The pros and cons of going cashless

[shield132]

I think this topic is discussed pretty often and OP, to be fair, we can't just write it's pros and cons so shortly cause it needs a huge explanations.

Cashless society - before we move on it, humanity have to have access on internet, computers and smartphones, on all of them. According to statista, 59 percent of population has access on internet but it doesn't mean that each person in each certain countries have access on internet. We need at least decade to become cashless society. At the same time not everyone wants to move on this system because of it's pros and cons.

Cashless society doesn't automatically mean that we will move on bitcoin/blockchain and everything will be perfect as others think. Cashless society at the same time means that banks and governments will have much higher advantage on control of money than they have right now and they would be easily able to manipulate numbers the way they wish. We don't want to get tracked, right? Cash is the simple answer here for everyone.

Pros can be that we don't have to keep coins and papers in our wallet and worry whether we have 10 cent or if our paper gets wet/damaged. It's far more flexible and comfortable. You get card and pay with it contactless, just in seconds. Did you lost your card? No problem, login via smartphone on your bank's account and just freeze it, so no problem.

That's just what I wanted to say shortly, will be interested if we have debate over it. If anyone wants to argue with me, no problem, you are welcome.

[1715309400]

1715309400

[ecnalubma]

Were not going anywhere wether we like it or not, soon our financial system will transform to the new system bit by bit. Pretty sure that it will undergo a long debate, we must prepare for this or these changes will just occur unnoticeable.

[beerlover]

The biggest pro for me would be to never having to work with banks. I hate banks, and I hate them more than you can imagine, ever since I was a little kid I hated them, whenever possible I do not put my crypto into my bank account, I just hate them so much that if I can remove them from the world I totally would, however I need them for payment stuff and to turn my crypto into fiat since exchange sends fiat to bank and not cash.

However when the world becomes a lot more crypto, I am sure we will have to use banks less and less, it is not even an option right now and we all use it, but in the future it will all be available to your own picking, if you do not want to use banks you will not use them and when that happens I can guarantee you that some banks will bankrupt because if you give people to not use banks, A LOT OF people will stop using them.

[vaultman]

I do not like cash for the reason that all paper money and coins in circulation are dirty, so I prefer only a non-cash payment method. But still, you should carry a couple of hundred dollars with you just in case, because there are unforeseen situations with payment terminals.

[Janation]

I do not like cash for the reason that all paper money and coins in circulation are dirty, so I prefer only a non-cash payment method. But still, you should carry a couple of hundred dollars with you just in case, because there are unforeseen situations with payment terminals.

I don't understand.

You said that it is dirty but you still use it? I don't dislike the idea of being cashless but this is the problem. We can't just act this like it is that easy. We are not even at the part where we can fully use our technologies since there is still those population that is not literate when it comes to these. They can't even use a phone, let alone pay online using it. It will not always be the matter of the money being dirty, the security and privacy, it is the matter of that country being ready to that kind of system.

[Lynfax]

Were not going anywhere wether we like it or not, soon our financial system will transform to the new system bit by bit. Pretty sure that it will undergo a long debate, we must prepare for this or these changes will just occur unnoticeable.

I assume it will take more than a couple years for world to transform its financial system to that point where crypto will be applicable by most of merchants.
However, I thrive to see this day at least in this decade

[Salauddin1994]

Crypto users have more advantages than cash it is not right to look down on anyone. Everything is changing now with the improvement of the world. There will be a lot of change in the case of cash as well there are many places that have not yet been touched by technology so they are more concerned about cash. But it will take a long time for the whole world to change. Many times after the purchase of products need cash for sale businesses are ready to transform both ways.

[sabbir2world]

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!

[Vilagra]

Going cashless in the modern world will make the division between the poor and the rich gigantic. I think some 50-100 years should pass to make the system fair.

[Ayiranorea]

Going cashless in the modern world will make the division between the poor and the rich gigantic. I think some 50-100 years should pass to make the system fair.

Going cashless is all about the advancement in the day to day use of fiat. There is nothing to associate the cashless accessibility along with the economic situation prevailing with the people. There is nothing as, cashless system is for rich/poor. All levels of people can use it for the good. The system is fair, and the change is being felt now.

[Bezobraznike]

Going cashless in the modern world will make the division between the poor and the rich gigantic. I think some 50-100 years should pass to make the system fair.

Going cashless is all about the advancement in the day to day use of fiat. There is nothing to associate the cashless accessibility along with the economic situation prevailing with the people. There is nothing as, cashless system is for rich/poor. All levels of people can use it for the good. The system is fair, and the change is being felt now.

   Ayiranorea you are right about everything you said! Cashless system is not for rich or poor people, it will be the system for all!
How much balance you have will depend on many other factors, like your salary, or you have some private business, inheritance.
When country adopt cashless system everyone will have to oblige to use that cashless system, no matter which class they belong.
   I believe that cashless society is the future, we can like it or hate it, but we will have to adopt to that.

[Latviand]

Going cashless in the modern world will make the division between the poor and the rich gigantic. I think some 50-100 years should pass to make the system fair.

Going cashless is all about the advancement in the day to day use of fiat. There is nothing to associate the cashless accessibility along with the economic situation prevailing with the people. There is nothing as, cashless system is for rich/poor. All levels of people can use it for the good. The system is fair, and the change is being felt now.

Cashless are really good in this kind of situation due to the risks of getting the Covid-19 disease.

On the other hand, there are still people who disagree in this new system of transaction due to not all people are into the use of modern technology.

But we need to adapt, we need to adjust so that we will not be outdated and become in to the use of new technology. Hopefully, this will be the proper way for people to see the essence of cryptocurrency in the market and economy. Digital currencies are appropriate right now due to much more safe, secured and easy transactions.

[jaysabi]

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.

Cryptocurrency is not the way I’d be seeking security of digital money. The biggest risk is the volatility of the asset itself. When you can’t be sure the value day to day, let alone for an extended period of time, there is tremendous risk in holding the asset. Bitcoin could be up or down 10% today. It could be up or down 50% by next week. These moves are also not uncommon in these time frames. That makes storing value for people who want safety untenable.

[Taskford]

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.

Cryptocurrency is not the way I’d be seeking security of digital money. The biggest risk is the volatility of the asset itself. When you can’t be sure the value day to day, let alone for an extended period of time, there is tremendous risk in holding the asset. Bitcoin could be up or down 10% today. It could be up or down 50% by next week. These moves are also not uncommon in these time frames. That makes storing value for people who want safety untenable.

That's why we can't rely on for now since the volatility is a big traitor since we might gonna lose our money if something bad happen to the market so this is not really the best option for now. The current cashless system is good enough since it serves well to the people thru the years and might this is the first adopted by the people since the familiarity will win on this selection.

[crzy]

Going cashless in the modern world will make the division between the poor and the rich gigantic. I think some 50-100 years should pass to make the system fair.

It will be hard to become cashless on a remote area and I think there's a lot of things that need to be consider before doing this. Well, we have to define first the real meaning of poor because even those poor are have social media account so I think they still have the access on internet that can be use on going cash less. My concern here is that, the people who are still living on the forest and enjoying the life without using the modern technology.

[worldofcoins]

Crypto users have more advantages than cash it is not right to look down on anyone. Everything is changing now with the improvement of the world. There will be a lot of change in the case of cash as well there are many places that have not yet been touched by technology so they are more concerned about cash. But it will take a long time for the whole world to change. Many times after the purchase of products need cash for sale businesses are ready to transform both ways.

There are advantages and disadvantages to having only one of them.
-Going cashless will mean being dependent on the network and device of payment, and we know no network is 100% dependable.
-Not going cashless will mean being depended only on the cash for payment.

In my opinion, it's better to use both.

[Findingnemo]

Going cashless and going decentralized are not same, if we making more adoption towards the banking cashless transaction then there will be less protection to our funds and transaction history because you can buy credit card details on darknet if you want and in most of the countries, there is not much severe action for such crimes.

[Alert31]

I do not like cash for the reason that all paper money and coins in circulation are dirty, so I prefer only a non-cash payment method. But still, you should carry a couple of hundred dollars with you just in case, because there are unforeseen situations with payment terminals.

Did you buy now everything without cash in your hands or in your pocket? I think no because online payments, buying goods and services is still not enough. Also a cashless transaction has a limited user because all are using cash based on the their accustomed.

[South Park]

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.

That is without a doubt a challenge and it is one of the reasons why people indebt themselves so easily in this era, when you are holding cash it somehow feels more real and you are more apprehensive about spending your money but when that money is in the form of just a few numbers on a computer screen you are more tempted to spend that money, and this kind of attitude can be very dangerous especially now that thanks to the pandemic we must save every single penny that we can.

[FlightyPouch]

I do not like cash for the reason that all paper money and coins in circulation are dirty, so I prefer only a non-cash payment method. But still, you should carry a couple of hundred dollars with you just in case, because there are unforeseen situations with payment terminals.

Did you buy now everything without cash in your hands or in your pocket? I think no because online payments, buying goods and services is still not enough. Also a cashless transaction has a limited user because all are using cash based on the their accustomed.

Not just accustomed to cash but also can't actually use digital currency or crypto currency because of the status they have. People already have mobile phones and laptops while some can't even afford a mobile phone. We still need time for this to happen and I think it still need years to be able to be applied.