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Author Topic: Digital Money = Cashless Society  (Read 3998 times)
exalterego
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May 21, 2018, 06:19:46 PM
 #381

It is said now China is a cashless society. Use of debit and credit cards in shops/stores, online pay bills, shopping online.

Money earned from the internet is known as digital/electronic money. People who earn money from the internet, they get paid money in electronic form by payment processors such as skrill, perfectmoney, alipay, paypal, bank-wire transfers because online workers are worldwide.

Last month, I got $20 from online surveys. The money was sent to my bank account via online payment processor. Now if I buy 2 shirts using debit cards at offline or online stores, there is no cash involved but I have 2 shirts.

Bitcoin is a part of digital money. How is digital money is your country ??
Cash is still necessary for small businesses and unlucky countries with extremely low rate of social benefits.
Those $20 dollars you got is nothing if compared with the turnover of money in the worldwide economy.
So I think that crypto has no chance to become an international currency in view of the next 10-15 years.
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websoftwareengineer
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May 21, 2018, 06:20:46 PM
 #382

It is said now China is a cashless society. Use of debit and credit cards in shops/stores, online pay bills, shopping online.

Money earned from the internet is known as digital/electronic money. People who earn money from the internet, they get paid money in electronic form by payment processors such as skrill, perfectmoney, alipay, paypal, bank-wire transfers because online workers are worldwide.

Last month, I got $20 from online surveys. The money was sent to my bank account via online payment processor. Now if I buy 2 shirts using debit cards at offline or online stores, there is no cash involved but I have 2 shirts.

Bitcoin is a part of digital money. How is digital money is your country ??

Cashless society is really good and i believe that if people will start to not use fiat then there will be less criminal cases since those bad people cannot rob other wealthy persons in the streets.

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May 21, 2018, 06:54:22 PM
 #383

Central banks are studying ways to eliminate banknotes while retaining their role as providers of base money. Our current banking system is two-tiered with central banks and commercial banks performing distinctly different roles. Central banks guarantee the safety and integrity of money, ensure that the monetary mass allows for economic growth, and produce the cash required by economic activity. But central banks do not deal directly with non-bank entities; commercial banks store the public’s money in accounts and transfer that money on the demand of the account’s holder.
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May 21, 2018, 06:56:28 PM
 #384

It will never be, money will not replace money
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May 21, 2018, 08:50:24 PM
 #385

The process could go further. Should the central banks allow private non-bank entities or individuals to hold CBDC accounts directly, central banks might extend credit in their digital currency. This could have important consequences for the two-tier banking system.
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May 21, 2018, 10:33:12 PM
 #386

With the current technology, more people have acess and are now shifting to cashless transactions. But as long as there are people without access to these new technology, then physical money wouldn't be obsolete.

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May 22, 2018, 03:50:44 AM
 #387

Cost considerations play a role: banknotes and coins are costly to produce, distribute, handle, and replace. Currently handling costs related to cash are cross-subsidised by commercial banks’ revenues.
Although paper money is costly but easier to use than other types of money. I believe that in the future digital currency can not replace cash, because they have a lot of inadequacies. But if we use electronic money we have to invest in machinery and equipment. As such, the cost will probably be greater when using cash.
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May 22, 2018, 04:16:14 AM
 #388

I think it is inevitable and happening faster than we can comprehend, this next generation will not use cash. Mobile phones and crypto are all we need to make this happen, outside of the social commitment.
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May 22, 2018, 05:03:36 AM
 #389

It is said now China is a cashless society. Use of debit and credit cards in shops/stores, online pay bills, shopping online.

Money earned from the internet is known as digital/electronic money. People who earn money from the internet, they get paid money in electronic form by payment processors such as skrill, perfectmoney, alipay, paypal, bank-wire transfers because online workers are worldwide.

Last month, I got $20 from online surveys. The money was sent to my bank account via online payment processor. Now if I buy 2 shirts using debit cards at offline or online stores, there is no cash involved but I have 2 shirts.

Bitcoin is a part of digital money. How is digital money is your country ??

In our country, digital money is not widely accepted by society yet. This is for the reason that our country has not progressed fully yet in terms of technology advancement. Although, I could foresee my country to adapt these changes later on in the future. So, I just have to wait. I guess.
ufaiz50
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May 22, 2018, 05:10:20 AM
 #390

It is said now China is a cashless society. Use of debit and credit cards in shops/stores, online pay bills, shopping online.

Money earned from the internet is known as digital/electronic money. People who earn money from the internet, they get paid money in electronic form by payment processors such as skrill, perfectmoney, alipay, paypal, bank-wire transfers because online workers are worldwide.

Last month, I got $20 from online surveys. The money was sent to my bank account via online payment processor. Now if I buy 2 shirts using debit cards at offline or online stores, there is no cash involved but I have 2 shirts.

Bitcoin is a part of digital money. How is digital money is your country ??
Almost the same as you say, in my country according to the survey people prefer shopping online rather than shopping traditionally where we have to go to the store, although there are some who go to the store to shop, but they make payments through the debit, in my opinion also digital money is more preferred because it is more efficient and effective.

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May 22, 2018, 05:13:18 AM
 #391

Cashless society is a safe and smart society. Sooner or later everything will be cashless. Cryptos will be more useful than credit/debit cards. Believe me.

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campica
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May 22, 2018, 05:17:49 AM
 #392

I don't carry cash with me, I use only debit card for paying everywhere. It's much better to paying in store with card because in my country all store have price like $1.95 and if you pay with cash they never give you back that 5 cents, but when you paid with card they must type correct amount that you wanna pay.
therwtonn
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May 22, 2018, 07:58:20 AM
 #393

Most of the time, people sit back to think of what means of transaction they should comply in terms of safety and security. Many people become very busy with work activities and find a little time in paying for bills and other things. Just last year, a friend of mine paid his bills of $30 using this digital transaction. After payment, he continued with the other task he was to accomplish hence helping to save time and energy. To me, digital transaction has been good. Do you enjoy using it? 
It means that when they use digital currency they will need no time to pay their bills. They will be able to pay it from their wallet. This is also an ease for many people who want to buy something from other countries. There will no need for exchanging their local money into the required one. Things are going easy due to the use of digital currency.
First77
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May 22, 2018, 08:18:57 AM
 #394

Past 8 months, I am paying all my bills online (via internet)
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May 22, 2018, 08:25:26 AM
 #395

It is said now China is a cashless society. Use of debit and credit cards in shops/stores, online pay bills, shopping online.

Money earned from the internet is known as digital/electronic money. People who earn money from the internet, they get paid money in electronic form by payment processors such as skrill, perfectmoney, alipay, paypal, bank-wire transfers because online workers are worldwide.

Last month, I got $20 from online surveys. The money was sent to my bank account via online payment processor. Now if I buy 2 shirts using debit cards at offline or online stores, there is no cash involved but I have 2 shirts.

Bitcoin is a part of digital money. How is digital money is your country ??
Almost the same as you say, in my country according to the survey people prefer shopping online rather than shopping traditionally where we have to go to the store, although there are some who go to the store to shop, but they make payments through the debit, in my opinion also digital money is more preferred because it is more efficient and effective.
The world is already innovating and one of the most well observed in our economy is our lifestyle and how we make our lives easier with the most efficient and effective way. I agree that most people wants to shop online rather than going physically to stores around them, for them it saves a lot of hassle and energy if they will just browse and then few clicks they are already done. Digitalization is one also of the most expected changes after we engage the computer age.


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ironman2014
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May 22, 2018, 08:32:41 AM
 #396

Some countries already have a kind of cashless society because they have many opportunities to pay with phone, cards etc. many advantages.

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May 22, 2018, 08:56:01 AM
 #397

Well, it would be nice to have a cashless society. Although, it's kinda hard to soend money if you actually dee the money leaving your hands. For example, i would buy a 100 USD pair of pants. If i charge it to my credit card, i won't even think about it. But if i take out a hundred dollar bill from my wallet, i would think twice in spending it.

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May 22, 2018, 04:08:08 PM
 #398

It is said now China is a cashless society. Use of debit and credit cards in shops/stores, online pay bills, shopping online.

Money earned from the internet is known as digital/electronic money. People who earn money from the internet, they get paid money in electronic form by payment processors such as skrill, perfectmoney, alipay, paypal, bank-wire transfers because online workers are worldwide.

Last month, I got $20 from online surveys. The money was sent to my bank account via online payment processor. Now if I buy 2 shirts using debit cards at offline or online stores, there is no cash involved but I have 2 shirts.

Bitcoin is a part of digital money. How is digital money is your country ??
In my own opinion that what would exactly what happen on the future. I know that I researched that. Bitcoin will era has strart and somedy our society will be cashless cause we all.use cryptocurrencies. Token and other coins. Someday we will make differences for the rest of our life
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May 22, 2018, 04:21:11 PM
 #399

Jack Ma, a former teacher in China, decided to establish Alibaba, the first online wholesale marketplace which was originally based in Malaysia. Starting a business to business online shop was a huge risk especially with digital transactions just starting. But they slowly gained footing and earned investors. One year after it was launched, Alibaba already had $20 million worth of investments. And in 2001, Alibaba reached 1 million users.
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May 22, 2018, 04:30:02 PM
 #400

digital money here in our country is also common by using debit or credit card or sometimes through internet or online bank, ofcourse this way of buying or spending money is very convient nowadays, but still not all community is familiar with it, so they still prefer using the paper money. Samething with Bitcoin, other people don't recognise it and other people is not familiar using it.
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