Does this mean Cash will be extinct?

[BunnyShibe]

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, its gonna be hard to stop using cash especially in a world where we use money everyday for such a long time. I think its gonna be really cool and convenient if we are gonna use cryptocurrencies to every transactions that we do, but I think replacing cash or paper money is gonna take along way before actually happening.

I think cash and bitcoin will go together for a long long time. It is depending on the interest and usage of the people, if all the people of the world will stop using fiat and will give more preference to bitcoin then we can expect that fiat will extinct, but it do not seems so easy, because not all the people of the world so much educated to know about computer and internet and therefore it is not so easy for them to use bitcoin. Therefore we can say that it will take a lot of time and it is not so easy as it look like.

[yanlap]

There are tons of other countries aside from Sweden who are adopting to digital money, and bit by bit reducing the use physical money, we all know we're entering the technological era so I'm not really surprise if money will cease to exist, but i believe it will take time for us to have cashless society, after all it's not that easy.

Yes it is truer it is the time to get in the bitcoin and the digital world will be the best source for the other countries for the people to get the bitcoin and to be the best person of the country, in my country the popularity of the bitcoin is increasing day by day and it is the time to have the future with it, I am sure in the future bitcoin will be 2nd source of the income for the thousands of the people.

[HalfDeck]

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, its gonna be hard to stop using cash especially in a world where we use money everyday for such a long time. I think its gonna be really cool and convenient if we are gonna use cryptocurrencies to every transactions that we do, but I think replacing cash or paper money is gonna take along way before actually happening.

I think cash and bitcoin will go together for a long long time. It is depending on the interest and usage of the people, if all the people of the world will stop using fiat and will give more preference to bitcoin then we can expect that fiat will extinct, but it do not seems so easy, because not all the people of the world so much educated to know about computer and internet and therefore it is not so easy for them to use bitcoin. Therefore we can say that it will take a lot of time and it is not so easy as it look like.

You are right, there are not much people know Bitcoin and have enough knowledge to using it. In poor countries, the poor have not opportinity to using Bitcoin though they know it, because the value of Bitcoin is higher than their salary very much.

[Sanugarid]

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 I dont think so. Cash will not somehow extinct because we all know that this bitcoin is not somehow so strong to replace the cash in our economy. We can say that bitcoin can be somehow become more popular but not in terms of having it as our major currency to be used and replaced cash.

[adzino]

We might stop using cash but not now. Maybe after decades. Chances of cash going extinct soon are very low. There are still under developed countries where technology hasn't been advanced yet and has no idea how the internet and modern networking works. So yeah, we might see extinction but not now.

[BitPlace]

We might stop using cash but not now. Maybe after decades. Chances of cash going extinct soon are very low. There are still under developed countries where technology hasn't been advanced yet and has no idea how the internet and modern networking works. So yeah, we might see extinction but not now.

Exactly! If it will happen, it's surely take for a long time because not all the countries are advance in technology the same as the countries that are so high in technology.

[shadowdio]

well if all countries are on technologies there is possibility that all people are now using virtual currencies, and it is possible people are do not use cash anymore, maybe it will happen in 2100.

[BTCMILLIONAIRE]

well if all countries are on technologies there is possibility that all people are now using virtual currencies, and it is possible people are do not use cash anymore, maybe it will happen in 2100.

Will happen much earlier for the leading countries. Globally 2100 could be more reasonable.

[FLoving]

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.

We have to wait for some more time in order to see what will happen. At present, there is absolutely no doubt in this thing that bitcoin and all other crypto currencies are getting more fame with each passing day. But you can’t deny the fact that paper money has its own importance and there is no way that we can underestimate the importance of paper money. Cash will remain in this world.

Fiat and paper money are different things. Paper money is garbage, annoying to use, and wastes a tremendous amount of resources for nothing. Fiat can stay for all I care, but cash needs to go.

Paper money is garbage only for those who are living in developed countries or are from the elite class of poor countries. You need not to be that much selfish, think about those who don’t even know how to read and write. For them the only method of dealing in money with others is paper money. Paper money needs to stay in world unless and until there is illiteracy and poverty.

[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.

We have to wait for some more time in order to see what will happen. At present, there is absolutely no doubt in this thing that bitcoin and all other crypto currencies are getting more fame with each passing day. But you can’t deny the fact that paper money has its own importance and there is no way that we can underestimate the importance of paper money. Cash will remain in this world.

Fiat and paper money are different things. Paper money is garbage, annoying to use, and wastes a tremendous amount of resources for nothing. Fiat can stay for all I care, but cash needs to go.

Paper money is garbage only for those who are living in developed countries or are from the elite class of poor countries. You need not to be that much selfish, think about those who don’t even know how to read and write. For them the only method of dealing in money with others is paper money. Paper money needs to stay in world unless and until there is illiteracy and poverty.

Smartphones are easier to use and make the illiterate less prone to being ripped off by some guy who returns wrong amounts of change. And these days even people in warzones have smartphones.

[SushiMonster]

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.

I agree with this, that's why up to this day, even though I'm using the convenience of using digital currency for transactions and everything. I don't support the idea of eliminating the paper fiat and switch to digital currency. In our country, we buy our goods thru public market and small scale vendors. I don't think it's acceptable to them to be paid thru electronic cash. Maybe mall and large companies can comprehend but this will damage the average people earning good money.

[portotoi]

Maybe this could happen, but for me i think if this cash will extinct, more bad elements will surely grab the chance to use fraud online payments during every transactions. It can be also a security from hold-ups, theft and robbery.

[Sled]

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.

We have to wait for some more time in order to see what will happen. At present, there is absolutely no doubt in this thing that bitcoin and all other crypto currencies are getting more fame with each passing day. But you can’t deny the fact that paper money has its own importance and there is no way that we can underestimate the importance of paper money. Cash will remain in this world.

Fiat and paper money are different things. Paper money is garbage, annoying to use, and wastes a tremendous amount of resources for nothing. Fiat can stay for all I care, but cash needs to go.

Paper money is garbage only for those who are living in developed countries or are from the elite class of poor countries. You need not to be that much selfish, think about those who don’t even know how to read and write. For them the only method of dealing in money with others is paper money. Paper money needs to stay in world unless and until there is illiteracy and poverty.

Smartphones are easier to use and make the illiterate less prone to being ripped off by some guy who returns wrong amounts of change. And these days even people in warzones have smartphones.

Smartphones are indeed easier to use but it doesn't mean that the cash should be extinct and the digital currencies will be tolerated. Smartphones can be an option in making a payment system because we still need the cash in our real world because we all know that because of it, we have an instant transaction without confirmation and without paying fees like we used to digital currencies.

[Eternu]

Cash is slowly dying, it started with wide using of pay cards. Same thing could happen again, just in this case instead of pay cards it will be Bitcoin. Future of money is some kind of electronic currency, that is for sure. Bitcoin have the potential for that. But will it be? No one can know for sure, all we can do is wait and see.

[Kiweikoo]

MAybe yes or maybe no it is kinda difficult to say whether cash can go extinct or not, but as Sweden taking a step towards it kinda hints of low usage of cash and not cash going extinct. Many nations still use cash as a major form of currency. So what I think is that the usage of cash will be lowered down and not cash going extinct.

Oh nice! What would they use then, stones? Very good. But know this– that Sweden is going crazy doesn’t mean the whole world would go crazy alongside, everyone has their own interests and if they choose that path, it’s completely their own business.

If they make their country one with no cash then tell me how would you pay for physical jobs? How would you tip beggers on the street? How would you tip that waiter that does a very good everyday at that your favorite restaurant? Just tell me…. I don’t. Need to go further.

[Kadal Ijo]

I do not think cash will never disappear because cash transactions are still in demand, not everyone can use bitcoin because bitcoin transactions require internet, so if there is no internet then bitcoin can not be used.

[naidray]

to face out all fiat money on one country is not necessary, how about those anyone or anybody that who cant afford to buy gadgets and provide a internet connection, how do they live. i mean how do they make transaction on the physical market to buy or sell goods just to live? this idea is non sense. fiat money is important too and i think more country not to follow if that happens.

I agree to that, especially here in our country, many of our countrymen are experiencing poverty, they can't even have their own houses, clothes and food for every day living, how much more if they phase out all the paper money and turn it into internet currency, what will happen to them, even their money that they got from begging on the street will be useless.

That would be like murdering them and I am sure they will definitely come back to retaliate on you guys that pushed the paper currency out … Jokes apart, the truth is that this cannot even work. Not now, not in the next few years and I cannot say whether in future or not, but not this generation.

Some of these guys are less privileged and cannot even afford a smart phone, let alone know how to use one, have access to internet and then go cashless.

[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.

We have to wait for some more time in order to see what will happen. At present, there is absolutely no doubt in this thing that bitcoin and all other crypto currencies are getting more fame with each passing day. But you can’t deny the fact that paper money has its own importance and there is no way that we can underestimate the importance of paper money. Cash will remain in this world.

Fiat and paper money are different things. Paper money is garbage, annoying to use, and wastes a tremendous amount of resources for nothing. Fiat can stay for all I care, but cash needs to go.

Paper money is garbage only for those who are living in developed countries or are from the elite class of poor countries. You need not to be that much selfish, think about those who don’t even know how to read and write. For them the only method of dealing in money with others is paper money. Paper money needs to stay in world unless and until there is illiteracy and poverty.

Smartphones are easier to use and make the illiterate less prone to being ripped off by some guy who returns wrong amounts of change. And these days even people in warzones have smartphones.

Smartphones are indeed easier to use but it doesn't mean that the cash should be extinct and the digital currencies will be tolerated. Smartphones can be an option in making a payment system because we still need the cash in our real world because we all know that because of it, we have an instant transaction without confirmation and without paying fees like we used to digital currencies.

You will still pay fees, even if only cash is used. Because cash can be stolen and that'll add to the cost of the shop over time, which it will lay off to the customer by increasing prices. Furthermore, you have to actually print and mint cash, so that creates even more indirect costs. There's no redeeming factor to cash in a technology evolved society other than perhaps some sentimental value.

[richminded]

I do not think cash will never disappear because cash transactions are still in demand, not everyone can use bitcoin because bitcoin transactions require internet, so if there is no internet then bitcoin can not be used.

Cash can't replace by any cryptocurrency, first government will not allow that to happen specially on a third world country who just run their country by the taxpayers. Bitcoin is really good on multiplying you fiat money and i think this will become our great source of money. Cash is everything to all of us and more convenient that bitcoin, but we should accept the fact that new technologies will help us move forward.

[Dreamchaser21]

Not of course even bitcoin soar higher in the coming years I am still sure that cash will still exist simply because government will not let this things happen they will surely prevent this. Bitcoin is really powerful but never to replace cash because not all places in all country know what bitcoin is, and cash is really acceptable by everyone.