The pros and cons of going cashless

[tbterryboy]

The biggest con I see from having no cash is it becomes so much harder for the least fortunate in society - namely the homeless, to make a living on the streets. There are many desperate people who have very few options and when the one source of money from kind strangers passing by is taken away, it is going to be absolutely devastating for them. I think going cashless is ultimately going to be a good thing for society, but a safety net needs to be set up and these people need to be given the tools to survive without bank notes.

It touches to know that someone can even think like that because not many care for the most needy people of the society. But to be honest having cashless society also means more tips for the daily wages workers like delivery person because most of the companies have an option to add tip for the delivery partner and when spending cash we sometimes don't want to spend more but having added a few extra cents or a dollar during payment does not hurt. I mean you order a pizza worth $5.5 then you can happily pay $0.5 for the delivery partner but if you order by cash it is often not the case.

I feel like there are more benefits and pros than the cons in this case and while we must care for the needy people but they must not be the sole reason behind the progress of the society as a whole.

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[Dragonfund]

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.

Eliminating cash in our society will be creating a bigger problem In unbanked countries, beside its not everyone that has access to mobile internet. Africa will suffer the most, how will a country with lack of access to Internet in order to make daily living and day to day business transactions. It will be  very difficult.
Local Market, Marchant and Retailers will be at verge of collapse in many countries. The cons will outweigh the pros when we fully go cashless.

The rate at which US is money printing, I don't think they will be going cashless any time soon as you said. Check the chart below, the rate at which new dollar bill is been minted to the economy is at peaked for now, more is coming as soon as the senate pass the bill for the 3 Trillion stimulus check.

Source: LiveMint

[KennyR]

Going cashless these days is a common thing, because people are getting used to card transactions and other forms of digital payments through mobile. When you don't have cash in hand there is more chances of spending on unnecessary things. Even the small shops have started to provide QR code for payment. Through digital payments corruption is made easier. Whatever might be the pros and cons, if it is used for the bad it affects the reputation and same is when used for good.

[BTCappu]

Cashless transaction has increased a lot. In the past people had fear that someone might use their credentials and take their funds. Slowly the security of these transactions increased and people learned better about the benefits of cashless transaction.

I think the security level has increased very well which is the reason people have developed interest in it. Both the aged and the youth are now using the means because it is faster for parties anywhere you are. In the past, it was not possible because of the risk involved in it but lately, it has become the preferable for many.

But, there are still enough cases about online scamming and cyber hacks that one fears doing online transactions and actually as the technology moves further the hacks and the scammers also learn new ways to cheat people.

I think during the virus spread the cashless economy voices were raised but as this virus settles down we will again come to the normal cash payments while more payments being online but some places you just have to pay with cash and it is the easier way indeed. Cash payments are still the more convenient method and although in the next 10 years maybe we will see the surge in online transactions but really looking at the current stage and in under developed countries, cash payment is the way to go ahead.

[Argoo]

Going cashless these days is a common thing, because people are getting used to card transactions and other forms of digital payments through mobile. When you don't have cash in hand there is more chances of spending on unnecessary things. Even the small shops have started to provide QR code for payment. Through digital payments corruption is made easier. Whatever might be the pros and cons, if it is used for the bad it affects the reputation and same is when used for good.

Of course, non-cash payments make our life easier and more convenient. However, we become attached to certain technical means that can be easily lost or stolen from us. In addition, non-cash money is often attacked by hackers or various scammers.
At the same time, cash is very easy to use, it is convenient to make small household transactions in cash. Also, cash, unlike non-cash, is very difficult to track.
I don’t think we’ll get rid of cash anytime soon, if ever.

[dupee419]

Going cashless these days is a common thing, because people are getting used to card transactions and other forms of digital payments through mobile. When you don't have cash in hand there is more chances of spending on unnecessary things. Even the small shops have started to provide QR code for payment. Through digital payments corruption is made easier. Whatever might be the pros and cons, if it is used for the bad it affects the reputation and same is when used for good.

Of course, non-cash payments make our life easier and more convenient. However, we become attached to certain technical means that can be easily lost or stolen from us. In addition, non-cash money is often attacked by hackers or various scammers.
At the same time, cash is very easy to use, it is convenient to make small household transactions in cash. Also, cash, unlike non-cash, is very difficult to track.
I don’t think we’ll get rid of cash anytime soon, if ever.

Very well said, going cashless saves you a lot of space when you're out and let's say shopping or buying groceries, it makes our day-to-day life easier, but it doesn't mean that we are invulnerable and no one would plan to steal our money, and that's where privacy and security comes in very handy, having 2FA or biometric security is a must, technology continues to evolve and so does hacking, thieves move in from the streets to their laptops or desktops because they know how much people are moving in to the "cashless" lifestyle, this is definitely the biggest cons in cashless aside from forgetting your password/passphrase from your mobile wallet.

[huff87]

There are several advantages of a cashless society, such as a lower risk of violent crime, lower transaction costs and fewer issues of tax evasion. However, there are also concerns that a move to a cashless society could cause privacy issues and problems for those on low-incomes and with bad credit histories. I often end up with cash because I organise not for profit running races. I then enjoy having cash in my wallet which I then spend in town. Whilst I like spending cash, since COVID-19, I haven’t spent any cash at all – only card. I feel 2020 was a tipping point COVID-19 is only going to accelerate the trend towards a cashless society.

[sapnu]

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.

The pros of going cashless is being seen right now that a pandemic is currently going on. Dissemination of the virus can indeed be made as everyone go cashless but at some point, it has a bad side. Not only because of the internet connection but also the availability of it for everyone. Not everyone has enough cash to put in their accounts to go cashless. Some are barely surviving due to the crisis this pandemic has brought. Nevertheless, going cashless is not mandatory for any country yet, therefore not everyone is obliged to use it, you still have your freedom to choose.

[CarnagexD]

Fraudulent transactions are easily blocked by your banking institution if you were to report it. So with that information in mind you should have a good gist of what he meant when he said Extra Theft Protection in the case of cashless transactions. Now you will sometimes be needed in determining which transactions are to be blocked off or allowed to pass through.

[AmoreJaz]

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.

The pros of going cashless is being seen right now that a pandemic is currently going on. Dissemination of the virus can indeed be made as everyone go cashless but at some point, it has a bad side. Not only because of the internet connection but also the availability of it for everyone. Not everyone has enough cash to put in their accounts to go cashless. Some are barely surviving due to the crisis this pandemic has brought. Nevertheless, going cashless is not mandatory for any country yet, therefore not everyone is obliged to use it, you still have your freedom to choose.

but this pandemic really brought a lot of changes in how we look at payment methods. a lot of delivery companies are opting for cashless payment as much as possible. not only for the safety of their clients but also for their employees. less contact with fiat, the better. there are some ridesharing apps here in my area that only accept cashless payment where they were used to accept cash before the pandemic. times are changing. but i dont think we will converted to full cashless as there are some services that only accept cash up until now like small stores/shops

[finaleshot2016]

I'm pretty sure that even we have the abiliy to make things cashless, we are still not ready for it. During the pandemic, most of the transactions occured in online and that's one of the key that we can go cashless and due to that, scam activity have increased in online. It's still very difficult on our situation since some part of the world doesn't have reliable internet that will sustain to make use online transaction daily. Cashless is a good idea but as of now, I can't see that it's possible.

[Quidat]

I'm pretty sure that even we have the abiliy to make things cashless, we are still not ready for it. During the pandemic, most of the transactions occured in online and that's one of the key that we can go cashless and due to that, scam activity have increased in online. It's still very difficult on our situation since some part of the world doesn't have reliable internet that will sustain to make use online transaction daily. Cashless is a good idea but as of now, I can't see that it's possible.

Most of people gone to online but doesnt mean that it is one of the main factor that do affect scam numbers are in increase.Its understandable on the other hand though
but this wasn't the main problem but the other side you had mentioned is that not all is knowledgeable when we do switch to cashless.Not all parts of the world does have connection
which means they would prefer nor ending up on using those traditional fiat itself and even though lets say that almost part of the population does have connection but still
paper fiat will exist.Why? government is still existing and we know that it is heavily centralized which means fiat will really not vanish that easily.

[Rengga Jati]

-snip-

Being cashless in each country may also bring different impacts because it will depend on the condition of the country itself. Not all societies are ready with cashless and this commonly because of the habit and also condition of the society itself. Actually, chases during this pandemic are growing so fast and really help us to avoid and minimize being infected the virus. Moreover, if we have a certain transaction with money, it becomes one of the media of spreading this virus. And with cashless payment, can be one of the ways to minimize.

And regarding this situation, many people are also moving to have digital money or using an e-wallet.

However, can it be really implemented in all societies? Once again, maybe not all. But it can be a great option. However, if you are in a traditional market with some old people as sellers, we may still use cash or fiat paper money. This is a culture and probably will be difficult to change

[Yum Bravo]

Crypto and cash have their own benifits, I really hope crypto could replace the cash to use between people. This can help poor people in poor countries protect their assets

[KEN O]

The advantage of cash lies in its convenience and acceptability. ,
Its disadvantages lie in the possibility of damage, no income, and no transaction records.
As for Bitcoin, its decentralization makes it untraceable and extremely private.

[TedMosby]

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These are the coins

You may spend more
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this is almost accurate for me.
I prefer cashless, but it really makes me spend more.
It's too easy to spend money digitally, almost no effort on spending those "digital numbers".

Fintech really made its hype in my country during this pandemic situation.
we already have many centralized digital wallets, and now they make those things connected to consumptive and productive things.
now I can allocate my "spending" power to some productive things like mutual funds and stocks.
every time I want to spend my money on consumptive things, I immediately allocate it and spend it for mutual funds and stocks.

in a nutshell, my crypto profits feed my mutual funds and stocks portfolio.

[BITCOIN4X]

Cryptocurrency and cash are option that can be used by the world's population to pay, receive, and are legally recognized as a means of payment. If you are in the third world, you will probably find out how much interest people are in continuing to use cash as the main legal payment method. Bitcoin as a crypto currency is the third or fourth choice that we can use as a means of payment because its legality as a legal currency is still not legalized by the government. We need cash while we also really want to have the freedom to manage money without government interference or control.

I don't think the government will abolish the circulation of cash and replace it with a digital currency, cryptocurrency. Cash will still be needed even though for countries can possibly delete it.

[iamsheikhadil]

Going cashless these days is a common thing, because people are getting used to card transactions and other forms of digital payments through mobile. When you don't have cash in hand there is more chances of spending on unnecessary things. Even the small shops have started to provide QR code for payment. Through digital payments corruption is made easier. Whatever might be the pros and cons, if it is used for the bad it affects the reputation and same is when used for good.

Going cashless with fiat money is very fundamentally different from cashless with crypto-coins. It is true that when we go cashless, corruption is checked on a lot of levels but it also gives the government huge power over us by monitoring our transactions and placing heavy taxes on it. I think crypto is a win-win situation because it is cashless and hence it has all the benefits that being cashless has and it also removes the governmental regulations on common people and their money.

[FlightyPouch]

The advantage of cash lies in its convenience and acceptability. ,
Its disadvantages lie in the possibility of damage, no income, and no transaction records.
As for Bitcoin, its decentralization makes it untraceable and extremely private.

Cash can be extremely private and untraceable. The fact that criminals are widely using fiat with their illegal activities or transactions means it has its convinience in that area. Also, transactions with bitcoin can still be tracked, all of the transactions can be seen on the blockchain so you can't say that it is extremely private.

If you want extreme privacy, there are a lot of other cryptos out there.

[SirLancelot]

Cash can be extremely private and untraceable. The fact that criminals are widely using fiat with their illegal activities or transactions means it has its convinience in that area. Also, transactions with bitcoin can still be tracked, all of the transactions can be seen on the blockchain so you can't say that it is extremely private.

If you want extreme privacy, there are a lot of other cryptos out there.

There are tons of mixers too if you believe someone is tracking your BTC address and the transactions you are making. In fact there are some mixers that can arrange fresh funds for you, which means the coins are never used before and are coins which have been mined by the miners.

I believe the only problem with cash is the risk of theft because imagine you are a millionaire but your wealth is in BTC and you don't have any risk of being robbed or anything like that. While if you have cash and people near you would notice that and the threat starts from there itself. Going cashless has a lot of problems of its own like lose of money in case you misplace the private key or online scams are there who can inject virus in your system and take everything.