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

[shield132]

Some questions come to my mind: If there will be no cash in future, this means there will be no need of gold that currently stands behind money, I mean cash won't be backed with gold because there will be no cash and gold will be absolutelt another investment option, just valuable thing? But if money will be only numbers in electronic systems, then who will control it overally? How will be inflation? Governments will just change numbers as they wish, even usa prints as much as they want and in virtual, they'll do insane things, possibly. Don't think cash will completly be taken so easily.

[alyssa85]

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.

I don't think we will ever become a fully digital society. Things like power outages, hacks of banking systems, cards not working (has happened several times in the UK in the last three years due to software glitches at the banks), the risk that payment systems could be hacked by malicious outsiders - all these things can bring down your economy unless you have a backup system. And that backup system is cash. It works smoothly every time and is not going to go away.

[FlightyPouch]

I know we already know this since the technology, crypto currency leads there. I am not saying that it is the one that made that path or start that path but what I am saying is that it all leads there. Cards are being so popular especially mobile transactions. This is a thing now but we should always remember that there are still a lot of people that will prefer cash than this.

[Janation]

I realized other things here.

I mean how can those people live in that place without any banks, if they will be having a problem with their cards I think they really need to go far so it would just be fixed. Though in our place, that is the same, not that we don't have banks but as the old man says, we still need cash. Not all the time, we can just "swish" anything.

[bison]

I know we already know this since the technology, crypto currency leads there. I am not saying that it is the one that made that path or start that path but what I am saying is that it all leads there. Cards are being so popular especially mobile transactions. This is a thing now but we should always remember that there are still a lot of people that will prefer cash than this.

I think to be able to make a lot of people make transactions using digital currencies it takes time or process to do it because changes in how to transact will not be easy to change.

[akram143]

Very interesting.

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

everything is true that you are mentioned in your video and I I know a lots of things after watching your explanation that mentioned in the videos also everything will be controlled by someone and it will not be not by lots of people

[Snaic]

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.

Of course, nothing will change so quickly. To begin to disappear paper money, it is necessary that much has changed dramatically for the better. We must achieve a very high level of development of engineering and technology. They should lead us to a completely different quality of life. We will first populate the planets Mars, Evening, the moons of the moon, possibly Titan and Europe. We will learn to catch asteroids with the minerals we need, and then there will be a different quality of life. However, this is still far away. In any case, our grandchildren and great-grandchildren in the seventh generation will still pay in cash.

[andriarto]

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.

Of course, nothing will change so quickly. To begin to disappear paper money, it is necessary that much has changed dramatically for the better. We must achieve a very high level of development of engineering and technology. They should lead us to a completely different quality of life. We will first populate the planets Mars, Evening, the moons of the moon, possibly Titan and Europe. We will learn to catch asteroids with the minerals we need, and then there will be a different quality of life. However, this is still far away. In any case, our grandchildren and great-grandchildren in the seventh generation will still pay in cash.

right, to see the loss of paper money may occur in several generations after us. for now cryptocurrency can be paired with paper money, it's good. because what is faced is all countries in the world with different backgrounds

[Lawrenzoo]

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.

Of course, nothing will change so quickly. To begin to disappear paper money, it is necessary that much has changed dramatically for the better. We must achieve a very high level of development of engineering and technology. They should lead us to a completely different quality of life. We will first populate the planets Mars, Evening, the moons of the moon, possibly Titan and Europe. We will learn to catch asteroids with the minerals we need, and then there will be a different quality of life. However, this is still far away. In any case, our grandchildren and great-grandchildren in the seventh generation will still pay in cash.

You really think so? with the rate at which technology is evolving.

[darewaller]

Of course, nothing will change so quickly. To begin to disappear paper money, it is necessary that much has changed dramatically for the better. We must achieve a very high level of development of engineering and technology. They should lead us to a completely different quality of life. We will first populate the planets Mars, Evening, the moons of the moon, possibly Titan and Europe. We will learn to catch asteroids with the minerals we need, and then there will be a different quality of life. However, this is still far away. In any case, our grandchildren and great-grandchildren in the seventh generation will still pay in cash.

You really think so? with the rate at which technology is evolving.

Those generations he stated might really not get the chance to know what cash is, one of the technology that will take part of cash relevance away is what has just been created, which is bitcoin, prior to even when bitcoin was created, I cannot remember the last time, I held cash, there has been lots of digital payment methods I have been using, either I pay with credit cards, make a transfer from my mobile wallet and many more.

We have lots of countries that are even operating a cashless society already, talk less of when bitcoin now takes over, other technologies will still come up that will make cash be long forgotten before those future generations.

[BitHodler]

We have lots of countries that are even operating a cashless society already, talk less of when bitcoin now takes over, other technologies will still come up that will make cash be long forgotten before those future generations.

No country in the world is a cashless society yet, and this probably will take over a decade or more to actually change. It's impossible to shift over a country entirely to digital payment forms.

I find it quite funny how people cheer for a cashless society but don't know what the consequences of such a shift are. I really hope that we'll never reach that state and we always have cash as an alternative option.

The danger is directly the convenience all these centralized digital payment forms provide. Average joes are very simple in that regard--if something works, they'll use it. Easy bait.

[Pattart]

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.

Yeahin some countries today implementing a system that looks like that. As in my country, there are ID cards with chips in them, and they contain big data like names, addresses, bank account numbers and so on, and you can pay hospital bills, electricity bill just with that card.

The world is increasingly sophisticated you know and we will certainly find new innovations from a payment better than cash

[senin]

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.

Actually, I absolutely do not want such a scenario. Biological chips, it would seem, on the one hand, will create additional convenience for people when making any transactions, but this will allow governments to almost completely control the activities of people. Better let it be ordinary paper money and our freedom, including financial and, in general, personal life. The Christian religion has long warned of such a development of events and calls such biochips a mark of the devil.

[Ayiranorea]

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.

Actually, I absolutely do not want such a scenario. Biological chips, it would seem, on the one hand, will create additional convenience for people when making any transactions, but this will allow governments to almost completely control the activities of people. Better let it be ordinary paper money and our freedom, including financial and, in general, personal life. The Christian religion has long warned of such a development of events and calls such biochips a mark of the devil.

No one wants such a level of digitization. People are much comfortable with what is available, cryptocurrencies have begun to serve the community better without flaws. When everything gets into digitized environment there will be more risks of security vulnerabilities. This needs to be overcome with advanced technology and not with the extreme of chip injection. In India recently they've stopped printing their largest denomination of 2000 rupee currencies just to increase the digital payments. Likewise different strategies were followed on different countries which looks like an entry to cryptocurrency usage in the future.

[Broly46]

Bank are responsible for devaluation of the cash, the time president Nixon remove gold backing dollar standard all the irresponsible bank start their dirty job, borrowing their cash reserve to the second bank at fraction of 10 per dollar, and the second bank borrow to the third bank at the same fraction, and the third bank to the fourth bank, fourth to the fifth and to the infinite number of bank bailing out each other with scam factional banking. Now the same fraud bank want to tell us they finally destroy the cash, and even come with documentary, wow it’s great I would give them cookies for doing us a favor by killing cash.

[blckhawk]

It's an eye-opener to me that some first world countries are already near going cashless. I can point out some pros and cons according to the documentary and from my own opinion of going completely cashless. Note that I haven't finished the documentary.

Cashless Society
Current situation points:
1. Almost all shops in Germany are going cashless.
2. For businesses, it's easier and faster to open up since they don't have to setup cash in counters.
3. I don't think it would be much applicable to third world countries where internet and technology are limited to the middle class people.

Pros:
1. It's much easier and faster.
2. Having cash is prone to thefts, or misplacement by the owner.
3. Keeps track of records where the money is going.
4. Eliminates most illegal activities that uses cash to transact.

Cons:
1. Privacy concerns for Pros#3. All purchases are recorded.
2. Fewer jobs, since banks and shops will no longer be needing much employees.
3. Needs constant internet connection just to make puchases.
4. For small amounts, this would be more of a hassle than a convenience.