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Author Topic: Imagine a cashless society  (Read 1129 times)
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April 11, 2018, 06:09:26 AM
 #21

Nope. A lot of business men think this could be a possibility but they are not talking about Bitcoin as they now know that Bitcoin is not the best cryptocurrency out there in terms of payment. Look at what Howard Schultz said on that topic. Also in reality cryptocurrencies can be our main mode of payment but their value will still be based on its fiat currency equivalent. Without it they would be worthless, cryptocurrencies might dominate but they need fiat currency to be used as a kind of money.

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April 11, 2018, 06:44:34 AM
 #22

Yes. Completely amazing how the payment system is changing. However, there is a limitation because of availability of internet and knowledge of usage of android device.

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April 11, 2018, 07:01:45 AM
 #23

Your imagination of a cashless society is the best thing that can happen to the world financial system. Financial transactions across the globe will be very fast and simple. It will only take hackers to steal people's money.

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April 11, 2018, 07:23:19 AM
 #24

of course yes, we're gonna use virtual currency in the future like bitcoin or any cryptocurrency, but maybe fiat currency still exist only for second option payment or third world country will use fiat.

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April 11, 2018, 07:28:22 AM
 #25

Your description of a cashless society reminds me the one at the start of credit cards era. It was almost the same Smiley

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April 11, 2018, 07:31:58 AM
 #26

Just by using your phone, you could purchase almost anything. No need to withdraw on an atm. No more heavy coins on your pocket. Paying bills, and purchasing tickets without standing on a line. Very convenient and less time consuming. I know we're already using credit cards right now, but using a single currency like bitcoin world wide could really help on transaction, having less error than the normal and faster transfer and of course the security. Do you guys think this could happen in the future of bitcoin?
Actually cashless/paperless society is good for the nature. Papers come from trees, if paper bills wont be of use, lesser trees are needed so it means, lesser trees to be cut. However, many people will lose their jobs.

You see, there are other pros and cons if eventually we will have a cashless/paperless society.

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April 11, 2018, 07:44:35 AM
 #27

At present, China is in such a way to go out without cash, only need to bring a smart phone, and solve all problems.

People pay and transfer only using WeChat and alipay, but this digital currency is limited to China.

I think we need a digital currency that can be used around the world, such as bitcoin.

Imagine no more counting, the phone counts for you exactly every bits of your money is deducted accurately and fast. No traffics in exchanging, goods are sold via cyrto currencies. Even the smallest business establishments at the side of the road have QR codes with them for payment. No more hassles, people just scan-get the goods and go. Wish that is existed in my country.

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April 11, 2018, 07:46:21 AM
 #28

Just by using your phone, you could purchase almost anything. No need to withdraw on an atm. No more heavy coins on your pocket. Paying bills, and purchasing tickets without standing on a line. Very convenient and less time consuming. I know we're already using credit cards right now, but using a single currency like bitcoin world wide could really help on transaction, having less error than the normal and faster transfer and of course the security. Do you guys think this could happen in the future of bitcoin?
Actually cashless/paperless society is good for the nature. Papers come from trees, if paper bills wont be of use, lesser trees are needed so it means, lesser trees to be cut. However, many people will lose their jobs.

You see, there are other pros and cons if eventually we will have a cashless/paperless society.

Digital technologies can make ourselves feel at ease and by using it as our currency is so good but we need to have an extraordinary security so that our behold digital money will not be stolen by the hackers. But I doubt government will allow it for now since as we know paper bills industry is to good for them and many politician have split thought's about it since this issue is so complicated.



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April 11, 2018, 08:06:07 AM
 #29

As we speak many people are living, working in a society that does not use physical cash. Your monthly salary goes into the checking account and for everything you pay using your card, even when taking the bus! On a personal note, I took very rarely use cash nowadays and always dependent on either a credit card or a debit card for my payments! With better and affordable financial services this can proliferate.

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April 11, 2018, 08:15:30 AM
 #30

Just by using your phone, you could purchase almost anything. No need to withdraw on an atm. No more heavy coins on your pocket. Paying bills, and purchasing tickets without standing on a line. Very convenient and less time consuming. I know we're already using credit cards right now, but using a single currency like bitcoin world wide could really help on transaction, having less error than the normal and faster transfer and of course the security. Do you guys think this could happen in the future of bitcoin?
I am sure it will be happen in the future. The world will develop more and people stop slowly using real currency. They will use at least their credit card and cryptocurrencies as a fast and secured payment method. It will help to much the technology to be more developed in the future.

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April 11, 2018, 08:37:47 AM
 #31

I hope it will happen, the country will use bitcoin to serve as a means of payment. Not for transactions in the country only, but can be done to transact different countries. What we know this time, credit cards can only be used for within the country only, that's the weakness but bitcoin can be used anywhere and anytime.

But the hindrance is, many countries ban bitcoin as a means of payment. Some countries even crack down on people who use bitcoin for investment and trading. So the hope that we expect before will be difficult to realize, most likely the country will make digital money that can use transactions to various countries, and they can control and manage it or have a centralized system.

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April 11, 2018, 08:42:36 AM
 #32

Im sure it will happen in future we are keep trying to improve our financial system. But i doubt that bitcoin will help us to make a cashless society. Bitcoin somehow might be the way to make cashless society but its so volatile that makes its hard to be our currency. Bitcoin for now is more like asset than curremcy.

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April 11, 2018, 08:46:45 AM
 #33

Just by using your phone, you could purchase almost anything. No need to withdraw on an atm. No more heavy coins on your pocket. Paying bills, and purchasing tickets without standing on a line. Very convenient and less time consuming. I know we're already using credit cards right now, but using a single currency like bitcoin world wide could really help on transaction, having less error than the normal and faster transfer and of course the security. Do you guys think this could happen in the future of bitcoin?

With the progres of technology, I am believe that will happen with bitcoin. If right now we are using credit card with high fees, with bitcoin or maybe other cryptocurrency, fees will be more lower

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April 11, 2018, 08:57:07 AM
 #34

Just by using your phone, you could purchase almost anything. No need to withdraw on an atm. No more heavy coins on your pocket. Paying bills, and purchasing tickets without standing on a line. Very convenient and less time consuming. I know we're already using credit cards right now, but using a single currency like bitcoin world wide could really help on transaction, having less error than the normal and faster transfer and of course the security. Do you guys think this could happen in the future of bitcoin?

Having a single "currency" worldwide probably would cause more problem than convenience. I could see it as a widely used currency in the internet but im not entirely sure how long if possible, before it catches on, outside the world wide web. Paying cashless is already a reality now. So it boils down to whether btc will ever be adopted widely.

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April 11, 2018, 09:17:45 AM
 #35

China is now a cashless society, and their mobile payment is very convenient and quick!

People go out with only one mobile phone, which can meet the daily consumption!

If BTC is popular all over the world, there is no charge for transfer, stable price, timely transfer, and BTC payment will be popular all over the world!
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April 11, 2018, 09:24:03 AM
 #36

Just by using your phone, you could purchase almost anything. No need to withdraw on an atm. No more heavy coins on your pocket. Paying bills, and purchasing tickets without standing on a line. Very convenient and less time consuming. I know we're already using credit cards right now, but using a single currency like bitcoin world wide could really help on transaction, having less error than the normal and faster transfer and of course the security. Do you guys think this could happen in the future of bitcoin?

This is pretty much happening all over the globe already at this stage.

However, it does have some negative implications, especially when the cashless society is mainly integrated with the traditional banking system. All of your transactions are viewable to a third party, and they can track exactly what you spend on. Without cash, your account can be frozen, payments denied to a merchant because the central bank does not support its purposes, etc. It essentially takes away the fungibility and anonymity of cash, which are two basic functions of currency.

Bitcoin can definitely help avoid all of this, but mass adoption still seem relatively far away. I stay optimistic though.

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April 11, 2018, 09:26:40 AM
 #37

Im sure it will happen in future we are keep trying to improve our financial system. But i doubt that bitcoin will help us to make a cashless society. Bitcoin somehow might be the way to make cashless society but its so volatile that makes its hard to be our currency. Bitcoin for now is more like asset than curremcy.
Yeah the world  is heading towards  that for  sure making physical money is also costly and burden for  business specially during transfer and remittances, crypto currency for a while we have observed how economical it is and fast during transfer.

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April 11, 2018, 09:27:37 AM
 #38

Is it possible to have  a cashless  society?  I think it will have a hard time to do so.

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April 11, 2018, 09:29:05 AM
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Just by using your phone, you could purchase almost anything. No need to withdraw on an atm. No more heavy coins on your pocket. Paying bills, and purchasing tickets without standing on a line. Very convenient and less time consuming. I know we're already using credit cards right now, but using a single currency like bitcoin world wide could really help on transaction, having less error than the normal and faster transfer and of course the security. Do you guys think this could happen in the future of bitcoin?

the system payment is change and with the technology which comes out in every month, people have more easy to make a payment. and this could happen in the future but for bitcoin, it still needs a long time before it could implement because bitcoin needs to be accepted in the all of countries and bitcoin needs to grow more than now. bitcoin needs to introduce to all of the countries so people can know what is bitcoin and how bitcoin will help their life and if this could be happen then maybe bitcoin have a big chance to change the system payment.

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April 11, 2018, 09:31:22 AM
 #40

Just by using your phone, you could purchase almost anything. No need to withdraw on an atm. No more heavy coins on your pocket. Paying bills, and purchasing tickets without standing on a line. Very convenient and less time consuming. I know we're already using credit cards right now, but using a single currency like bitcoin world wide could really help on transaction, having less error than the normal and faster transfer and of course the security. Do you guys think this could happen in the future of bitcoin?

Cashless society is a good innovation for some countries, but not applicable to all especially when it involves bitcoin. There are still countries that arent accept bitcoin as a currency and implementing cashless society using bitcoin will really face many challenges. However, this is also possible.

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