Digital Money = Cashless Society

[Impulseboy]

Digital money where I live co-exist well with fiat, and this is why I think that bitcoin and cryptocurrency can co-exist with fiat when it becomes an official digital currency worldwide. What do you think?

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[Gonzaleti]

Digital money in my country began to be used for payment transactions, both  online stores and offline stores. But it's not purely digital like bitcoin, because in my country bitcoin is prohibited as a payment instrument. So I mean only digital payments without cash payments, such as credit cards or debit cards. Maybe someday if bitcoin can be used as a payment instrument, digital money will become more popular.

[semutracing]

Cashless society is the thing that already is happening and growing by using digital money and cryptocurrencies we would transform a payment system

indeed, the system will change the original payment method with fiat money must face to face with the seller, but cash is still needed, because this is used to see the growth of a country's financial inflation

[nowlscor18]

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 ??

Equally stated, digital money = cashless society. As we are now in the present, digital world invades us, drastically. No cash? no worries. We pay bills, have our remittance, earn money in a digital way. This is how digits turn the world upside down.

[Laily alie]

Such a thing is very hard to imagine in developing countries but it can be very helpful. This will be possible only when the government in those countries is ready for this.
 

[solkinsolali]

We cannot fully discuss a cashless policy without making a reference to the digital currencies. I agree with the OP that digital money and cashless society complements each other.

[SnowAugustine]

Cashless society is very near now. When I go out, I pay with my card for the gas. If I didn't drive, I pay with my credit card. When I go to the mall, I pay with my card. When I buy something online, I pay with Paypal. I work online so I also get paid via Paypal or bank transferred.

[denuhaqiqi]

Now various types of financial transactions are done online using digital money, because it is considered more effective and efficient. The government in my country also does not prohibit it.
But that is different from Bitcoin or cryptocurrencies which are part of digital money itself. For bitcoin and cryptocurrencies, it is only used as an investment or trading commodity, because cryptocurrencies cannot be used as a legal payment instrument in my country. They use cryptocurrencies only on exchangers, and there are very few exchangers that work with legitimate currencies in my country.

[naily]

Digital money is the future and the concept of Bitcoin is also the same and slowly and steadily digital money is acquiring or replacing paper currency in the world.

but bitcoin to replace existing banknotes I think not everyone agrees with you, if bitcoin is a competitor and is the dominance of existing fiat currencies it will be better, so there is a backup when the digital network is cut off

[Nathanclark]

Maybe in the future, digital money will gradually replace cash. However, it is not possible to completely remove cash, there are still many needs for cash in daily life

[First77]

Should be careful and look out for these problems

Debit card glitch means thousands charged twice

Thousands of people in the UK were charged twice for debit card payments.The error occurred due to an issue with a particular card terminal run by Cardnet, a joint venture between Lloyds Bank and First Data.Money came out of bank accounts twice but transactions only showed up once on many shop, pub and restaurant receipts.

Lloyds Banking Group said just under 5% of Cardnet machine transactions were affected on part of 29 August and all affected customers had been refunded.However, customers are still being advised to check their statements and contact their bank if required

https://www.bbc.com/news

[Agapelove]

With high volatility of digital coins, going mainstream would be difficult to achieve. How could these digital coins replace fiat money in this way? Fiat money will stay. Digital coin will be useful in other system wherein they're very useful such as revolutionizing different processes.

[melch100]

With high volatility of digital coins, going mainstream would be difficult to achieve. How could these digital coins replace fiat money in this way? Fiat money will stay. Digital coin will be useful in other system wherein they're very useful such as revolutionizing different processes.

Yes, both have difference and both have their own uses, digital currency will never replace fiat currencies as this are the main thing uses of all people in the world.

[Joshapat]

It must be admitted that the presence of digital money is a problem in itself, this is because many people are still thinking simple and do not want to follow developments, this is a problem for the future of the world economy.

[Ayush rana]

Digital money is equal to cashless society, because when there is no one accept physical money and people have to pay through their digjtal wallet. once people use to digital wallet than no one want to carry physical wallet with them.

[Mysterium 14]

digital money sooner or later will replace paper bills, in the age of information technology, there is a huge number of applications PayPal, samsung pay and many others that are very convenient to use and the phone is always at hand

[knggtrrz]

digital money sooner or later will replace paper bills, in the age of information technology, there is a huge number of applications PayPal, samsung pay and many others that are very convenient to use and the phone is always at hand

I think even if they are becoming popular we cannot still replace fiat currencies and its worth and how it can be use everywhere even without electricity, gadgets and internet connections.

[phpartisanmaster]

Digital money is equal to cashless society, because when there is no one accept physical money and people have to pay through their digjtal wallet. once people use to digital wallet than no one want to carry physical wallet with them.

digital money was absolutely equal to cashless society and it was good for people who are earning a huge amount of salary but for those who cannot invest on cryptocurrency then fiat is still necessary.

[Gabali126]

Digital money and cashless policy are completely synonymous. This implies that you cannot completely discuss a cashless society without having possible plans of adopting digital money.

[jaysabi]

It's entirely unlikely that crypto will be the dominant method of payment in a cashless or digital cash society. The traditional digital payment companies are far superior to anything crytpo has come up with so far. Decentralization just isn't a large concern for the vast majority of the population. It's too technical and too slow. Settlement times may be faster, but actual transaction times are thousands of times slower. You have to wait a minimum of 10 minutes and up to 60 minutes for depending on the level of confidence you want in your transaction. On the plus side, the transaction and settlement time is the same, but in traditional digital payments, the transaction times takes a few seconds. And most people trust the centralized payment processors enough for decentralization not to matter, so the faster transaction time wins. The future of digital payments is PayPal, Zelle, Square, Venmo; not crypto.