How cash is becoming a thing of the past | DW Documentary (Banking documentary)

[_Miracle]

Very interesting.

https://www.youtube.com/watch?v=GbECT1J9bXg

[dothebeats]

The video centers more on digital payments spearheaded by banks and financial groups but the essence of being 'cashless' is there. In some places, establishments are already implementing a strict no-cash payments, so it might start small on some businesses but cash wouldn't be replaced or removed for a decade or so, I'd say. Seeing that this world has turned into a fast-paced environment, using physical money would take a longer time than scanning a QR code and let the machines do the work, but then it opens up a room for potential vulnerabilities and such that could easily make things worse for those avid fans of scan-to-pay methods.

We are transforming into a world of digitization, and it's no surprise that one day we might not be using cash as we know it as most of our money would be held in databases and can only be accessed using smartphones.

[_Miracle]

What some of the most interesting points in this doc. (to me) are some things that many of us who have been "bitcoiners" for years already know:
We 'will' eventually end up cashless. What we think of as money has been growing in its digital form for a long time and that evolution of money will end up being more beneficial to banks than consumers: fractional reserve banking is already bad enough. Imagine when they don't have to give you your money anymore.

One of the other things was how easy using their payment system was for them and what a quick evolution it was for cash to become inefficient and burdensome to use.

"cash wouldn't be replaced or removed for a decade or so"
I agree, though it will probably be decades.
Most consumers will move into this very easily but can't even imagine how very bad it will come to be for them.
Ironic because 2008 wasn't that long ago but we've almost forgotten that you can't trust banks, governments or corporations with your money.

[clrpod]

I think we'll eventually go cashless completely on the introduction of some sort of bio chip that contains all your details of your identity as well as allowing access to your stored funds, it will be used like a contactless bank card is now used except it will be an insert in to your forearm.

[munareal]

The world is going into a cashless society were people do not need physical cash to make purchases and for other transactions. It is why the cryptocurrencies can be used with time.

[Hydrogen]

There is no real incentive to adopt a cashless society outside of a pro centralization marketing campaign. Paper money will always be more efficient, a preferable payment system, in contrast to cashless transactions under some circumstances.

Cash will always be better and preferred for purchasing weed, drugs, tipping waiters and strippers. It will always be preferred for the unbanked and poorer demographics which cannot afford the minimum balance on a bank account or lack the personal documents necessary to get an ID. Some countries boast 15% and higher demographics of their entire population who lack access to electronic payment methods.

The proof of what I'm saying can be seen in china where their government recently made it illegal for anyone to refuse paper money for fear it could decrease confidence in currency issued by their central bank. There are countries like sweden who heavily favor a transition to a cashless society but I tend to think those who support those types of measures aren't necessarily the smartest people you will ever come across. Moreso the opposite.

[_Miracle]

I think we'll eventually go cashless completely on the introduction of some sort of bio chip that contains all your details of your identity as well as allowing access to your stored funds, it will be used like a contactless bank card is now used except it will be an insert in to your forearm.

Yes>

China Behavior Rating System V/S Sweden Microchip implants

https://www.youtube.com/watch?v=3FMWcLZy3jU

[sgenuine]

I think we'll eventually go cashless completely on the introduction of some sort of bio chip that contains all your details of your identity as well as allowing access to your stored funds, it will be used like a contactless bank card is now used except it will be an insert in to your forearm.

Everybody knows how to deal with cash but very few people realize that having the cryptocurrency, they can make good money. Cash can be spent on different things but the crypto can make you a rich man.

[coinplus]

It is the "banknotes" that are becoming the thing of the past, cash literally means money and when you spend debit card or credit card that is money as well. So what we are losing slowly is the banknotes and honestly I am doing my part to keep it alive all the time. When I worked at my last job I literally withdrew all my money to cash right away and never worked with the bank.

When I stopped working for my last job and became full time crypto freelancer, I started to actually keep all my money in crypto and whenever I needed money I withdrew it to my bank account and spent it, never keeping too much in the bank account. I am trying to be all liquid without ever needing the bank. Banknotes are important, they are the original against the banks move and if everyone kept all of their money as cash there would have been no troubles.

[_Miracle]

It is the "banknotes" that are becoming the thing of the past, cash literally means money and when you spend debit card or credit card that is money as well. So what we are losing slowly is the banknotes and honestly I am doing my part to keep it alive all the time. When I worked at my last job I literally withdrew all my money to cash right away and never worked with the bank.

When I stopped working for my last job and became full time crypto freelancer, I started to actually keep all my money in crypto and whenever I needed money I withdrew it to my bank account and spent it, never keeping too much in the bank account. I am trying to be all liquid without ever needing the bank. Banknotes are important, they are the original against the banks move and if everyone kept all of their money as cash there would have been no troubles.

You are right on that.



The value of a countries currency holds weight in the world so it has been interesting to watch governments deal with cryptocurrencies.
It is also of great interest to  see how things will shake out with corporations like Google with Ripple.
It would be nice to see a fairly stable crypto-currency to use as cash (not a speculative investment)

[aoluain]

We are definitely heading for a cashless (physical money) society and
its speeding up. Think about it governments cannot track cash and
cash transactions cannot be 100% taxed for example.
If i buy something from a stranger with cash nobody knows.

To point out how easy it is to pay with plastic card (debit card) last
thursday night I did a small bit of grocery shopping and paid by
card in a self service checkout, i then had to move some items
to a new location for my daughter and bought some fuel for the
car at a self service station and paid by card. It was late so we
went to McDonald's for the first time in about 12 months and
ordered on a touch screen and paid by card.

[hatshepsut93]

I absolutely don't want to live in a world without cash, it would mean no way to evade taxes, it would mean that all your transaction history will be sold to companies that will target you with ads, governments will have easier time to enforce some crazy laws, and overall "cashless society" would become a new high-tech tool for oppression. This is why free and decentralized cryptocurrencies are important - because those that only pretend to be decentralized will eventually merge with banks and will work against us.

[NavI_027]

I think we'll eventually go cashless completely on the introduction of some sort of bio chip that contains all your details of your identity as well as allowing access to your stored funds, it will be used like a contactless bank card is now used except it will be an insert in to your forearm.

Hmm, seems like a plot of a science fiction movie.

Anyway, I also wish that I reach the time when we go cashless but I highly doubt that it will hapen not because I don't believe in the potentials and capabilities of our technology but because of the people's lack of willingness to adapt. Like what happened now, we already have cryptocurrency and yet there are still who refuse to use it and the worse is some of them try to destroy its image in the public. See my point? The means of attaining a cashless society is present but we're not all supporting it .

[Kakmakr]

Let's be honest with ourselves for a moment. How many people really still use cash? I regularly make a point of it to look at what people use for a payment option, when I go to the Mall. The majority of people use their debit or credit cards, so we are already going into a cash-less world, even if we are not noticing it.

The Banking cartels are also doing their best to market card payments by using reward incentives for people who frequently use their cards. Bitcoin will just be one of several other options that would eventually tip the scale to a 100% cashless payment network. 

[clrpod]

I think we'll eventually go cashless completely on the introduction of some sort of bio chip that contains all your details of your identity as well as allowing access to your stored funds, it will be used like a contactless bank card is now used except it will be an insert in to your forearm.

Everybody knows how to deal with cash but very few people realize that having the cryptocurrency, they can make good money. Cash can be spent on different things but the crypto can make you a rich man.

Crypto isn't designed to make people rich. That is not the purpose of it, it is meant to be a more efficient system that is free from control by large corporates and governments.

Hmm, seems like a plot of a science fiction movie.

Anyway, I also wish that I reach the time when we go cashless but I highly doubt that it will hapen not because I don't believe in the potentials and capabilities of our technology but because of the people's lack of willingness to adapt. Like what happened now, we already have cryptocurrency and yet there are still who refuse to use it and the worse is some of them try to destroy its image in the public. See my point? The means of attaining a cashless society is present but we're not all supporting it .

That's mostly where the idea is from, but you'd be amazed how much of sci-fi has historically come true.

Cashless does not have to mean cryptocurrency adoption. There could be fiat currencies that are cashless. Most people that are resistance to change have the right to be, they're people who only used cash for most of their lives. In 20-30 years there will be few people alive who haven't been subjected to cashless payments for most of their lives.

[logfiles]

Very true... cash is getting phased out. It may take a half a dozen decades but it will happen. Cryptocurrencies are just an eye-opener to something much bigger

[d1ceplayer]

The world is going into a cashless society were people do not need physical cash to make purchases and for other transactions. It is why the cryptocurrencies can be used with time.

I’m sorry you’re wrong, things will remain this way. Nobody is going to dump cash to make use of cryptocurrency, even if they do, they will still continue to make use of banks and other stable means of making transactions just like PayPal and the rest of them, which still has something to do with banks. There are people in our community today that knows nothing about technology. So take some chill pill.

[wizardcrypto]

in this new dispensation and era of globalization the world is turning every into digital format for easy , flexible and storage . indeed the video is very interesting , l enjoy every bit of it . the trend in the financial industries is changing from trader by barter to digital currency ,despite that digital currency is yet to be adopted . paper money is fading away due to ecommerce industries and social media platform making use of digital currrency such as the latest development of facebook stable coin.

[Ozero]

The video centers more on digital payments spearheaded by banks and financial groups but the essence of being 'cashless' is there. In some places, establishments are already implementing a strict no-cash payments, so it might start small on some businesses but cash wouldn't be replaced or removed for a decade or so, I'd say. Seeing that this world has turned into a fast-paced environment, using physical money would take a longer time than scanning a QR code and let the machines do the work, but then it opens up a room for potential vulnerabilities and such that could easily make things worse for those avid fans of scan-to-pay methods.

We are transforming into a world of digitization, and it's no surprise that one day we might not be using cash as we know it as most of our money would be held in databases and can only be accessed using smartphones.

No, I do not think that the national cash money of the states will disappear in the foreseeable future. In any society there will be layers of citizens who do not want or will not be able to use non-cash types of money. They will then be forced to switch to barter relations, and this is generally harmful for the economy of any state. States will be forced to reckon with them. However, I do not think it comes to that. In any society, there will be cases when cash will be the simplest and most convenient type of financial settlement.

[cluit]

It is not a wonder that people are moving away from using cash, I mean technology made a lot of stuff digital and because of that cash became very irrelevant in our day to day life but we still use it a lot. By a lot I mean not as a big amount because if you are going to buy something that worth any decent price you are not buying it with cash, you are more likely either using debit card since you do not carry a lot of cash with you.

However, the small stuff like groceries when you buy one watermelon is usually not debit purchases those are still small cash. When you take a taxi drive or something that is usually cash. Basically we still use cash in many places but the number is getting lower and lower in time. I am sure we will have no cash quite soon with mobile payment technology increasing as well.