Does this mean Cash will be extinct?

[babsalt1975]

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

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[merchantofzeny]

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.

[Hydrogen]

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.

[dlhezter]

to face out all fiat money on one country is not necessary, how about those anyone or anybody that who cant afford to buy gadgets and provide a internet connection, how do they live. i mean how do they make transaction on the physical market to buy or sell goods just to live? this idea is non sense. fiat money is important too and i think more country not to follow if that happens.

[darkangel11]

I don't think so. First of all this article is a pure speculation. Who knows if Sweden will still exist as a country in 2013. With the rate they are being taken over by migrants I really doubt it.

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 honestly hope we won't follow Nordic nations in their politics. The times of Vikings have passed. Nowadays they are full of leftists who don't even know how to approach the problems they're facing in the form of migration, terrorism and crime.

[Willitivity]

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.

[AT101ET]

It would take the world quite a long time to follow suite, not to mention the developing countries who don't have the technology or infrastructure to install digital/electronic payment terminals across the country.
So, as good as going paperless sounds, I don't think we'll be seeing this go global. It'd definitely be interesting to see how Sweden's stance on BTC would be influenced though as a result of this.

[jakezyrus]

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 i dont think so,  if that happens some will have a problem to use digital currencies because digital currencies are just for online but some of the poorer countries dont have acces to internet and they dont have a prope knowledge regarding on new technelogy today. so i guess that will greatly affect our economy if they would still implement it.

[Altero]

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.

But probably many countries won't make it the same. Because not 100% percent are accepting this kind of technology and I'm pretty sure that the government will bring themselves into more complicated situation. Maybe the can considered of having both currencies and it only depends to the community which one the are comfortable to used.

[dasher797]

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.

[TravelMug]

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.

Are you smoking pot or something?

Being a cashless society is good, but it will bring more harm that good. How can all the citizens adjusted to this situations? I don't  think that its gonna be the norm for all society in the future. Some small countries can implement it, while most of the nation will still rely on the old traditional fiat. And I think the main proponent of this is just those banks who issued credit cards. Every transaction that involved cash is a lost opportunity for them. That's why they are the main backers and proponents for this so called cashless society. Also, cash is a safeguards against economic turmoil. So its better to have crypto's, credit cards at the same time the old traditional fiat to balance the economy of a nation.

[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

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.

How is it troubling news? Cash is annoying to use.

[bubblebit]

Let see and observe how this be implemented then learned from it for a better a study on our own country, if it is necessary and successful. This might be much more controversial than any legalisation issue as it will directly hit the economical aspect of each government. Is it bad or good? Who knows? those that assumed that it will do harm more than good are not open-minded enough to see the future of bitcoin as a worldwide currency. All I can see is “We don’t know until we care to try”.

[krigger]

If cash goes extinct, it will not be for at least another century. There are lots of kids who will be raised on it and want to continue using it.

[13abyknight]

It's a hard thought for any country to complete digitise monetary transactions as all the currency notes and coins printed till date could completely go waste. If at all something, this is just an idea to push for fiat-less transactions throughout the country from small outlets to big companies.
If Sweden would actually end up doing this, I would definitely expect other countries to follow suite especially non-communist and developing countries around the world.

[coynedterm]

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

Yeah , I also readed this article and I think it is really a good descion by government of Sweden Because this will surely support the digital payments including bitcoin like cryptocurrency .
Here if they will stop the cash system then surely the misuse of the bitcoin will also stop because every payment will remain in online and no one will be able to make offline deals in the bitcoin and so they will also needed to pay tax to the government , in this way the economical condition with improve more and more .
So here we can say that everything is going in favour of good people who are using bitcoin and another online things honestly .

[Silberman]

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.

[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

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.

[Sled]

Cash will not be extinct and it will just stay here in our world because majority of the people here in our world are using cash and they still prefer cash because of the ease of using it. Even bitcoin is a great currency, it is not enough for the cash to be replaced and we all know that the government still prefer cash over the other type or form of money.

[player514]

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.