The pros and cons of going cashless

[Wipeout2097]

In the event that we conversation almost current circumstance cashless makes a difference to maintain a strategic distance from spreading of infection additionally the reality that it is able to do it's work legitimately thru bitcoin or cryptocurrency.Eligible for have cash in terms of crypto to pay our bills and exchanges cash effortlessly and in a quicker way. In spite of the fact that it still have cons like in nations that as it were have moo Web scope or as it were few zones have Web and for a few expenses and security. Also cant ignore positive side of crypto because it made new history and attract many investors in short time.

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[FlightyPouch]

Cash can be extremely private and untraceable. The fact that criminals are widely using fiat with their illegal activities or transactions means it has its convinience in that area. Also, transactions with bitcoin can still be tracked, all of the transactions can be seen on the blockchain so you can't say that it is extremely private.

If you want extreme privacy, there are a lot of other cryptos out there.

There are tons of mixers too if you believe someone is tracking your BTC address and the transactions you are making. In fact there are some mixers that can arrange fresh funds for you, which means the coins are never used before and are coins which have been mined by the miners.

I believe the only problem with cash is the risk of theft because imagine you are a millionaire but your wealth is in BTC and you don't have any risk of being robbed or anything like that. While if you have cash and people near you would notice that and the threat starts from there itself. Going cashless has a lot of problems of its own like lose of money in case you misplace the private key or online scams are there who can inject virus in your system and take everything.

I don't think these millionaires would keep their cash on theirselves at all times unless they are those ones that won the lottery and can't manage their money so well. We have ways now to take care of that huge lumo of money and it will usually be the cards they have not the cash itself.

Each side has their own pros and cons and I think we should stick with what we have right now because there are a lot of things to consider before turning it to cashless.

[Janation]

Cash can be extremely private and untraceable. The fact that criminals are widely using fiat with their illegal activities or transactions means it has its convinience in that area. Also, transactions with bitcoin can still be tracked, all of the transactions can be seen on the blockchain so you can't say that it is extremely private.

If you want extreme privacy, there are a lot of other cryptos out there.

There are tons of mixers too if you believe someone is tracking your BTC address and the transactions you are making. In fact there are some mixers that can arrange fresh funds for you, which means the coins are never used before and are coins which have been mined by the miners.

I believe the only problem with cash is the risk of theft because imagine you are a millionaire but your wealth is in BTC and you don't have any risk of being robbed or anything like that. While if you have cash and people near you would notice that and the threat starts from there itself. Going cashless has a lot of problems of its own like lose of money in case you misplace the private key or online scams are there who can inject virus in your system and take everything.

I don't think these millionaires would keep their cash on theirselves at all times unless they are those ones that won the lottery and can't manage their money so well. We have ways now to take care of that huge lump of money and it will usually be the cards they have not the cash itself.

Each side has their own pros and cons and I think we should stick with what we have right now because there are a lot of things to consider before turning it to cashless.

I don't think they are that stupid.

Obviously, they have their money is kept in a bank or somewhere safe. With a lot of people getting attracted to a lot of money, obviously, they would keep those on fiats or cash, they would put it somewhere safe. This is one of the best pros of our world getting cashless although the technology that we have right now might not be enough to secure this cash or funds.

Another thing is that the government might still not be ready for this change.

[tygeade]

I believe that we are really talking primarily about the convenience of using cashless payments, because it makes no sense to talk about the lack of independence or increased state control over a person's income and expenses using cashless payments, since any funds pass through bank accounts before this money appears in your wallet. Even when cashing out cryptocurrency, the funds still go through the banking system.

When cashing our crypto there are multiple ways of saving taxes if one wants to by converting your funds into paypal and then spending from there and let me tell you there are countless paypal account sellers. The there are services that allow you to buy products from amazon or other shopping sites for your BTC by charging a minimal fees. I am not supporting these acts but neither can I deny that this happens very often.

I don't think the government will abolish the circulation of cash and replace it with a digital currency, cryptocurrency. Cash will still be needed even though for countries can possibly delete it.

It will happen slowly maybe because going from traditional cash payments to online transactions require education among the society because not everyone is habitual of doing transactions online and forcing them might lead to loss of money.

[Mauser]

The biggest con for me for going cashless is that you lose a bit of oversight. It is much easier to keep track of the money in your wallet than it is with a credit card. Not all payments are directly collected there is always some delay involved. While with your wallet you have actually to touch the money to spend. I also find that you spend money faster if everything is done online. Maybe I just need to get more used to being cashless.

[DrBeer]

Benefits of non-cash monetary relations:
- Ease of use - available virtually everywhere, simple, convenient, functional
- Reducing the risk of loss of savings
- The ability to receive additional services and services

Disadvantages:
- centralized management of accounts, which in certain cases may lead to blocking of funds (judicial appeals, etc.)
- outside the country of fiat money, an exchange is required (provided that it is available)

[Inkdatar]

Mostly people these days are into cashless because of the ease of use especially these days it's a big help to avoid spreading of virus. The convenience bring to people makes it easier to track records on how much you spend. The cons, cash can be easily lost. If we search the change there is an increase of usage of cashless. There is always an advantage and disadvantage of having cashless and not. As what others been saying it is how you adopt the situation.

[ven7net]

If you delve into the history of the emergence and development of money, you can see that each time the money changed, becoming a more convenient and simple way of payment. Were there opponents of such changes in those days? Of course, there was and in the end money changed and became the way we know it now. As for non-cash money, then of course they, like cash, have a number of positive aspects, as well as a number of negative ones. For example, losing money is easier than cash than non-cash, but both of them can steal money from you. But no matter how it was, with the development of the world, money will also change and we cannot get away from it.

[just_Alice]

The biggest con for me for going cashless is that you lose a bit of oversight. It is much easier to keep track of the money in your wallet than it is with a credit card. Not all payments are directly collected there is always some delay involved. While with your wallet you have actually to touch the money to spend. I also find that you spend money faster if everything is done online. Maybe I just need to get more used to being cashless.

The money is spent faster when using a credit card, it really is true for a lot of people, myself included. However, I disagree with you about the tracking money part. With cash, it is not uncommon that you spend the money and then wonder "where did all the money go", simply because you can't remember all of your expenditures. On the other hand, a credit card allows you to actually see all the transactions, exact date and time, to whom the money was sent, and sometimes even specified what was the purpose of the transaction.

[skarais]

Non-cash transaction are currently very popular with the public just because it make it easier for them. People no longer need to carry a lot of money in their pocket just to shop at supermarket or the like because they only need to use an ATM. It has become a modern payment system.
But when it come to bitcoin, I think it will still be difficult to implement in countries where the status of using bitcoin as a legal means of payment has not been legalized. Although bitcoin is much better than digital currency, its illegal status as a currency in some countries will hinder its adoption.

[suvo05]

The only cons I find in the cashless is you need the internet and the entire world is still not connected totally with it.( even electricity is one of the major problems)

Non-cash transaction are currently very popular with the public just because it make it easier for them. People no longer need to carry a lot of money in their pocket just to shop at supermarket or the like because they only need to use an ATM. It has become a modern payment system.
But when it come to bitcoin, I think it will still be difficult to implement in countries where the status of using bitcoin as a legal means of payment has not been legalized. Although bitcoin is much better than digital currency, its illegal status as a currency in some countries will hinder its adoption.

Non-cash transaction is no doubt good. I remember in my childhood there was an option to send money through the post using money order. This kind of procedure become simplified by NEFT, and now by UPI. I won't like to compare between fiat and crypto because they are so different. In crypto people are really independent of their own money. But as per the current situation people will rarely choose BTC, because of price volatility, even if it is legal.

[iamsheikhadil]

The biggest con for me for going cashless is that you lose a bit of oversight. It is much easier to keep track of the money in your wallet than it is with a credit card. Not all payments are directly collected there is always some delay involved. While with your wallet you have actually to touch the money to spend. I also find that you spend money faster if everything is done online. Maybe I just need to get more used to being cashless.

I agree with you completely, while going cashless has many advantages, like convenience to pay from anywhere anytime, the money actually gets spent real fast than what we can spend it if it was in form of physical cash because for then, we have to move our lazy legs to the store and buy something, while if the money sits online in bank, spending it is just a click away from our phone or computer! So savings is much convenient if it's done through cash.

[jaberwock]

The biggest con for me for going cashless is that you lose a bit of oversight. It is much easier to keep track of the money in your wallet than it is with a credit card. Not all payments are directly collected there is always some delay involved. While with your wallet you have actually to touch the money to spend. I also find that you spend money faster if everything is done online. Maybe I just need to get more used to being cashless.

I agree with you completely, while going cashless has many advantages, like convenience to pay from anywhere anytime, the money actually gets spent real fast than what we can spend it if it was in form of physical cash because for then, we have to move our lazy legs to the store and buy something, while if the money sits online in bank, spending it is just a click away from our phone or computer! So savings is much convenient if it's done through cash.

Indeed and credit cards were introduced to make shopping easier but the hidden moto was to make the average person spend more than he would because of the credit system and paying it back slowly. It is often said, spend only what your pocket allows and the only method they found to enlarge that pocket was to fill it with virtual cash which sounds good but ultimate you have to pay it.

The problem with going cashless are not one but many, bad internet connection might lead to cancelled transaction and confusion (I am talking of centralized wallet transactions, not bitcoins or blockchain based payments), then there is a big risk of theft as scammers can access your device if you are novice and there are risk of lack of understanding about technology because despite the best efforts there will be doubts for some and it will affect their business. Fake receipts are easily edited/generated and sellers might be tricked.

[Arkann]

At least today, non-cash payments primarily provide the user with convenience for any payments, including utilities, buying goods via the Internet while at home, as well as the absence of any problems when buying any product in a store where the seller has a -that moment there will be no opportunity to give change from a large bill. That is, I passed the card through the terminal, and the required amount was withdrawn. That's all.

[Flowzer]

The most problem of using cryptocurrency as cashless payment processor in daily life is the country really afraid of their fiat become useless and loss its value. The another problem is the transaction hard to be tracked by them for tax issue. The one that i thing possible is digitalize the fiat like USDT and make it for cashless transaction.

[Coroline]

Usually non-cash payment platforms provide many promos which are a strategy to attract people to enjoy all cashless services.

This digital money and wallet service is always competing to provide promos such as discounts to large cashbacks for every product purchase.

The bad impact if you realize it, you will indirectly become consumptive and wasteful, because you are tempted by various promos and discounts. So that financial management becomes unstable.

[STT]

The only cons I find in the cashless is you need the internet and the entire world is still not connected totally with it.( even electricity is one of the major problems)

They use mobile phones in areas without electricity in some African nations I think, its possible to exchange but the confirmation of the transaction is probably not the best in these remote situations.   Still I believe even if imperfect its of worth to the, perhaps to clear a tab then absolute payment.   I hear of women in Afghanistan using Bitcoin and gaining new found freedom from the ability to retain wealth and value to their livelihood that was never possible before with physical currency only and the constant violent threat they live under.   Whenever there is a utility and gain, commerce enabled by the operation of a blockchain or any exchange of value then it becomes justified and more likely to continue in its value long term.  
  Ultimately FIAT betrays all who have trusted in it as its raw background of being bound to politics and all that weakness rather then trade and security of value wil become apparent, by the time its obvious it will be over at that point so its a good thing BTC is already here as a possibility to anyone who wants it.

[zanezane]

The most problem of using cryptocurrency as cashless payment processor in daily life is the country really afraid of their fiat become useless and loss its value. The another problem is the transaction hard to be tracked by them for tax issue. The one that i thing possible is digitalize the fiat like USDT and make it for cashless transaction.

It won't be useless if it is still the currency being used online and they want to coexist more than annihilate the other form of payment. The tax bureau can probably make up for the difference of lost tax if they raise it on commodities and such or they can proactively hunt for potential and active tax evaders.

[awik p]

The most problem of using cryptocurrency as cashless payment processor in daily life is the country really afraid of their fiat become useless and loss its value. The another problem is the transaction hard to be tracked by them for tax issue. The one that i thing possible is digitalize the fiat like USDT and make it for cashless transaction.

It won't be useless if it is still the currency being used online and they want to coexist more than annihilate the other form of payment. The tax bureau can probably make up for the difference of lost tax if they raise it on commodities and such or they can proactively hunt for potential and active tax evaders.

I think for the tax sector, there seems to be no end to looking for loopholes to collect taxes. Of course, if crypto is allowed by the government, then taxes are unavoidable. even for now, exchangers who have legal entities, of course they are taxed, and every transaction will be easily known to determine the amount of tax

[Kittygalore]

Pros of going cashless is the convenience first and foremost and the fact that you have less physical contact when doing transactions and you will just have to wait for it to be delivered. Cons of going cashless is that we are at the mercy of electricity, one outage in a small town can cripple the economy since it relies mostly on electronic transactions.