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Author Topic: Digital Money = Cashless Society  (Read 3995 times)
First77
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March 25, 2018, 04:27:41 PM
Last edit: August 08, 2018, 03:39:38 PM by First77
Merited by QuestionAuthority (20), yugyug (3), goldade (1)
 #1

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.

Just like Bitcoin which does not have a physical presence, money/cash will not have physical presence in "cashless society/countries" where money becomes digital/numbers.

Bitcoin is a part of digital money. How is digital money is your country ??
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March 25, 2018, 06:07:57 PM
 #2

Digital money definetely eliminates the paper money involved in the system. But would it make the system completely cashless is the main question. Well, it can definetely bring in a "less cash" drive than the cashless one. Offcourse achieving a cashless society is the bigger goal but we need to wait for that for a while. For now, less-cash society is whats being offered with the advent of digital money, and the whole digitization process  alltogether.

Offcourse the cryotocurrency will add to this in a good and substantial way as it is based completely on digital money, created and existant over the cloud. This if regularised in a more advanced and accepting way, will definetely pave ways for cash-less economy and will eliminate problems assiciated with paper money like theft, laundering, corruption, etc.



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March 25, 2018, 06:18:45 PM
 #3

Digital money where I live is similar to what you've described as in China. People prominently make use of their Debit and Credit cards (mainly because of discounts on purchases, sometimes even upto 20-30$ worth of discounts on electronics purchased with it), Internet Banking (Interbank transfer of money), applications like PayTM and Google Tez used to transfer funds between people at work or to pay a small local vendor for a couple of items purchased (none of these have any fee) and also there are certain Bank based money transfer services like (UPI) that allows people to send an SMS from their mobile number linked to their banks to allow apps connect to their bank accounts and perform transactions (Again for free). Bitcoin most certainly does fall into the digital money race, but where I live it has been outlawed to be utilized as a medium of exchange (as a legal tender basically), thus greatly limiting its usage to just transactions on exchanges, kind of like a stock to be bought or sold. This limiting factor prevents people from accepting or spending their Bitcoins within the country, although a loophole does exist for now. This loophole hasn't really increased Bitcoins usage, infact it's near impossible to find a store or a restaurant that would accept Bitcoins here. Unlike in the Europe, there are no Bitcoin ATM's as well as ATM's require the Central Bank's approval (mostly banks here get these).
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March 25, 2018, 06:19:08 PM
 #4

Switzerland is obviously heading for cashless society. They're developing a new token Saga with low volatility and without an opportunity to speculate. It means it will only be appropriate for payments. However, it'll not be anonymous
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March 25, 2018, 06:21:59 PM
 #5

I once wanted to pay with paper money in a barber shop, and they just couldn't provide me the change because almost no customer uses cash to pay, and thus they had not much in their cash desk. I was kinda shocked, because usually barbers, bazaars, etc, are those who work with cash the most, but even that is declining. If I think back, I don't recall having even touched cash money this year. I just pull out my bank card, have it touch the NFC panel, and transaction is made. No fees are involved, I enjoy buyers protection, insurance on various products, etc. It's an ultimate form of convenience that people love, and I got to admit, it's difficult for Bitcoin to even disturb this process....
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March 25, 2018, 06:24:49 PM
 #6

I once wanted to pay with paper money in a barber shop, and they just couldn't provide me the change because almost no customer uses cash to pay, and thus they had not much in their cash desk.

You just told everybody here about the best advantage of digital money or cashless society, that is "no headache of change"
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March 25, 2018, 06:27:29 PM
 #7

Basically, Cash has been transferred, but the cash was held by the bank, later transferred by the bank electronically, but the cash is still being held by debt.

The governments are leading projects to stop cash trades, which means that they encourage people to buy things in stores with Credit cards rather then cash, as they can track where the money goes, it's a financial instrument to prevent terror.
I believe that soon or later, cash will disappear, but at the same time I don't believe that bitcoin/ cryptocurrencies are going to be those who replace it, as centralized currencies allow the governments to track and defend their citizens from frauds, a think that they can't do in decentralized environments.

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March 25, 2018, 06:34:12 PM
 #8

Even before Bitcoin existed we are living in a semi-cashless society because of credit cards, debit cards, and other online payments like Paypal. I could say "semi" because all of it still uses its Fiat currency equivalent like when you are buying shoes for 100$ you will be paying 100$ + transaction fees for the purchase, Bitcoin as well is the same, you are paying the amount of Bitcoin equal to 100$. Our mode of payments now are cashless but all of the values are being based on Fiat currency so technically we are not living in a cashless society as our Fiat currency still exist together with other modes of payment.

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March 25, 2018, 06:37:48 PM
 #9

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 ??

Bitcoin can also be considered a digital currency since it can be used in transactions and other services. In our country only a few are using credit cards, debit cards and cryptocurrency since only a few can afford to pay it. Cryptocurrency users in our country is starting to increase as it is getting a lot of attention since a lot of people are earning a lot from it.

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March 25, 2018, 06:40:39 PM
 #10

Well, that is all what we want right now, i love to use debit cards, they are very attractive and you do not have to carry with cash on your pocket, so for me, it was one of the best things that i have used before.

but yes, now with cryptos is much more better than before, because you might have more money if the price goes up.

Even before Bitcoin existed we are living in a semi-cashless society because of credit cards, debit cards, and other online payments like Paypal. I could say "semi" because all of it still uses its Fiat currency equivalent like when you are buying shoes for 100$ you will be paying 100$ + transaction fees for the purchase, Bitcoin as well is the same, you are paying the amount of Bitcoin equal to 100$. Our mode of payments now are cashless but all of the values are being based on Fiat currency so technically we are not living in a cashless society as our Fiat currency still exist together with other modes of payment.

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March 25, 2018, 06:41:15 PM
 #11

Well technically, digital money here our country will slowly adapt to the people here and not only by that and also cryptocurrencies.
We have a blockchain base wallet here that we can be received bitcoin and convert to fiat named is Coins.ph, this is also may use in paying bills, have a load in a mobile phone. Or other instead they went outside to send money in remittance to their loved one. Through this, a digital money that used the internet connection to process your request and it seems like bitcoin process.
Cashless right?


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March 25, 2018, 06:50:07 PM
 #12

That is fairly true but 99% countries are still using the cash as mode of payment. The cash is necessary because the digital payment processors has not reached in every corner of the world or regions per say. There are still small merchants, hawkers, people those sell road side, or may be some transaction that are usually require to pay in cash. We can not ignore the fact that government will never stop printing the cash anytime sooner and this trend will go on forever. It's hard to imagine any country with no cash at all because somewhere somehow we do need cash and that is the fact.

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March 25, 2018, 07:02:10 PM
 #13

In my country, the adoption is still pretty low. In 2016, government had introduced demonetization to curb black money and promote digital transactions, but it wasn't really a success. Once the cash came back in market, people began moving to the offline modes. However, the use of digital currencies is more evident in metropolitan cities. A large percentage of people in my country still live below the poverty line and I doubt that a country can ever be completely cashless.
Cash has its own merits which cannot be replicated by digital currencies. Bitcoin is definitely a new digital currency, but it will take years before people adopt it.
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March 25, 2018, 07:06:35 PM
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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 ??

That really seems like a good scenario but will not happen worldwide especially in poor countries. In my country also, the government tried to encourage digital transactions by giving incentives to people. People also used the digital options like debit cards to get those incentives and later all this stopped automatically. We are back to cash now. Also, there is very much illiteracy here in villages. Rural people are not able to even withdraw money from the ATMs even and have to take help of other people for this.

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March 25, 2018, 07:16:04 PM
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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 ??

Yes .Bitcoin is the digital money and which leads to the cashless society.
Online payment made the world easier.Now we no need to go to stop to purchase,we can get from the home.
This is possible by the acceptance of online transcations. Now bitcoin is accepted as a one of the payment.People are now earning money from the Internet now.
tora
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March 25, 2018, 07:23:45 PM
 #16

The cashless society is happening regardless of bitcoin. In some countries older generation are wary of electronic transfer but the younger generation are almost cash free. As more online and traditional retailers accept bitcoin then bitcoin will become main part of cashless society.

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March 25, 2018, 07:28:26 PM
 #17

Most money in the world is already digital and it has nothing to do with bitcoin or crypto. Digital fiat is how the majority of things are paid for and how the vast majority of money exists in advanced economies. Crypto is just a subset of the digitalization trend that has been underway for several decades already. Ever since checks started transferring money from one bank account to another without necessitating the movement of physical fiat, digital money can said to have been in existence. It's just now that the digital system is much faster and larger, with ACH, credit/debit and other forms playing into the system. When you consider that these are more stable mediums for transferring value, I sometimes wonder why there is so much hype around crypto. Crypto may edge it out in fees and perhaps speed, but the risk of massive price swings is a huge detriment to me.
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March 25, 2018, 07:56:43 PM
 #18

Digital crypto currency is inherently non-cash money. Non-cash ordinary money and crypto currency will gradually displace cash. However, this process is very long. Undoubtedly, in the very distant future we will come to a completely cashless society. However, with our life with you this is unlikely to happen.

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March 25, 2018, 08:18:55 PM
 #19

In my state, its almost same as China but there are still many offline stores that collects cash from their customers. Here, there are many people who stops or opt-out from using the credit cards because according to them, it makes them spend more. You don't blame them though, everyone have their preference. I don't think the world may adapt or become a cashless society.

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March 25, 2018, 08:23:54 PM
 #20

I think cashless society is vulnerable in many ways. You don't have anything to trade if you ever go outside of the internet range. If you've ever travelled you know how easy it is to get into a blind spot where your phone doesn't work. And in such spot your internet won't work too. They won't have card terminals and you won't be able to buy fuel for your machine or a bottle of water. It's too early to try to live in a cashless society.

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