Imagine a cashless society

[YNAGS Team]

It is not so far from us this days. It is a common thing for people from some countries not to grab with them cash at all, just paying with NFC and cards, so yeah...

[1Referee]

It's got to the stage there were most bank branches refuse to let you withdraw cash. I think that's scary.

It is scary. Another thing that I noticed myself, is that ATM's lowered the max amount of money that you can withdraw per day significantly. I think it's safe to say that they are trying to lower the potential damage of a bank run in case it happens. If a bank doesn't allow you to withdraw your own money, or spend it through their ecosystem the way you want, then it's time to look for a different bank. I noticed that in most cases the smaller banks do a much better job in providing their customers the service and usability they deserve to have and pay for. The only negative aspect of smaller banks is that they are mostly not as wide spead with their offices, but that's something you have to accept. Everything better than using the shitty large banks not caring about you.

[tanghere02]

Yes I could actually imagine a cashless society, in fact it would be so much easier for the people to not carry cash with them especially if they travel outside the country. But I don’t think cash would be fully dilinquished because their would be other countries that are left out and does not have access to the internet.

[karanggatak]

Yes it is very possible, over time credit or debit card will be inefficient if made as a transaction tool, I myself have experienced it right now, in my wallet too many debit cards that make it full, it shows that the cards are less efficient, in the future we can be sure we will all use our smartphones more often to transact because it is more efficient and more simple if all in one grip.

[butcherme]

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?

It can happen in the future. But, we all know that not everyone accepts bitcoin and cryptocurrency yet. Some countries are against bitcoin and some arw learning about it. If mass adaptation happens, a cash less society can happen.

[EdenHazard]

Now it's was happening in some countries like japan, US and Denmark and other countries who accepted bitcoin and cryptocurrency. They already use bitcoin as a means of payment, even Denmark will wipe out the money cash and be replaced with digital money. Using digital money is very easy for human to help everyday life. Unlike the credit card if it runs out we need to bank to refill, but digital currency such as bitcoin enough to use the internet alone can be replenished.

But in the facts there are still some countries that prohibit bitcoin and cryptocurrency. They reasoned cryptocurrency would only bring inflation in his country, and the decentralized system, anynomous is another reason they forbid cryptocurrency. I don't expect the future of cryptocurrency to be acceptable to all countries because it is impossible, I just hope some countries that forbid cryptocurrency just forbid as payments system not to ban as a place of trading or investment.

[Manchumichael]

Yes it is very possible, over time credit or debit card will be inefficient if made as a transaction tool, I myself have experienced it right now, in my wallet too many debit cards that make it full, it shows that the cards are less efficient, in the future we can be sure we will all use our smartphones more often to transact because it is more efficient and more simple if all in one grip.

Now already new trend started you no need to carry your credit/debit card just your smartphone is enough. We can pay our bills through some 3rd party billing apps and they will give good offers also. i saw one Samsung mobile model number i don't know in that mobile you can save your all debit/credit cards while paying bills just tap your mobile and enter a passcode. definitely one day we will see cashless society.

[GalaxyWorld]

Currently, the blockchain technology I see is very good. But it can not completely replace paper money. Because paper money is suitable for small daily payments we need to spend.

[Rossy Akbar]

Well,  it would be so awesome because technology were so much profit nowadays,  but don't forget in each country there are backward society which is we can't let them down even we need to help them, maybe only time can answer those imagination.

[1NV3ST0NM3]

Banks still provide this service USA is already a pretty much cashless society but I think main thing will be when it happens with crypto that would be great if it happens. There would be no need for carrying cash all the time. This will also eliminate the risk of our money getting stolen or lost and moreover unlike banking money eliminates risk of money getting hacked too. The transaction time will reduce. We will also be able to transfer money around the globe. But I think governments will allow this by introducing new cryptocurrency with some regulations.

[BChydro]

@OP it is a good thought process and we might see this in the future, but the most important thing we need to understand is the transaction charges they are going to charge for these transactions, to see the world going all in for a cashless society we need more time as there are other basic problems to be sorted, even now we can get anything virtually.

[yanlap]

In my country living in, a cashless living is possible. It’s more of your choice, we can pay everything by just sitting in our room or using cards if we go shopping. Scan and pay is now a trend in our place of residence and that is advantageous to us in such way that lines will be shorten and much efficiently done without money change.

This cashless transaction is available in almost all country, but it remain as our choice if we do the same or do what comfortable to you.

That still is not a cashless society. Ultimately, the amount is being transferred in the form of paper money. Your dealings will be still in your local currency and that is absolutely paper money. Cash is involved and honestly, it is not possible to have a cashless society at the present moment. With the passage of time, when digital currencies will overtake paper money, it might become possible.

[HiRollStaff]

Technically speaking the era of cashless/all in one on a device like a phone is already here and the infrastructure is growing rapidly. Canada, for example, has widely adopted mobile debit and they are almost all tap enabled for Apple Pay, Android wallet and tap cards.

Interesting you mentioned using a phone. My main question is what will replace the phone for payment? They have their pitfalls; theft, loss, damage, non-standardized softwares... For payment, I can imagine a much more standardized separate device. The world is showing signs of already being sick of the phone being a one stop shop for every application of life. Perhaps a secondary payment standardized device? And secondly, trusting (for example) apple with your banking information and all transactions. We have millions of credit/debit cards, but they are technically all essentially the same. I can see the world going that route, a standard payment device, but not connected to a device you can lose, destroy, have stolen or hacked.

[GoldenLad]

It sounds good to have a cashless society, if this happened to other countries, and the result was much better than to have fiat in thier pocket, well I think other countries will sooner suggests that too, and becoming universal

Even if it sounds so sweet and good. It's still not possible. Maybe it may happen in the next century, but for now, no. For our society to become a cashless society or countries, every society and countries in this world must have an equilibrium level of technology. Whereby, there won't be a need for paper currency.  This may be hard to achieve because,  some countries are still lacking heavily in technology.

[Trivelius]

In my country living in, a cashless living is possible. It’s more of your choice, we can pay everything by just sitting in our room or using cards if we go shopping. Scan and pay is now a trend in our place of residence and that is advantageous to us in such way that lines will be shorten and much efficiently done without money change.

This cashless transaction is available in almost all country, but it remain as our choice if we do the same or do what comfortable to you.

That still is not a cashless society. Ultimately, the amount is being transferred in the form of paper money. Your dealings will be still in your local currency and that is absolutely paper money. Cash is involved and honestly, it is not possible to have a cashless society at the present moment. With the passage of time, when digital currencies will overtake paper money, it might become possible.

Yes it is still not look like possible but i think that in far future when all the people of the world will start using bitcoin may be then it become possible, but still it will take a lot of time.

[zhelis74]

It sounds good to have a cashless society, if this happened to other countries, and the result was much better than to have fiat in thier pocket, well I think other countries will sooner suggests that too, and becoming universal

Even if it sounds so sweet and good. It still not possible.

We still need both of them until many stores accepts it, there are many online shops and apps that accepts bitcoin as their payment, there are created for different uses, for shopping, for paying bills, and etc. It gist need more time before it fully implements ,but there is a need to orient the people that will be took to long to adopt in changes.

Yes, cashless society needs fully internet connection on all establishment like what we did on our electronics card, debit card and credit card and by using bitcoin on every monetary transaction is very hard for now since the fact that only few establishment are accepting bitcoin for buying goods and services. One thing I have seen on its advantage and that is about security against theft and money snatching as what always happen on fiat money.

[mornabo]

Yes it is very possible, over time credit or debit card will be inefficient if made as a transaction tool, I myself have experienced it right now, in my wallet too many debit cards that make it full, it shows that the cards are less efficient, in the future we can be sure we will all use our smartphones more often to transact because it is more efficient and more simple if all in one grip.

I think a credit card or debit card is included in cashless right? anyway now you can also use credit cards online no need to bring credit cards to shop? but of course the more advanced technology and payment system will be more sophisticated. it may be more credit card will be perfected. not in the form of cards but already digital in the mobile phone every customer. it(cashless) will surely happen sometime later.

[Haterstestbtc]

It sounds good to have a cashless society, if this happened to other countries, and the result was much better than to have fiat in thier pocket, well I think other countries will sooner suggests that too, and becoming universal

Even if it sounds so sweet and good. It still not possible.

We still need both of them until many stores accepts it, there are many online shops and apps that accepts bitcoin as their payment, there are created for different uses, for shopping, for paying bills, and etc. It gist need more time before it fully implements ,but there is a need to orient the people that will be took to long to adopt in changes.

Yes, cashless society needs fully internet connection on all establishment like what we did on our electronics card, debit card and credit card and by using bitcoin on every monetary transaction is very hard for now since the fact that only few establishment are accepting bitcoin for buying goods and services. One thing I have seen on its advantage and that is about security against theft and money snatching as what always happen on fiat money.

It would be very comfortable and worry free if we will have a cashless society since everything will be electonically done. However, strong internet connection and high powered satellites must be installed even to remote areas which means a bigger cost to the government or private institution which will also be passed on to its citizen therefore additional expense from our po kets. It would be a great idea but practically way too difficult especially here in our country but of course everything is possible though it will take years of hardwork and patience before that will happen.

[daarul50]

I think this will happen with bitcoin. Nowadays, all banks have prepared a digital transaction as an example of their products, e-money, credit cards, and even they have launched smartphone-based applications to conduct various transactions of its customers. All banks almost have the same goal in this digital era that is to make people transact without carrying cash or wallet, only with their smartphones can transact anytime and anywhere. It becomes a way of receiving bitcoin in the eyes of society and it is not impossible that bitcoin technology can be adopted by several banks.

[tambok]

It is so surprising and amazing to have bitcoin and I can't wait to see to have a cashless society, just imagine how our world will work because of this. It is really amazing to have this kind of idea, a big change will come into our world.