Does this mean Cash will be extinct?

[Xenoph0bia]

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.

There are countries that could afford to have a cash less society, it means that they have enough equipment and technology that can facilitates such major innovation. Perhaps, it is true in some developed countries, but worldwide, perhaps it is yet too ambitious. Consider countries that are still developing and have struggling economy, it would be so difficult for them to abolish the use of traditional money and force the poor to understand the new financial system. Innovation really takes time and studies to become applicable, perhaps in due time, gradually it may happen.

Cash cannot become extinct even though there are many forms of currencies and technologies developing parallel to it.Cash is used by all the people of the world and the day to day transactions are done by cash only.Cash is accepted internationally and is also backed by central banks and governments as it is centralised.Cash is being used from traditional time period.Cash can be used by anyone and anywhere unlike cryptocurrencies which require internet connection.

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[daicavung]

Currently the economic system in Indonesia is still dominated by cash payments. However, now transactions in major cities use a more modern payment system through online or non-cash.

Yes, many countries are still using cash and have not accepted electronic money, so in Indonesia this is too normal. But they began using electronic money to show that their country was growing and accepting money. Probably in the future encryption code will spread out in the market.

[GoodLuck2]

Bitcoin could never take currencies seats. Maybe for now but I think it would take lot's of time to make bitcoin the only currency that exists because of the following reasons.
1. Bitcoin does not have any physical appearance it is just a mere virtual thing that only exists in the internet.
2. There are lot's of currencies out there and taking all their crowns would be difficult.
3. Not all countries accept bitcoin at all.
4. Bitcoin is still young and unknown to many, bitcoin need to grow more reputation to be considered a real, reliable, and usable currency anywhere.

I do not think cash will extinct. The technology will only limit cash in the market. Government will still produce papers money and will keep printing it because the technology can not reach far flung areas of certain countries which are too poor to let the people use the technology and take the risk to loose the already limited money they earn for living.

[Chrisjay29]

I think cash will never extinct because not all country knows crypto especially on those country that not yet reach the modern technology. And infact there many store didnt yet accept bitcoin thats its still need cash

[senin]

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

Sweden can switch to the use of non-cash payments because it is a country with a very high standard of living. Although I'm pretty skeptical about this opportunity and I think that in life there will always be situations where cash will be simply irreplaceable. Several more states can follow its example, no more. In general, the world has not yet reached the level of development where it would be possible to talk about the need for and the possibility of switching to non-cash payment, and especially the use of crypto currency.

[Tukmol29]

I imagine that in future our children and grandchildren will pay all transactions and goods and services with plastic cards or through electronic money transfers via mobile banking services on smartphones, which means paper money and coins will be extinct and not used again in the future.

[chengyinoing]

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

In the next 10 years, digital money will completely replace traditional paper money, but this will not eliminate the corrupt and false capitalist banking system behind it.

[tempebacem]

It could happen if the cash will be reduced, because now there are many people who use digital currency that is very practical to use anywhere and just use a cart card or another. There are so many users of paper money and it is really a difficult job to convince each and every one of them.

[jeraldskie11]

I think it will happen in the near future because nowadays there are many people who wants to used digital money. There are a lot of people who used paper money cash although some country didn't accepting electronic money yet. But some country starting to do electronic money because they want to show to other people that they accept it so probably it will spread in the future.

[Bitfling]

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.

There are countries that could afford to have a cash less society, it means that they have enough equipment and technology that can facilitates such major innovation. Perhaps, it is true in some developed countries, but worldwide, perhaps it is yet too ambitious. Consider countries that are still developing and have struggling economy, it would be so difficult for them to abolish the use of traditional money and force the poor to understand the new financial system. Innovation really takes time and studies to become applicable, perhaps in due time, gradually it may happen.

Some country with advance technology and their citizen adopting technology like switzerland already applying cashless society and they dont use cash money for transaction. But in some third country, their access on internet and digital world is limited and they much using cash money.
I think every country have their own challenge because every country have their own infrastructure

[Flickkk]

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 wont happen .. the bank will  is scared of cryptocurrency and they are against cryptocurrency ..
and i think they believe in future there is a possibility where people generates Cryptocurrency and it might affect the Money globally.

[ArteMixer]

It may be, but not any time soon, as crypto does not yet have a physical form, which is required nowadays. Or the society changes, or crypto changes.

[Ryker1]

I think it will happen in the near future because nowadays there are many people who wants to used digital money. There are a lot of people who used paper money cash although some country didn't accepting electronic money yet. But some country starting to do electronic money because they want to show to other people that they accept it so probably it will spread in the future.

Agree. I think in the near future a lot of countries will use cards or something that can be used as an account for their money. Some countries already lives in a cashless society so it's really predictable that a lot of countries will be a cashless society in the near future, if a lot of countries did it, it will spread till almost of the country will be using cards for payment. There will be some countries who will use cash in the future, but it is guaranteed that it is only a few.

[handyhuman]

Belived or not, people in the future will no longer use paper money, it will be replaced by gold. Probably the gold is physical or virtual, I do not know which one.

Honestly I dont think so but maybe in the future paper money will not be more eligible to use it because of the hitech technology that its really manipulate us.

[buternasek]

Slowly but surely cash will be extinct, this is because all users increasingly feel that the cash problem is too complicated to make cryptocurrency the best solution.

[Twentyonepaylots]

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.

FIAT will be extinct? The entry of digital transaction on the trading market had some effect on the financial Business community, the Fear or apprehension to the future of any transaction using crypto currency or digital is very visible to the business world, but, with the issues concerning crypto currency replacing FIAT money transaction still need to be resolved by the government financial Chief, by the World Bank and by the business community. The issue on regulation in crypto currency or digital transaction is under going tremendous scrutiny by its government. we don't really know what will be the possible effect it the come for the extinction of FIAT money. For now, i would say,  FIAT money is still very much needed for any transaction for our daily needs, not only for investment.

[jeluhtajem]

Maybe yes, but it will take a century to get it done. If people trust invisible money on internet and feel more comfortable to use it in daily basis instead of always carrying physical cash in every situation. It may different in first world countries and third world countries, but people will trust digital currency or digital form of money without see it leave their pockets. Centralized or decentralized system will be there to make sure digital currency distributed and being used safely.

[Lorence.xD]

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.

The entry of crypto currency in the trading market change the out look of business/ financial community globally. The FEAR of unknown was very much visible in the business world or the financial community. Yet, with the growing acceptance of  crypto currency transaction in the trading market, it lessen the Fear instead it was replaced by openly talking about the crypto currency investment in the trading market, what coin are good, with stable fundamentals, does increase the awareness of this digital crypto transaction in the trading market. We don't know if the FIAT money will be extinct in the future of trading market or even local circulation, Banking system will be affected and the possible effect on the Economy of the its country which is unknown to everyone. The time to replace the FIAT maybe not now, global market is not yet ready.

[KatelynCooper]

If this happen all people should know the basic of computer.It takes many more years to do that,maybe if that would be successful it would be the basis of other countries to follow that system.Well gudluck for them.

[Lady Coquet]

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

Cashless is mostly used nowadays because it is convenient to used as payment than using cash, but i think cash will not be extinct that easily because poor people don't have any smartphones to used for cashless payments to provide their basic needs. So i think it will take a lot of processes to make cash extinct.