Will we ever live in a cashless society where cryptocurrencies thrive?

[whirlcoin]

In my opinion cryptocurrencies seem too volatile to be used in the future within a cashless society. For example, only a month ago Bitcoin was well above £12,000 and it now sits at around £7,000.

This does not mean I would not like to see it, I would love to be able to spend Bitcoin on Amazon, there have been rumours surrounding this. What are everyone's thoughts?

I think the price of bitcoin jumped too quick from $4000 to $20000,now the price are getting stable at around $10k.I hope the price will grow steady and constant in the coming days.But we have to support the altcoins too to have a stable and healthy cryotocurrency economy.

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[J Gambler]

In my opinion cryptocurrencies seem too volatile to be used in the future within a cashless society. For example, only a month ago Bitcoin was well above £12,000 and it now sits at around £7,000.

This does not mean I would not like to see it, I would love to be able to spend Bitcoin on Amazon, there have been rumours surrounding this. What are everyone's thoughts?

I think that is the dream right there, to have a society and to live in an era where we are able to become technologically advanced and sufficient for us to have a more cashless and faster and convenient way of being there with us. One thing we can look forward to is for us to have more understanding of the concept and to have the higher-ups be able to integrate it to everything.

[StonedWolf]

Personally, i would really love that. Just imagine the world working only with just cryptocurrency. We will gain a lot of time. No need to go and look for something we want for hours. We can just find it within 2 clicks. This will truly help the world evole. We will be able to exploit the gained time in something else. It can be resting, having fun or even working. The only problem we can face is hackers, who they can ruin this whole system.

[Hydrogen]

The cash versus cashless currency debate might be summarized in terms of efficiency and convenience.

In some instances, cash is a more efficient means of purchasing goods and services than electronic transactions. The greater efficiency provided by cash can be an economic booster: creating jobs, supporting small business, incentivizing greater economic growth producing greater gross revenue and higher tax income for a state.

One might say: the "cashless society" paradigm pushed in the media is a pro centralization campaign aimed at reducing competition and placing the exchange of money under tighter control and scrutiny. This will likely reduce economic growth, kill small businesses and result in economic contraction as the benefits of cash, in terms of it being a more efficient means of exchange, are overall diminished.

[fulmetal08larz]

The limitless potential in cryptocurrency will make the world economy better. We might be able to witness it within the next 20 years when the majority of people have recognized and und understood the purpose of cryptocurrency and how it clearly transcends to a new level of digital and technological advancement.

[samyang2x]

I think and on what I believe,men cannot live by a cashless society.Cryptocurrencies are much more digital that its a way to pay someone or purchase something.But many establishments are going to use cash instead of crypto's.A lot of time will be needed in order for a society to accept crypto to be everything in their everday lives.

[miyaka26]

but if you are talking about 100% crypto, then we may not see it

That will depend on how the economy of the world will react to this cashless innovation society by cryptocurrencies, remember how barter was not the common way to transact these days as the old times our ancestors get to used with that type of dealing then the implementation of paper money takes place, some of them reacted negatively to the change but did we stay to that type of system? No, the economy thrives its currency system to fiat monetary systems the same thing with digital cash.

[Basmic]

The bitcoin cannot replace Fiat. The state's economy can only function in manual control. Therefore, there will always be a Fiat. Maybe with time it will be adopted cashless Fiat. But cryptocurrency will remain only for treatment between men and storage of the available funds. As an alternative to the cell Bank.

[@minajeryll]

In my opinion cryptocurrencies seem too volatile to be used in the future within a cashless society. For example, only a month ago Bitcoin was well above £12,000 and it now sits at around £7,000.

This does not mean I would not like to see it, I would love to be able to spend Bitcoin on Amazon, there have been rumours surrounding this. What are everyone's thoughts?

It is possible, but there are lot of things to be consider: the modernisation of technology, the speed of the internet, and the adaptation of cryptocurrencies. As of now, some people don't know yet about cryptocurrency. If the government is not against to it, they should introduce it first.

[jlaw007]

I think it's possible with cryptocurrencies, but not bitcoin. Bitcoin is too expensive. Many countries now adapt to using cryptocurrency of their own, establishing companies, backed up by their central banks, so, I think that is what will happen. Each country will adapt it's own cryptocurrency, amount would be very useful for local means of exchange. The currency can be used to purchasse bitcoin or altcoins, then it would be just like forex.

[darkangel11]

I think it's possible with cryptocurrencies, but not bitcoin. Bitcoin is too expensive. Many countries now adapt to using cryptocurrency of their own, establishing companies, backed up by their central banks, so, I think that is what will happen. Each country will adapt it's own cryptocurrency, amount would be very useful for local means of exchange. The currency can be used to purchasse bitcoin or altcoins, then it would be just like forex.

That's a common misunderstanding that circulates among crypto investors. Is it too expensive to send or too expensive to buy?
If it's too expensive to send I have a sad news for you. It costs less than $2 to send a 1 million USD transaction to another country. Try doing that in your local bank, even without the currency conversion fees it's going to cost 10 times more.
Too expensive to buy? How come if you're converting a certain amount of fiat into the same value in cryptocurrency. You can buy 10$ worth of BTC and you will have the same value ready for conversion. The price of a full coin is completely irrelevant. It's the value of real goods you can buy for it that matters. If you can buy a used car for $1000 and you convert 1000$ into cryptocurrency you can buy that same car using the amount of BTC that you've bought. The proportions remained the same.

[elvinjamon]

In my opinion cryptocurrencies seem too volatile to be used in the future within a cashless society. For example, only a month ago Bitcoin was well above £12,000 and it now sits at around £7,000.

This does not mean I would not like to see it, I would love to be able to spend Bitcoin on Amazon, there have been rumours surrounding this. What are everyone's thoughts?

The process of this project or idea can be more than a decade I think.  It will take a hard time to replace fiat money because this money was a the usual object for transaction.  It is hard to introduce bitcoin to old people in the society since some of them lack a knowledge for technological advancement

[DexterLox]

This is difficult to think, since currently the entire system of cryptocurrencies in much of the world depends on governments and the sanctions they wish to implement in this regard, now ... It would be interesting to let the cryptocurrency system progress in an alternative way and that can stay within the market in conjunction with fiat money, that's what I would like.

[Vatimins]

In my opinion cryptocurrencies seem too volatile to be used in the future within a cashless society. For example, only a month ago Bitcoin was well above £12,000 and it now sits at around £7,000.

This does not mean I would not like to see it, I would love to be able to spend Bitcoin on Amazon, there have been rumours surrounding this. What are everyone's thoughts?

     Damn, I cannot even remember how many times I have seen threads having the same though as this one. Lol. Anyways, in my opinion, I really do not think that the volatility of crypto currencies in the future will be a problem if ever a country decides to implement is as their national currency. The only thing they need to do is make their own crypto and regulate it just like how banks today regulate fiat. But something like this will only happen when internet is not a problem anymore for a country. Because clearly there are still quite a lot of countries that have no internet connections in some of their states.

     Odds are saying so. It really is more likely that our generation will never have the chance to witness something like this happen. Heck, I don't even think that our grand children will ever see this happen. Lol. And oh, about the Amazon thing? Well, it clearly is just another rumor since the Amazon has been silent about the matter regarding the use of bitcoins to purchase products on their website. It is that or maybe I completely missed the news about that.

[Siopao]

A cashless society supported by bitcoin is such a great idea but I don't think it's possible even in the near future. Volatility might be an issue but to implement this government will have to enter the picture and make standards or controls so people can use it for transactions. An economy can't rely on a currency which have a very volatile movement a lot of products and the economic growth will be affected.

[AK47-]

Of course we can. But the obstacles to that are multifold. First being the necessary hardware and technology access for everyone for a cashless society to thrive is a prerequisite. Then for bitcoin to clean up its own problems the transaction fees, block size, scaling issues etc. If bitcoin doesn't do that some other crypto will. Once that is settled the necessary regulation to make it devoid of unethical practices, manipulation and theft which we hear so often. Then it is on people to realize the shortfalls of fiat currency and be the beneficiaries of crypto.

[pixie85]

I'm sure we will and soon.
Remember that we're talking about a cashless society not a fiatless one. Fiat will always be issued by governments as it gives them power over their subjects. You want to go against the government? We'll freeze bank withdrawals, close the stores and make you starve!

If you think we aren't going towards a cashless society check how many payments were being done with cash 100 years ago, 50 years ago, and now. You'll see that while 100 years ago we were 80% cash and the bank transfers were being done only in the form of checks, now most transactions are cashless, especially the bigger ones. Everyone has a credit card, an internet bank account, an account on ebay, amazon... Cash is a dying breed.

[sofi@]

The idea of living in a cashless society is something that is very amazing to think, but with the current situation bitcoin is going thru at this moment, moving into a digital economy is quite difficult to achieve. There's a lot of issue to be settle first as well as cryptos will need support of many countries also enhancement of the system is a must so that transaction will become fast and reliable.

[CherRic]

In my opinion cryptocurrencies seem too volatile to be used in the future within a cashless society. For example, only a month ago Bitcoin was well above £12,000 and it now sits at around £7,000.

This does not mean I would not like to see it, I would love to be able to spend Bitcoin on Amazon, there have been rumours surrounding this. What are everyone's thoughts?

We are already in a cashless society where cards and online banking and payment are the new trends in the online shopping and even in our daily transactions. However, using bitcoin as a payment in online transactions would be possible if all those shopping platforms will adopt and make payment options for bitcoin. Nowadays, we are dealing with the cashless society and the existence of cryptocurrencies and sooner, physical money will be less and less to use.

[batang_bitcoin]

In my opinion cryptocurrencies seem too volatile to be used in the future within a cashless society. For example, only a month ago Bitcoin was well above £12,000 and it now sits at around £7,000.

Its not new that bitcoin is volatile and you should be used to this type of situation. The change on its price is silly if someone new will look at it but this how the crypto market goes.

This does not mean I would not like to see it, I would love to be able to spend Bitcoin on Amazon, there have been rumours surrounding this. What are everyone's thoughts?

You can still use bitcoin in Amazon whether its price now is $8,000 or $7,000 the only thing that matters is its value and things that you can buy will be minimal.