Does this mean Cash will be extinct?

[Nanagyasi]

I don't think so because paper money may be the only medium of exchange in under developed countries. Moreover, it is very easy and simple using paper money and so eliminting it completely wouldn't be a good option

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[BinManR]

I personally think that cash is still the most successful currency of government and banks of many nations. It creates a balance for the economy and contributes to the development of society. Banking and digital currency may be creating influence and importance for society. However, it takes time to consider the specific circumstances for the removal of cash.

[Pansamantala]

Currency wouldn't be gone. It would only take other forms in the appearance of bitcoin. We badly need new types of more convenient types of currencies as the banknotes and the coins that we once used and get accustomed to is getting very outdated. This is where bitcoin would be most efficient, by turning the usual currencies into cryptocurrencies we can rest assured that it would be a more convenient one than the latter.

[AlfieGil]

It is a difficult scenario for the cash, but I do not think it will come to an end suddenly, just that little by little it will gradually diminish its popularity in companies

[pinoyden]

Absolutely and we should hope so! Why does cash have value anyways? it's made out of paper! it has value because the government issuing it says it does?? It's the 21st century, it's time to move on from exchanging paper for products. As our civilization evolves and moves on, our economies should as well.

we are evolving day by day because new technologies are getting invented every single day but we cant just move on instantly and switch out to them because inventors need to test those new technologies more carefully, they need to test every flaws of it to check whether that invention is perfect enough or it may still have bugs. sooner or later after those I'mmprovements have done on cryptos , for sure we will eventually migrate to them and fiats money will be fully left behind.

[Boknoi321]

Total removal of fiat from the society will do more harm than good.
No matter the level of technological development, not everyone will be able to embrace cashless transactions. And also, most services need to be paid in cash.

We don't really know what new technology may come out in the future though. It's possible that somehow in the near future, everyone will have instant access to a bank account or some form of savings account that they can use instantly with some piece of technology. For now, however, I agree with you that the removal of fiat would not fare well with society.

He's right, theres a possibilities that it will become extinct. but as he said we dont know what new technology will come in the near future, the cash or the paper money is not that easy to erase just for the benefits of digital money users, there's still a lot of people who don't know about digital technology so the extinction they said will take time.

[Quesdana]

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 in the future cash will no longer be existent because of this digital currency. It will take a longer time though because so many countries are not yet adapting the use of digital currency.

[Pujangga]

Although the use of bitcoin is very dominant, but I sure will never be able to replace cash, this is because cash transactions are very fast and workable without the need of internet so cash will never extinct.

[Seeker#9]

Cash will still be existing even if cryptocurrencies like bitcoin become popular in use in the coming years. In some highly developed countries where there is a 100%  availability of internet, cash may become extinct sometime in the future. Countries that have a developing status will still use the cash because their internet infrastrucruture is not yet completely developed.

[BitcoinLoan]

Not all country will follow or maybe it will take more than 20 years to happen on not to use cash. There are so many studies to do, so many things to consider and too many things to think of what will be the effect of this to the country. It will not also be easy to stop the cash because everything is relying to cash.

The government is actively encouraging the use of electronic payments in the country. For instance, the Tax Authority of Sweden,has mandated the use of cash registers for shops accepting payments in cash. Such regulations discourage retailers from taking cash payments to avoid taxation.

[whyrqa]

Not all country will follow or maybe it will take more than 20 years to happen on not to use cash. There are so many studies to do, so many things to consider and too many things to think of what will be the effect of this to the country. It will not also be easy to stop the cash because everything is relying to cash.

The government is actively encouraging the use of electronic payments in the country. For instance, the Tax Authority of Sweden,has mandated the use of cash registers for shops accepting payments in cash. Such regulations discourage retailers from taking cash payments to avoid taxation.

Perhaps in some cases I am also against taxation, especially if there are taxes that plunder people. But if it is connected with the tax on entrepreneurship or other business, then this is quite normal. After all, the tax is primarily a filler of the state budget.

[anhhung409]

I do not think so. Cash is still needed for human beings. It plays a huge role in normal life. It may take a long time to replace the money in digital currency and this is still impossible

[Figuran-]

No cash will not be extinct in the whole world, because cash is known by every people in this world, and cash is their needs to buy something, Bitcoin is not yet known by all people unlike cash that is part of the history of the world and cash is the key of every people to do and to buy all their wants, so i cannot agree that cash will be extinct.

[hangar18]

Not all country will follow or maybe it will take more than 20 years to happen on not to use cash. There are so many studies to do, so many things to consider and too many things to think of what will be the effect of this to the country. It will not also be easy to stop the cash because everything is relying to cash.

The government is actively encouraging the use of electronic payments in the country. For instance, the Tax Authority of Sweden,has mandated the use of cash registers for shops accepting payments in cash. Such regulations discourage retailers from taking cash payments to avoid taxation.

Perhaps in some cases I am also against taxation, especially if there are taxes that plunder people. But if it is connected with the tax on entrepreneurship or other business, then this is quite normal. After all, the tax is primarily a filler of the state budget.

Haha, the government really need to have the tax to keep their activity on the world. They can not keep their system if they do not have money from the tax. The nature of tax not only the money to develop the country grow more, it is still a profit for the government.

[keyscore44]

Although the use of bitcoin is very dominant, but I sure will never be able to replace cash, this is because cash transactions are very fast and workable without the need of internet so cash will never extinct.

For me using cash and bitcoin in future would be the same, we will be able to pay in both methods almost everywhere, internet will be just a beggining and after that we will be able to purchase something in real life.

[hroub]

It is possible but it don't think it is going to happen anytime soon, I admire Sweden for this brave initiative but I think it will have a lot of negative repercussions to the nation's economy if we are going to eliminate its national currency plus it will take a lot of time and effort for the people especially the not so tech savvy ones who doesn't even know what and how digital currency works.

Just curious. How did you gain control of this account? You are not the original owner of this account, Mr. Ethan Mckibben?

BTW, we also have your email address, VPN company, IP, and location, among other useful data.

[anjelaro]

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

Why you think that all countries will follow this ? Especially , developing countries where there is lot of illiteracy are not going to follow this as many people prefer cash there.

[bitcoinminer45678]

Although the use of bitcoin is very dominant, but I sure will never be able to replace cash, this is because cash transactions are very fast and workable without the need of internet so cash will never extinct.

Fiat currency is still valuable all the time. Although crypto currencies especially bitcoin are crashing fiat but isn't enough to wipe out physical money. Having both currencies are just a good idea, in which we have an options what we gonna used in a certain transaction. Because having fiat money into nothing is quite impossible to happen, as it's still valued by other people as of now.

[ooeygooeygold]

Though everything nowadays are influenced by the fast growth of technology but not everyone has an access of it especially those who are not familiar with online transactions and those who are less fortunate that belongs to the lowest class of the society that dont even know how to read and write their names. Unless there will be no more poor people in the world then we can go cashless which I think takes almost forever to achieve.

[3acaga]

Hello, yes, I'm 100% sure that cash in the future will go to the second plan. It will happen about 20-30 years, and this need not be feared, worry. The world moves forward - soon with the touch of our hands, we can do any cash flow.