The pros and cons of going cashless

[Dread Pirate Roberts]

I disagree with this due to the fact that if world goes cashless and all would adopt with it, companies like PUNDIX and binance support cards which you could use for transactions with less fees involve. No hassle holding your money. Another thing is it is inevitable due to the fact that this pandemic helps a lot with digitalization and cashless transaction is a trend.

I understand your point but the fact is that not all merchants accept it according to the needs of each person. indeed all still on progress for digital payment adaptation, and sadly all people are not having the same status economy. like a poor or homeless.

[1714562332]

1714562332

[1714562332]

1714562332

[1714562332]

1714562332

[1714562332]

1714562332

[1714562332]

1714562332

[Koro-Sensei]

You may spend more

I disagree with this due to the fact that if world goes cashless and all would adopt with it, companies like PUNDIX and binance support cards which you could use for transactions with less fees involve. No hassle holding your money. Another thing is it is inevitable due to the fact that this pandemic helps a lot with digitalization and cashless transaction is a trend.

The thing with cashless transactions is that you just have one online wallet, where all your money is in it. With the wallet in the pocket you only have a fraction of your money with you. So once you spend all the money in your pocket you have to stop spending, whereas with your online wallet it is much easier to fall into a spending spree. It might be easier for younger people who have an App on their phone to constantly check their balance, but for older people it will be very hard to go cashless in everydays life.

I believe its just a matter of personal discipline. It could simply be solved in the future by having wallet functions like budgeting section where you can lock up your money for specific uses. I believe we're still in early stage but in the future, I can 100% predict that cashless is inevitable.

[Xinarae*]

For certain businesses it makes sense to jump into a cashless future today. After all only one in four bears cash on them and simply paying cashless means more efficiency reduced risk of theft and higher costs however it is not easy to have a cashless business not whether you should be cashless depends on your industry customers and how many transactions have already been made with a card. The target is to make the country's economy fully digital not in cash but in cards all transactions will be online.

[Golftech]

I disagree with this due to the fact that if world goes cashless and all would adopt with it, companies like PUNDIX and binance support cards which you could use for transactions with less fees involve. No hassle holding your money. Another thing is it is inevitable due to the fact that this pandemic helps a lot with digitalization and cashless transaction is a trend.

I understand your point but the fact is that not all merchants accept it according to the needs of each person. indeed all still on progress for digital payment adaptation, and sadly all people are not having the same status economy. like a poor or homeless.

If the majorities will adopt then cashless will push thru, we can't deny that fact that economic status also

affects the entire adoptions but things may proceed if more and more people will embrace this new digital

system, cashless may happened along the way.

[dimonstration]

For certain businesses it makes sense to jump into a cashless future today. After all only one in four bears cash on them and simply paying cashless means more efficiency reduced risk of theft and higher costs however it is not easy to have a cashless business not whether you should be cashless depends on your industry customers and how many transactions have already been made with a card. The target is to make the country's economy fully digital not in cash but in cards all transactions will be online.

We just need to always have back up, not to depend on single system or platform since there are some problems or maintenance that may occurs like when the app is under maintenance or under attacked and we need to do transactions. I sometimes have experienced not being able to pay right away since the system is under maintenance but I needed to pay that time to get the items luckily I still have another bank to use.

[SacriFries11]

the pros of going cashless transactions are:

1. fast and easy transaction
2. no limit purchases and remittance
3. safe and convenient especially during this time of pandemic

the cons of going cashless transactions are:
1. poor internet connection when doing transactions, might have difficulty and delay in sending
2. it can be used in some bad transactions such as money laundering, so we have to keepsafe our accounts..
3. might have problem in handling cash on hand
4. if you send remittance and your receiver doesnt know or not knowledgeable on online transactions

[perryxi2]

I feel that the biggest advantage of going cashless is the neat convenience and not cumbersome, but using coins the biggest disadvantage is that it is very easy to be stolen when someone is good at network programming.

[Ucy]

For certain businesses it makes sense to jump into a cashless future today. After all only one in four bears cash on them and simply paying cashless means more efficiency reduced risk of theft and higher costs however it is not easy to have a cashless business not whether you should be cashless depends on your industry customers and how many transactions have already been made with a card. The target is to make the country's economy fully digital not in cash but in cards all transactions will be online.

As long as physical currency can still be used by people for  buying, selling , holding etc. If only digital currencies controlled by centralized financial institutions are allowed, you will likely lose full control over your funds unless you use a decentralized currency system that gives you full power/control over your funds. And probably use some sort of decentralized Banks that let you plug your node/wallet to their wallets/nodes to benefit from better services like better interface, additional security, smartcontract services etc.
 

[ILuckyGuyI]

Going cashless is an inevitable action for the future. Digital currencies are being developed by some countries now. And the number of them will increase in time. We will start leaving fiat slowly and start using digital currencies. Pros and cons will always exist for any kind of money. Fiat is also not perfect. Maybe we won't ever have a perfect kind of money but it'll continue to be more practical to use as time goes on.

[Abiky]

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.

No system is perfect. Everything has its own advantages/disadvantages. While going cashless makes your life much more convenient, it's not the perfect solution when there's a natural disaster or major catastrophe. Digital payment systems are highly dependent on energy and Internet access. Without these two, you won't be able to participate in the digital economy. That's not the case with paper money these days. You can pay with physical banknotes regardless of a blackout or lack of Internet access. Yet, paper money has its own downsides including (but not limited to) lack of portability, and lack of eco-friendliness. You'd have to use both systems in order to balance between each other's respective advantages/disadvantages. Only then, you'll be able to achieve peace of mind no matter the situation you're facing. Just my thoughts