Does this mean Cash will be extinct?

[atc1-REAL]

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.

This is a very valid point. The more we rely upon technological advances, especially using computer systems as a method of payment, we need to be able to make sure that the required infrastructure is present in terms of electricity and systems that do not and cannot fail. Presently, no nation in the world can claim that it has these prerequisites, so cash transactions will be alive and well for the forseeable future.

[1715199143]

1715199143

[overboost]

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.

This is a good thing.
What about the bad ones??

[Nahl]

according to that article Sweden will use cards and mobile payment apps for every transaction and correct me if i'm wrong but although Sweden will be eliminate cash someday but they don't have any plan to use cryptocurrency as instead of cash and one of the reason they're considering it because they wanted to minimise the risk of robberies and quicker transactions for the customers

[tomahawk9]

Highly unlikely. The world needs to function with cash, and not everyone has heard about cryptocurrency, even less about bitcoin. Not everyone has access to the internet, there are many countries who lack the technological progress to adapt digital transactions into society. It would take an absurd amount of time to remove cash from only one country, imagine doing it worldwide. I could see it maybe in some cities (Seoul, Tokyo, Sydney) but that would a few decades.
Going paperless sounds good, but we're still in the early stages of the digital era.

[Bohxz M4p4gm4h4l25]

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.

Indeed, removal of fiat will lead every economic states into harmful situation than being logically successful with it. Fiat has been one of the contributor of the efficient work of transactions and I think it will not help every community without fiat since it serves as medium payment and several successful transaction was done with this. I will not support any cashless society topic since loss will name after every forum user.

[AT101ET]

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.

Sweden is not one of the world's richest countries. However it does have one of the highest standards of living. Comparing it to Japan is difficult since we're talking about different demographics. Japan is one of the most developed countries in the world but suffers from a top heavy population where the majority are waging. Consequently, going cashless may not be the smartest of things for them to do regardless of how advanced they are from a technological perspective.

[UCHCHILD]

Is that a legit news?
 2023 is not that far from now. Anyway if that is true, I think it will really a good start of virtual transaction in everything that will going to purchase, and it will surely support the bicoin or crypto currency if so. If Sweden will gonna start a no paper transaction if some countries can see the advantages then they will going to have it, and establish a no paper transaction, which we are hoping because crypto will surely be one pf transaction option then

[faceoff97]

Becoming a cashless country is not necessarily needed, there are lot of development to consider before it happens. There is no denying that Sweden is a rich country and has a better way of living, but regardless of Sweden's so advance technology they cant still afford to have a cashless society. Im pretty sure that it would require them adaptation with the big difference of having a cash. It won't be impossible to make it happen but Im not sure that it will happen in the near future.

[eaLiTy]

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

It is not possible to stop using cash altogether by 2023,i know it is a prosperous country but it is really difficult to transact everything digitally in a short span ,but they have started the ground work by 2015 and if they could do that then it would be great but we need both fiat and digital currency moving forward as fiat plays a role in the economy for smaller transactions.

[Coffee135]

according to that article Sweden will use cards and mobile payment apps for every transaction and correct me if i'm wrong but although Sweden will be eliminate cash someday but they don't have any plan to use cryptocurrency as instead of cash and one of the reason they're considering it because they wanted to minimise the risk of robberies and quicker transactions for the customers

No one said that will use cryptocurrency. They want to send Fiat. This will facilitate the task of control by the government of all payments and movements of people. It is really convenient for the government but it is absolutely contrary to the interests of the people. I hope that in my country this will never happen.

[Globb0]

It is of course the dreams of government to eradicate cash.

Since it has no audit trail.

Imagine the end of down the pub deals and mates rates cash in hand jobs.

Kerching for tax.

[mando1996]

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.

Indeed, removal of fiat will lead every economic states into harmful situation than being logically successful with it. Fiat has been one of the contributor of the efficient work of transactions and I think it will not help every community without fiat since it serves as medium payment and several successful transaction was done with this. I will not support any cashless society topic since loss will name after every forum user.

This is not possible.Fiat money cannot become extinct.The common man does not even know about cryptocurrencies and how they are operated.Digital money is easier for literates but for others it is cash.Many people have no access to internet so it is impossibe for them to go cashless and do their day to day transactions digitally.

[Globb0]

Many people OK, but well off countries would have no problem switching to all card transactions.

Its tending to swing that way anyway naturally overall.

[Almat]

That is speculation. I don't think this will ever happen. Not in our lifetimes anyway. Fiat is still the most efficient form of point of sale payment as it doesn't need an internet connection or electricity.

[BitcoinBallerina]

Yes this does mean cash will be extinct. Bitcoin will become the world's reserve currency and other countries and communities will start issuing their own digital currencies.

[Asawakobana2017]

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.

Indeed, removal of fiat will lead every economic states into harmful situation than being logically successful with it. Fiat has been one of the contributor of the efficient work of transactions and I think it will not help every community without fiat since it serves as medium payment and several successful transaction was done with this. I will not support any cashless society topic since loss will name after every forum user.

This is not possible.Fiat money cannot become extinct.The common man does not even know about cryptocurrencies and how they are operated.Digital money is easier for literates but for others it is cash.Many people have no access to internet so it is impossibe for them to go cashless and do their day to day transactions digitally.

I agree to what you've said because fiat money cannot be extinct in a reason that money is been using it generation by generation and other reason is that how about the poor or in a low class society with no access of internet . so it was difficult to think to go in cashless than using digitally in their daily needs.

[Koadharber]

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.

Indeed, removal of fiat will lead every economic states into harmful situation than being logically successful with it. Fiat has been one of the contributor of the efficient work of transactions and I think it will not help every community without fiat since it serves as medium payment and several successful transaction was done with this. I will not support any cashless society topic since loss will name after every forum user.

This is not possible.Fiat money cannot become extinct.The common man does not even know about cryptocurrencies and how they are operated.Digital money is easier for literates but for others it is cash.Many people have no access to internet so it is impossibe for them to go cashless and do their day to day transactions digitally.

I agree to what you've said because fiat money cannot be extinct in a reason that money is been using it generation by generation and other reason is that how about the poor or in a low class society with no access of internet . so it was difficult to think to go in cashless than using digitally in their daily needs.

Not only that it would really takes ages for people to adopt such new way payment system if it would be already approved or adopted. Cash wont really be extinct because government wont really allow such thing to happen and as you speak not all people on the society would really capable or even know how to use up digital things.

[player1001101002]

I don't think cash will be extinct because cash in the world wide used method of money exchange and all the peoples have already adapted to in. So it will be very hard for digital or online currency to take place of the real cash or real currency. government will never stop use of cash because it has become great aspect of society and people have been dependent on it. only this can happen that online or digital currency will work side by side in every field but directly making cash extinct is not possible as it has very big roots in society of the world people will not be able to accept this big amount of change and many people will give up on this.

[mrcash02]

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.

Indeed, removal of fiat will lead every economic states into harmful situation than being logically successful with it. Fiat has been one of the contributor of the efficient work of transactions and I think it will not help every community without fiat since it serves as medium payment and several successful transaction was done with this. I will not support any cashless society topic since loss will name after every forum user.

This is not possible.Fiat money cannot become extinct.The common man does not even know about cryptocurrencies and how they are operated.Digital money is easier for literates but for others it is cash.Many people have no access to internet so it is impossibe for them to go cashless and do their day to day transactions digitally.

I agree to what you've said because fiat money cannot be extinct in a reason that money is been using it generation by generation and other reason is that how about the poor or in a low class society with no access of internet . so it was difficult to think to go in cashless than using digitally in their daily needs.

Not only that it would really takes ages for people to adopt such new way payment system if it would be already approved or adopted. Cash wont really be extinct because government wont really allow such thing to happen and as you speak not all people on the society would really capable or even know how to use up digital things.

But once everyone is able to have access to internet, wouldn't be possible to have a cashless society?

This is something for evolved countries where everything works fine, but until all the countries evolve to the same level it will take ages... We don't have internet everywhere yet, what would be the first step. For now cash extinction is just a dream that technology enthusiasts have. It's really too far from happening.

[liuqi]

Many people OK, but well off countries would have no problem switching to all card transactions.

Its tending to swing that way anyway naturally overall.

How about the third world countries will survive without the fiat cash system they currently have now. In digital era, future we will only with the cashless transactions for all that bitcoin or any other altcoin should by the concern country. I think every country will choose one of the digital coin as their national currency. If bitcoin regulated with the less norms in banking that would be normal. If it is completely regulated we may have bear any fees for it.