Does this mean Cash will be extinct?

[Nathland]

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

The Nordic nations tend to be first at implementing such schemes so I think it would take  5-10 years for the rest to follow. Troubling news, though we kinda expected this to happen anyway. Once we started dealing with our money using cards, it's really just a short step to outright removing physical fiat.

I don't think so that cash will be extinct in coming fifty years.  Cash is being in the roots to so deep that removing is not easy.  Bitcoin and credits card are good options but still a person  depend on cash.  Although banks and credit cards made life easier but a country's economy is very dependent on money.  For exchanging services and goods one need a currency,  and that physical currency is money.  Although bitcoin uses may minimise the use of cash but it's extinction is not possible easily.  Because many banks,  depend on money for their working.  Banks earn credits on the interest they oppose on the loans and money lend by the people.  Bitcoin comes with many easy policies but still they need a lot more effort to replace money completely.  Banks will not let money to be replaced by bitcoin  so easily.

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[deadthings]

If this happen all people should know the basic of computer.It takes many more years to do that,maybe if that would be successful it would be the basis of other countries to follow that system.Well gudluck for them.

It doesn't take many years to do that. Toddlers are literally growing up with super computers (smartphones) in their hands these days.

Too many people today are not using technology and smartphones to make the Internet currency dump the material we know.

[BTCMILLIONAIRE]

If this happen all people should know the basic of computer.It takes many more years to do that,maybe if that would be successful it would be the basis of other countries to follow that system.Well gudluck for them.

It doesn't take many years to do that. Toddlers are literally growing up with super computers (smartphones) in their hands these days.

Too many people today are not using technology and smartphones to make the Internet currency dump the material we know.

Even people in warzones have smartphones these days... There's no reason for developed countries not to dump cash - at least not due to technological illiteracy. Everyone knows how to use a smartphone in developed countries.

[meliodas]

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

Probably. I think that bitcoin and cash works thhe same, only cash has physical form. Also, it’s about time that we stop using cash, to avoid thives and robbery. Technology is evolving everyday. So, it is possible.

[BTCMILLIONAIRE]

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

Probably. I think that bitcoin and cash works thhe same, only cash has physical form. Also, it’s about time that we stop using cash, to avoid thives and robbery. Technology is evolving everyday. So, it is possible.

Well, people are still getting hacked and phished with Bitcoin and Ethereum, and that probably won't ever change because people are careless and don't pay attention to anything. But yes, I hope cash will go extinct soon.

[Kr8os]

I don't think cash / fiat money is going away anytime soon. Many countries are still very reliant on physical currency and credit cards are still a suspicious piece of technology for those who haven't spent some time reading up on them. Bitcoin / crypto / virtual currency is still fairly new to the point where financial institutions are still either badmouthing it or barely embracing the blockchain technology.

[Pettuh4]

I don't think cash / fiat money is going away anytime soon. Many countries are still very reliant on physical currency and credit cards are still a suspicious piece of technology for those who haven't spent some time reading up on them. Bitcoin / crypto / virtual currency is still fairly new to the point where financial institutions are still either badmouthing it or barely embracing the blockchain technology.

That's right, there will not be extinction of cash just yet even though cryptocurrencies seem to be heading the way into the future. The governments around the world always wants to control their central bank and by extension their local fiats and so for them to do away with the power of regulating their local fiat is going to be difficult and so I don't see the extinction of cash.

[Ranly123]

Not necessarily cash shoyld be extinct, but maybe bitcoin will be of much value than having cash. Remember you cant buy goods in the market through bitcoin, there is gap to be used in bitcoin and cash.

[justspare]

If this happen all people should know the basic of computer.It takes many more years to do that,maybe if that would be successful it would be the basis of other countries to follow that system.Well gudluck for them.

It doesn't take many years to do that. Toddlers are literally growing up with super computers (smartphones) in their hands these days.

We have to wait for some more time in order to see what will happen. At present, there is absolutely no doubt in this thing that bitcoin and all other crypto currencies are getting more fame with each passing day. But you can’t deny the fact that paper money has its own importance and there is no way that we can underestimate the importance of paper money. Cash will remain in this world.

[BTCMILLIONAIRE]

If this happen all people should know the basic of computer.It takes many more years to do that,maybe if that would be successful it would be the basis of other countries to follow that system.Well gudluck for them.

It doesn't take many years to do that. Toddlers are literally growing up with super computers (smartphones) in their hands these days.

We have to wait for some more time in order to see what will happen. At present, there is absolutely no doubt in this thing that bitcoin and all other crypto currencies are getting more fame with each passing day. But you can’t deny the fact that paper money has its own importance and there is no way that we can underestimate the importance of paper money. Cash will remain in this world.

Fiat and paper money are different things. Paper money is garbage, annoying to use, and wastes a tremendous amount of resources for nothing. Fiat can stay for all I care, but cash needs to go.

[yanlap]

I don't understand why this topic kept coming up. This is pure speculation. It is impossible fot FIAT money to be phased out and replaced by cryptocurrencies. The flow of economy will be disrupted if this happens and it will not only affect Sweden but the whole world. Electronic money can be used for transactions but it will never be the main medium of exchange. That is just too impossible.

No it is not the reason the value of the bitcoin is increasing more and more. If you will buy the bitcoin you will buy the bitcoin for the long time you will get the chance to increase the value. All the people want to know the reason of the increasing price of the bitcoin, I am having the huge profit from nit but now the value of the bitcoin is increasing. In the past the bitcoin was not common as compare to the other currency but now the bitcoin is getting famous more than the other currencies.

[DamCryp]

Let's hope so, IMO cash is an outdated mean of storing value, too many limations, and risks when we allow central entities to determine de supply (hyperinflation). Physical cash is on it's way out, some countries have already set dates to be cashless states. 

[yoseph]

Let's hope so, IMO cash is an outdated mean of storing value, too many limations, and risks when we allow central entities to determine de supply (hyperinflation). Physical cash is on it's way out, some countries have already set dates to be cashless states. 

By cash going extinct, it means that some economies of the world are going to go extinct as well and secondly, the countries of the world would have to create bitcoin for the specific economies and if all of them follow the same trend then i believe that we will stop using cash.

[BTCMILLIONAIRE]

Let's hope so, IMO cash is an outdated mean of storing value, too many limations, and risks when we allow central entities to determine de supply (hyperinflation). Physical cash is on it's way out, some countries have already set dates to be cashless states.  

By cash going extinct, it means that some economies of the world are going to go extinct as well and secondly, the countries of the world would have to create bitcoin for the specific economies and if all of them follow the same trend then i believe that we will stop using cash.

People can just use credit and debit cards if they stop using cash. Don't really need Bitcoin at that stage yet. I don't see why economies would disappear from that move either to be honest.

[shalnark]

Let's hope so, IMO cash is an outdated mean of storing value, too many limations, and risks when we allow central entities to determine de supply (hyperinflation). Physical cash is on it's way out, some countries have already set dates to be cashless states.  

By cash going extinct, it means that some economies of the world are going to go extinct as well and secondly, the countries of the world would have to create bitcoin for the specific economies and if all of them follow the same trend then i believe that we will stop using cash.

People can just use credit and debit cards if they stop using cash. Don't really need Bitcoin at that stage yet. I don't see why economies would disappear from that move either to be honest.

Credit and debit card have a lot of condition to the users suddenly more of their users will suffered due to high interest given by the bank. On the other side it was really useful in case of emergency, especially if the salaries of the workers are not yet coming. However if bitcoin will be used as exchange of any items or services expenses of individuals will be lessen.

[BTCMILLIONAIRE]

Let's hope so, IMO cash is an outdated mean of storing value, too many limations, and risks when we allow central entities to determine de supply (hyperinflation). Physical cash is on it's way out, some countries have already set dates to be cashless states.  

By cash going extinct, it means that some economies of the world are going to go extinct as well and secondly, the countries of the world would have to create bitcoin for the specific economies and if all of them follow the same trend then i believe that we will stop using cash.

People can just use credit and debit cards if they stop using cash. Don't really need Bitcoin at that stage yet. I don't see why economies would disappear from that move either to be honest.

Credit and debit card have a lot of condition to the users suddenly more of their users will suffered due to high interest given by the bank. On the other side it was really useful in case of emergency, especially if the salaries of the workers are not yet coming. However if bitcoin will be used as exchange of any items or services expenses of individuals will be lessen.

Credit card credits are interest free if you pay your bill quickly. The interest is only there if you don't pay your bill, that is, if you buy things you can not afford. The same problem exists with cash, if people with no cash take up loans to buy things, they will have to pay a lot in interest and will end up heavily in debt.
In any case, the point that I was trying to make was that non-crypto electronic money transfers can be used instead of cash.

[Lomberjack]

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

Cash must not be brought into extinction just because cryptocurrencies have already been established. It must be remained into its current position since the rise of technology will not be assured to be stable because there might be malfunctions in the future and if  cadh will be extinct, the essence of money in the world will be somehow abducted because admit it or not, putting all your money into virtual will be exposed into different danger and is literally risky to be done effectively.

[BTCMILLIONAIRE]

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

Cash must not be brought into extinction just because cryptocurrencies have already been established. It must be remained into its current position since the rise of technology will not be assured to be stable because there might be malfunctions in the future and if  cadh will be extinct, the essence of money in the world will be somehow abducted because admit it or not, putting all your money into virtual will be exposed into different danger and is literally risky to be done effectively.

Fiat =/= cash. I'm surprised that nobody seems to know the distinction of the terms.

[Jenskie]

I don't think that cash will extinct. There are alot of transactions that needs to be paid by cash. And also most of the transaction that needs documentations are need to paid in cash. Also not all establishments will embrace cashless transactions.

[shillberting]

I dont see why not I mean physical cash is only about 2% of our currency. And you can probably guess what industry or what individuals have the most amount of that currency. I think in the country I am in it averages out

to 2k a person currency in real life. Now I know I dont have more than $100 ever and most people are the same so yeah like I said it is basically illegal and underground money. This isnt the reason it will get phased out

but when you already have 98% of the funds being digital then how much of a step is to go from 98% to 100%? It aint much I tell you that and I can see the transition happening very smoothly and very soon as well.