. Will take time surely. :-)


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October 15, 2017, 10:28:28 AM
 #33

The world is not so much developed by all aspects yet. Some regions are still not able to access internet due to expensive rates of data services, some may be uneducated.
Let's assume wholly developed countries like usa will have no obstacles being cashless society, however they can't count sum of btc without knowing value of their local currency.

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October 15, 2017, 10:35:13 AM
 #34

I think the extinction of the cash is not a logic prediction. Because I believe that, people will always want to touch and see their money physically. And we always remember that, cash brings the real economic power. There are many shops which don't accept even the credit cards even in our age. I think the cash and the cryptocurrencies will catch a stable situation together in the future.

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October 15, 2017, 10:39:07 AM
 #35

To abandon the cash you need to defeat unemployment. It is no secret that many unemployed people earn a living performing various jobs for cash. What are they going to do? Country can get a whole army of malcontents who will earn one robbery. We are not ready to such succession of events. I'm not even talking about the technical side of the issue.
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October 15, 2017, 10:52:36 AM
 #36

Cash can not completely disappear. A small failure of electricity or the Internet for a long time can leave all without the possibility of something to buy or sell.

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October 15, 2017, 11:01:27 AM
 #37

Sweden is contemplating to stop using cash by 2023, does this mean cash might be extinct if other countries follow suit?

https://www.weforum.org/agenda/2017/10/sweden-could-stop-using-cash-by-2023?utm_content=buffer40bef&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

That's a big IF there dude and as we can all see with bith china and russia, many will not allow something that can't be controlled be the main means of transaction. It doesn't work that way and it wpuld probably not happen at all

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October 15, 2017, 11:07:52 AM
 #38

Total removal of fiat from the society will do more harm than good.
No matter the level of technological development, not everyone will be able to embrace cashless transactions. And also, most services need to be paid in cash.

We don't really know what new technology may come out in the future though. It's possible that somehow in the near future, everyone will have instant access to a bank account or some form of savings account that they can use instantly with some piece of technology. For now, however, I agree with you that the removal of fiat would not fare well with society.

There is another reason for which I strongly believe that paper fiat can't go extinct. At least, not in the next couple of decades. Even as it stands now, not too many people know how to use a credit card or engage in online banking let alone mastering the complex process that is involved with cryptocurrency. What happens to the illiterate and out of fashion old citizens who can barely read and write? How are they going to survive if paper money goes out of fashion?


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October 15, 2017, 11:50:33 AM
 #39


Imagine a City without electricity or maybe something happened to the grid like a disaster and electricity will be offline for 12 hours. While it sounds like a good idea because its good for the environment but going paperless or cashless needs 24/7 access to electricity without it, going cashless is not possible.

Yes you are actually correct here. With moving technology comes the disadvantage of relying on the energy. This is not dark age where you can just trade the stones for fruits and fruits for stones! The world is 24/7 connected with internet and the cashless community would be helpless if that happens in the first place. This nation will need a smart city infrastructure in terms of information tech as well as mechanical strengthen too. Working altogether will lead to online working that never goes down. But who knows when the natural calamities will strike and make the things worse. We have witnessed that early this year.


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October 15, 2017, 12:05:16 PM
 #40

They are talking about cashless society for years, Sweden, Norway, Finland. I remember reading articles about it 5 years ago, only reason why they didn't implement this laws are 5% of people who don't wish to stop using cash. For them cash is privacy they are asking for, and they think with cashless society they will lose privacy.
Cash will be extinct one day, compare the number of cash users 50 years ago, 25 years ago, 10 years ago, and now. There are less cash users each year, now everything is in cards, pay wave, apple pay. Rich countries will stop using cash faster then others but that will come to everywhere, and in the end there will be no cash in all world.

It will very probably happen. 2018 is the first year towards this trend (cashless society).
All new evolving technologies, can be used for both good and bad. To be honest, mostly for bad...
I see a transparent world if cashless society is developing. No more privacy. It could be really really awful.
But for the moment, we go with the flow, and hopefully earn some bitcoins.
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