Does this mean Cash will be extinct?

[supercanada1]

Imagine a City without electricity or maybe something happened to the grid like a disaster and electricity will be offline for 12 hours. While it sounds like a good idea because its good for the environment but going paperless or cashless needs 24/7 access to electricity without it, going cashless is not possible.

Yes you are right the value of the bitcoin is increasing and the use of the bitcoin is getting very expensive the worth of the bitcoin is getting high now and the price is getting high, the value of the bitcoin is increasing the use of the bitcoin, now it is very easy to buy the bitcoin and you can hold the bitcoin for the long time so you will be able to cash your bitcoin at the time of need.

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[goldade]

Although, having a cashless society is good and is a sigh of development ib a nation,  eliminating paper currency in a nation will cause more harm than good to the nation's economy.
Many will be faced with the problem of not having internet connection in their locality and more will be faced with the problem of illiteracy. Besides,  most services are to be paid in cash especially in developing countries.
These are the reasons why cash can't go into extinction.

[Gotottack]

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 do not think cash will be ever extinct although if it will not be able to combat the threats that Bitcoins pose upon it, there are possibilities that the former's value will depreciate greatly. If people around the globe will learn about Bitcoin's value and efficiency as contrasted to that of (regular or accustomed) cash, there is no doubt that the demand for Bitcoins will escalate thereby further increasing their monetary value provided their supply remains low.  

[Bagaji]

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 I don't believe 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. Even in Sweden as you rightly said cash will not be extinct completely because when you talk of the underdeveloped or developing nations, it is a different ball game because there are some part of those countries that does not even have a bank let alone operating cashless economy.

[sindikat]

I don't think so. Sweden is a very developed country. If the residents of the South American tribes have mastered the local electronic payment system and used as a purse mobile phones and that is why the people of Sweden do not. I believe that it will. Each of us has a Bank card and never had any problems with their use.

[MukulTaneja]

more and more countries are declining towards digitisation ,which is good but cash is not going to extinct ,cash payments run great part of economy and will be doing that for many years to come.extinction of cash will effect small vendors to great extent and making it extinct can lead to collapse of economy too.

[bitcoinvamp]

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

Judging too soon on anything is not good. contemplating of cash is done by only Sweden that does not mean that other countries will do the same. but if they do then of course cash will become extinct as there will be no one who will be willing to use it. also Sweden is doing so by 2023 , maybe that would never happen due to some reasons cause many decisions change with time and circumstances.

[posi]

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

They will definitely extinct cash but this is strange news to me though because a friend reside there and I knew through him how they like using app in transfering money so I see this thread I'm like no wonder. However, this is going to help bitcoin a lot.

[Zadicar]

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

They will definitely extinct cash but this is strange news to me though because a friend reside there and I knew through him how they like using app in transfering money so I see this thread I'm like no wonder. However, this is going to help bitcoin a lot.

It cant actually help bitcoin since they would create their own token which means they would make use on centralized stuff rather than on using decentralized one.This will really make borders on full adoption of bitcoin. If government would decide to switch on this kind of financial state then for sure it would really takes time to make such adjustments.

[digitalgame4life]

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.

That is very true, also I dont think fiat will be gone complete, people have always trusted and will always trust something they can hold on and something that is physical, that is why gold has always remained valuable, if something replaces fiat it will certainly not mean bitcoin since the government doesnt want people outside the government to be rich, they will use their own little dirty system, so speaking of that let fiat just stay and let it live with bitcoin as a digital payment, it will do all good.

[Akash1243]

Fiat are used all around the world mostly by everyone because they are easy and convenient to use for daily basis so removing all fiat would be next to impossible thing at least for decades or even more.Fiats are also unique to their nationality and its also shows their nations strength in economy by its value.Removing all fiat would benefit bitcoins as people would shift towards digital money and transactions as bitcoins is both a currency and a great investment people would buy more bitcoins.Well Sweden is well developed so I think that they can do it, but removing of fiat globally is not possible as would be some nations who aren't developed enough or would oppose this idea.

[Clavulanic]

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

In the near future if the world become fully digitalize maybe thats the time that the cash will extinct, the time that all people will no longer use a physical wallet only a single electronic chip planted on everyones body that carried all the information of that person. that is the time that cash will vanish.

[Pettuh4]

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

In the near future if the world become fully digitalize maybe thats the time that the cash will extinct, the time that all people will no longer use a physical wallet only a single electronic chip planted on everyones body that carried all the information of that person. that is the time that cash will vanish.

That is exactly what it is saying, if the cashless society is employed i guess there will be no money hovering around because it will cease to be a medium of physical exchange but digital with regards to sweden and maybe others will follow afterwards.

[i287853]

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.

That is very true, also I dont think fiat will be gone complete, people have always trusted and will always trust something they can hold on and something that is physical, that is why gold has always remained valuable, if something replaces fiat it will certainly not mean bitcoin since the government doesnt want people outside the government to be rich, they will use their own little dirty system, so speaking of that let fiat just stay and let it live with bitcoin as a digital payment, it will do all good.

in addition to that, the use and exchange of something physical in doing transactions has been around since god knows when. It would be really hard to remove the aspect of physical trade to the human consciousness.

[twthmoses]

Well the article is not fiction and the year sounds about right. The Nordic countries has been fast and continuously in adopting non-cash payments methods. I live in Denmark, and I don’t really use cash anymore, for anything.  I can go month without using, or even seeing paper. In fact getting rite of large amount of cash is becoming increasing hard. Bank simply does not take it anymore.
I use credit card, wireless credit cards and mobilpay. It is available anywhere, nationwide.

We have a “Denmark credit card”, called DANKORT. It was introduced in 1983. It has been fee-less for nearly all its life. About 10-12 years ago they tried to introduce fee on every transaction (the card has more than a billion a year), which resulted in a nationwide outcry. Transactions count fell 25% within days. The card is so integrated in Danish society that the cash supply was simply not there anymore to cope with the sudden change in payment method. The user revolted against the fee, retail complained loss of business and not enough cash and the government revokes the fee after only 6 days. The banks and retail split the bill instead. Knowing them well enough, the probably just pass it on to the user in another less in-the-face way.

[jiamileshuai]

If there are many countries follow to suit, it could be happen. Cash can be changed by credit cars or other that physical payment may be nothing. However, it is not in that easy. It needs a lot of effort to reach it. As we know, there are so many countries that still use manual work rather than digital such credit cards. 

[coinholic]

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

This is too ambitious. It's not likely for this to happen soon. The world's governments have invested so much in the production of paper money and I doubt they would allow any digital currency such as bitcoin to pave the way for its extinction.

[Ishika0207]

I think it's too ambitious,  this is not going to happen in coming 50 60years. Bitcoin is limited in market.
And replacing paper money can't be that easy.
Possibilities are that in the world of digital media,  May we depends more on credit cards but replacement of cash is hard to find.
Cash money is the basic root of any country's economy,  so eradication of cash us still sounds impossible.
But you never know what future has in its store for us.

[szpalata]

I think it's too ambitious,  this is not going to happen in coming 50 60years. Bitcoin is limited in market.
And replacing paper money can't be that easy.
Possibilities are that in the world of digital media,  May we depends more on credit cards but replacement of cash is hard to find.
Cash money is the basic root of any country's economy,  so eradication of cash us still sounds impossible.
But you never know what future has in its store for us.

That is true, I don't even see Bitcoin replacing tfiat currencies but the two can co exist and complement each other for a better financial future and so I can't phantom why cash will be extinct. The worst will be a cashless society with fiat on a card and not a physical paper or coin.

[pugman]

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

That's no use, let's just agree for a moment that Sweden does implement a cashless system, and here are the consequences: Sweden will require a lot of miners for mining purposes, the transaction fee will exist, taxes will paid for that, it will take days sometimes for verifying transactions. Unfortunately crypto is inferior to fiat in these aspects which is why it's not been implemented yet.