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Author Topic: It is possible that bitcoin will use nowadays in cash less transaction?  (Read 836 times)
Wyne
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September 12, 2020, 01:19:01 AM
 #1

Nowadays government thinking is a cashless society to avoid corona virus spread out to the community or society. It is possible that the bitcoin will used in different transaction? Many country nowadays are imposing the system of cash less basis of any transaction. Specially, particular in buying commodities in the department store, petroleum product in gasoline station. even in transportation government impose a cash less payment. Since bitcoin is one of the most popular digital currency in the world, do you think government adopt bitcoin as form payment in cash less transaction in our society?
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hatshepsut93
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September 12, 2020, 01:33:57 AM
 #2

You need to understand the reason behind the push for cashless society - and it's not the spread of germs through paper money. Governments want cashless society because it allows them to track everyone, banks and payment companies want cashless society because it's more profit to them. Advertisers want cashless society because tracking allows them to deliver targeted ads.

All those parties aren't interested in Bitcoin, because it doesn't allow them to achieve those goals, so Bitcoin would never be a part of it. You won't see governments telling their citizens to use Bitcoin instead of cash.

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September 12, 2020, 02:03:42 AM
 #3

They don't necessarily need to use Bitcoin, they can create their own and peg that to their fiat, and on their defense, they reason out mostly because of qol improvements, since a cashless society has a lot less bothersome issues after all, but as @hatshepsut93 said, they can also track them through everything they do, though they don't necessarily announce that they do such actions. Besides, I'd mostly describe the government as control freaks, though they have varying levels, like how China is compared to other countries, so I really doubt they'd be using BTC. As I said, they'd rather create their own, just look at how China's digital yuan is under works already.

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September 12, 2020, 02:14:49 AM
 #4

You need to understand the reason behind the push for cashless society - and it's not the spread of germs through paper money. Governments want cashless society because it allows them to track everyone, banks and payment companies want cashless society because it's more profit to them. Advertisers want cashless society because tracking allows them to deliver targeted ads.

All those parties aren't interested in Bitcoin, because it doesn't allow them to achieve those goals, so Bitcoin would never be a part of it. You won't see governments telling their citizens to use Bitcoin instead of cash.

Cashless money is what people in society need to believe that bitcoin exist,even government do not believe in bitcoin because some of them are seeing it as an avenue to scam people in society, but is good to be paid with bitcoin but the problem is that not everyone have basic knowledge of cryptoccurrency and some don't really know the values.

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September 12, 2020, 02:51:09 AM
 #5

I do not believe that governments adopt Bitcoin as a means of payment in order to carry out cashless transactions.
Governments are focusing on creating their own digital asset. We are probably the ones who adopt Bitcoin to use it as a means of payment.
Governments are showing a bit of a lag with Bitcoin, blockchain and digital technology.

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September 12, 2020, 03:40:46 AM
 #6

You forgot to mention paypal, credit card, online fiat etc. Government only trust e-money pegged by their fiat with par 1:1. Many government even banned Bitcoin on their country (e.g. Pakistan, Bangladesh, Nepal [1]) and I don't think any government will adopt and use Bitcoin, especially Bitcoin is high risk due to high volatility.


[1] https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

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September 12, 2020, 03:47:23 AM
 #7

You forgot to mention paypal, credit card, online fiat etc. Government only trust e-money pegged by their fiat with par 1:1. Many government even banned Bitcoin on their country (e.g. Pakistan, Bangladesh, Nepal [1]) and I don't think any government will adopt and use Bitcoin, especially Bitcoin is high risk due to high volatility.

I completely agree that there are other easier to use cashless payment methods. But a certain country's government doesn't necessarily need to adopt bitcoin or bitcoin to be completely legalized; what's mostly just needed is Bitcoin to not be illegal.

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September 12, 2020, 03:51:30 AM
 #8

That's it, don't forget that there are still centralize electronic currencies that under-regulated by the government than bitcoin.
Besides, bitcoin has still had a problem of having heavy traffic or congested network during office day as we noticed.

Possible that bitcoin may use in cashless payment only those people who learn how to work this technology, others are preferred with digital money. If this bitcoin will confirm the transaction in just a few seconds or minutes, it could be good to use it as a mode of payment, I mean micropayment.

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September 12, 2020, 03:54:17 AM
 #9

Being a community and bitcoin supporters, it is already being used as payment worldwide for specific use and for the merchants that are okay accepting it. But as for the government, they can't rely to a decentralized cryptocurrency.

There are already plans that have been on the news about creating their own digital cryptocurrencies. They'll only create fiat and migrate it into digital just like what we're having right now for each countries that has own local cashless payment methods.




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September 12, 2020, 04:37:23 AM
 #10

If a society uses little cash, banks will benefit because they create numbers on the phone screens. The government will let banks carry less cash. I think Bitcoin is not a priority, but it can happen when individuals use mutual agreement to exchange.
In Asian countries, it is advisable to limit the use of cash and they are doing it. China is prominent among these countries.

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Sapphire915
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September 12, 2020, 05:21:51 AM
 #11

Its possible. But it depends on the Country and their Governments who legalized it, with total adoption. On the other hand, Cashless transactions can be imposed without using Bitcoin, like here in our Country. We are currently practicing a new cashless method and introduce it to the smaller vendors and public markets where people usually go to buy foods and other necessities.
But somehow, using Bitcoin could be more beneficial and less hassle to people as well. And it can be easily made to several growing and fully digitalized cities and Countries.
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September 12, 2020, 06:30:23 AM
 #12

Being a community and bitcoin supporters, it is already being used as payment worldwide for specific use and for the merchants that are okay accepting it. But as for the government, they can't rely to a decentralized cryptocurrency.

There are already plans that have been on the news about creating their own digital cryptocurrencies. They'll only create fiat and migrate it into digital just like what we're having right now for each countries that has own local cashless payment methods.

The problem is that in some countries their government don't want hear the name bitcoin because they refer their paper money  and coins than crptocurrency.
It's only bitcoin user's that know the values and can accept payment with bitcoin.

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BIT-BENDER
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September 12, 2020, 06:35:08 AM
 #13

You need to understand the reason behind the push for cashless society - and it's not the spread of germs through paper money. Governments want cashless society because it allows them to track everyone, banks and payment companies want cashless society because it's more profit to them. Advertisers want cashless society because tracking allows them to deliver targeted ads.

All those parties aren't interested in Bitcoin, because it doesn't allow them to achieve those goals, so Bitcoin would never be a part of it. You won't see governments telling their citizens to use Bitcoin instead of cash.
The government is a big face of centralization, with cashless society they can easily freeze one account/block any transaction from that person.the cashless society can become an era of government bondage or dictatorship. If there is complete cashless society, banking sector would evolve/modify to it

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September 12, 2020, 08:25:43 AM
 #14

Being a community and bitcoin supporters, it is already being used as payment worldwide for specific use and for the merchants that are okay accepting it. But as for the government, they can't rely to a decentralized cryptocurrency.

There are already plans that have been on the news about creating their own digital cryptocurrencies. They'll only create fiat and migrate it into digital just like what we're having right now for each countries that has own local cashless payment methods.

The problem is that in some countries their government don't want hear the name bitcoin because they refer their paper money  and coins than crptocurrency.
It's only bitcoin user's that know the values and can accept payment with bitcoin.
It's easy, They can't really get something out of bitcoin that's why bitcoin is their less prefered or sometimes hated as a payment method. Goverment knows that they can't get tax from it and then they can't take advantage of it. Some governments just preffer the old way "Banks" because they can control it under the government jurisdiction. But as a normal citizen, I can use bitcoin on a peer to peer transactions and it's not much an hassle for me if I can't pay my bills online using straight up bitcoin.

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September 12, 2020, 08:55:52 AM
 #15

Nowadays government thinking is a cashless society to avoid corona virus spread out to the community or society. It is possible that the bitcoin will used in different transaction? Many country nowadays are imposing the system of cash less basis of any transaction. Specially, particular in buying commodities in the department store, petroleum product in gasoline station. even in transportation government impose a cash less payment. Since bitcoin is one of the most popular digital currency in the world, do you think government adopt bitcoin as form payment in cash less transaction in our society?

Firstly, Bitcoin isn't "most popular digital currency in the world", Fiat money is already in a digital form when you use it with your debit card.

And cashless society has nothing to do with cryptocurrencies anyway, digital cash is been used to track the money as physical cash is only anonymoys cash right now, they want to get rid of it.

Bitcoin on the other hand will most likely be used as a store of value then smaller purchases until the scalability issues have solved and btc adopted.

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September 12, 2020, 09:04:24 AM
 #16

They encourage less use of cash to limit the spread of the virus. People will, but that doesn't mean they're using Bitcoin as an alternative to other payment methods.
Bitcoin is only suitable for extremely low cost and secure cross border money transfers.
I think that for everyday consumption, they will prefer to use money transfer services through money transfer applications like credit cards, online banking ...

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September 12, 2020, 09:46:06 AM
 #17

Use less cash and say that people use Bitcoin is unreasonable as there are many services from other money transfer apps. Bitcoin is just a form of money transfer, your reasoning is inconclusive.
And not all countries allow bitcoin as a means of payment. In our country, there is no regulation on bitcoin and nobody uses bitcoin for payment as it is banned. We can only negotiate with each other over Bitcoin.

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September 12, 2020, 10:45:49 AM
 #18

The virus is only a pretext for them to rush even more the digital fiat and to push it through successfully. However, there are some quite significant issues they have to think about:


1. Privacy

I think this is the most important issue I'd have with the cashless society. It's not about hiding anything, but would you like your government to be able to ask you why you gave $10 to a little boy's account, who happens to be your son's best friend? Would you like your government to know literally every single thing you have bought and to be able to interrogate you about the source of all that money? Would you like your state to know exactly what your habits, preferences, vices etc you have? I would not.

2. Some people would not be able to accomodate with it

Think of old people who live right now in rural areas. There are a lot of them in my country. In fact, in Moldova, 95% of the rural population do not have toilets. Think of Africans whose life is just an unfortunate mess. How are these people supposed to accomodate with a friggin' digital currency?

3. The digital currency will not be Bitcoin, nor will it be any close to what Bitcoin is

This is just logical. The governments want to control, not to give more freedom than ever before. By adopting a pseudonymous cryptocurrency they'd have no control over, they'd start losing ground against us. They need a currency they can seize, freeze and modify its supply at any given time.

Besides the control part, we have to think about it: even if the government EVER wants to push Bitcoin as a national currency, would the current Bitcoin network be able to sustain txs from a large country such as the USA? I don't think so, but feel free to correct me if I'm wrong. On the other hand, we have enough intelligent devs to think of a way to make Bitcoin fit the right requirements for mass adoption.

4. They cannot create a public ledger, which means everything would be hidden

In other words, just imagine: if today we have money printers that are under supposed constant control and supervision, a digital currency under a government's control means the state could at any point inflate the currency within the click of a mouse. A matter of milliseconds until the supply multiplies. How do we know where each digital buck goes? At least the money they print today is physical and requires real materials (and yeah, I know a hundred dollar bill probably takes a few cents to be produced) rather than a click and some coding.



There are more reasons, but these are just the first that come up in my mind. Bitcoin as a national currency is irrealistic. It'll most likely never be one. They'll come up with their own. Otherwise, banks working on digital currencies wouldn't have been a thing - they would've just adopted BTC right from the start.
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September 12, 2020, 10:53:45 AM
 #19

Use less cash and say that people use Bitcoin is unreasonable as there are many services from other money transfer apps. Bitcoin is just a form of money transfer, your reasoning is inconclusive.
And not all countries allow bitcoin as a means of payment. In our country, there is no regulation on bitcoin and nobody uses bitcoin for payment as it is banned. We can only negotiate with each other over Bitcoin.

Yeah, people who keep saying that obviously have never actually tried going out and using Bitcoin to do shit. I'm living in I guess what one might call first world now and it's hard enough getting some shops to accept a pin instead of cash, never mind whipping out my phone and asking if they accept Bitcoin!

Forget cashless first and focus on using it online instead. Then work your way up with LN in places that are already cashless.

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September 12, 2020, 11:05:05 AM
 #20

Cashless transactions are more convenient nowadays. Services are being possible through online payments. But to think that this will be the main reason for mass adaptation of Bitcoin, is quite absurd. There are many digital currencies around the globe. Most of those digital currencies except cryptos including Bitcoin, are supported by different countries and are not having difficulties with market price stability. With that being given, if cashless transactions will be more promoted, I think it is too early still, for Bitcoin to be the main medium of cashless transactions also being given that cryptos are still not widely accepted due to the issues these currencies are having at this moment. But let us see once further developments occur.
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