The pros and cons of going cashless

[FlightyPouch]

cashless is great for those who are budgetting wisely their money and savings..using cryptocurrency is the best way if you are an income generating and saving conscious minded person.

I don't think you understand how hard that is. If you have an ATM or a mobile wallet and most of your money are there, you tend to make transactions very often since you could do it even if you are just at home. Unless you have someone to manage your money. I guess this depends on the individuals but most of the people I know usually take advantage of this convenience.

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[iv4n]

Everything has pros and cons, but nevertheless we are going towards cashless, whether you like or not. Crypto is just the next generation of money, we are going cashless, and we are going crypto, it's my vision of the future economy and money.
For privacy and anonymity people will use privacy coins, some of them are already popular among crypto people, in the future more will be interested in them and it's why I believe that investing in some privacy coins for long run can be very good.

[Ridwan Fauzi]

The technology has brought many thing for human being, as of now there is no one who doesn't know about internet and didn't how to operate smartphone or another electronic device. Based on that, I bet there will be many thing that can be offered by some parties to make an easier someone's life.

Especially for their basic need, they can buy anything through the smartphone and that's really help them. And this thing has been done by most people in this world, and yeah sooner most merchant will just open for they who just have a smartphone or buying their stuff through the electronic device. Which mean, if they do that most people in this world will not use the money paper anymore.

[slapper]

Everything has pros and cons, but nevertheless we are going towards cashless, whether you like or not. Crypto is just the next generation of money, we are going cashless, and we are going crypto, it's my vision of the future economy and money.
For privacy and anonymity people will use privacy coins, some of them are already popular among crypto people, in the future more will be interested in them and it's why I believe that investing in some privacy coins for long run can be very good.

The important question is when. There will be more than thousands of years ahead and you cant presume a future like that. I do believe that crypto will be the next generation of money but there will be many years ahead before people fully adopted bitcoin or other forms of digital money. First of all, many places are still lacking of facilities and infrastructures in order to use bitcoin appropriately. Secondly, not many people are aware that digital money is way better than cash.

[abhiseshakana]

cashless is great for those who are budgetting wisely their money and savings..using cryptocurrency is the best way if you are an income generating and saving conscious minded person.

There is no significant correlation between cashless and "budgeting wisely money and savings". The term cashless refers to not using physical money in daily transactions. Cashless can turn into a disaster when there is network disruption that causes no connection or total blackout for a long time, how will humans make transactions? In addition, a cashless society can be applied if the distribution and absorption of basic technology is evenly distributed and easily accessible to all parties. So that the generation before the millennial generation can easily access.

[HiringYou]

Cashless payment's are very common these days. There are many platforms which allow us to perform digital transactions very easily and at very cheap rate's. By cashless transactions, I mean the transactions made by using card's such as credit card's,debit card's,Master card's etc. We can also include bitcoin or any other cryptocurrency but their usage is still very limited. Some of  the benefit's that I am personally enjoying by going cashless are-:

• In this pandemic, cashless payments is the finest way of payment because no physical contact is involved.
• No need for me to carry a large amount. Swiping a card will be enough.  
• No need  for me to remember the transaction details,as they get automatically recorded by the platform I am  using.
• If somehow I lost my card,no one can use it without the pin and I can also get it blocked very easily.
• Various platform's provides with various cashbacks and offers.
• It improves my credit score.

The only problem that I face is that sometimes my internet speed is low due to which I am not able to complete my transaction. The risk of losing my personal details or card details is also there because with a lot of benefits  cashless systems opens the door for many cyber frauds also.

[ChiBitCTy]

This is an interesting topic.  Personally I believe that we will not have a completely cashless society at least for another 2-3 decades or so.  I think that cash, cold hard cash, has been so ingrained in our societies that it will take quite a bit of time to move away from.

That being said, I think we are clearly on our way to a cashless society.  I don't think you can even argue against this.  Bitcoin and the blockchain have paved the way to this cashless based society, even more so that credit cards did in my opinion. 

[Janation]

This is an interesting topic.  Personally I believe that we will not have a completely cashless society at least for another 2-3 decades or so.  I think that cash, cold hard cash, has been so ingrained in our societies that it will take quite a bit of time to move away from.

That being said, I think we are clearly on our way to a cashless society.  I don't think you can even argue against this.  Bitcoin and the blockchain have paved the way to this cashless based society, even more so that credit cards did in my opinion. 

I agree but I think it is still early for Bitcoin.

Maybe other cryptocurrencies could be used in this scenarios or maybe in the future, maybe Doge. Even before we talk about Doge and other cryptocurrencies, I think we will walk through Cards and these online wallets like PayPal and maybe PayMaya. Cryptocurrencies might not be that good for some people and I think it still needs more time.

[Lorence.xD]

This is an interesting topic.  Personally I believe that we will not have a completely cashless society at least for another 2-3 decades or so.  I think that cash, cold hard cash, has been so ingrained in our societies that it will take quite a bit of time to move away from.

That being said, I think we are clearly on our way to a cashless society.  I don't think you can even argue against this.  Bitcoin and the blockchain have paved the way to this cashless based society, even more so that credit cards did in my opinion. 

I agree but I think it is still early for Bitcoin.

Maybe other cryptocurrencies could be used in this scenarios or maybe in the future, maybe Doge. Even before we talk about Doge and other cryptocurrencies, I think we will walk through Cards and these online wallets like PayPal and maybe PayMaya. Cryptocurrencies might not be that good for some people and I think it still needs more time.

If the all the cons could be resolved then the chances that a cashless will become a thing earlier than we could expect. The problem with going cashless though is the possibility of total collapse, now what I mean by the total collapse is when all of us are doing cashless transactions, what would happen if the power grid is down? EMP grid down kind of situation? I do not know the right answer but if my deduction is correct maybe a total chaos/shit hit the fan situation will happen.

[Janation]

This is an interesting topic.  Personally I believe that we will not have a completely cashless society at least for another 2-3 decades or so.  I think that cash, cold hard cash, has been so ingrained in our societies that it will take quite a bit of time to move away from.

That being said, I think we are clearly on our way to a cashless society.  I don't think you can even argue against this.  Bitcoin and the blockchain have paved the way to this cashless based society, even more so that credit cards did in my opinion. 

I agree but I think it is still early for Bitcoin.

Maybe other cryptocurrencies could be used in this scenarios or maybe in the future, maybe Doge. Even before we talk about Doge and other cryptocurrencies, I think we will walk through Cards and these online wallets like PayPal and maybe PayMaya. Cryptocurrencies might not be that good for some people and I think it still needs more time.

If the all the cons could be resolved then the chances that a cashless will become a thing earlier than we could expect. The problem with going cashless though is the possibility of total collapse, now what I mean by the total collapse is when all of us are doing cashless transactions, what would happen if the power grid is down? EMP grid down kind of situation? I do not know the right answer but if my deduction is correct maybe a total chaos/shit hit the fan situation will happen.

That is the reason this is still imperfect.

There are a lot of things to consider and obviously power is one of those, some provinces here in our country can't even have a stable electric source since most of them are still having blackouts(brownout) every now and then. I don't think they consider EMP but I know that electricity is also a concern. Still, we don't need to think about this now since we still have a lot of time before this is implemented.

[samputin]

If the all the cons could be resolved then the chances that a cashless will become a thing earlier than we could expect.

Assuming that the use of crypto doesn't have any loopholes then that's for sure. You know, people love the concept of advance society and a cashless transaction part of it. I'm sure most of us will be willing to dump the old fsshion way for the hi-tech one by that time because mandkind naturally strives for the better.

The problem with going cashless though is the possibility of total collapse, now what I mean by the total collapse is when all of us are doing cashless transactions, what would happen if the power grid is down? EMP grid down kind of situation? I do not know the right answer but if my deduction is correct maybe a total chaos/shit hit the fan situation will happen.

Yup but it won't happen once we discovered a source of energy hundreds of times powerful and sustainable than coal and renewable resources — like Tesseract (or other snergy sources we see from sci fi movies lol). Well, that's another "what if" story.

[ampu]

I agree with that opinion. Cashless transactions are better and have more offers, but at the same time, we have also provided personal data to card issuers. If your personal information is not so important then it is recommended to use transactions via cards and mobile applications.

[MCobian]

Actually, several countries have tried to popularize cashless payments from before the COVID19 pandemic occurred.
But there are some obstacles, such as not everyone can afford a mobile phone and not all the place can be covered
by the internet network. The sad thing is there are some countries where the population cannot afford to pay internet
bills.Therefore, fully cashless cannot be realized, if there are still obstacles as I have mentioned before. In other words,
cash money is still needed.

[raidarksword]

Engaging cashless now would be a more convenience because it can help lessen contamination of the virus and less contacts with people outside as a safety precautions as well. Other than that, it's fast, economical, secured, traceable and less fees for sure. The implementation only would be the trouble of it and adoption is still far ahead from expectation because most people still using fiat currency to buy goods. Nonetheless, it would be a dream to achieve those innovations and i am optimistic it will be a something to look forward into the future of cashless society.

[yulchatar]

Actually, several countries have tried to popularize cashless payments from before the COVID19 pandemic occurred.
But there are some obstacles, such as not everyone can afford a mobile phone and not all the place can be covered
by the internet network. The sad thing is there are some countries where the population cannot afford to pay internet
bills.Therefore, fully cashless cannot be realized, if there are still obstacles as I have mentioned before. In other words,
cash money is still needed.

Unfortunately, some people are unable not only to pay for Internet services, 13% of the world's population (about one billion people) don't even have access to electricity. We are talking about the inhabitants of some countries in Africa, Central and South Asia. Also, it is believed that the lower the income level of the population, the more often they use cash when paying for goods and services.

[lumeire]

cashless is great for those who are budgetting wisely their money and savings..using cryptocurrency is the best way if you are an income generating and saving conscious minded person.

If a person is income generating and conscious minded then he won't need to have cryptocurrencies at his disposal as he can turn coal into gem with his skills and hard-working nature, cryptocurrencies would be great for those who are usually transacting in between places that are far off from each other and require a lot of fees while sending money or maybe there is a danger of theft or when the seller and the user want to be anonymous, or maybe in the case of pandemics like Covid where people are afraid to touch banknotes as they can transmit the infection.

[rodskee]

Engaging cashless now would be a more convenience because it can help lessen contamination of the virus and less contacts with people outside as a safety precautions as well. Other than that, it's fast, economical, secured, traceable and less fees for sure. The implementation only would be the trouble of it and adoption is still far ahead from expectation because most people still using fiat currency to buy goods. Nonetheless, it would be a dream to achieve those innovations and i am optimistic it will be a something to look forward into the future of cashless society.

even How hard you wanted to have cashless Living But your country is not allowed to Use the Currency you supposed to Deal then nothing will happen still.
I understand all your Eagerness to Use crypto for even Buying foods online but it is the reality
That government of many countries Don't allow us still to Pay using Bitcoin or other crypto that we owned.Maybe another long wait will do
after this pandemic Living will back to normal and people will again engaged in Fiat payment though at least there is
a knowledge installed in their Mind that there is a crypto that can be an option for all their Payments method.

[arwin100]

Actually, several countries have tried to popularize cashless payments from before the COVID19 pandemic occurred.
But there are some obstacles, such as not everyone can afford a mobile phone and not all the place can be covered
by the internet network. The sad thing is there are some countries where the population cannot afford to pay internet
bills.Therefore, fully cashless cannot be realized, if there are still obstacles as I have mentioned before. In other words,
cash money is still needed.

Unfortunately, some people are unable not only to pay for Internet services, 13% of the world's population (about one billion people) don't even have access to electricity. We are talking about the inhabitants of some countries in Africa, Central and South Asia. Also, it is believed that the lower the income level of the population, the more often they use cash when paying for goods and services.

That's why it needs reform since this cashless society will never gonna happen once there are countries that cannot follow the track of the other countries, but sad to say its really hard for poor countries to follow since they are left behind interms financially and in technology.

Maybe in future once those said countries will progress and the only thing needed to make this thing happen is to choose a country leader which have great vision on how his country to became a financial competitive country.

[Assface16678]

There are a lot of pros and cons with the use of cashless

Pros.
Less hassle
No interaction with other people
Can be internationally made a transaction.
Can trace the transaction id

Cons
Still prone to hackers
Can be used to scam

Most of the country will adopt this kind of changes are the rich countries because they don't worry about the physical money or the paper money they want to have more convenient and faster transactions.

To those poor countries, they still stick to the physical money.

You can see the country if they were rich or not on their paper money if they have a lot of coins with a large amount they are now struggling with their country.

[Emitdama]

How does extra theft protection work in cryptocurrency? In cryptocurrency you’re in the one on charge of your money and if you make any mistake, or maybe someone else eventually manages to gain access to your wallet, then you should be saying goodbye to your money because I don’t think there is anything like theft protection, so why is it added to the pros? And what do you mean by benefits and bonuses, what benefits are you referring to exactly?

There is convenience in making use of cryptocurrency, maybe that’s the benefit you’re referring to, and you already mentioned it. Something else you didn’t add to the list is the fact that making inter-transactions will be fast and cheap.