The pros and cons of going cashless

[palle11]

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.

[Ucy]

Well, the good thing about cryptocurrencies (those based on foundational Bitcoin standards) is that it's possible to use them in "cash" form & avoid being cashless... You can print your coins on physical things like paper and use them like you would use paper currencies. Crypto has the necessary features to allow this unlike the current internet based fiat currencies. And I think crypto can designed to be used safely in cash/printed form.

[The Sceptical Chymist]

Complete transaction records

This is what I don't like about cashless transactions--the main thing anyway.  I'm not talking about bitcoin here, because at least it's relatively anonymous.  But when you use your smartphone or debit/credit card to buy something, forget about it.  You bank, the government, and sometimes even hackers know what you purchased. 

I live in an area that tends to get very inclement weather from time to time, and the last power outage was last week.  Though it didn't last long, it was enough to cause my local convenience store to only accept cash for the duration of the outage.  And what happens if you don't keep any cash on you (like many people these days)?  You're screwed. 

That's why I hope the government doesn't have plans to eliminate cash entirely.  It's fine if people choose to not use it, but I think it should remain available as an option.

[Beparanf]

At times like this going cashless helps to avoid spreading of virus plus the fact that it is able to do it's job properly thru bitcoin or cryptocurrency. Being able to have money in terms of crypto to pay our bills and transfers money easily and in a faster way. Though it still have cons like in countries that only have low Internet coverage or only few areas have Internet and for some fees and security. We can't deny that it's able to do more good things these times.

 While all good things have pros and cons it will depends on us how we will adopt it to avoid problems, huge amount of transactions if can be done via p2p then better do it that way.

[palle11]

I live in an area that tends to get very inclement weather from time to time, and the last power outage was last week.  Though it didn't last long, it was enough to cause my local convenience store to only accept cash for the duration of the outage.  And what happens if you don't keep any cash on you (like many people these days)?  You're screwed.  

That's why I hope the government doesn't have plans to eliminate cash entirely.  It's fine if people choose to not use it, but I think it should remain available as an option.

This is just an example of what can happen and get the whole system and country into a mess if there were no option of cash usage.

Imagine if electricity or internet go off a longer time that is unbearable, then what will happen? Chaos...

I think choice is even a fundamental human right.

[taufik123]

-snip-
I live in an area that tends to get very inclement weather from time to time, and the last power outage was last week.  Though it didn't last long, it was enough to cause my local convenience store to only accept cash for the duration of the outage.  And what happens if you don't keep any cash on you (like many people these days)?  You're screwed. 

That's why I hope the government doesn't have plans to eliminate cash entirely.  It's fine if people choose to not use it, but I think it should remain available as an option.

Cash is very important and indeed it cannot be replaced or eliminated.

Digital money may have advantages over cash, but digital money also has disadvantages such as your experience when the lights go out and you only accept cash at your store. even digital money is very vulnerable to being hacked by others via the internet.

Transaction records can also still be made in cash, using paper notes if necessary so that the transaction can be recorded.

Technological developments that are getting faster and more advanced do have a better impact, but there are some old technologies that cannot be eliminated, such as cash.
The use of digital money is only an alternative to an easier transaction.

[mk4]

That's why I hope the government doesn't have plans to eliminate cash entirely.  It's fine if people choose to not use it, but I think it should remain available as an option.

One of the perks of living in a 3rd world country lol. There's just so much poverty that eliminating physical cash entirely is going to take out a huge percentage of the total population out of the economy. 1st world countries like the U.S. are far more likely to go completely cashless.

[target]

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.

China, as far as I know, had their major cities is already a cashless society but the towns outside the big cities are still using cash especially near the borders. The people in China didn't worry about data breaches though.

Having the fiat cash will still be the best to use after all they are more untraceable than coins using blockchain. This is why there will be resistance in adopting blockchain.

[gentlemand]

One of the perks of living in a 3rd world country lol. There's just so much poverty that eliminating physical cash entirely is going to take out a huge percentage of the total population out of the economy. 1st world countries like the U.S. are far more likely to go completely cashless.

Look what India was willing to do to their population by cancelling those high denomination bank notes. Millions were fucked by that. I wouldn't be surprised if they were willing to go further and harder next time.

Anyway this article is about the personal choice of going cash free. I can think of plenty of places near me that won't take cards. I'd feel very 'cutting edge' being told to sod off and find a cash machine, and there probably won't be one nearby any more.

I expect China will be the first place to make it mandatory. Less evil countries may like to but it's going to take another generation or two in most places.

[crwth]

If I were to choose between cashless or cash, I would love to support cashless fully. I'm somehow doing it now with some exceptions of stores that only accept cash as payments. Mostly you could see businesses starting to accept electronic payments, and maybe it would be widespread even more. There are a lot of complications when it comes to the older generation, but I think it can still be done.

Anyways, I disagree with the parts

• You may spend more
• Small transactions are tricky

For spending more, I think it applies to credit cards as payments but not every cashless method. In which debit cards and crypto would not make you spend more because you can't lend from it.

For the small transactions, isn't it even better? Because no one would need to give you change because you will always be paid in full even with cents, etc. It's better for small transactions unless it's crypto P2P unless you are a member of the same custodial wallet.

[gentlemand]

Anyways, I disagree with the parts

• You may spend more

If you're broke, and I have been many a time, cash gives you a hard and tangible limit to your spending. Once it's left your possession that's it. In my experience cards absolutely do encourage more frivolous spending. It's not about credit or debt, it's about running out of what you have faster and maybe being left stuck.

Everyone's different of course but if I was back on my arse and had to eke my money out over a week or two the card would be chucked in a draw and never looked at again.

[posi]

We have see alot of countries (an example Greece) that planned to go cashless but failed because we need cashless and cash in other for people to make good means of payment because both cashless and cash have advantages and disadvantages. However, cash does not guarantee extra theft protection and convenience states by OP.
 

[thesmallgod]

Well you look around about the cons of the traditional cashless policy, you will discover that many of it has been taken care off using digital crypto although it also add some other cons such as high liquidity, inability to retrieve coin back when sent to wrong address and possibility of being hacked in a wallet. All the same I still prefer cashless policy especially in my country where crime rate is getting high

[Febo]

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.

Crypto is not cashless. Crypto is cash. Crypto is the real money not a imaginary money that you have on your creditcard or on your bank account.  Cypto is bringing cash society back.

[palle11]

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.

Crypto is not cashless. Crypto is cash. Crypto is the real money not a imaginary money that you have on your creditcard or on your bank account.  Cypto is bringing cash society back.

It depends on what you mean by "crypto is bringing cash society back".
Rightly, I do understand that cash is an integral part of crypto.

[mu_enrico]

The privacy issue in digital cash is not something to be taken lightly. Users' data, such as shopping habits, when and where we shop, our favorite restaurant, etc., is valuable. These data will be a precious commodity by banks or payment processors. Moreover, these records are usually maintained for years!!

Bitcoin is one solution, and another solution would be via regulations to require anonymous data collection in financial transactions.

[Oasisman]

Convenience

Not as convenient when the system is experiencing technical difficulties and will reject your card or the transactions. Unlike fiat, transactions cannot be interrupted in a physical transactions when you're shopping in a supermarket or malls. And this is one of the most essential reason why fiat will continue to exist, and both cash and cashless transactions co-exist.
While I also believe Bitcoin will be the cure to this concern, since Bitcoin has no central authorities like banks who control the system.

For spending more, I think it applies to credit cards as payments but not every cashless method. In which debit cards and crypto would not make you spend more because you can't lend from it. 

It does apply to debit and crypto as well. Specially when you have enough funds stored  to your wallet or card. Unnecessary spending is inevitable when you have easier access to online shopping.

[batang_bitcoin]

I agree with the argument that if you have lost your cash, it's lost forever. Like if your wallet has been long gone, it will never be returned to you. Unlike with cashless or credit cards or online wallets, you can always retrieve it as long as you have the recovery information that you have to answer. And that's easy on your end because you're the actual owner of it. China has been long implemented cashless and soon, most of the developing countries will start to have it.

[Twentyonepaylots]

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.

Crypto is not cashless. Crypto is cash. Crypto is the real money not a imaginary money that you have on your creditcard or on your bank account.  Cypto is bringing cash society back.

It depends on what you mean by "crypto is bringing cash society back".
Rightly, I do understand that cash is an integral part of crypto.

you guys are confused on terms between "cash" and "fiat"

Cash on a simple terms is a tangible form of money it may come in a note or in coins. In short this is the physical form of money, while fiat is a established money created by our government, it may come in a form of "cash" or electronic. Anyways these two does not have intrinsic value, and so the cryptos are.

Crypto is the real money not a imaginary money that you have on your creditcard or on your bank account.

What's imaginary is our belief that money has a value.

[samcrypto]

That's why I hope the government doesn't have plans to eliminate cash entirely.  It's fine if people choose to not use it, but I think it should remain available as an option.

One of the perks of living in a 3rd world country lol. There's just so much poverty that eliminating physical cash entirely is going to take out a huge percentage of the total population out of the economy. 1st world countries like the U.S. are far more likely to go completely cashless.

Those are developing country and we’re slowly adopting the cashless transactions especially right now where almost all the transactions is through online because of the virus. Well, it may not completely happen but its ok as long as there’s a progress despite of corruption it can happen. Going  completely cashless is hard on the isolated areas, the physical cash will remain despite of the growing technology.