Does this mean Cash will be extinct?

[SirLancelot]

I think no, because removing real money is not a good idea. Most of the services need a paper money, it will do harm more than good

Actually you can’t just give a no or yes for this question. Reason is, there are different aspects and we have to cater everything when we are answering go a yes or no. cashless society can be profitable and it can be harmful. Depends on the item and country in which it is happening. But there will be a time, may be after a century, but it comes when cashless society can be seen.

[zmkriel]

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 so agreed with what you said. not all people all over the world can afford the needs of bitcoins transactions and can't even afford the price of bitcoins itself. bitcoins may be the choice by the majority soon but the existence of fiat will remain.

[RajaJudi]

It depends on some countries that choose not to use cash anymore it maybe of limited use and may switch to other currencies like Bitcoin. But I do not think cash will go extinct, because this useful for people who often transact directly without worried about get scam.

I think that cash will be extinct. There are many reasons to believe in this theory. AS you can see, the world is getting more and more developed and everything we are working with are based on the cyber network. Paper money aka cash, are no longer secure. Cash can be fake and people can easily make fake cash without any problem. Therefore, we need a new type of currency which is stronger in order to avoid this from happening

[romecheo]

Most probable it won't happen very fast. Everything are needed to be digitized, before cash or fiat become extinct.

This year of 2017 are digital revolution of crypto currencies. We could expect digital currency gradually adaptation  between 5 to 7 years from now.

[Magic Sarap]

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 doubt that it will lead for cash to be totally useless. We still don't know if all countries will do the same thing. Bitcoin is already legal to some countries but in those countries, cash or regular currency is still being used. Cash has a huge role to play in the lives of people since there are people that prefer it than digital currencies.

[Kiweikoo]

i guess this will not be in the near future..removing real money will be very difficult..imagine buying a single candy through online transactions or atm cards..service charge will be bigger than you are buying..

Not only in the near future but I think by whole paper money can't be replaced by bitcoin. As you say purchasing very small things like candy can't be done with bitcoin because it's price is very high and it would be easy for it to use bitcoin in high investments.

Small investments and shopping can also be done very easily with bitcoin but not that small as that of candy. This means that paper money has its own importance and can't be fully replaced by digital money.

[futuret]

Not yet for now at least. Everyone still uses cash basically. If everyone can learn more about Bitcoin and it catches their interest then everyone might use it and it might cause extinction but I don't see it happening.

Cash is still being use by the people who are investing in bitcoin at the same time I hope this will increase year I can clearly see how fast the bitcoin is being famous and it is being use by the almost by the people to get the bitcoin and this will increase the profit of the bitcoin will be the only currency for the people to get and buy the bitcoin to the people get the thing as much as the value is increasing.

[bry0908]

I do not think so. because even if the cryptocurrency is recognized in other countries, there are still a lot of cash users. Not all countries are aware of the use of bitcoin. Maybe, it's possible, but it will take forever before cryptocurrency is replaced by cash right now.

[DRVX]

Some persons really suppose that the appearance of crypto currency means that traditional paper money has no future. Certainly, compared with cash virtual money has many advantages: they provide anonymity of transactions, they cannot be copied, no inflation can influence it, and the commission for its transaction is extremely low.

However, cash will stay alive at least for 30-50 years - many poor people cannot deal with virtual coins. 

[kramchers]

cash will be on the cycle and it cant be out of the circulation though cash will be at minimum use! there atm credit cards and now this crypto currencies that  opening the world into this movement and soon more than 50% of the population will learn and use the technology we are having right noww

[saqibmunir]

I might get happen that cash might get extinct but for that government and people should start using e-wallets and it will take time to reache to every person. If crypto currency get legalised in all countries then yes this process will even take less time.

i think  its to early to say that cash will be extinct.because  at the movement almost maximum countries using cash.but in the future we can say that may be it will happen.because  cash is very old  tradition and trend used by mankind and trusted way.but now instead of cash people are using cards like credit and debit or atm etc.so we can say that in future cash will be extinct.

[HiringYou]

Extinction of cash is not so easy.Cash is a traditional and extremely trusted mode of payment used by people from many years.Cash has a physical form so it has no acceptance issues.Moreover it is centralized in nature which means it is under the supervision of government,so government will not allow any other currency to replace cash so easily.The only way for cash to be extinct will be if any other currency gains the amount of trust and popularity that cash have but  it will take years for any other currency to reach that level of  trust and acceptance .

[twthmoses]

I don't think paper money will go into extinction too. As what most of you have pointed out, it is, at this point, more disadvantageous if it is completely removed from circulation.  Bitcoins and the likes of cashless transactions are more convenient in so many ways but there is still beauty to an actual paper money especially for those who do not have the means to trade electronically.

That's why that could be only in long time future cause whole world should know how to work with internet and this type of currency.

Why should the whole world know how to use the internet and “x” kind of currency?

Local currency works pretty fine for a local group of people, and has done so for 1000s of year. Certainly the world did not need to be able to use Greek dinars, German marks, when they were around, or Australian dollars or Swedish crowns, in order for it to function for a select group of people.

Physical paper cash will more or less be gone in all Nordic countries within 10 years. It’s a fact. The digital delivering method for cash, namely credit card or Mobil pay, will be the dominating transaction method by then. In 1990 in Denmark 60% of all transactions was with paper cash. In 2015 only 20% of all transactions was with paper cash.

[JSEcoin]

From what I've heard it's already pretty rare to pay for anything in cash in Sweden and almost everything is done on card. Someone described it to me that paying with cash in Sweden is seen like paying with cheque everywhere else and just a hassle for the merchant. Visa & mastercard must love that with their processing fees. The Nordics tend to lead the way on many things so it wouldn't surprise me if other countries followed suit. It makes sense really, here in the UK we've had terrible problems with counterfeiting in the last decade. A lot of older people wont want to move across and still love the feel of paper, millennials probably don't carry cash anyway. Probably the next stage will be similar to to the adoption of e-readers, they've revolutionized the industry but some people still like traditional books. Eventually cash in note and coin form will probably die out as new digital payment methods and cryptocurrencies become more mainstream. It will be interesting to see what happens with the CC processors in the future.

[Kamote_1102]

I Believe someday we’re not going to use cash anymore. But that doesn’t mean it’s bitcoin’s fault. Most of Us now wants Easy Access to their Money. They want to buy something without bringing a real cash with them. Because they’re afraid of being robbed. And because of Innovative Technology that we have now, transactions are always made through the Internet. I believe a few years later from now. There will be a cashless society where nobody needs money anymore. So it’s possible for the cash to disappear sooner or later.

[otandelapaz]

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 is possible for a certain society/nation, given that there is always electricity, a device and internet connection on all its corners.  Which is highly unlikely, but possible.  But for the whole world, or even just a third of it, it's impossible not to have physical money.

[tj4dmx]

Bitcoin and cash are in different worlds,hence they will both co-exist !
Rather enjoy best of both worlds !!

[salihno71]

I think there will always be some kind of cash. I would not like to see only electronic payment means in existence. Imagine someone blocking all your bank accounts if you for example don't agree with official politics or some other stupid reason?

[peterthegreat]

Cash is already becoming extinct. Sweden has phased out physical cash, so they are just the beginning. FIAT money is recorded digitally anyways so we might as well phase it out and transition to digital currencies. Thing is we can't have more centralized currency systems though as this will lead to more greed with the people who have power right now. As decentralization takes it's course these people will lose their power.

[kyasarin1205]

I Believe someday we’re not going to use cash anymore. But that doesn’t mean it’s bitcoin’s fault. Most of Us now wants Easy Access to their Money. They want to buy something without bringing a real cash with them. Because they’re afraid of being robbed. And because of Innovative Technology that we have now, transactions are always made through the Internet. I believe a few years later from now. There will be a cashless society where nobody needs money anymore. So it’s possible for the cash to disappear sooner or later.

Yeah it is possible but it is not necessary for cash to be extinct. Using digital money may be convenient and has faster transactions  but still we need paper money.  Imagine in the future if the internet connection is cut off or shut down due to big reasons.  We know that cryptos need internet to function,  it will be better to have paper money for back up.