Does this mean Cash will be extinct?

[Kakawate]

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 thats a bit too early, there are still lots of countries who doesn't have internet connection, most of the third world countries are having a hard time connecting to their internet, because their connections are just too slow and unstable. Now I think in the 1st world countries, this idea may apply, but not to the whole world yet, the time will come, but I think its a bit too early by 2023.

[twthmoses]

I think thats a bit too early, there are still lots of countries who doesn't have internet connection, most of the third world countries are having a hard time connecting to their internet, because their connections are just too slow and unstable. Now I think in the 1st world countries, this idea may apply, but not to the whole world yet, the time will come, but I think its a bit too early by 2023.

I don’t 2023 is too early, one or another country has to begin. The society in the Nordic is already (and has been for 10 years) spiral in that direction. And just to be clear, the article is not talking about bitcoin (or any altcoin) but about a cash-less society of credit cards, wireless credit cards and Mobil pay.

[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.

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.

A significant amount of time does not need to be years, if electricity goes of for a week you will have a lot of problems, I do not remember the city, I think it was Quebec, had a solar flare and that made the electricity to go off for several hours, if that lasted longer people will begin to go hungry and in order to buy stuff they will need cash but without cash then things could get ugly very fast.

[Pixyoxx]

Not this fast. It takes time to bring the whole economy to cashless mode. Not all countries are ready for this right now. It make take little more time. But definitely more and more countries are moving towards cashless society.

[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.

A significant amount of time does not need to be years, if electricity goes of for a week you will have a lot of problems, I do not remember the city, I think it was Quebec, had a solar flare and that made the electricity to go off for several hours, if that lasted longer people will begin to go hungry and in order to buy stuff they will need cash but without cash then things could get ugly very fast.

Electricity doesn't go off for a week, a few hours at best. There are always backups - as long as there's no tornado or other major disaster, in which case money will be the least of your worries. But even then, smartphones would be enough to conduct transactions.

[Domenc]

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, every country is moving towards better future, fingerprint security, eye scanner and much more the security level is increasing day by day and it is definately possible that we move towards cashless society as we see in science fiction movies based upon future generations. We can clearly get an idea that someday as we said good bye to Coins we might also say good bye to 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

Yes, every country is moving towards better future, fingerprint security, eye scanner and much more the security level is increasing day by day and it is definately possible that we move towards cashless society as we see in science fiction movies based upon future generations. We can clearly get an idea that someday as we said good bye to Coins we might also say good bye to cash.

There's also a technology that can identify a person by measuring their brain waves. Someday they want to use those brainwaves as a password instead of retina or fingerprints.

[BTCMILLIONAIRE]

Sweden is only one country of over hundred and it's difficult to conclude what other countries will do. We never had the situation without cash and I think that people will start to use other things as cash like silver coins. In addition, more people will surely start to use crypto currencies more intensively and then we have to see what the reation of the fiat money governments will be.

Reverting back to precious metals would be backwards and take too much effort and resources. There probably isn't enough silver and gold around to even be able to trade it efficiently either for every day applications.

[bitcoinmaniac52]

Cash could become extinct as a result of cryptocurrency, but in reality it would still take a century to eliminate all of the cash from the globe, especially in developing countries.

[Vritesh]

All the countries are trying to be cashless but eliminating cash totally is not a simple task .If somehow it is possible then it will take number of years.People are using cash from years and it will be difficult for them to use a new currency for there transactions.

[BTCMILLIONAIRE]

All the countries are trying to be cashless but eliminating cash totally is not a simple task .If somehow it is possible then it will take number of years.People are using cash from years and it will be difficult for them to use a new currency for there transactions.

It won't be difficult at all. People are already using cards and phones for payments all over the world. It's just a matter of one country making the first move and the rest following suit. One or two generations of people used to cashless payments and cash will be a thing of the past.

[bitgov]

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.

The whole process would have to be postponed until 2050/2060, so people who do not use computers and technology would be a small percentage of whole world.

[smith136]

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.

exactly my thoughts regarding on removing paper money on circulation by replacing it by electronic payments. not everybody are literate to understand all these form of payments specially in rural areas where the ends of technology does not fully reach. I agree as well on poor people might not be able to buy devices that can be use for such payment on transactions and besides using electronic payment imposes greater transaction fees compared to payment using fiat which usually no transaction fees, removing paper money could be disastrous for ones economy because they represent the legal tender of a specific country which regulation are imposes and there will be no stable currency if that would happen.

[Kimi80]

That`s the idea. My friend lived in Sweden for a while and told me that story. Even today when you are paying with cash in Sweden they look at you strangely, like who,what,why is this man not using a card, where did he get the cash... The reason as they say is to exterminate grey economy and work on black market. Route of money flow must be known.
It will needed more time for other countries to implement same project but eventually it will be our reality.

[twthmoses]

That`s the idea. My friend lived in Sweden for a while and told me that story. Even today when you are paying with cash in Sweden they look at you strangely, like who,what,why is this man not using a card, where did he get the cash... The reason as they say is to exterminate grey economy and work on black market. Route of money flow must be known.
It will needed more time for other countries to implement same project but eventually it will be our reality.

It’s exactly how it is. While maybe not looking weird at you for using cash, it is becoming increase un-normal not to use credit card or Mobil pay. In fact you can hear the “suuuk” down the line, when some old lady picks out her cash to pay for her stuff, cause it just so slow.

[Don Pedro Dinero]

Sweden is the NWO country par excellence. Even beggars use card terminals to collect alms:

http://www.independent.co.uk/news/world/europe/stockholm-homeless-accept-credit-cards-as-cash-king-no-more-8910867.html

There are other countries that could have gone faster that way and haven’t gone. The most important one in Europe is Germany:

https://www.german-way.com/germanys-cash-culture-geld-stinkt-nicht/

In other countries cash use is decreasing while electronic payments are increasing but at a slow pace. So, I think it will take a while until cash gets extinct because we shouldn’t extrapolate how things will go basing our reasoning on what the most anti-cash country does. And when cash disappears, we will still have bitcoin (or another crypto).

[BTCMILLIONAIRE]

Sweden is the NWO country par excellence. Even beggars use card terminals to collect alms:

http://www.independent.co.uk/news/world/europe/stockholm-homeless-accept-credit-cards-as-cash-king-no-more-8910867.html

There are other countries that could have gone faster that way and haven’t gone. The most important one in Europe is Germany:

https://www.german-way.com/germanys-cash-culture-geld-stinkt-nicht/

In other countries cash use is decreasing while electronic payments are increasing but at a slow pace. So, I think it will take a while until cash gets extinct because we shouldn’t extrapolate how things will go basing our reasoning on what the most anti-cash country does. And when cash disappears, we will still have bitcoin (or another crypto).

Lmao, this is the first time I've read about homeless accepting credit cards. The world sure is changing very fast.

[KuromaYoichi]

Sweden is the NWO country par excellence. Even beggars use card terminals to collect alms:

http://www.independent.co.uk/news/world/europe/stockholm-homeless-accept-credit-cards-as-cash-king-no-more-8910867.html

There are other countries that could have gone faster that way and haven’t gone. The most important one in Europe is Germany:

https://www.german-way.com/germanys-cash-culture-geld-stinkt-nicht/

In other countries cash use is decreasing while electronic payments are increasing but at a slow pace. So, I think it will take a while until cash gets extinct because we shouldn’t extrapolate how things will go basing our reasoning on what the most anti-cash country does. And when cash disappears, we will still have bitcoin (or another crypto).

What the .... I don't even know there are beggars who accept card right now lol, no wonder they want to stop using cash by 2023. I think other country will see how it works first and they will follow it once it's confirmed to be successful at sweden. At least i know this thing won't happen in my country in the next 10 years.

[Fireblade]

Not this fast. It takes time to bring the whole economy to cashless mode. Not all countries are ready for this right now. It make take little more time. But definitely more and more countries are moving towards cashless society.

I do not think that it can be possible even in next few decades, In fact it is not so easy that everyone can become so much educated to know about computer and internet. Even if they will learn about computer and internet, they will not be ready to give up using cash because i do not think that they can get the facilities  to use bitcoin for anything for which they use fiat. I think it will surely take more than half a century, because changing a system is not such an easy job.

[XCANA]

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 don't believe cash can be totally extinct as a result of the advent of crypto currency or cashless society policy by different government. From what I see coming in the future cash usage can only be reduce to some extent and not to the level of extinct completely from the existence.