Does this mean Cash will be extinct?

[Chrisjay29]

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

Nope i think not all country are just like sweden.they are money poor country in the world.because rich can change there cash into btc while in poor cant do that especially people did not educated on internet.but soon it will be

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[Redanim]

Nothing has been decided yet. I saw already similar idea somewhere, they also wanted implement same idea but couldnt. Until 2023 it is still far away, they can easy cancel all plans. In the future I think this may happen that there will be no real money, but it's will not happen in next 10 years, for sure. Scandinavians always have interesting ideas, but will they can realize it ...

[TomUyamot]

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 a highly developed country. It far more advanced than many other countries in the world. So if they plan to totally wipe out cash in their country, I would say that it is very possible. Only some strong political will from their leaders is needed. But it cannot easily be emulated by some other countries that are not as advanced as Sweden. Sweden could go fully digital, some others cannot because of other factors such as electricity.

[bitcoinrays]

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

No. Cash would not be extinct because we all know that bitcoin isn't a threat to cash because somehow we can say that they are both helping each other in terms of earnings for other and we can see that bitcoin isn't that had a lot of supply which are not just like the cash which monthly creating supplies.  

I also think the same, cash will continue to be used in future because digital money cannot replace it fully. Bitcoin has a very high value so therefore, very small things can't be bought with it, for which using paper money is very important. Yes, it also depend on the people and country that either it is well developed nation or not.

[Jordo55]

Eventually, paper and metal money will be "old tech" something more like a collectors Item. The majority of wealth that isn't in a major physical asset will be in a digital form.

[nagatraju]

Well I don't believe that cash will be extinct from existence totally because there are a lot of things that need to be put in place before such a things could happen. Cash won't be extinct completely in the underdeveloped or developing nations, it is a different ball game because there are some part of those countries that doesn't even have a bank let alone operating cashless economy.

[automail]

It can happen in other country especially those who first world nations. I think majority of them are not using cash of everyday use and there will be a time that all of them will use the cashless system and bitcoins will be used for payments as well. However, in third world nations, I think they are not yet ready for cashless transactions. In our country, only 50% are using cashless transaction while the other half was still using cash. It will still depend on the government on which path they will choose but I think they will consider making the country use cashless transaction since it is more convenient and easy to detect. When that time comes, I will make sure I have a lot of bitcoins, it is the money of the future.

[congresowoman]

Will be impossible to remove paper fiat on the system. Simply because it has been there for a lot of years. It is like saying eliminate gold. Pretty impossible right? Cash will definitely be staying for longer time than what we have exoected. There will only be new modes of money or new forms of money.

[AriannaSantosUU]

There is a possibility of that in the future because cryptocurrency is now in. Digital technology is continue to develop faster than we thought. Cash will be out soon.

[illnino]

It will be not easy for most of the countries to refuse using cash. Ask people around what they know about crypto, and you will understand that 80% of them do not understand what it is or know a little bit about it. Until at least half of the world starts using crypto for most operations, cash will stay alive.

[unununium]

Hash is talkin right now, we should wait

[Criptomen@30]

i don´t believe cash will be extincted maybe the paper become electronically but cash wont be extincted

[Thunderlizard]

No it will not because bitcoin is online money and cash is real life money i do not think that just because of the success of bitcoin cash will be extinct i would rather say that more people will go start using bitcoin but the cash will always stay.

[TheKeyLongThumbI]

No it will still exist but less of it will be left. Some poor countries can't  use bitcoin because most of their citizens can afford theirselves their own phones or even a pc. They are all still going to stick with cash.

[mountrock]

Cash will be there till the end. may be it will be more like shopping voucher in function.

[superjeyy]

Eliminating paper fiat will have a measurably negative effect on economies. Paper money represents a more efficient form of transaction than electronic payment. For the poor who can't afford a cell phone or internet connection, paper money is their only hope of buying/selling. Getting rid of paper fiat makes transactions more difficult and also centralizes the currency aspect of economies which leads to monopolism. Centralizing power and influence in this way is strongly correlated with exploitation, predatory business practices and inequality.

Banning paper money will have a measurable negative effect on economic growth, unemployment, inflation, standard of living & other statistics. It will represent lost opportunity, a higher bar to entry for markets, greater difficulty in small businesses surviving and creating jobs. There's no upside or advantage in getting rid of paper money. And there are definitely many disadvantages.

To first world countries who can assure that every citizen is financially stable or supported by the government, there will be minimal complications when it comes to allowing the use of cryptocurrency and disregarding the use of paper money. What will be affected most is those who belong to the third world countries since some of the people belonging to that country may not have any access towards their (supposedly) money. I agree with each point of Hydrogen and how it can devastate the economy of a third world country even more. The exctinction of paper money will highly depend on the capability of a country to handle the situation because it will bring a great impact towards its users.

[batang_bitcoin]

Cash will be there till the end. may be it will be more like shopping voucher in function.

Yes it will stay and even we are innovating in financial matters still cash will remain. The government has their powers with the use of cash and if they will let something digital and decentralized to take over the financial industry, they will be out of their power anymore. A country that has their cash to produce can control the market and economy of businesses that are in their jurisdiction.

[biskitop]

Cash will never be extinct, although later, crypto is growing in popularity and its value is rising drastically and beating out cash or gold. I think, there's no reason to get rid of cash. All are in their respective functions. Crypto used for online transactions, and cash is used for offline transactions.

[imstillthebest]

There is a possibility of that in the future because cryptocurrency is now in. Digital technology is continue to develop faster than we thought. Cash will be out soon.

i think it wont happen because as you see we are now on the year 2017 but why there is still cash or fiats? why do we still use them even if we are on the future and we have some other payment method like credit cards? its because some people will struggle especially the poorer ones because they cant afford to buy and use these digital currencies and also they'l be having a hard time to use it because they are lack of knowledge due to poverty.

[ahkiatt]

While cryptocurrency growth is astounding, cash will be around for a long while.

Global internet penetration rate is less than 50% as of 2016. This greatly limits the ability for people to transfer funds or crypto.

However, I am a firm believer that crypto will overtake cash as the leading form of transactions during my lifetime.