The pros and cons of going cashless

[GDragon]

I think nothing can replace the money. because considering the transaction fee, you can't pay little amount of money with bitcoin or other crypto also imagine you have no internet for a few days due to technical issue then you can't use any crypto currency. but in the other hand for large amount of money crypto is the best way to go. generally, money will go it own way and crypto will go the other way both are us full depending on usage. thanks to the OP you can easily compare them.

Cashless transactions may have more advantages rather than its consequences but i believe majority of the users are not yet prepared for it so it would be best if fiat transactions will still be here and paying through cashless payments will only serve as an option. Through this way, people are free to choose which they feel more convenient and at ease.

Cashless payments should exist alongside paper money, since each type has its own advantages and disadvantages. Non-cash payments are now gradually replacing paper money, but this should be up to a certain level.
Cashless payments are bad because they require certain technical devices, maintain communication with banks and allow the government to fully control the financial activities of each person.

Agree with you, as of now I'm comfortable with using both. It's true that cashless is less hassle especially when you are ordering online, however, there are a lot of scams and you are prone to scam when you've paid using credit cards or debit card. Cause you can't really check the item first before you pay. So I always choose cash on delivery. And some stores here, I mean small stores, can't accept credit cards and debit cards anyway. Try buying street foods or shop through sidewalk stores in your place. We are not really the one who should decide, if the world around us switch to be cashless friendly, then we are all going to use cashless eventually. Its just an example of why I feel it should co-exist. Its the same when it comes to cryptocurrency, pr bitcoin.

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[geyayy]

Well Only corrupted people would worry about their privacy lol  Apart from that, I don't think the crypto has reached its target yet. It will go through stages of improvements. But I see this is our future!

This means that I have to be corrupt because I avoid KYC and don't want my private data to be used by corporations.
I guess you do KYC wherever you can and send them videos and selfies of yourself just to prove how honest and transparent you are.

I agree with you, sir. I don't usually use KYC, I don't want my information to be leaked nor used by corporations. This may be our future, but I guess it will take a lot of time before this happens. There are a lot of things needed to be considered before it will be pushed through and adapted. Whenever it will happen, I am hoping that the system will be stable.

[Maroons]

Well Only corrupted people would worry about their privacy lol  Apart from that, I don't think the crypto has reached its target yet. It will go through stages of improvements. But I see this is our future!

This means that I have to be corrupt because I avoid KYC and don't want my private data to be used by corporations.
I guess you do KYC wherever you can and send them videos and selfies of yourself just to prove how honest and transparent you are.

I agree with you, sir. I don't usually use KYC, I don't want my information to be leaked nor used by corporations. This may be our future, but I guess it will take a lot of time before this happens. There are a lot of things needed to be considered before it will be pushed through and adapted. Whenever it will happen, I am hoping that the system will be stable.

I also dont use KYC and in order for us to be cashless and to be able to reach the convenience of having a cashless society everyone should be in favor of that which will be hard because not all of us have devices, if we will do it without considering the others it will make the society chaotic for everyone doesn't have the same opportunity, and just like you're hoping that it will be stable, im sure not, it will take years even after it was stablish to be stable.

[South Park]

Already we are living in the cashless fiat economy where fiats are generated in the numbers only not as physical paper.Most of the transactions are happening via banks and other online payment modes but the the development of these technology the security of our funds also getting lesser since internet is full of scammers and hacker so we have to educate the people about being safe while using their bank related details while paying online.

It is known the majority of the transactions already happen online however we can still use our cash to buy things, however we need to consider if it is such a good thing to be in a completely cashless society and in which the money supply is completely controlled by the government, in such a case an authoritarian government could destroy their political opponents by blocking their access to their money without any justification, this already happened in China and I will not be surprised if this begins to happen all over the world, which is why we need something like bitcoin so we can make transactions without government intervention.

[Darkelf11]

Well Only corrupted people would worry about their privacy lol  Apart from that, I don't think the crypto has reached its target yet. It will go through stages of improvements. But I see this is our future!

No, you are wrong about that. People like me doesn't want my identity to be accessed by some corporations. We are just making sure that private information like name, country, etc. will be safe and protected from people who have bad intentions. Whenever there is a KYC requirement in any campaign, site or what, I do not engage myself with that because I am well aware of Identity theft  and I value my identity. I do not want anyone to stole information from me.

Using cashless transaction is a great help especially that we are still in the middle of pandemic but risking our identity for small transaction may cause a lot of trouble.

[Chrystora123]

currently, there is no country that is 100% cashless but based on the information I see, the weaknesses of cashless that have been implemented are;

the use of digital payments eliminates one's privacy. This is because all transactions are recorded and can be seen. This data will not be leaked by the application, but what if there is damage or negligence so that the data comes out by itself?

Furthermore, online payments are also prone to hacking. This has happened several times and is detrimental to consumers. Hacking can take place and take all the money in it. Digital theft is more difficult to catch than conventional.

currently, only crypto wallets can provide strong security to users such as personal data and access.  I never believed in the security of the digital wallet platforms out there.  Personal data, balance data, transaction data, and recent shopping data are still the privacy of many people (not for publication). I think this be tough homework for the government in the future because a cashless society is a future..

[onecall123]

~snip~
Using cashless transaction is a great help especially that we are still in the middle of pandemic but risking our identity for small transaction may cause a lot of trouble.

Government doesn't understand mathematics so, they label it as a danger. Their obviously some reason why crypto doesn’t look good for them! They can't control the blockchain that's what I meant. Government tag it as weird scam investment services. But, It's only futures others issue doesn't make sense thought literally everything has risk and could go to zero.

[Darkelf11]

currently, there is no country that is 100% cashless but based on the information I see, the weaknesses of cashless that have been implemented are;

the use of digital payments eliminates one's privacy. This is because all transactions are recorded and can be seen. This data will not be leaked by the application, but what if there is damage or negligence so that the data comes out by itself?

Furthermore, online payments are also prone to hacking. This has happened several times and is detrimental to consumers. Hacking can take place and take all the money in it. Digital theft is more difficult to catch than conventional.

currently, only crypto wallets can provide strong security to users such as personal data and access.  I never believed in the security of the digital wallet platforms out there.  Personal data, balance data, transaction data, and recent shopping data are still the privacy of many people (not for publication). I think this be tough homework for the government in the future because a cashless society is a future..

Even in the traditional mode of payment is still associated with privacy risks. Not all transactions we made online or even in personal are safe. Our records of information are prone to deterioration, loss, etc. but digital world is more prone to problems like hacking, identity theft, etc. because if we compare the process of the traditional and the digital way of transacting.. the digital mode is more instant in collecting data from individuals.

[mezzaluna]

The discuss have been on for many years about the possibility of a cashless society. Especially with the current wave of the use of cryptocurrency.

Many have favoured it while others have not.

These are the pros

Extra theft protection
Complete transaction records
Benefits and bonuses
Convenience

These are the coins

You may spend more
Data can be compromised
Privacy concerns are another consideration
Small transactions get tricky
Electronic methods aren’t perfect

Meanwhile, we’ve all lost cash at some point in our lives—and with no paper trail (or e-trail), missing cash can be tough to get back.

Its quite true that most of these cons are currently why Cashless transactions are hard to develop. Most users are not trusting these transactions since they do not know knowledge regarding about it thus lacking transparency. They are not getting any tangible evidence that they are payed even though some systems can give receipts, its not yet available to most systems like Cryptocurrencies. Data cannot be compromised since the only thing that they can see when you transact is the name and that is actually good.

[Fortify]

The biggest con I see from having no cash is it becomes so much harder for the least fortunate in society - namely the homeless, to make a living on the streets. There are many desperate people who have very few options and when the one source of money from kind strangers passing by is taken away, it is going to be absolutely devastating for them. I think going cashless is ultimately going to be a good thing for society, but a safety net needs to be set up and these people need to be given the tools to survive without bank notes.

[milewilda]

The biggest con I see from having no cash is it becomes so much harder for the least fortunate in society - namely the homeless, to make a living on the streets. There are many desperate people who have very few options and when the one source of money from kind strangers passing by is taken away, it is going to be absolutely devastating for them. I think going cashless is ultimately going to be a good thing for society, but a safety net needs to be set up and these people need to be given the tools to survive without bank notes.

Yeah its also one of the cons but does it really matter not to make out some transition just because on minding for those homeless people? Innovation is on the move and
there would be really be affected.Not to be cold-hearted on this one but i dont see for this kind of reason on stopping if there would be plans on a society to be come cashless.
Pro's do outweighs its con's and i do much prefer even though some people wont able to grasp out such transition then its up to them if they would really find ways
to learn on it.

We do even been using it for a while with our credit/debit cards but i dont believe that it will really just be on a short time for such switching.

[STT]

Extra theft protection

I wouldnt really argue that, one of the most dangerous transactions is when people are scheduled to pay a big bill in a manual way and alot of caution must be used to verify all details used.   Its really best to assume the worst case, I certainly know the older generation dont trust cashless as safer.    The main arguments around the cashless debate is taxation and tracking all transactions for revenue monitoring, its why its quite likely to happen and events in India show some precedent for suspension of plain cash notes where its seen to benefit government taxation coverage.

[Oasisman]

I believe some Cons for going cashless is the unnecessary spending. If you have funds in your wallet, it's inevitable not to spend for unnecessary things specially when you're one click away to put all your list of orders in your cart from an online shopping website lol.
Happens everytime to me though, and for the other people.

And because of that, I dont think this one below is a Pro for me 

Pros of going cashless

• In making budgets it'll help in easy calculation

I may not going to calculate my budget because everything seems one click away from me (specially If I become filthy rich lol)

[The cure]

The discuss have been on for many years about the possibility of a cashless society. Especially with the current wave of the use of cryptocurrency.

Many have favoured it while others have not.

These are the pros

Extra theft protection
Complete transaction records
Benefits and bonuses
Convenience

These are the coins

You may spend more
Data can be compromised
Privacy concerns are another consideration
Small transactions get tricky
Electronic methods aren’t perfect

https://www.moneyunder30.com/the-pros-and-cons-of-going-cash-free

Extra theft protection
You have options if a credit card is lost or stolen, or if an unauthorized person somehow accesses your online accounts. You can replace a card or cancel a payment. Credit card users are protected from fraud through the Fair Credit Billing Act.

Meanwhile, we’ve all lost cash at some point in our lives—and with no paper trail (or e-trail), missing cash can be tough to get back.

The above argument to me is not enough ground to be a pro because as much we lose our cash either to the wind, armed rubber, dropping from your pocket/pause to the floor or bank theft, we can also lose digital currency or coins without recovering.

This is really the serious problem with the cons, because it requires a strong internet connection to carry out the transaction so it is difficult to implement in many places especially in the provinces. But I am also not against the pros because it makes easier for us to transact with our bills and shopping and feel secure that you will not have to worry too much that you might be robbed and followed by evil intentions because you are carrying cash. For me they are both beneficial and maybe it depends on the area capability accordingly to the way of life of the people there.

[xSkylarx]

I believe some Cons for going cashless is the unnecessary spending. If you have funds in your wallet, it's inevitable not to spend for unnecessary things specially when you're one click away to put all your list of orders in your cart from an online shopping website lol.
Happens everytime to me though, and for the other people.

I may not going to calculate my budget because everything seems one click away from me (specially If I become filthy rich lol)

I can relate to this. With just few clicks I sometimes overspend even if I don't want to. The convenience of buying something anytime is difficult to avoid especially if there are sales going on. Add to that is my parents doesn't also question me about the things I bought because they don't know the real price of it. If they ask I just say that it's cheap that I paid it online.

[Vaskiy]

Cashless transaction has increased a lot. In the past people had fear that someone might use their credentials and take their funds. Slowly the security of these transactions increased and people learned better about the benefits of cashless transaction.

In simple it has the advantage of limit the spending, and no need to carry separate wallet to handle the cash. The disadvantage is people who aren't much used to cashless transaction were easy scammed by fraudsters. Here the users needs to be more careful handling such situations.

[Dsdaq]

In recent years, there has been a growing trend toward using electronic payments rather than physical cash. This trend to a cashless society is likely to be accelerated by the Coronavirus which gives an impetus to avoiding unnecessary physical transactions. There are several advantages of a cashless society, such as a lower risk of violent crime, lower transaction costs and fewer issues of tax evasion.
However, there are also concerns that a move to a cashless society could cause privacy issues and problems for those on low-incomes and with bad credit histories.
Hope this is much more easy to understand.

[palle11]

Cashless transaction has increased a lot. In the past people had fear that someone might use their credentials and take their funds. Slowly the security of these transactions increased and people learned better about the benefits of cashless transaction.

I think the security level has increased very well which is the reason people have developed interest in it. Both the aged and the youth are now using the means because it is faster for parties anywhere you are. In the past, it was not possible because of the risk involved in it but lately, it has become the preferable for many.

[proTECH77]

Cashless and Cash both have advantage and disadvantage to look into before know the one that is more preferable to humanity. Many people engaged in cash to grow their businesses to enable them make a good profit. Many got robbed in their business center base on the cash people saw around them. But in cashless it hard for someone to know there is money in your wallet unless you disclose your address details to that person. Many people prefer cashless when dealing with population of business people not to involved their self in the hands of scammer.
I prefer cashless because it hard for someone to steal your money. Even though you misplace your laptop or phone that you save all your personal details very easy to retrieve them back with another system to get your money back.

[Golftech]

Cashless transaction has increased a lot. In the past people had fear that someone might use their credentials and take their funds. Slowly the security of these transactions increased and people learned better about the benefits of cashless transaction.

I think the security level has increased very well which is the reason people have developed interest in it. Both the aged and the youth are now using the means because it is faster for parties anywhere you are. In the past, it was not possible because of the risk involved in it but lately, it has become the preferable for many.

When people learn how to use it properly they started to love the benefits, cashless are more secured now and the people who  learns how to take advantage of it are really enjoying it. There's no stopping now as the developments are continuing with offers that it will add layers of securities and more easy and convenient to use.