Does this mean Cash will be extinct?

[BTCMILLIONAIRE]

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.

There are a lot of people who are working on making internet access available to everyone on this planet. And yes, a cashless society is largely inevitable. The newer generations will be so used to their smartphones (or whatever the new version of smartphones in the future will be), that they won't even want to think about counting change manually. People don't even want to read news articles anymore and only pay attention to the headlines. It's pretty clear that convenience will win over any sentimental value that cash may hold for some in the long run.

[1715190275]

1715190275

[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.

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.

Agreed there is less value in migrating the poor countries. They can keep exchanging their shells for all the banking system cares I bet.

[_Dawid_]

Digital cash will replace folding money very soon it is well known fact. Mainly in UE, US and Asia we can observe huge technologicall advance.
Currently people use overflow so in few years the cash could be extinct. The question is what is a bitcoin role in that theater?

[player514]

Digital cash will replace folding money very soon it is well known fact. Mainly in UE, US and Asia we can observe huge technologicall advance.
Currently people use overflow so in few years the cash could be extinct. The question is what is a bitcoin role in that theater?

Very soon? Probably not. Digital cash does not have the same span and reach as physical cash does. This is because everyone needs some device to represent and access this cash. I'd say that the both can live peacefully together. There's no need to remove something that's been working for a while.

[BTCMILLIONAIRE]

Digital cash will replace folding money very soon it is well known fact. Mainly in UE, US and Asia we can observe huge technologicall advance.
Currently people use overflow so in few years the cash could be extinct. The question is what is a bitcoin role in that theater?

Very soon? Probably not. Digital cash does not have the same span and reach as physical cash does. This is because everyone needs some device to represent and access this cash. I'd say that the both can live peacefully together. There's no need to remove something that's been working for a while.

There's no need to remove it. But I'm fairly confident that cash will eventually just fizz out and disappear due to a lack of convenience.

[angaper]

Actually cash is not the problem, but the financial system behind it, because governments can substitute paper money with credit or debit cards, checks, promissory notes or any other instrument, but that does not clean the corrupt and false capitalist banking system behind it.

[bncbnc]

Digital cash will replace folding money very soon it is well known fact. Mainly in UE, US and Asia we can observe huge technologicall advance.
Currently people use overflow so in few years the cash could be extinct. The question is what is a bitcoin role in that theater?

I think yes that is too much possible but i think it will take a lot of time. in fact it can only be possible when all the people of the world become so much education to know using computer and internet, so that they may have easy access to bitcoin and can understand and know how to use bitcoin, so i think that it may take more than 100 Years when all the people of the world will become educated and stat using bitcoin.

[jaysabi]

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.

This mostly sums up my feelings on it with regards to the negative consequences for the poorer members of our economy, but the warnings about it becoming more monopolistic seem alarmist.  I don't know how the current currency system can get more centralized than it already is. There is no competing authority to challenge the centralization of cash currently, it's already as centralized as it can get, and eliminating cash isn't likely to lead to any more centralization there. But acting as a drag on economic growth and challenging small businesses are likely accurate consequences of eliminating cash in my view.

[Pab]

No cash will be in use long time more.Yesterday i ve been in shop,small town,suterday evening,no electricity
pos didnt works,fortunetly i had some cash with me.I know a lot of places where i can pay only in cash
How many people dont have bank account even,how many people dont have acces to internet

[Pearls Before Swine]

Probably true for Sweden.  As for the rest of the world, this has been a long time
coming. I can see everyday that people prefer not to have cash on them, and
it's not even the younger generation exclusively; my parents hate carrying cash
around with them, especially coins.  And Canada did the smart thing and did away
with the penny.  I think it won't be too long before we see the demise of coinage.
Think about how much metal is used every year making these things, and most
of them sit in change jars in people's homes, never getting used.  How long can
mints keep that up?

It's so much easier just to swipe a card or use your phone to pay for things, and
this is becoming people's preference.  And bitcoin is the ultimate example of an
intangible currency.  There's not even a bank behind it all.  So yeah, Sweden is
just one country out of many that's going down this path.  I don't think it's a bad
thing at all, but kiss anonymity goodbye.

[Globb0]

Actually cash is not the problem, but the financial system behind it, because governments can substitute paper money with credit or debit cards, checks, promissory notes or any other instrument, but that does not clean the corrupt and false capitalist banking system behind it.

That is an excellent point. Just digitising cash doesn't solve any of the problems

[Ranly123]

I dont think so. Paper or fiat money serves as proper and more efficient way of trading in real world. Government cant afford losing fiat currency because of crime related to money, through digital currency it is easy to rob or hack our hard earned money if we have no paper money. Fiat currency and cryptocurrency should be together in harmony to prevent bigger crimes.

[Karmakid]

I don't really think that the cash or fiat would extinct except if there would be a war,
And if it happens I think the money that we would be using would be silver and gold .

[keeee]

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

I think that will not happen but lets be open for all the possibilities that may happen in the future. It is hard to contemplate to stop using cash to other countries because not all countries as well as their people doesnt have enough knowledge about digital currency. Those poor countries cannot cope to this kind of change if that will happen all over the world.

[cramcram21]

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

I think it would be great new's for us who are already using the crypto currencies or already have experience some online payment,
The early adopters would be really happy and I also would like to experience it I mean going out without carrying my cash .

[Coinmyjob]

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

Well, if they have hyperinflation then it's all right, but I do not see any reason to enter the currency, which is used by only 30% of the population in Sweden. Let's see, it can happen forcibly.

[invitro]

I dont think cash will ever be extinct.

Can you imagine your grandfather buying his newspaper with 0.00000231 btc?

and using a wallet and storing his private key.

whats even worse, that newspaper tomorrow is worth 0.00000223 btc.

Nah.

Bitcoin will be used by tech people only

[pantek talacuik]

it would not be possible, because bitcoin is a digital currency that can not be controlled by the government. let alone not everyone who understands with bitcoin, like people who do not know the technology, and people are remote.

[TrueCryptonaire]

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 can't be extinct just now and that too in so much less time, this would not happen at least in 10 years from now.
Most of the world's population don't even have a clue of what Bitcoin is, event the people who are working in IT sector also don't have an idea of what is bitcoin and how it works and you are thinking that it could replace cash this quickly, if so then what will happen today illereate people, how would they pay for their food if they don't even have a slight idea one how tobacco acquire and use this currency.

[lordquanta]

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

Countries which have infrastructure to implement the online transaction or cashless society will try to follow the suit. Going completely online without cash is pretty dangerous idea. The reasons are pretty straight forward:
1. Many countries don't have complete network coverage in its all states. Thus if someone is stuck in that no-internet zone imagine the situation.
2. Security of online transaction and the smartness, awareness needed from customers is still a concern. Customers, people should elevate their awareness about the online transaction, phishing attempts etc.
3. iF a country levies Charges on online transaction  then people will be more reluctant to go online.

The best scenario would where customers choose what type of transaction is more suitable for them and go with it. Online transactions are more easy to do  compared to cashone. It is difficult to see cashless society so soon.