Does this mean Cash will be extinct?

[skyflakes88]

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

eliminating fiat money or cash is not gonna happen as of now why? this will cause bigger economic problems because a lot of business and people still rely on fiat money our basic need like food water shelter are purchasable by fiat money, yes it could also be purchase by digital money but as of now there are no guarantees that all will follow and use the same thing..

[miyong]

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

This is impossible if the government will not support and encourage everyone to use btc. And everyone are using cash, so it is impossible to permanently eliminate cash right away.

[Allura74]

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

This is impossible if the government will not support and encourage everyone to use btc. And everyone are using cash, so it is impossible to permanently eliminate cash right away.

I think cash will never be vanished it is the main medium of exchange on the smallest business like a vendor on the street. Until such time that the world is fully digitalized and all monetary exchange is done by electronics then maybe that is the time that cash will be extinct.

[buharikx31]

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

Indeed, some countries will accept this kind of terms, but in my opinion a lot of countries still been accepting cash, because of not that big of techonology interest from goverments, I read that 80% of transactions are making by using cards

[Kriptex]

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

Indeed, some countries will accept this kind of terms, but in my opinion a lot of countries still been accepting cash, because of not that big of techonology interest from goverments, I read that 80% of transactions are making by using cards

To me, cash will be removed from the earth by 2035 because the era is the technology era and we don't need paper banknotes anymore. This will take too much time to get in the new era, but I'm sure we'll do this within 15 years or so.

[Bobby park]

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.

That's why fiat currency should not be eliminated. Here in my country, poor people from mountains and provinces has difficulty in adapting trends about economy. They are fear from touching computers and eletronic gadgets because they are not trained to use that. If the physical money will be removed, people who can't afford android phone and don' know how to use computers will die. They can't buy some foods and it will become a global disastrous event. Poor people will suffer this changes. Many people doesn't know the reality in this world. They don't know the feeling of poor because they came from industrialized country. They don't know the word starvation.

[Emem29]

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

Cash will not be extinct and it will just stay here in our nation the majority of the people here in our world are using cash and they still prefer cash because of the ease of using it. I believe that people will not agree to that and also government will not agree to that. Maybe bitcoin is the number one valuable coin in the world,

[alisa20172020]

I don't think the paper money will disappear. The electronic currency has indeed developed rapidly, and it may not take long, in some developed areas, that a large number of young people will be used to the use of electronic money. This is very possible, and it is happening in the world. But paper money will not disappear, many industries still only support paper money, and many places only accept cash. A simple example is that in a casino, it is impossible to pay every electronic payment, and the accumulation of chips is very psychological to the gamble.

[Omega Weapon]

Many countries want to limit or see the disappearing cash but I do not think it's a good idea.

They want cash to disappear so they can watch more closely what you are doing with your money, they only want to monitor you more closely but cryptocurrencies are not what they want, it is true that with bitcoin you can see all the transactions of everyone so there is no privacy but the fact there is not control of who can get bitcoin and what they can do with it bothers governments.

[Netnox]

To me, cash will be removed from the earth by 2035 because the era is the technology era and we don't need paper banknotes anymore. This will take too much time to get in the new era, but I'm sure we'll do this within 15 years or so.

IMO, you are quite a bit over-optimistic. What about countries such as Congo and Angola, where the vast majority of the population doesn't know how to use a smartphone? Forget such countries. Even in developed nations such as the United States and Japan, you will find a lot of people who don't know how to perform digital transactions.

[Zicadis]

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

2023 is just way too soon for this to happen, and I do not think we have reached that digital age to cut off the use of cash completely, maybe two or more decades from now going digital should be no problem... as bitcoin and other blockchain projects are already ushering in this digital age Sweden seeks to have.

[Tigerw]

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

2023 is just way too soon for this to happen, and I do not think we have reached that digital age to cut off the use of cash completely, maybe two or more decades from now going digital should be no problem... as bitcoin and other blockchain projects are already ushering in this digital age Sweden seeks to have.

Sweden learns already very strongly developed countries, and there is nothing surprising that it goes with the times. I think that most countries of the world will eventually do the same, especially if even my banking structures are implementing bitcoin technology.

[supercanada1]

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.

That's why fiat currency should not be eliminated. Here in my country, poor people from mountains and provinces has difficulty in adapting trends about economy. They are fear from touching computers and eletronic gadgets because they are not trained to use that. If the physical money will be removed, people who can't afford android phone and don' know how to use computers will die. They can't buy some foods and it will become a global disastrous event. Poor people will suffer this changes. Many people doesn't know the reality in this world. They don't know the feeling of poor because they came from industrialized country. They don't know the word starvation.

Yes! You are right and I believe you are not making this statement in the air, you have taken this stance on the basis of logics, facts and figures. Everyone knows that the way we are getting involved with technology, like the way robots are replacing humans, electric cars are replacing petrol, in the same manner digital currencies are soon going to replace paper money. We are already living in plastic money era like debit cards so on.

[Qartersa]

A cashless society has been in the works for along time already. The powers that run this world are slowly getting their way, as the years have gone by I slowly watched the war on cash play out.  Soon they will have their cashless system and then they will have total control over everyone in that system.

It is possible, but really this would mean that everybody must be connected to a sort of computer system that is all connected to each other as well. Which means possibly we need the power of the internet to do so. The problem is that there are countries (I guess all countries) where there are areas that does not even have a cellular signal. Then there are some countries that don't even have good electricity to begin win. Just imagine if we ditch cash and there is still those poor parts of Africa. That would be a great hassle for the whole world actually.

[fearcoka]

Cash will never be extinct even how much they would try... Cash will still remain because not all the places in the world is connected to internet or to mobile connection... there are many places in the world that are still remote where cryptocurrencies are never heard before. You might even lose your head if you say you'll gonna pay them with a cryptocurrency.

I have a little bit different opinion in this matter because I think the world is going to be taken over by technology in near future and all the things are going to be automated rather  converted into digital form.  Now that we have been introduced with crypto currencies which are a way faster than paper money transactions and a lot better in many other aspects, there is a possibility that we will live in a cashless society one day.

Technology is taking over the world but you cannot except that process to be symmetrical all over the world, in first world countries this is possible since those are rich countries in which most people have access to a lot of resources, but in third world countries where a lot of people are struggling to survive you cannot hope that process to have the same speed as in first world countries.

I'm living in the country is developing, however, the top ranking our activities in cryptocurrency always on top 10 of the world. It proved the economy and financial of the country can change by the people, not is the government, as long as the people want it or not.

[kodtycoon]

A cashless society has been in the works for along time already. The powers that run this world are slowly getting their way, as the years have gone by I slowly watched the war on cash play out.  Soon they will have their cashless system and then they will have total control over everyone in that system.

It is possible, but really this would mean that everybody must be connected to a sort of computer system that is all connected to each other as well. Which means possibly we need the power of the internet to do so. The problem is that there are countries (I guess all countries) where there are areas that does not even have a cellular signal. Then there are some countries that don't even have good electricity to begin win. Just imagine if we ditch cash and there is still those poor parts of Africa. That would be a great hassle for the whole world actually.

Yes, we also have to think of people who are far from civilization technological advancement as well in Africa. if need an internet signal is definitely the role is need and connected to each other it should be, not easy to make a product like this in a short time.

[jackiemixon2]

No , i don' think this news will make Cash becomed extinct for sure. It's just new ways for cash on the method payment.

[onemoretime8520]

I think Sweeden is an exemption regarding countries. They do some things what no one can even talk like banning the petrol cars. So I don`t think the others will follow it.

[robotrobert]

Bitcoin and fiat currencies are two totally different entities. Both have their own advantages and disadvantages. People use both currencies for different purposes. Both these currencies are important for economies. Countries with developed economies used bitcoins because they already have setup required for bitcoin currency. However developing or third world countries cant afford this setup fot them fiat currency is the only and best option. So bitcoin cannot reach to every class of economy so it will never extinct cash or fiat currency.

I really don’t believe and think of this fact. It seems just nonrealistic to me. There can’t be a society that doesn’t have cash. Leave under developed countries, if you talk about developed ones, even everything is customized and technologized still cash is there. And you need it whenever you are moving and eating and all that daily chores. So bitcoin will be in pair with cash, it can’t make it extinct.

[twthmoses]

A cashless society has been in the works for along time already. The powers that run this world are slowly getting their way, as the years have gone by I slowly watched the war on cash play out.  Soon they will have their cashless system and then they will have total control over everyone in that system.

It is possible, but really this would mean that everybody must be connected to a sort of computer system that is all connected to each other as well. Which means possibly we need the power of the internet to do so. The problem is that there are countries (I guess all countries) where there are areas that does not even have a cellular signal. Then there are some countries that don't even have good electricity to begin win. Just imagine if we ditch cash and there is still those poor parts of Africa. That would be a great hassle for the whole world actually.

I don’t see a problem. Different countries use different currencies, you just exchange to whatever currency you need where you are.

Sweden is not elimination cash; they are elimination physical paper money – a transition that has been going on for 10+ years, like it has in all other Nordic countries. Cashes digital delivering method, namely credit cards and mobile pay is the game plan, not crypto currency.