Does this mean Cash will be extinct?

[Sled]

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.

If a country will depend on cryptocurrencies then it is not possible to make it last long because the cryptocurrencies are not applicable for long term uses or for frequently uses rather, because it is just for alternative and they are created for their own project or vision and not to become a replacement for the fiat or money that a country has.

[malikusama]

Although this will effect economy negatively but the truth is we are moving toward the cashless society.
For the developed countries it is somehow possible to implement this money shift from fiat to digital in about less than 10 years but for the underdeveloped countries it isn't possible even for the next 20 years. Because still there are many countries which are suffering from major issues like poverty, water shortage and other basic needs, so they will need to solve their major issues first.

[Ilegendph]

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.

I also think its true. As we can see now, payment thru cards are slower, an example of this is in grocery store, people who pays with credit card takes longer in cashier rather than those who pay in cash. Also, not all countries are rich that they can accommodate that kind of action, because Im sure that it would be costly.

[yndye]

For a developed country it would be easier to shift to a cashless society because given that they already have an advances technology and almost if not all people are already involved in the digital scene. For those people living in the developing countries then it would take a long time because they have much more problems than focusing on shifting to digital transactions. Many people don't even have a mobile phone so it would be hard to transact digitally.

[el kaka22]

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 guess we can not say money will extincted in near future. But it may be use less while mobile apps or online payment systems including bitcoin and altcoins increase. For now I don't use so much cash too. In the future this situation may rise.

This may apparently be what would happen, most especially as some generations keep fading off leaving the digital aged generation who totally depends on making all transactions online. Yet, this would stick take some decade before we can really start seeing something like this and I honestly do not see how that won't be a huge difficulty for some of the masses now if implemented in some countries or even most countries globally.

Nevertheless, we cannot really know yet until some start it and they are used as case studies but for now all fingers are crossed.

[tbterryboy]

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.

I agree with you, it will cause harm if cash is remove. Cash will never extinct even though electronic currency are spreading and many people are using it.  Eliminating cash will do harm on other because there still services that needed to paid by cash. And just in case if people lost their private key or anything that have access to their wallets, they money will be useless.

If paper money vanishes now, the troubles that will be caused are very obvious but if we talk about 20 to 30 years from now, I think cash won't exist or maybe only few people will have cash just for the sake of collection. Maybe we will have museums for them also like now our ancient human coins are kept safe. Some people may think I am out of my mind but this is the truth. Digital currencies are the future.

[beerlover]

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 cash is impossible to be extinct because not all people know digital currency so they will not be able to cope up with that. Maybe some people in some countries like Sweden can do that but not all. But lets be open for all the possibilities. Also, no one knows what will happen in the future so lets wait and see.

Just the kind of thing I was expecting someone to say. You see, most of us don’t really understand what Bitcoin is all about, cause they lack understanding.

Bitcoin wasn’t made to replace cash, and mind you, no community can live without cash; people will always need physical form of money they could rely on, whether it’s dollars, stones, gold, silver or whatever. So saying cash will be extinct is absolute foolishness. They’ve been around in the beginning and will always remain.

[Duogembrot]

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

yes I think that is a good move because in the future all digital, if cash money or paper money is still circulating, the trees and forest populations will decrease because the paper is made of wood. if still using paper it will make the earth barren and drought.

[esatceza]

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 time, they will stop providing services as well as payment methods by cash. It is a big step and risky, people are not familiar with the payment by card or telephone while the payment by cash will be much easier. But this is a good opportunity for digital money to show up and grow. So, I always support Bitcoin preference policies

[Ejanend]

Slowly but surely cash will be extinct, this is because all users increasingly feel that the cash problem is too complicated to make cryptocurrency the best solution.

Yes the value of the bitcoin is now more than the cash and the other currencies so hold he btiocin and have fun with it, the value of the crypto currency is more than this, it is good to invest the money in the bitcoin and have the bright future, he price of the bitcoins is increasing more and more so I love the bitcoin and value of the bitcoins is increasing buying more will give you more than this.

[White Christmas]

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 cash or fiat money will never be extinct or its impossible to happen. It is because not all people in the world knows digital currency and they dont have any idea what is it and how it works. So that, cash will still be available for those people who dont know digital currency in order for them to sustain their daily needs.

[merchantofzeny]

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.

Though I don't really have any ideological preference, yes, the Nordics have went full left mode already. I remember reading an article where Sweden sort of INVENTED a gender neutral pronoun and encourages people use that and ditch their his and hers.

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.

Not sure about that, of course the government would prefer their own cryptocurrency. Governments are still OK with bitcoin right now since they see that it increases overall value for the state (sending remittances, people holding and then selling bitcoins, etc). If they'll have their way though, they prefer every transaction done only using their fiat.

[Shutup]

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

Maybe that would be happen in the future if people learn and choose no to cash.Because bitcoin is more easy to use in any transacting payable bills be made by electronics.And having one currency is good for every people in each country to have quick result of all we can do through bitcoin only.We dont need to go to money changer but only to use bitcoin.This is for the high technology to all over the world.That everybody will live in a cashless society.

[kimochidesh]

To change the habit from cash to digital money would not be an easy task. There is always a challenge to teach about BTC or Fiat digital currency to illiterate persons or blind or poor who don't know how to use smartphone and internet. Being totally cashless is not possible in near future.

[starwarstar]

Cash will probably remain for the next two decades at least, but by then, things might have changed a lot to a point where we can't visualize right now.

[Eclipse26]

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

Its impossible for the cash to be extinct because not all people can use digital currency especially poor people. Cash is still needed in order for them to have money to spend for their daily needs. Maybe some of the countries that can cope up with this kind of change that can happen in their country.

[Lpim01]

Cash will probably remain for the next two decades at least, but by then, things might have changed a lot to a point where we can't visualize right now.

You right mate, and don't think that Fiat will become extinct in the future. Yes, we accept the things that changes may happen in the coming days but I don't feel of losing fiat value in the market. Bitcoins popularity is not the reason of losing but it depends in the numbers of people are currently using it.

[RongNumber]

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 lived in Gothenburg for 10 months and this does not shock me

[ThunderCatSteve]

Slowly but surely cash will be extinct, this is because all users increasingly feel that the cash problem is too complicated to make cryptocurrency the best solution.

Slowly but surely is just the perfect term for it.
I do not even see it as something that should be imposed by any government, we will just see a time that cash would not really be much in circulation once everyone starts preferring going cashless.

At this stage though, in most countries, cash is still in demand most especially for countries with low infrastructure and a very good percentage of the country do not even have a clue on how going cashless can really be like.

[ipanks]

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

Its impossible for the cash to be extinct because not all people can use digital currency especially poor people. Cash is still needed in order for them to have money to spend for their daily needs. Maybe some of the countries that can cope up with this kind of change that can happen in their country.

it is possible cash to be extinct when government wants to make paper money needed high fee because the paper source is limited and one day can be extinct and it will cause paper money production will disturb and could make inflation or something like that. but i think the government will search for another solution to prevent this so the economy is not disturb.