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Author Topic: Digital Money = Cashless Society  (Read 3995 times)
gezhid008
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March 26, 2018, 06:04:54 AM
 #41

In recent years, the trend of "de-cash" in the world has suddenly accelerated with the help of tangible hands, and the "cashless society" seems to be coming.

As demand for paper money and COINS continues to fall, more and more countries are using digital currencies, cryptocurrencies and bitcoins.
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March 26, 2018, 06:17:10 AM
 #42

In my country the government has not legalized bitcoin for several reasons. Unavailability of means for exchange by using bitcoin. People still use fiat money as a tool for transactions. With the passage of time, the more advanced technology may bitcoin grow and develop well in my country.Hopefully

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March 26, 2018, 06:40:38 AM
 #43

Its all about our thoughts and how to put the world that we see in front of us. I mean digital money do exits everywhere but it doesn't mean that we are cashless completely. The money has to be minted to have physical presence in the banks and financial institutes. They can not just put the number in our bank account which will circulate everywhere and will fulfil the transaction. I mean money has to be in some sort of form mate! For example, physical cash is printed, it gain the legit marks and then it is circulated. This process carries specific value. Even for the bitcoin, or altcoins, there is virtual form in terms of algorithms which are circulated and there is mining protocol which costs energy and thus gains the value for it. This way everything is valued but to get value it has to be given to something, and again its physical cash. So we are not cashless at all.


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March 26, 2018, 06:51:33 AM
 #44

maybe cashless society will happened someday when people able to buy their daily life use digital money however i have been use perfectmoney or webmoney since 2014 and automatically those can called as digital money but digital money users in my country were very less and there is not much option to use digital money as instead of my paper money

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yugyug
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March 26, 2018, 06:56:49 AM
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 #45

The largest users of digital cash today is China with estimated 1 billion users that is larger than the most American and European users combine. China is now the leading country of digital innovation and digital consumers, they ban bitcoin because they have already stablished a digital payment system like WeChat and Alipay and they don't want to disrupt citizens about adopting new payment processor like bitcoin. Overall worldwide, digital cash or digital money is still not known to other 3rd world country where internet communication is hard to reach so, traditional paper money cash system is still used. We hope in the near future for more than 20 years from now digital cash will be acceptable in any part of the world.
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March 26, 2018, 07:07:46 AM
 #46

How is digital money is your country ??

Pretty good in general over the last couple of years after our prime minister pulled an ace from his sleeve and did a famous 'demonetisation' move which pushed for a cashless society. Although cryptocurrencies weren't the top priority, they did make their mark by raising eyebrows of the officials. E-wallets were the biggest benefactors as over 100 million users began using apps like PayTM.

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March 26, 2018, 07:28:23 AM
Last edit: May 04, 2018, 01:34:57 PM by First77
 #47

The largest users of digital cash today is China with estimated 1 billion users that is larger than the most American and European users combine. China is now the leading country of digital innovation and digital consumers, they ban bitcoin because they have already stablished a digital payment system like WeChat and Alipay and they don't want to disrupt citizens about adopting new payment processor like bitcoin.

That is what I have been saying in bitcointalk. Debit and credit cards run digital money/cashless society. Bitcoin is an illusion of new form of digital currency.
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March 26, 2018, 07:54:48 AM
 #48

Applying the concept of cashless society is not as easy as we imagine even if using bitcoin, because a lot of infrastructures are needed. We need hardware, software, internet and government regulations that allows people to use digital money. If the digital money is not cryptocurrency then it will be dangerous because digital money is only data, hackers can hack that and the transparency will become a big questions. Countries which want to applying the concept of cashless society should use cryptocurrency that is backed by real asset which is gold.

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March 26, 2018, 07:57:51 AM
 #49

My prediction is tomorrows digital world will be a cashless world. Now people are too much busy with their personal life. At present time it is so tuff to go bank and take cash money for spent. i think in all sector like, school, college, shopping, traveling, tourism all will accept cashless currency in near future. Just wait and see.

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March 26, 2018, 07:59:37 AM
 #50

In my country central bank has accepted recently and approved the rules and regulation of government operation from virtual currency exchanges defines that its used from medium exchange of digital stored value created by agreement with the community ,according to us the potential of digital money has revolutionize delivery  particular for payments and remittance such us domestic and international remittance at economically fees and more faster without needed other papers to released during process,
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March 26, 2018, 08:10:08 AM
 #51

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 ??

I already know that china is a cashless mode of payment I remember last year when MR. JACK LAM which was founder of Alibaba came here in the Philippines which was promoting a cashless method for Fastest way of payment for Filipino but they convinced first to make an  additional High Electricity and High speed  Internet facilities to do this things making cashless in every transaction. 
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March 26, 2018, 08:40:47 AM
 #52

Although, digital payment or cashless system is a very good initiative that should be encouraged all over the world, I do not think it will take over the world. In many nations of the world, there is still a significant percentage of people who are illiterate and do not understand how this system works.
The use of bitcoin and other cryptocurrencies may increase the level of usage of the digital world but even with that, cash can still not be completely eliminated.

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March 26, 2018, 12:43:32 PM
 #53

Although, digital payment or cashless system is a very good initiative that should be encouraged all over the world, I do not think it will take over the world. In many nations of the world, there is still a significant percentage of people who are illiterate and do not understand how this system works.

China, a country with some 900,000,000 internet users cannot be illiterate.
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March 26, 2018, 12:59:21 PM
 #54

Paper money is slowly becoming a thing of the past. Their place is occupied by digital money. The time when developed countries will completely give up cash has already come. But should we give up cash forever? Cash calculations are not perfect, but the non-cash society faces a number of problems that are very hard to overcome: hackers, incompatibility of payment systems, lack of confidentiality, careless handling of money. Cashless settlements do not eliminate cash problems, but create new ones.
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March 26, 2018, 01:05:14 PM
 #55

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 ??
I don't think so because I already seen other chinese not yet like that they are not yet totally cashless there are still some of themnot yet like that.
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March 26, 2018, 01:19:34 PM
 #56

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 ??

Digital money in my country is not yet that popular. Maybe in the next year's to come, cashless society will be effective. But as of now being cashless is not yet accepted by some of my countrymen because of lack on knowledge how to handle online transactions.

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March 26, 2018, 02:34:54 PM
 #57

my country attend G2 confereence and the vote is "Netral" , i think its good enough because last 3-4 month the goverment said will ban crypto
im just glad about that

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March 26, 2018, 02:48:33 PM
 #58

Here in philippines many people heard about bitcoin but they still think that its a scam, and that news becomes music to business owners and become a reason why people here are still scared of it. But i read from some websites that there is a restobar somewhere in Mandaluyong that accepts bitcoin as a payment, and also a coffee shop in Davao. Means, business owners are starting to embrace digital currency. And hoping that others will do the same. However, here in our province, bitcoin is only popular among students and most of them use bitcoin as a source of income. There are some who used to have a lot of bitcoin accounts to earn more from campaigns. It is indeed popular to students, but not on business owners here in our island. Thats why inorder for us to use our bitcoins, we need to convert it first to fiat and cashout it from a money exchange shop.
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March 26, 2018, 02:54:14 PM
 #59

The elimination of cash / paper money will likely always have a negative, detrimental, effect upon an economy and civilization/society as a whole. Cash will probably always be a more efficient method of carrying out transactions in some areas. Banning cash has a high potential to reduce the efficiency of how everyday business is done, which in turn has a potential to kill jobs, economic opportunities and otherwise cause recession/economic slowdown.

Eliminating cash further centralizes business and economies. Having electronic money compete with fiat paper money is a better precedent as it invokes greater competition which in turn gives consumers more options which generally translates to elevated standards of living, higher economic prosperity, greater funding opportunities for small businesses which in turn create jobs and strengthen the economy.

Eliminating cash also increases the likelihood of surveillance, manipulation of markets and other negative precedents. It could give banks and similar entities greater control over how consumers spend their money. Crypto currencies being banned for purchase by some banks and investment firms is a good example of this. If all currencies were denominated in an electronic format, this would make it easier for banks to ban the buying and selling of crypto and other things.

But cash and digital cash are fungible and completely interchangeable already. You swap one for the other every time you interact with an ATM, either putting money in or taking it out. Cash and digital cash don't compete with each other, they function interchangeably. (Unless by digital cash, you mean Bitcoin/crypto, which isn't digital cash at all. Crypto is a competitor to digital cash.) But otherwise, I agree that eliminating physical cash entirely has drawbacks. If all currencies were denominated in an electronic format (only), I don't think it would have much impact on buying/selling crypto, because virtually nobody exchanges crypto for physical cash anyway. It's almost entirely done with electronic cash right now.
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March 26, 2018, 03:03:15 PM
 #60

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 country, there are some who use digital money in their transactions because they know how to use it and that they earn money from different sources using internet. But the majority of people here don't know how to use computers and accessing this kind of system. Cashless society is good but I don't know if it is possible in my country at this time because I think it will need a thorough analysis and evaluation for the safety of all nation.
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