The pros and cons of going cashless

[Kittygalore]

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While for you having less physical contact with money is a pro argument, for me it's a con argument. I noticed that I spend money much faster electronically than I spend it as cash in my wallet. For me it is easier to control my spending habits by actually touching money. Hopefully cash won't disappear any time soon.

Yeah, I forgot about that psychology part of having electronic cash, if I have thought of it earlier, I wouldn't put it as a pros. I don't think that fiat would disappear in our lifetime so you don't have to worry about it as long as you live.

[bakasabo]

While for you having less physical contact with money is a pro argument, for me it's a con argument. I noticed that I spend money much faster electronically than I spend it as cash in my wallet. For me it is easier to control my spending habits by actually touching money. Hopefully cash won't disappear any time soon.

For me the situation is completely opposite. When I have money on the card/bank account, I spend less, even though there a lot of temptations to spend. When I have cash (paper money) I spend them on something less useful. For example buy berries all the time, buy 0.5l bottle waters even though I'm not very thirsty. In other words - I buy different trifles. And when I get coins as a change, I try to get rid of that weight in my pocket/bag. In other words - spend more. Give 10 EUR for a bottle of water, get change as 5 eur bill and coins. Spend coins same day on something. In general - I've spend 5 unintentionally or things I wasnt even planning really to buy.

[genolica]

Obviously, it has its own pros and cons. What might blur the line here is how this would cover people, consumers or producers etc. that doesn't even have access or is very limited to devices? This can be a possible form of society, cashless, but it is not recommended or viable for globalization. Classic, first-evers, and many forms of payment and currency that ran a very very long time ago since trading has began has its own characteristics and benefits that nothing, in any form, could be beaten in general.  

[btc78]

Pros of going cashless is the convenience first and foremost and the fact that you have less physical contact when doing transactions and you will just have to wait for it to be delivered. Cons of going cashless is that we are at the mercy of electricity, one outage in a small town can cripple the economy since it relies mostly on electronic transactions.

While for you having less physical contact with money is a pro argument, for me it's a con argument. I noticed that I spend money much faster electronically than I spend it as cash in my wallet. For me it is easier to control my spending habits by actually touching money. Hopefully cash won't disappear any time soon.

Agreed on this sentiment mate because Cash physically is easily to manage than Online as imagine we are allowable to send any amount(as  long as we can see our available funds by eyes) than when we are feeling this physical form.
My wallet has a maintaining funds of 100$ permanently and once this was being lessen then i know that i must tighten my budgeting things that i can't apply in my electronic wallet.
so yes Fiat will never lose power but it will only blend in crypto money.

[Ucy]

Another very Important one:  With Physical currency you have reasonable control over your fund, I doubt you will get thesame level of control if use their centralized version in virtual/cashless form.
It's a bit shocking sometimes that the world/nations wanted/want cashless society based on centralized virtual currency. Who do they think controls a centralized currency system?
 Humans too careless like drunkards.

[Ucy]

Another very Important one:  With Physical currency you have reasonable control over your fund, I doubt you will get thesame level of control if use their centralized version in virtual/cashless form.
It's a bit shocking sometimes that the world/nations wanted/want cashless society based on centralized virtual currency. Who do they think controls a centralized currency system?
 Humans too careless like drunkards.

Also depends on the real meaning of the word "Cashless".... Though I have seen and heard several articles/publications claiming it's about phasing out cash or physical currencies completely
 Could also mean Less Cash in a given society or Cash-is-Less, rather than Zero Cash, No Cash at all etc. That's how I tend to see certain Words with  "Less" attached to their ends

[swiftbits]

Another very Important one:  With Physical currency you have reasonable control over your fund, I doubt you will get thesame level of control if use their centralized version in virtual/cashless form.
It's a bit shocking sometimes that the world/nations wanted/want cashless society based on centralized virtual currency. Who do they think controls a centralized currency system?
 Humans too careless like drunkards.

Money seems non-existent when we put it in a centralized system; banks and institutions circulate it for their own gains.
It feels like we don't own it. We just let them decide what they want to do with it.
Bitcoin might fix this issue, but vulnerabilities are still present.

[dmamigo]

Another very Important one:  With Physical currency you have reasonable control over your fund, I doubt you will get thesame level of control if use their centralized version in virtual/cashless form.
It's a bit shocking sometimes that the world/nations wanted/want cashless society based on centralized virtual currency. Who do they think controls a centralized currency system?
 Humans too careless like drunkards.

Money seems non-existent when we put it in a centralized system; banks and institutions circulate it for their own gains.
It feels like we don't own it. We just let them decide what they want to do with it.
Bitcoin might fix this issue, but vulnerabilities are still present.

Usually, people put their money into a centralized system/bank in order to have liquid funds to save and spend. In order to increase our money, we can diversify to avoid putting the whole money into a centralized system/bank by investing them into various investment opportunities along with cryptos due to the vulnerabilities as you said.

Crypto like Bitcoin is a good option to gain some good profits and use it sometimes for a transaction but completely relying on Bitcoin or any crypto is a risk because of the price fluctuation which goes violet sometimes.
Centralized currency won't be replaced by any cryptos but the possibility of centralized crypto is quite imaginable. Hence, the price volatility will be always there and without it, Bitcoin won't be so popular either because maximum people put their money on Bitcoin to earn some profits.

[conected]

Pros of going cashless is the convenience first and foremost and the fact that you have less physical contact when doing transactions and you will just have to wait for it to be delivered. Cons of going cashless is that we are at the mercy of electricity, one outage in a small town can cripple the economy since it relies mostly on electronic transactions.

While for you having less physical contact with money is a pro argument, for me it's a con argument. I noticed that I spend money much faster electronically than I spend it as cash in my wallet. For me it is easier to control my spending habits by actually touching money. Hopefully cash won't disappear any time soon.

- The chance of cash disappearing is very low when relatively small payments always require the efficiency and speed of cash while electronic and online payments have too many annoying points, processing and confirmation, account login, quite a lot of problems. In addition, the bank's system is not perfect, sometimes they also need maintenance periods to better serve, if we don't use cash, I don't know what we will do to process the payment in that time, cash has too few downsides to mention, an ideal product that fits and can't be eliminated

[angrynerd88]

It is true there are advantages and disadvantages of every technology.Same as cashless technology have merits and demerits as well.The government itself still employments notes and disseminates it to the public, so individuals can still utilize notes . But as we know, and numerous individuals said, there will be the advantage and drawbacks by utilizing the notes and cashless. But individuals still favor to utilize notes to use as medium of exchnage.Cashless technology helps you to save from lost of cash and use globally in any state but otherside demerit of cashless technology is you cant use it as emergency because most of vendors dont accept cashless.

[Zoophytology]

Pros

• Lower crime rates, because there's no tangible money to steal
• Less money laundering, because there's always a digital paper trail
• Less time and cost associated with handling, storing, and depositing paper money
• Easier currency exchange while traveling internationally

Cons

• Exposes your personal information to a possible data breach
• Some may find it harder to control spending when they don't see physical cash leaving their hands
• If technical issues exist, you don't have alternative source of money
  

[bakasabo]

• Lower crime rates, because there's no tangible money to steal

Less crime, but it becomes easier to commit a crime. When you steal physical money, at least you have to prepare mentally and physically to get them from your victim. But with digital money, it is a matter of one click to commit a crime.

• Less money laundering, because there's always a digital paper trail

I think it is opposite. Greater amount of money is being laundered as a digital money. With all this shady companies, off-shores, multiple accounts you can get through "laundry" millions. If you do same with cash, I think this is simply impossible. Nobody moves trucks full of cash nowadays. [/list]

[inoes]

everyone has the freedom to choose, so there's really no need to complicate things like this.  because basically all have benefits.  The cash money system was formed because the community formed it, as well as the community currency system that formed it.  so we also have to participate according to the circumstances.  I actually feel wasteful when all my money is in electronic form, and I feel stingy if my money is in cash.

[mauriek]

                          The pros and cons of going cashless.

1. Various Attractive VS Consumptive Promos

One of the most effective strategies to attract people's interest in using digital money is through promos.
A number of money services and digital wallets are competing to provide promos such as discounted prices to massive cashbacks.  Is this profitable?  Yes, if it is spent on a product that is really needed.
 But without realizing it, sometimes this makes people more consumptive which in the end only becomes an impulse purchase because they are tempted by discounts so that spending becomes out of control.

2.Fast Transaction VS Signal Problem

Large cash transactions generally take a long time because the money used for transactions must be calculated first.  Sometimes, small change is not available at the cashier.
With cashless transactions, the process becomes much easier and faster.  Just swipe the card to the EDC machine, tap, or scan the barcode via the application.
However, are there times when these machines or the user's smartphone have difficulty catching the signal needed for the transaction to take place?  Thus, without a good signal, payments cannot be made.

3.Safe From Conventional Theft VS Cyber ​​Attack Vulnerability

Security features have become mandatory for money services and digital wallets on smartphones.  Usually this security feature is in the form of a PIN, password, or fingerprint scan.
This is one of the advantages of cashless transactions because the transaction value is only known by the user and the merchant/tenant concerned, so it does not invite criminal action.

[acener]

Well I think it is nice to try it being cashless doing transaction online or going out with only your cards and phone
But it is hard right now or a bit more expensive than going out with cash,
Because only few accepts those kind of payment so you would end up using them if you want to try it so it would cost more.
And of course the problem of your phone being low battery would be a huge problem for you.

[pinggoki]

The first thing that comes to my mind when it is talking about cashless is the pros and cons of it in which there are really a lot of pros and cons that may list here, just for example The pros that may include is that having a cashless transaction will prevent the spreading of virus and another thing is that it is more comfortable for us when it is cashless because we don't need to bring money anymore but the cons here is that those who are not yet knowledgeable on cashless transactions just like for example those people who are aging around 50's and 60's they are not aware on cashless and it would be hard for them to adopt it.

[paxmao]

I see not benefit on going strictly cashless. I am kind of almost cash-less in the sense of not carrying coins nor notes around, but I am not willing to renounce the anonymity and convenience of using cash to pay, and I think most people d the same. Stop using government issued currencies at this moment is impossible, except in El Salvador. You can use crypto but it is anyway converted to cash on most transactions, so you are not really cashless in any case.

[Coroline]

I see not benefit on going strictly cashless. I am kind of almost cash-less in the sense of not carrying coins nor notes around, but I am not willing to renounce the anonymity and convenience of using cash to pay, and I think most people d the same. Stop using government issued currencies at this moment is impossible, except in El Salvador. You can use crypto but it is anyway converted to cash on most transactions, so you are not really cashless in any case.

Me too, not all transactions can use cashless and it is more convenient to use money. In our country, with the complexity of the population, we do not fully use cashless, although in some cities we use cashless, but officially we still use money for payments. In rural areas, it is difficult to implement cashless because the infrastructure and the environment are not sufficient.

[Koro-Sensei]

You may spend more

I disagree with this due to the fact that if world goes cashless and all would adopt with it, companies like PUNDIX and binance support cards which you could use for transactions with less fees involve. No hassle holding your money. Another thing is it is inevitable due to the fact that this pandemic helps a lot with digitalization and cashless transaction is a trend.

[palle11]

You may spend more

I disagree with this due to the fact that if world goes cashless and all would adopt with it, companies like PUNDIX and binance support cards which you could use for transactions with less fees involve. No hassle holding your money. Another thing is it is inevitable due to the fact that this pandemic helps a lot with digitalization and cashless transaction is a trend.

Yes you may spend more with cashless and that is because you have access to your money at any time through your app. Your fingers gets inchy for buying something even if not needed the particular time but because you are a second away from your money, you open your app and transfer is made. On that point, if you were to get to your bank to facilitate withdrawal or transaction, you may not see the need for unnecessary spending. Looking at the instances, you understand it that you can spend more with an app than going to stand at the front of a cashier for transactions.