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Author Topic: Does this mean Cash will be extinct?  (Read 14618 times)
Opekin
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December 24, 2017, 11:36:20 AM
 #801

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 yes because already many countries are involved in digital payments broadly and are leaving cash system because payments in digital way are more better because easy to pay and accept and access with debit/credit/ATM card and also not matter of getting damage of currency .
And here we can see also it is more better for us in cryptocurrency field Because everything will be online then no chance for the use of bitcoin in offline , tht will leads into no bad use of bitcoin and easy to pay tax to use bitcoin ( easily calculation that how much near to pay tax Because of all things are to be online ) .

I think you are not aware of what you are saying in here because everything happens on a process even if e don't notice it. Yes cryptocurrencies rapidly conquer the societal market but I don't think that cash will be leaving the system that fast. As long as the government holds on cash as standard basis of payment, cash will still be available to the market.

 
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December 24, 2017, 12:16:11 PM
 #802

That's awesome, Sweden is very brave for changing their monetary system and it was so admirable.

Going back to your question, if we assumed that all countries will no longer used their corresponding fiat and make it valueless then my answer is a big YES! But honestly, that assumption is very ideal. A cashless world still seems impossible because it's very obvious that they will not allow a new kind of currency (cryptocurrency to be more specific) penetrate their system, therefore, they will still rely on their fiat money.

Let's just accept the fact that other countries' way of thinking is not what like Sweden have.

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December 24, 2017, 12:19:54 PM
 #803

My opinion cash will become extinct in the world but it still takes a long time. Not everyone has access to internet, there are many countries who lack the technological and its people living in poverty so they will need to solve their problem first.
But for developed countries, maybe they will be more easy to use digital money, because usually people living in developed countries have become accustomed to using tecnology.
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December 24, 2017, 10:48:41 PM
 #804

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 yes because already many countries are involved in digital payments broadly and are leaving cash system because payments in digital way are more better because easy to pay and accept and access with debit/credit/ATM card and also not matter of getting damage of currency .
And here we can see also it is more better for us in cryptocurrency field Because everything will be online then no chance for the use of bitcoin in offline , tht will leads into no bad use of bitcoin and easy to pay tax to use bitcoin ( easily calculation that how much near to pay tax Because of all things are to be online ) .

I think you are not aware of what you are saying in here because everything happens on a process even if e don't notice it. Yes cryptocurrencies rapidly conquer the societal market but I don't think that cash will be leaving the system that fast. As long as the government holds on cash as standard basis of payment, cash will still be available to the market.
The world doesn't have cash just happen when the government power disappear by something. A lot of people thought the cryptocurrency will be the next currency for the future, but do you think it is really security and useful to change current monetary system?

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December 24, 2017, 11:16:50 PM
 #805

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 yes because already many countries are involved in digital payments broadly and are leaving cash system because payments in digital way are more better because easy to pay and accept and access with debit/credit/ATM card and also not matter of getting damage of currency .
And here we can see also it is more better for us in cryptocurrency field Because everything will be online then no chance for the use of bitcoin in offline , tht will leads into no bad use of bitcoin and easy to pay tax to use bitcoin ( easily calculation that how much near to pay tax Because of all things are to be online ) .

I think you are not aware of what you are saying in here because everything happens on a process even if e don't notice it. Yes cryptocurrencies rapidly conquer the societal market but I don't think that cash will be leaving the system that fast. As long as the government holds on cash as standard basis of payment, cash will still be available to the market.
The world doesn't have cash just happen when the government power disappear by something. A lot of people thought the cryptocurrency will be the next currency for the future, but do you think it is really security and useful to change current monetary system?
I think it is the future with crypto becoming so popular i think people will start to lose faith in cash and see crypto as a better alternative for it and cash will be extinct in the future.
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December 25, 2017, 03:01:43 AM
 #806

I think no, cash will be forever and survive because direct transactions that use cash will never be abandoned until whenever, other than that cash will not need internet access so it can last forever.

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December 26, 2017, 10:23:12 PM
 #807

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 not possible because most of the people in our society to use bitcoin and replace the cash. I am one of the people who are believing that cash will never be extinct.

Why are we using the word "extinct"? It is the word we use in living things that is not now available to be seen like the dinosaur and mammoths. The word here is not extinct but replace, still bitcoin may be used by most of the people in the world, still bitcoin will never replace fiat or cash, for not all people will quickly use this kind of currency that is not that trustworthy.
It depend on the world that if they accepted bitcoin completely then cash will be extent and if not the flow will continue and I think still there are many regions who are unfamiliar of bitcoin and they need proper guideline about bitcoin and I am sure they will get it soon and when 80% of world will continue to use bitcoin then there is chance to the implementation of bitcoin currency till then we have to wait for it.
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December 26, 2017, 10:27:40 PM
 #808

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 not poasible unless all people can own a mobile devices and do have access in the internet. Paperless transactions is a good idea though
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December 27, 2017, 11:28:44 AM
 #809

I  don't think bitcoin will go further into that because cash will always be on our default. It is such a big deal for it to be diminished by a cryptocurrency. Bitcoin is such a big crypto and investment but cash is bigger than that. We all need a hard copy of what we put hard work onto. It will be hard to keep everything computer automated system so money or cash will still be needed on any part of the season.

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December 27, 2017, 12:20:14 PM
 #810

The possibility is always open and more surly as more and more online abd on the ground businesses are accepting digital currency, the extinction is already starting and will continue gradually over time
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December 27, 2017, 12:30:07 PM
 #811

I think fiat money will never extinct. Crypto is different from fiat. Fiat is very stable. It is the only currency recognized by banks, and are usually the payment we use for everything. If fiat will be out, there will be a lot of things that will change. And i dont think that the government would allow it.
Also, since cryptos are computer generated, it will be hard to store all info on the system. One should also have a phone or any device so they may be able to have transactions. And how about those people who are not able to purchase a phone or any device??? Those who doesnt have internet??? How they will be able to receive or use their cryptos?
Cryptos will not replace fiat, rather will only serve as an alternative to cash.
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December 27, 2017, 10:15:19 PM
 #812

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 not poasible unless all people can own a mobile devices and do have access in the internet. Paperless transactions is a good idea though

Paperless transactions are going on all over the world daily.
The article is not about replacing cash, but stop using the paper version of it. They will continue to use cash just via its digital delivering method, namely credit card and mobile pay – something that has already surpassed paper cash in transactions amount for years.  This step is no big step for any Nordic countries, as it has already been blowing this way the last 10 years.
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December 30, 2017, 06:26:26 AM
 #813

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


If all other countries followed suit. Inevitably, mean Cash will be crushed.
And at that moment, Maybe bitcoin/cryptocurrency is the only currency they (community) know. But unfortunately, bitcoin / cryptocurrency can not do it, because the supply of bitcoin / cryptocurrency is very limited.

Bitcoin can easily become the only currency of the world. We are already living in a world which is termed as global village and there is nothing wrong in assuming a world where there will be only one digital currency to be used by everyone. The limited supply of bitcoin is not going to become obstacle in this thing because you can use it in fractions. Rather it is really good that bitcoin is having limited supply.
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December 30, 2017, 06:45:39 AM
 #814

In the near future, it will still be widely used because the benefits it brings are irreversible. For poor and underdeveloped countries, it is very important for them. Anyone can predict the future of money, however, there may be things that digital currency will never replace.

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December 30, 2017, 07:04:21 AM
 #815

If cash will be eliminated or extinct it will not be now maybe in the future,because it it still useful today and it will not be easily be wipe out as long as it it is important and widely useful in any country it wold be no way be laid aside but as the technologies is getting higher and greater there's no doubt it would come someday...cryptocurrency will now be replace and all transaction will be made thru internet as in some country are now doing and it would be an advantage to some because they will be bringing bulk cash.
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December 30, 2017, 07:17:02 AM
Merited by jpoker272727 (40), benalexis12 (2)
 #816

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.
FIAT will continue to circulate in the community all over the world as fiat will be fiat, why? fiat is always available and easy paying system all over the world, look! crypto currency is depending on the internet, no connection meaning no transactions, lets use plastic cards for this, atm, credit card and debit are useless to have when the system is  offline! it happens all the time, most of the time all over the world.
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December 30, 2017, 07:19:45 AM
Merited by jpoker272727 (5)
 #817

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

“We wanted to minimise the risk of robberies and it’s quicker with the customers when they pay by card,”

   - This is their main reason why they are planning to implement this things. And I think this could really possible to be happen in each country we just don't know when? And paper money will be gone in the near future this is the reality which I think it can be happen.
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December 30, 2017, 07:52:08 AM
 #818

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 majority of dollars are already transmitted digitally and every dollar note made out of cotton costs more then 1 dollar to make so the reality is this is already the true for some time now.   Most money is passed through bank accounts not through cash, every pay packet is used to pay off bills from the previous month where no coins were ever involved.    

I like to think the final removal of coins will mean people place value in other objects and perhaps understand the number on a bank account is just a government IOU not a value saved so much.    People might save gold or diamonds instead of cash, but they would have to save to start off and at present most trade debt in the West anyhow

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December 30, 2017, 07:55:36 AM
 #819

Not all of the countries will be following that steps immediately, people are used in using cash than card or digital currencies, and not all countries are used to this kind of technology especially the third world countries. This third world countries have much to improve or develop rather than making this in circulation, other countries might do this earlier than Sweden though.
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December 30, 2017, 08:06:51 AM
 #820

In the near future, it will still be widely used because the benefits it brings are irreversible. For poor and underdeveloped countries, it is very important for them. Anyone can predict the future of money, however, there may be things that digital currency will never replace.
I think for the next few years cash money will still be widely used. I think the advanced technology still takes a long time to be used by everyone in the world. many people who are still technologically blind they will not understand how to use digital currency. they are still very dependent on cash, I think for the next 20 years cash will still be the main choice. at least 2 generations after us, may have rarely used cash ( but not extinct)
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