Does this mean Cash will be extinct?

[senne]

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 statement made by Sweden is a move towards the future. Not only Sweden, many governments are moving towards a virtual currency system. And one of the prominent reasons behind this move can be the rise of corruption. If state installs their personal virtual currency system then they can easily track transactions and loopholes in the system that occurred due to cash can be reduced. Moreover, virtual currency definitely have an upper hand but problems like internet coverage, accessibility to modern gadgets and much more create a barrier on the road of cashless society.

[Dodoymabs]

If this happen all people should know the basic of computer.It takes many more years to do that,maybe if that would be successful it would be the basis of other countries to follow that system.Well gudluck for them.

[macchiato]

This is a speculation. Risky because of more losses than gain. Paper money will always be the most convenient way of transaction for those who could not afford bitcoins. And phasing out paper money means economic rupture.

[BTCMILLIONAIRE]

If this happen all people should know the basic of computer.It takes many more years to do that,maybe if that would be successful it would be the basis of other countries to follow that system.Well gudluck for them.

It doesn't take many years to do that. Toddlers are literally growing up with super computers (smartphones) in their hands these days.

[BitcoinMarketer39]

Cash will never be extinct since everyone is exchanging bitcoins for fiat. A lot of people here in this forum are earning bitcoins to sustain their basic needs and the excess money will be saving to hold and expecting that in the next years the value of bitcoin will massively increase.

[Celsiuss]

I believe that's the way we're going. Norway wants to get rid of cash too by 2025. I think many countries will follow this approach, but this is not because of bitcoin, it's because of banks, debit cards and phone payments. People rarely use cash these days, at least in nordic countries cash is going away. Maybe not in other countries like the US, but here and in Asia cash is going away.

[BTCMILLIONAIRE]

Cash will never be extinct since everyone is exchanging bitcoins for fiat. A lot of people here in this forum are earning bitcoins to sustain their basic needs and the excess money will be saving to hold and expecting that in the next years the value of bitcoin will massively increase.

Fiat and cash are different things, so your argument doesn't hold for this question.

[macchiato]

I don't understand why this topic kept coming up. This is pure speculation. It is impossible fot FIAT money to be phased out and replaced by cryptocurrencies. The flow of economy will be disrupted if this happens and it will not only affect Sweden but the whole world. Electronic money can be used for transactions but it will never be the main medium of exchange. That is just too impossible.

[BTCMILLIONAIRE]

I don't understand why this topic kept coming up. This is pure speculation. It is impossible fot FIAT money to be phased out and replaced by cryptocurrencies. The flow of economy will be disrupted if this happens and it will not only affect Sweden but the whole world. Electronic money can be used for transactions but it will never be the main medium of exchange. That is just too impossible.

It's not impossible whatsoever. You're just biased towards fiat because you've known nothing else. But crypto would be enough to run an economy, perhaps even better than what we have now as a lot of middlemen would be cut out. Of course cryptos would have their own downsides, so it's not clear which option would be better until someone tries.

[Nissan-GTR]

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 think so, I don't see this world running without cash from different countries due to the fact that it may cause huge difficulties in each everyone of us. Cashis the only one to make ttransactions faster, and easier, given the fact that many successful transactions were done using cash cause this is reliable and secure unlike cheques nowadays it may turn out fake and several instances said that they have been victimized by scams through other way than cash.

[X7]

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 they will slowly phase out PHYSICAL cash - does not mean they will not have cash, it will just become digitized.

[andylowe]

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

For me it's kinda possible, as we can see in some futuristic movies, almost all transactions are being made digitally. We can never underestimate the power of technology. It is very gast upgrading year by year. So I would'nt be surprised then that by that time bitcoin's price will really soar up high due to high demand. We are lucky to know bitcoin this early.

[Choyor]

In my opinion, the abolition of cash is a bad idea that will only disrupt the economic system of a country. Because not all transactions can use crypto currency, and people can not fully access the digital money system (Bitcoin). There are many obstacles to migrating from fiat money to crypto money.

[choirunn]

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 it seems in the coming year will develop into all-digital including money in use is digital money, because it is more practical and more keep the age of the earth.

[bacardibacani]

If we were taking globally, then yes, but not in our lifetime.

Sweden is only one of the few countries that are already practicing a 'cashless society'. Scandinavian countries, are another. But, some parts of the world don't even practice a credit system.

Even most developed countries like America and Japan are still reliable to paper bills for their day-to-day transactions.

There is a possibility, and digital currency is helping create that vision. Cheers!

[twthmoses]

In my opinion, the abolition of cash is a bad idea that will only disrupt the economic system of a country. Because not all transactions can use crypto currency, and people can not fully access the digital money system (Bitcoin). There are many obstacles to migrating from fiat money to crypto money.

Certainly it’s difficult going from cash to crypto currency, and I see no crypto technology (as of now) capable of competing, even remotely, with the speed and ease of cash.  The article is also not about that. It’s about dropping physical cash, and using digital delivering of cash instead, namely credit card and Mobil pay (and net bank). All of these payment methods already (for years) have surpassed physical cash in volume in everyday usage in the Nordic countries.

[BTCMILLIONAIRE]

If we were taking globally, then yes, but not in our lifetime.

Sweden is only one of the few countries that are already practicing a 'cashless society'. Scandinavian countries, are another. But, some parts of the world don't even practice a credit system.

Even most developed countries like America and Japan are still reliable to paper bills for their day-to-day transactions.

There is a possibility, and digital currency is helping create that vision. Cheers!

Japan is one of the few developed countries that still uses cash extensively, which was quite a surprise for me the first time I went there. I even had to pay rent in cash at the bank and couldn't just wire transfer it... Wasn't exactly fun having to go to the bank or a convenience store every month just to pay bills.

[stomachgrowls]

If we were taking globally, then yes, but not in our lifetime.

Sweden is only one of the few countries that are already practicing a 'cashless society'. Scandinavian countries, are another. But, some parts of the world don't even practice a credit system.

Even most developed countries like America and Japan are still reliable to paper bills for their day-to-day transactions.

There is a possibility, and digital currency is helping create that vision. Cheers!

Japan is one of the few developed countries that still uses cash extensively, which was quite a surprise for me the first time I went there. I even had to pay rent in cash at the bank and couldn't just wire transfer it... Wasn't exactly fun having to go to the bank or a convenience store every month just to pay bills.

They did really legalize bitcoin but doesnt mean they are removing already their tradition fiat system.It would really still remain no matter what.They might already adopted it but cash wont really be extinct no matter what.How they would deal such thing if their currency would be converted to bitcoins? It would really be a complicated thing for sure.

[knobson]

In my opinion, the abolition of cash is a bad idea that will only disrupt the economic system of a country. Because not all transactions can use crypto currency, and people can not fully access the digital money system (Bitcoin). There are many obstacles to migrating from fiat money to crypto money.

Certainly it’s difficult going from cash to crypto currency, and I see no crypto technology (as of now) capable of competing, even remotely, with the speed and ease of cash.  The article is also not about that. It’s about dropping physical cash, and using digital delivering of cash instead, namely credit card and Mobil pay (and net bank). All of these payment methods already (for years) have surpassed physical cash in volume in everyday usage in the Nordic countries.

No cash or fiat money cannot become extinct at any cost.A large number of population in the world still uses cash in the day to day transactions.The only source of their earning is through cash only.Many people in the world still don't have accessibility to the internet and have not even heard about the cryptocurrencies,not even about bitcoin.Cryptocurrencies are not even legalised in many nations as they are not operated by a central bank and there are many cases of fraud.So in the developing and underdeveloped countries,government will only work with fiat money.All the international transactions are done only through cash or fiat money.Operating bitcoin needs knowledge and there is a large population which is illiterate.

[bitctrimor1]

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

First off, good read. However, I must say that it's a long shot. Extinction of cash, especially if its the primary means to purchase things all over the world even with the onset of using "plastic" or cards, or digital currencies like bitcoins. People are still more comfortable with using the traditional means and some would still think that it's reliability can't be compared to other means, which is why although bitcoins has been receiving good recognition in different countries, it would still take time before it can become a mainstream currency.