The pros and cons of going cashless

[Twinkledoe]

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.

It is more on the person's attitude towards spending. Like in my experience, I had a credit card before and before I knew it, I was already accumulating debts. So what I did was cut my credit card usage and paid for the debts. And up until now, I haven't applied a new one. This is for me, to really watch out how I spend with things. I don't want to go back to the time that I have to pay for the interests accumulated. Really not worth it. Though there are a lot out there that are better in handling their finances. But for me, I will stick to debit card and cash right now.

[aiguy]

There will also be Cybersecurity issues and Price volatility and lack of inherent value.

[jaysabi]

There will also be Cybersecurity issues and Price volatility and lack of inherent value.

Cybersecurity is probably the least of an issue for bitcoin. However I don’t see bitcoin ever overcoming price volatility. Lack of inherent value is arbitrary. That risk is with the US dollar as much as bitcoin. Both only have value because everyone agrees they do. Value stability is the most important aspect of a currency, so unless we enter hyperinflation in the US, the dollar is always going to be a superior currency.

[coolcoinz]

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!

This means that I have to be corrupt because I avoid KYC and don't want my private data to be used by corporations.
I guess you do KYC wherever you can and send them videos and selfies of yourself just to prove how honest and transparent you are.

[Renampun]

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.

It is true, China has been implementing cashless for a long time, even though it has not been 100% evenly applied in China...
Payments via the WeChat pay application are rife in Chinese society and the drawback is that if the cellphone is lost then the balance in it will also disappear, but the way to deal with it is easy, just filling in the balance in the application as needed, do not charge large balances.

[abhiseshakana]

That risk is with the US dollar as much as bitcoin. Both only have value because everyone agrees they do. Value stability is the most important aspect of a currency, so unless we enter hyperinflation in the US, the dollar is always going to be a superior currency.

The winner takes all. Through dollars, the real money owner wants to make his wealth last. Through the dollar, they built a system from telex to swift which caused acute dependence on the dollar. Even if in the end the dollar loses value due to hyperinflation, even though it is impossible because even though the dollar is printed out of thin air, America's gold reserves are still the largest in the world. So to shift, the domination of the American currency, is only false wishful thinking, because America wants to keep the system running the way they want it forever.

[lixer]

You still run both sides risks when you’re making use of both methods, it’s all about being very careful with what method you have chosen to go with. They are both good, there are some situations you will be in and cash would be the only option to go with because you can’t be making use of your payment app and wasting time when you can actually just dip hands in your pocket and drop some cash. That’s just it, there are situations where any one of the two methods can be better.

These days there are lots of websites to shop online like Amazon, eBay, and the rest, and when making use of these sites what you need is electronic payment methods.

[Twentyonepaylots]

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!

This means that I have to be corrupt because I avoid KYC and don't want my private data to be used by corporations.

Yeah, if you're just a normal person with nothing to hide even your privacy then you must not be afraid of being KYC-ed while other people secures their privacy and prioritize their security. If you do regularly taking KYC on whatever platform that requires it, you must not be surprise if one day there's a police knocking on your door for interrogation lol

I guess you do KYC wherever you can and send them videos and selfies of yourself just to prove how honest and transparent you are.

I'm thinking of a less where we can still do KYC besides from taking a selfie or anything, I guess that's the most appropriate one.

[South Park]

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.

It is more on the person's attitude towards spending. Like in my experience, I had a credit card before and before I knew it, I was already accumulating debts. So what I did was cut my credit card usage and paid for the debts. And up until now, I haven't applied a new one. This is for me, to really watch out how I spend with things. I don't want to go back to the time that I have to pay for the interests accumulated. Really not worth it. Though there are a lot out there that are better in handling their finances. But for me, I will stick to debit card and cash right now.

Have you ever wondered why when you go to a physical casino you need to exchange your cash for chips and then do the reverse process once you need to get out of the casino? This is done by casinos to make you dissociate the idea that you are actually using money to bet and that you do not feel the same regret that you will feel if you saw money actually been lost, this is why the chips look like something you will find in any other board game, it is to make you feel you are not using real money, and the same trick is being used by banks when they give you credit cards, it is very easy to lose control of your spending with a credit card but it is way harder to do so if you are actually using cash.

[JuSayCo]

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.

Exactly. Implementing cashless payments and transactions are great, less hassle and less hand on hand contact. For me, its just a matter of practice and proper teaching to everyone, so they will learn and understand how convenient and safe it is. Here in my country, there is already few cities that implemented this cashless payment system especially in the market where most people and vendors used to do the traditional ways of transactions, but are now slowly adopting this digital method and they were grateful that they learned and taught about it for its been safe and convenient according to them. So, its really possible in wherever place we are in, as long as there is internet and signal and a smart gadget of course, it can be made easily.

[Mauser]

Exactly. Implementing cashless payments and transactions are great, less hassle and less hand on hand contact. For me, its just a matter of practice and proper teaching to everyone, so they will learn and understand how convenient and safe it is. Here in my country, there is already few cities that implemented this cashless payment system especially in the market where most people and vendors used to do the traditional ways of transactions, but are now slowly adopting this digital method and they were grateful that they learned and taught about it for its been safe and convenient according to them. So, its really possible in wherever place we are in, as long as there is internet and signal and a smart gadget of course, it can be made easily.

The only problem I see with going completely cashless is the security of your deposits. The more money is stored at a bank, the higher the risk too lose money in case of bankruptcy. What if the bank is using all the deposit to buy risky assets and loses big time (like with Lehman brothers) in the end we would all hope for the government to guarantee the deposit of the average savings. Imagine all your cards stop working at the same time and you have no more cash left. Of course this is a very unlikely event, but with giving up our beloved cash completely we are also giving up some form of independence. I definitely hope that the regulation of financial firms and banks will be increased once we get completely rid of cash. Maybe a first step could be to not use coins anymore, and only work with bills. Stopping to use all sorts of cash all at once sounds a bit harsh.

[Leviathan.007]

I think nothing can replace the money. because considering the transaction fee, you can't pay little amount of money with bitcoin or other crypto also imagine you have no internet for a few days due to technical issue then you can't use any crypto currency. but in the other hand for large amount of money crypto is the best way to go. generally, money will go it own way and crypto will go the other way both are us full depending on usage. thanks to the OP you can easily compare them.

[AjithBtc]

Pros of going cashless

• In case of shopping there is no need to run for change and get chocolate instead of change
• In making budgets it'll help in easy calculation
• Ease in usage than traditional fiat
• As none can make use of our wallet without private key, it is more secure

Cons of going cashless

• Technical knowledge is must
• If there is connectivity issue, the transaction gets interrupted
• Transaction charges on sum up make a big value
• Can't be used on remote locations

[Kasabus]

I think nothing can replace the money. because considering the transaction fee, you can't pay little amount of money with bitcoin or other crypto also imagine you have no internet for a few days due to technical issue then you can't use any crypto currency. but in the other hand for large amount of money crypto is the best way to go. generally, money will go it own way and crypto will go the other way both are us full depending on usage. thanks to the OP you can easily compare them.

Cashless transactions may have more advantages rather than its consequences but i believe majority of the users are not yet prepared for it so it would be best if fiat transactions will still be here and paying through cashless payments will only serve as an option. Through this way, people are free to choose which they feel more convenient and at ease.

[goldade]

Surely, there's always the advantages and disadvantages to a thing. It is only logical to weigh it out to see if it can be done. As it stands, the world is not ready for a complete cashless policy. The disadvantages that have been listed out outweigh the advantages.
In developing countries especially in Africa, there'll be a lot of measures needed to be put in place for such policy to work.
I however do believe that with time, cashless policy eventually take over as the world is constantly moving forward digitally.

[Argoo]

I think nothing can replace the money. because considering the transaction fee, you can't pay little amount of money with bitcoin or other crypto also imagine you have no internet for a few days due to technical issue then you can't use any crypto currency. but in the other hand for large amount of money crypto is the best way to go. generally, money will go it own way and crypto will go the other way both are us full depending on usage. thanks to the OP you can easily compare them.

Cashless transactions may have more advantages rather than its consequences but i believe majority of the users are not yet prepared for it so it would be best if fiat transactions will still be here and paying through cashless payments will only serve as an option. Through this way, people are free to choose which they feel more convenient and at ease.

Cashless payments should exist alongside paper money, since each type has its own advantages and disadvantages. Non-cash payments are now gradually replacing paper money, but this should be up to a certain level.
Cashless payments are bad because they require certain technical devices, maintain communication with banks and allow the government to fully control the financial activities of each person.

[semobo]

Already we are living in the cashless fiat economy where fiats are generated in the numbers only not as physical paper.Most of the transactions are happening via banks and other online payment modes but the the development of these technology the security of our funds also getting lesser since internet is full of scammers and hacker so we have to educate the people about being safe while using their bank related details while paying online.

[jaysabi]

That risk is with the US dollar as much as bitcoin. Both only have value because everyone agrees they do. Value stability is the most important aspect of a currency, so unless we enter hyperinflation in the US, the dollar is always going to be a superior currency.

The winner takes all. Through dollars, the real money owner wants to make his wealth last. Through the dollar, they built a system from telex to swift which caused acute dependence on the dollar. Even if in the end the dollar loses value due to hyperinflation, even though it is impossible because even though the dollar is printed out of thin air, America's gold reserves are still the largest in the world. So to shift, the domination of the American currency, is only false wishful thinking, because America wants to keep the system running the way they want it forever.

There's a good bit of inertia behind the dollar being the world's reserve currency.  It will take a lot to displace it due to this.  But one of the things that can certainly do that is rapid inflation, or at least losing value faster than the alternatives.  The US monetary policy has a lot at stake because it has to protect the reserve currency status of the dollar.

[ArIMy11]

I am not against to cashless society. It is one of the best solution to prevent the spreading of virus. But my concern is how we can be so sure the safety and protection of our transaction or our accounts online? We all know that number of scammers as well as hackers, increases during this time of pandemic wherein most transactions, schools, and work becomes online. Another, simple people who does not know how to use touchscreen phones cannot deal with it. Jeepney drivers, market vendors, parents. Technology grows, it is not impossible that cashless will takes place. New generations will be more advance.

[Axelseseclevz]

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.

Exactly. Implementing cashless payments and transactions are great, less hassle and less hand on hand contact. For me, its just a matter of practice and proper teaching to everyone, so they will learn and understand how convenient and safe it is. Here in my country, there is already few cities that implemented this cashless payment system especially in the market where most people and vendors used to do the traditional ways of transactions, but are now slowly adopting this digital method and they were grateful that they learned and taught about it for its been safe and convenient according to them. So, its really possible in wherever place we are in, as long as there is internet and signal and a smart gadget of course, it can be made easily.

Yes cashless payments are less hassle  and easy to make transaction ,also we can avoid virus from a paper bills or coins. But I think this is just easy for those at the middle and and higher class. Old people in the remote area    need to educate first regarding on how to use it if ever.