Does this mean Cash will be extinct?

[man1996]

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 it will probably goes into a digital chaos on the internet if this will imply on any country also hackers will be more active than other time because they want to test their skills and more cybercrimes and attack will be more than ever . This idea will probbaly an absurd one because how they will build the securing and safe measures out of it.

The technology for digital currency is no match for the ease and speed of cash. We need completely different thinking of the technology if digital currency should rival cash.

The article is not about changing to digital currency, it’s about changing to digital delivering method of paper money, namely credit cards and Mobil pay. This will happen within a few years in all Nordic countries and has already been underway for 10+ years.

Bitcoin is not  just a replacement for cash but it is also a great revolution in the economy transfer system as it will change the thinking of people who use it about paying and earning money. Bitcoin payment  methods can be more fast and convenient  and also secure than a cash payment mods as it is a digital currency it has many plus points over the real cash which we use.

I will be difficult to change whole system and only use digital currency it is mostly impossible i think but bitcoin can be used as an alternative to this some times

It would really be difficult to change the whole system and for cash to go extinct then definitely some generations would apparently have to go extinct as well. Cash would still be used and bitcoin would be just another form of payment and that is how we will have it.

No government would want to give that up at least not anytime soon and probably later when there is less need for cash or no need at all, we may start seeing more focus by governments on adopting the blockchain technology the more.

No cash cannot become extinct at any cost.People still use cash or fiat money rather than cryptocurrencies.Many people in the world still have not heard about the cryptocurrencies.Many still do not have accessibilty to the internet and also do not have any basic knowledge about the internet and digital money.They use cash for day to day transactions.So cash cannot vanish from the world.

[mtemakuni]

As said elsewhere, I'm sure that cash will be banned by most countries in a very short period. I guess that the forecasts made by Swede dealers are right, and I suppose that in other northern countries it won't take much longer than 18 years. I'd just like to point out that I believe the robbery thing to be a cheap excuse. I believe the central point to be total control on cash flows, be it for noble reasons (as might be reducing taxes dodging or detecting illegal activities) or very less noble (squeezing our pockets for bank services, allowing total seizure on your wealth and the very like).

[Freddie Aguiluz]

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, it is not impossible, if we have the same currency, then there will be no poor country, transactions will be easy and even those who are in poverty line level of citizen then can participate on transactions too, there will be no discrimination on life status,

[tumokatok]

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

it takes a long time to get rid of cash and the process is also not easy, it must be supported by human resources and good banking technology, however cash payment will not be extinct, maybe cash payment can be another alternative if the digital connection is disconnected

[KingdomHearts]

Cash will always exist cause people will need physical currency to transact or pay their bills and also digital currency can only be used if you have internet or a device that can connect to the internet were some countries doesn't have access to the internet or does not have those devices. It would be highly possible for this countries to create their own crypto currency but they could not relinquish as payment.

What you saying here is true somehow but the purpose of cash is because every single thing is cash needed right now. From small thing to huge thing need some cash unless some of them are going to trade with coin may be it is depends on both side. But overall there is no way that we cash can be extinct since bitcoin will turn out to be some cash in the end. If there is no cash, how can bitcoin even worth?

It is really needed. It might not really be needed for some but looking at the global population of those who may pretty much not need cash, it is not much. Yes, I have held cash in my wallet for a long time without spending and I have relied more on using cards and all, but simply put, some people even very rich ones, still do not like technology.

So, we might still have to deal with it for now. I for one still want cash in existence even if I do not use it much, but it is physical and it just comes in handy sometimes.

[kylekyle2000]

Despite of the growing fame of bitcoin and other cryptocurrencies, I truly believe that cash or physical money will not cease to exist and will still coexist as it has been used by our civilization for a very long time. We are still dependent to it and there are still a huge fraction of the world's population who still doesn't have access to virtual money so I think that completely phasing it out may take some time.

[tobs]

Cash will always exist cause people will need physical currency to transact or pay their bills and also digital currency can only be used if you have internet or a device that can connect to the internet were some countries doesn't have access to the internet or does not have those devices. It would be highly possible for this countries to create their own crypto currency but they could not relinquish as payment.

What you saying here is true somehow but the purpose of cash is because every single thing is cash needed right now. From small thing to huge thing need some cash unless some of them are going to trade with coin may be it is depends on both side. But overall there is no way that we cash can be extinct since bitcoin will turn out to be some cash in the end. If there is no cash, how can bitcoin even worth?

It is really needed. It might not really be needed for some but looking at the global population of those who may pretty much not need cash, it is not much. Yes, I have held cash in my wallet for a long time without spending and I have relied more on using cards and all, but simply put, some people even very rich ones, still do not like technology.

So, we might still have to deal with it for now. I for one still want cash in existence even if I do not use it much, but it is physical and it just comes in handy sometimes.

It's hard to change the habits especially of the older generation, but within these next 5-10 or so years there will be a new huge wave of young adults that have basically been raised with the technology. And when talking about cash going extinct, it's not yet about going full on bitcoin, but rather using the fiat by cards or even smartphone payments. The next generation will be the people that pay for a bottle of water with their card. I think, that's rather convenient as you don't need to carry anything else, however I'm not sure about the pros in the long term, when people talk about it being more economical. We need to compare the price of printing and distributing the money vs the whole technological, software and hardware background that needs to be developed.

[Jonsnowstark]

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 it will in the long run. But when you think about it, the reason why digital money is made by mr. Satoshi is because he wants to liberate us from use of fiat currency controlled by a centralized authority. So come to think of it, maybe his main goal will be materialized afterall. But before we get there, we will go through a lot of difficulties and resistance.

[deppil]

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.

i also dont think that bitcoin will not be possible to replace cash someday, although bitcoin will become popular in the future but cash is a currency that will be more ancient because of the changing times, the times will change everything from being physically to digital, and I'm sure that digital will take over the main currency (not mean bitcoin) and cash will be extinct

[bakul idu]

cash is the identity of a country, so in my opinion, eliminate the cash means eliminating one of the identity of the country.

[SkyFlakes]

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 will never make our world better, a cashless society is not an ideal thing when people are not all agree in uaing bitcoin for their entire life some of us will prefer having cash for transactions cause probably this is a way better than opening a gadget to pay for something, speaking of gadgets we cannot say bitcoin will make us more successful without a cash simply because how about the people who cannot afford buying gadgets are they going to live under our toes? We should consider every levels of our society.

[Hoganye]

Cash will always exist cause people will need physical currency to transact or pay their bills and also digital currency can only be used if you have internet or a device that can connect to the internet were some countries doesn't have access to the internet or does not have those devices. It would be highly possible for this countries to create their own crypto currency but they could not relinquish as payment.

What you saying here is true somehow but the purpose of cash is because every single thing is cash needed right now. From small thing to huge thing need some cash unless some of them are going to trade with coin may be it is depends on both side. But overall there is no way that we cash can be extinct since bitcoin will turn out to be some cash in the end. If there is no cash, how can bitcoin even worth?

It is really needed. It might not really be needed for some but looking at the global population of those who may pretty much not need cash, it is not much. Yes, I have held cash in my wallet for a long time without spending and I have relied more on using cards and all, but simply put, some people even very rich ones, still do not like technology.

So, we might still have to deal with it for now. I for one still want cash in existence even if I do not use it much, but it is physical and it just comes in handy sometimes.

FIAT has become so popular, we can not change all the opition of all people in a short time. Like Gold and FIAT, we have created many revolutions to changed the asset system of the feudal period. Finally, nowadays, no one uses Gold for payment

[twthmoses]

cash is the identity of a country, so in my opinion, eliminate the cash means eliminating one of the identity of the country.

Might be true when eliminating cash altogether, but I don’t believe so. Many countries in the euro-zone has abandoned their former national currency and change to the Euro. Some problem free, some not so. But their national identity has not disappeared.

[Harlot]

Obviously cash will be extinct if other countries will follow, they will only have value for collectors and museums. But for the possibility of that happening I don't think so relying fully on technology for payment in the future might not be best for all of us, I mean not all people are technically inclined to use gadgets let alone make our legal tender virtually exist. It would take years before people will fully adapt to the new system as many people will still prefer the use of Fiat currency.

[Naughty Princess]

this is just bullshit, bitcoin is a digital currency, and paper money is the currency that is always used for the exchange of tools that is recognized throughout the world. besides bitcoin will not do any good if it can not be exchanged for paper money.

Right. Cash will not be extinct because digital money exist. It will be hard to anyone to adjust with the use of bitcoin. Not all enterprises specially small enterprises will accept this as a payment when a person buy a good that you have to pay for a small amount unless all product will increase the price. Beside to that the government for sure will not accept that manner because being decentralized of bitcoin, it does not need to pay any taxes.

[chip1994]

this is just bullshit, bitcoin is a digital currency, and paper money is the currency that is always used for the exchange of tools that is recognized throughout the world. besides bitcoin will not do any good if it can not be exchanged for paper money.

Right. Cash will not be extinct because digital money exist. It will be hard to anyone to adjust with the use of bitcoin. Not all enterprises specially small enterprises will accept this as a payment when a person buy a good that you have to pay for a small amount unless all product will increase the price. Beside to that the government for sure will not accept that manner because being decentralized of bitcoin, it does not need to pay any taxes.

Instead of all product will increase the price, I think the Bitcoin system become a free system and we will not need to spend anything for our transaction. Sometimes, I think why do we not create a PoS system instead of PoW system for Bitcoin? It will create a really decentralization network.

[CryptoGeneral]

Nope, I don't think so. There is still a large use for cash. Just imagine you live in a country with a poor or no internet connection. How to transfer your fancy crypto corn there?

[Lynchfondu]

I, like many others on this thread, believe paper/plastic cash will remain.

The only reason why the Nordic countries could potentially eliminate cash is due to the fact that they are social democratic countries, and have minimal poverty rates. But could you imagine eliminating cash in the US? How would the droves of homeless and impoverished people pay for anything? They certainly can't get credit cards or debit carbs, because they either don't qualify or can't afford the fees. There has to be a very very stable socioeconomic environment for the elimination of cash, 100%.

[adzino]

Obviously cash will be extinct if other countries will follow, they will only have value for collectors and museums. But for the possibility of that happening I don't think so relying fully on technology for payment in the future might not be best for all of us, I mean not all people are technically inclined to use gadgets let alone make our legal tender virtually exist. It would take years before people will fully adapt to the new system as many people will still prefer the use of Fiat currency.

Not really. First thing, you should be thinking how imbalance everything would be. Underdeveloped countries who are not advanced with technologies would not be able to cope with international countries, thus causing more problems to them. Secondly, even if people do know how to use the technology, there will always be trust issues. Anything stored digitally can somehow be hacked through or cause disruptions. So people would still prefer fiat over digital money.

[BTCMILLIONAIRE]

Obviously cash will be extinct if other countries will follow, they will only have value for collectors and museums. But for the possibility of that happening I don't think so relying fully on technology for payment in the future might not be best for all of us, I mean not all people are technically inclined to use gadgets let alone make our legal tender virtually exist. It would take years before people will fully adapt to the new system as many people will still prefer the use of Fiat currency.

Not really. First thing, you should be thinking how imbalance everything would be. Underdeveloped countries who are not advanced with technologies would not be able to cope with international countries, thus causing more problems to them. Secondly, even if people do know how to use the technology, there will always be trust issues. Anything stored digitally can somehow be hacked through or cause disruptions. So people would still prefer fiat over digital money.

Banks "store" everything digitally. And physical items are subject to theft and corrosion, so your argument doesn't really hold. It's also far simpler to swipe a card or smartphone than to use real cash for transactions.

The only bottleneck is a lack of technological progress in some developing countries, but that doesn't take very long and most people already have smartphones there.

And internet is going to be beamed to the entire planet within a couple of years by Alphabet and Facebook, who want to reach the billions of unconnected people to increase their ad revenue and influence.