Does this mean Cash will be extinct?

[Allan Ramanda]

I do not believe if bitcoin can replace cash. because cash is the historic currency for every country, bitcoin is the digital currency, and the world of crypto is an opportunity for all fraudsters. because there is so much fraud here.

[Justinalex]

Maybe this will happen if they apply online payment or card technology now. There will be a lot of support from the government in the future as it will bring many benefits like security, anti-theft, easy payment, and asset management.

[slashz9]

eliminating the paper money I think has a bad impact for economic development for example for the poor they can not possibly have to buy a cell phone or computer just to transact in small quantities.
so I think if swedish want to eliminate paper money, not all countries will follow it directly, they will think about its impact on the economy.

[zekeshawn]

I think cash will not be extinct for the next 50 years or more, it will have to go through a lot of process and debate from the government. And its not easy to change system right away because there is a new technology for now lets hope that they will accept crypto as alternative money or currency that we can use online.

[STT]

I'm not sure. Maybe in Sweden their unemployment rate is small or maybe none, so it could be happened. But what about the country who have a big unemployment rate? What about the poor people who don't even have a bank savings. Automatically they won't have any debit or credit card. They need their money in cash. So i don't think cashless revolution could be done in all countries. Maybe for some countries but not all of them.

Are you saying FIAT cash in paper or cotton notes is cheaper to process then crypto because I dont think thats the case.  Crypto should beat all systems of exchange for both speed and efficency without great trouble.   I hope Bitcoin continues to allow very cheap exchange even if the processing is not immediate presumably for the very smallest amounts it would not longer need the 6 block confirmation time and so be quite easy to sign off based on the initial show on the blockchain.

Only a country without communications or electricity is really too poor to take part, even then mobile phones could be used some.

[Vaniaevergarden]

Probably yes, but this is not in the nearest fifty years to come, and not all the country will follow suit and some who follow suit cannot just extinct cash most have being planning and put the necessary step before invention.

[weblouartisan]

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 never be extinct, there are a lot of people who are still placing their money on the banks and if they cannot keep up to the growth of cryptocurrency then they need to create their ow coin in order to earn profit.

[Bershie]

I'm not sure. Maybe in Sweden their unemployment rate is small or maybe none, so it could be happened. But what about the country who have a big unemployment rate? What about the poor people who don't even have a bank savings. Automatically they won't have any debit or credit card. They need their money in cash. So i don't think cashless revolution could be done in all countries. Maybe for some countries but not all of them.

Are you saying FIAT cash in paper or cotton notes is cheaper to process then crypto because I dont think thats the case.  Crypto should beat all systems of exchange for both speed and efficency without great trouble.   I hope Bitcoin continues to allow very cheap exchange even if the processing is not immediate presumably for the very smallest amounts it would not longer need the 6 block confirmation time and so be quite easy to sign off based on the initial show on the blockchain.

Only a country without communications or electricity is really too poor to take part, even then mobile phones could be used some.

I agree mobile phones on this year are cheaper and it will go drop in the next year, anyone can afford if they are willing to embrace the innovation of digital currency. In our country, even unemployed individual has a smart phones nut the only problem is that we have slow internet connection especially in remote areas.

World without cash is the biggest leap that human made in the history of economic growth this will lead to a much progressive countries.

[Gudhal Untu]

I'm sure that cash can survive even if the use of digital money or cryptocurrency continues to increase, the main consideration of the country to maintain cash because it becomes if the internet is problematic so we can do cash transactions.

[Jaydis]

Its not possible to extinct paper money and coin bill but i think the government will not allow totally to obsolete cash basis although nowadays we use digital money for any transaction. It could be happened for the rich people but how does the poor can survice and adjust to that system, it will be so inbalance if they totally obsolete the cash basis. But it is not possible in different country actually they preferred to use digital money for transaction and through the help of tehnology nothing is impossible.

[kokorotomoto]

a very bad idea if you delete the fiat money. because the self-sufficient state still has the poor people. while the way of selling / buying poor people still use fiat. the elimination of fiat money in my opinion will not happen.

[Ambrosius]

It may happen if many parties agree to use and develop virtual money or even each country has their own virtual money.

[galaxing]

I think it will not happen, why?
because, Eliminating fiat paper will have a measurable negative effect on the economy. Paper money is a more efficient form of transactions than electronic payment.
paper money is also important and I think more countries will not follow if that happens.

[Ingramtg]

I have some other link that will positively expand your perspective on this , i somehow think what will be the world if the cash or the fiat will be extinct at the same time out of the blue i think its better , it's easier , and not hassle though , but then again here is the link feel free to look at.

Link: http://www.thisismoney.co.uk/money/bills/article-4739034/Will-paying-cash-soon-extinct.html

[Mbah Djoko]

we have to think is the transaction is done all people of different age and level of education let alone in third country that still found people can not read let alone use internet, of course with that consideration then country will not let cash be extinct.

[bitllionaire]

I think it will not happen, why?
because, Eliminating fiat paper will have a measurable negative effect on the economy. Paper money is a more efficient form of transactions than electronic payment.
paper money is also important and I think more countries will not follow if that happens.

That is a fact that it is not going to happen because bitcoin is in its very early phase and still in very few places bitcoin is getting exercise, i think that it will still take a lot of time to become popular so much that all the people of the world start using bitcoin. In fact in most of the underdeveloped countries people do not have proper education, they do not know how to use internet therefore i think that still it will take a lot of time that when all the people of the world will become able to use bitcoin for their different activities.

[mimienamphine]

Now everybody wants convenience when it comes to handling money.People will like to have their monies in their digital wallet to having cash which sometimes has inconvenience. Cash will be extinct but that will not happen now .Surely we shall live in the cashless society one day.

[PROTO_Token]

Their are many banking and government groups who have planned and talked about the subject: "the cashless society".

A purely cashless society can be dangerous and a tool for political persecution.  I would not be surprised to see other governments declare similar intentions.

Cryptocurrencies are a move in that direction but are not centralized by government control and potentially a competing system.  No matter how much governments want to stamp out cash as an instrument of bartering, their will always be black markets in economics.  That's why it's called the "invisible" hand.

[BennyK]

Going cashless is possible but will take time. Cashless wouldn't happen in the next ten or 20 years because most of the people still don't know how to access the internet whereas others struggle to get better access. Until all these are solved, Fiat will continue to have a place in our societies.

[DiamonDogs]

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 could happen. Not only with cards, but can also use your smartphone or fingerprint. I've seen the Altered Carbon movie series. In the film, it was shown that everyone was doing paperless transactions. Only use fingerprint and balance will decrease.