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

[fiomcorka]

Very interesting.

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

This video doesn’t make any sense. How exactly is cash becoming a thing of the past? But everyday you still goi to the ATM to withdraw cash right? Cash is still important more than you think. Digital payments are just there to make things easier for us. It’s just like having your credit card and using it in purchasing stuff you need from any store instead making use of cash.

[cizatext]

The world is moving towards total digitalization and cashless society is becoming more successful because it fast and easy but we should not also forget the place of time it going to take a decade before we can have a full digital society where the traditional paper money transactions will be replaced with newer technology and scan to pay process.

[wuvdoll]

How exactly is cash becoming a thing of the past? But everyday you still goi to the ATM to withdraw cash right? Cash is still important more than you think.

Many developed and developing countries are focusing on cashless system so that they may remove most of their ATM in near future as people do not need to withdraw and hold cash for their daily needs. Just having some mobile APP or simply holding a debit/credit will be more than enough to lead a happy life as all your daily needed things will be available for those payment processors. Moreover it may like, no one will be there to accept cash from you then why you need to go for ATMs. Now tell me, cash is becoming a thing of past or not (if not in your country, at least for some other people) ?

Digital payments are just there to make things easier for us. It’s just like having your credit card and using it in purchasing stuff you need from any store instead making use of cash.

Now digital payments are seeming like an optional but in near future it may become as the only available payment methods. Just think about revolutions on payment options and make sure you are preparing yourself to face those revolutions.

[_Miracle]

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.

When I take an Uber or Lyft the only cash I use is as an extra tip.
Just about anywhere I shop, it will be a card that I use.
Shift used to be a card linked to bitcoin. They did away with the card but something like it would be useful.

For the one who says nobody is giving up their cash to use bitcoin? People better figure out something else to use other than relying on the governments and corporations that have already proven that they are not good with our privacy or money.
Right now the technologies behind crypto-currencies are still being tested, so yes: speculation is creating instability. Will it always be that way?
We'll see.

[vv181]

How exactly is cash becoming a thing of the past? But everyday you still goi to the ATM to withdraw cash right? Cash is still important more than you think.

Many developed and developing countries are focusing on cashless system so that they may remove most of their ATM in near future as people do not need to withdraw and hold cash for their daily needs. Just having some mobile APP or simply holding a debit/credit will be more than enough to lead a happy life as all your daily needed things will be available for those payment processors. Moreover it may like, no one will be there to accept cash from you then why you need to go for ATMs. Now tell me, cash is becoming a thing of past or not (if not in your country, at least for some other people) ?

The cashless society is taken into account in the developed countries whereas the infrastructure and support of the citizen supported it. But its become the problem in the developing countries, I don't think they are all ready to migrate to digital cashless payments. People still use cash to buy their needs and etc, the cycle of the market is yet still using cash, As far as I can see in the country where I live, Indonesia. But that doesn't mean a cashless system isn't applied, some of the people are using digital cashless payments in their life but its a minority.

[omonuyak]

Very interesting.

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

The video is about digital money system which I believe including blockchain technology.  I seriously believe that in future our bank and other financial institutions are going to completely adopt cryptocurrencies and blockchain technology for fund transfer and others transactions.

[StarofBTC]

Digital payments are just there to make things easier for us. It’s just like having your credit card and using it in purchasing stuff you need from any store instead making use of cash.

Now digital payments are seeming like an optional but in near future it may become as the only available payment methods. Just think about revolutions on payment options and make sure you are preparing yourself to face those revolutions.

Right, we must prepare ourselves to leave off cash system completely within our generation too. Because, in my country also government is emphasizing about not using cash for day-to-day life. Even we are not having enough infrastructure for having cashless society, our government has already started an initiative for adopting digital payment systems. I believe that all the digital payment system  users will end up in adopting bitcoin one day or another because when people want start valuing their privacy and freedom then they will definitely go for bitcoin systems.

End of cash based system has already started but we cannot expect a complete cash-free system in flash as it will take more time for every people to realize the importance of adopting digital system and having bitcoin kind of denationalized system.

[Naida_BR]

The world is steadily be transformed into a cashless society. This happens due to huge amounts of debt that are in place right now and Central Banks print money which is intangible. It comes only as a digital form and none can see it or touch it. Thus, they want somehow to promote the usage of this money and they have turned us to not prefer cash anymore. I hope that people will be more exposed to Cryptos as the new era of cashless payments and forget about the digital financial services that banks offer.

[jonemil24]

How exactly is cash becoming a thing of the past?

Give it 10 or more years and paper money/fiat/physical money will no longer be in circulation on a single country.

If you're aware about other countries using a card as payment system on train stations, bus rides or any local public utility vehicles, other stores stores might make their own payment system. Imagine your local 7/11 store have their own re-loadable card, only your bank account is needed when adding funds to that card.

[_Miracle]

Very interesting.

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

The video is about digital money system which I believe including blockchain technology.  I seriously believe that in future our bank and other financial institutions are going to completely adopt cryptocurrencies and blockchain technology for fund transfer and others transactions.

The main focus is on centralized systems: not even a peep about bitcoin but it would have been nice to see bitcoin included.

[wahyu wida]

How exactly is cash becoming a thing of the past?

Give it 10 or more years and paper money/fiat/physical money will no longer be in circulation on a single country.

If you're aware about other countries using a card as payment system on train stations, bus rides or any local public utility vehicles, other stores stores might make their own payment system. Imagine your local 7/11 store have their own re-loadable card, only your bank account is needed when adding funds to that card.

every development leads to a practical one, where they do not need to be weak carrying cash which is risky when carrying in large quantities. but I think 10 years is not enough for that, because there are still many small shops that still need conventional methods

[_Miracle]

How exactly is cash becoming a thing of the past?

Give it 10 or more years and paper money/fiat/physical money will no longer be in circulation on a single country.

If you're aware about other countries using a card as payment system on train stations, bus rides or any local public utility vehicles, other stores stores might make their own payment system. Imagine your local 7/11 store have their own re-loadable card, only your bank account is needed when adding funds to that card.

every development leads to a practical one, where they do not need to be weak carrying cash which is risky when carrying in large quantities. but I think 10 years is not enough for that, because there are still many small shops that still need conventional methods

small shops didnt have any resources to adopt new technology , except the developers and principal help them about it.conventional methods could not replace , every one will need it someday.

Small shops can accept bitcoin as payment with a [free] bitcoin wallet, though I don't think it's ready for average people without knowledge of its current volatility to transact with daily.

Maybe in years to come bitcoin or something like it will be an alternative to trusting someone else with all of our money, especially when banks have already proven that they can't be.

[okala]

The move towards cashless society have given room for digitalization of the financial system, the bank are more involved in this then any other agenta. But before there can be total face out of cash that will take a long time because the government have no policy towards eradicating the cash system and at that it systematic exits will come with a long time frame.

[Adriano2010]

Indeed this can happen, but not soon because we need more shops to accept cards payment and this is hard outside of towns because not all places have internet access and this can take time to happen.

[_Miracle]

Indeed this can happen, but not soon because we need more shops to accept cards payment and this is hard outside of towns because not all places have internet access and this can take time to happen.

Do they have cell service? That's enough for a bitcoin transaction.

[Xampeuu]

Indeed this can happen, but not soon because we need more shops to accept cards payment and this is hard outside of towns because not all places have internet access and this can take time to happen.

Do they have cell service? That's enough for a bitcoin transaction.

before making a bitcoin transaction with a cellphone, the internet is certainly the main requirement. in my country cellphones have become commonplace, but the network has not been spread evenly throughout the region, the signal has become an obstacle

[maxreish]

This only emphasize the development of a cashless payments around the world. Hence, it gives a good impressions to the most of the users and patronizers. This only means that even if we are still using the paper money, we are in an advanced technology where in we are in favor of using fast and reliable payment method given by this cryptocurrency technology.

[Pearls Before Swine]

the government have no policy towards eradicating the cash system and at that it systematic exits will come with a long time frame.

Most gov'ts don't, I agree, but hasn't Switzerland almost completely eliminated physical money?  There was a thread somewhere in this section about it.

Governments should realize that although many citizens prefer not to pay with paper money and coins, those instruments are still critical and should not be phased out.  A cashless society would be a slave to the electric grid, and most of us can recall times when the power has gone out.  And what do you do in a situation like that?  Even if you can find a store open for business, they are probably only going to accept cash.  No credit cards, no phone payments, no bitcoin.  Some say it is only a matter of time before a cyber attack on the power grid happens, and when it does cash will be more important than ever.

Electricity concerns aside, physical money still provides the most anonymity no matter how private any particular crypto claims to be.  I am concerned that people are abandoning their concerns for privacy, especially young people.  It is not a good thing when gov'ts and banks can see all of your financial transactions, even if you aren't doing anything illegal.

[fullhdpixel]

Economist and experts who knows how to study the market have been saying that very soon cash will be a thing of the past, but the problem with human beings is that they like to jump into things late because they want to see it start happening first before they believe, which is a very bad thing because it might be too late by then.

Due to what is coming in the economy of the world, bitcoin will be the saving grace to this economies that will experience the downfall coming in the nearest future maybe in few months to come.

[Shenzou]

the government have no policy towards eradicating the cash system and at that it systematic exits will come with a long time frame.

Most gov'ts don't, I agree, but hasn't Switzerland almost completely eliminated physical money?  There was a thread somewhere in this section about it.

Governments should realize that although many citizens prefer not to pay with paper money and coins, those instruments are still critical and should not be phased out.  A cashless society would be a slave to the electric grid, and most of us can recall times when the power has gone out.  And what do you do in a situation like that?  Even if you can find a store open for business, they are probably only going to accept cash.  No credit cards, no phone payments, no bitcoin.  Some say it is only a matter of time before a cyber attack on the power grid happens, and when it does cash will be more important than ever.

Electricity concerns aside, physical money still provides the most anonymity no matter how private any particular crypto claims to be.  I am concerned that people are abandoning their concerns for privacy, especially young people.  It is not a good thing when gov'ts and banks can see all of your financial transactions, even if you aren't doing anything illegal.

I actually agree with what you said, electricity is going to be a massive obstetrical when it comes to things becoming cashless, and it will make banks and shops vulnerable to cyber attacks where people's money is at risk, and will lead to a chaos, besides there are a lot of people who are not in favor of the cash and will always prefer the old simple way, and also people think that with governments replacing cash with digital fiat it will make thing better, it is not governments now print money and control the volatility of the fiat, with it becoming digital they will be able to do it with just a click, and people won't be able to do a thing about it.