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Author Topic: It is possible that bitcoin will use nowadays in cash less transaction?  (Read 759 times)
MickLichz
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October 05, 2020, 03:02:56 PM
 #81

I think it is impossible that government will adopt bitcoin or any other form of cryptocurrency, first is that bitcoin is a currency that has no stable value which means it will be difficult to implement, second it is because they will prioritize in the currency in their country to benefit them.
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October 05, 2020, 03:14:13 PM
 #82

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?
I wish what you said would be true but sadly it isn't because the many Governments are against bitcoin which is why they are not legalizing it in their countries.
The motive for Governments encouraging cashless transactions is different and I don't think they will approve bitcoin as a payment method any time soon.
Bitcoin is to track and it's volatility is currently high for payments and this is why many merchants don't prefer bitcoin as a payment method.
Governments will only encourage their fiat payment methods for digital transactions now but as transactions get digital in future we might have the chance to see bitcoin as a payment method.

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October 05, 2020, 03:51:34 PM
 #83

Actually, I just recently saw in our local news that the government is suggesting a cashless way of paying private companies employees because they think it will help to lessen the possibility of getting infected by the virus. However, things they mentioned in adapting the cashless method are more on banks, digital transactions, and e-wallets, and they didn't even mention crypto or bitcoin. I think when governments talk about cashless transactions, they focus more on those options which are centralized, unlike bitcoin so I think it doesn't mean that they will be more open to bitcoin since it still depends on how they view crypto.

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October 05, 2020, 04:11:39 PM
 #84

I'm not so sure the government wants this cashless policy to avoid the spread of covid-19 even if cashless payment is one of the most convenient system of payment right now,i believe they just want it for themselves, so that they can be able to track and monitor everyone's daily transactions, and I don't think the government will ever consider using bitcoin to make everyone adopt the cashless policy,they hate it, since they can't regulate it, everything about crypto is a scam to them that's why bitcoin is strictly prohibited in most parts of the world,so if they will ever consider the cashless system of payment I believe they will use only centralized electronic currencies that are been regulated by the government, but certainly not bitcoin.
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October 05, 2020, 04:48:20 PM
 #85

Actually, I just recently saw in our local news that the government is suggesting a cashless way of paying private companies employees because they think it will help to lessen the possibility of getting infected by the virus. However, things they mentioned in adapting the cashless method are more on banks, digital transactions, and e-wallets, and they didn't even mention crypto or bitcoin. I think when governments talk about cashless transactions, they focus more on those options which are centralized, unlike bitcoin so I think it doesn't mean that they will be more open to bitcoin since it still depends on how they view crypto.

That is indeed a fact. Most government will choose using centralized currency rather using decentralized one. They can't stop people to use bitcoin as an alternative way of transactions though. Unless they will strictly regulate bitcoin transactions upon their governance. As of these days, there's no way that government will promote bitcoin as they don't get any from it, also unless if there are already laws for it, or taxes had been implemented. First and the ultimate choice is to use their own fiat which is digital and is backed up by their national banks. That's how I see this matter. Bitcoin has been used by people for cashless transactions, even before the pandemic.

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October 05, 2020, 05:24:59 PM
 #86

Before Bitcoin can be used as a transaction widely within a country, it needs to study on how the circulation of this Bitcoin would happen since they would also apply tax on it. However, there are no news regarding this kinds of advancements and we should just stay aware that this could happen.

What is more possible is the fact that transactions can be cashless but in their own currencies first since its more available locally and easier to implement.

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October 05, 2020, 05:59:34 PM
 #87

First of all, cashless transaction is the main goal for the future. There are already so many people who prefer credit cards etc. instead of cash. Governments aim to create their own digital currency and make their people use it. But I don't think governments will prefer Bitcoin for that purpose now. Because in a situation like that, governments won't be able to control Bitcoin and they also won't be able to track people's activity.

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October 05, 2020, 06:56:44 PM
 #88

     While your reasoning for a cashless society using bitcoin may be a bit plausible at these times,  I really do not think that it is acceptable or would gain agreement from the majority since even if people wanted a cashless society, the government can find ways to provide this without even thinking of using bitcoin. And this is obviously because governments mostly hate bitcoin and it's uncontrollable nature.

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October 05, 2020, 07:22:36 PM
 #89

If government will implement it then why not as bitcoin and other cryptocurrencies are created to do this kind of transaction, a cashless society. But most of the country
will only use it if they can gain anything from it like they can get a tax or a fee coming from the transactions that were being created in daily basis.

Therefore I cannot say that there will be government that is willing to use it not unless they can gain something from it.

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October 06, 2020, 10:33:09 AM
 #90

 I don't think BitcoinBTC will be used for daily life. Also, Bitcoin is almost beyond tracking. The government won't allow a currency which they can't track. For the cashless transaction, we need stable currency. Bitcoin is not stable. You don't want to lose 1000$ in 30 minutes in half an hour. Remember, Bitcoin has this type of history. So we need stable currency for making cashless society. Using Blockchain based currency is a great idea.

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October 06, 2020, 03:48:47 PM
 #91

I am really not so positive about bitcoin being used in a cashless society. I think it is more complex than that. Governments and the Financial Sector wanted something that they control somehow, they will be able to track down, and be able to control. Imagine if bitcoin is used to buy weapons and the government is not able to trace the said transactions then they won't be able to catch the culprit. They don't want that so it will not be bitcoin that they will accept but a whole new currency system altogether.



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October 06, 2020, 03:54:17 PM
 #92

lol if the government will not adopt bitcoin then this cashless society will never happen in all parts of the world though there are some that might  be .

The definition of cashless is a condition in which people transact without using cash, but with electronic money or card payment instruments. A cashless society will definitely happen because its phenomenon is relevant to the rapid development of technology. Although both are technologically similar to e-money, but bitcoin and crypto are decentralized and not de yure recognized in many countries. The laws of a country are the biggest enemy of bitcoin development in the whole world. My optimistic prediction is that the world in the next 1-2 decades will be filled with CBDC as the most relevant form of cryptocurrency and can consolidate the interests of the state and crypto users. Regarding the adoption of bitcoin, a country will never be able to follow the decentralized standardization of bitcoin, even if bitcoin is adopted in a country only as an alternative payment (adding to), not a substitute.

The sovereignty of a country is reflected in the socio-economic conditions, politics and defense and security. For the government, state sovereignty is absolute (fixed price) and the full adoption of bitcoin is contrary to the concept of haste. So that the government version of the cashless society is different from the cashless society which is indinently embodied by the bitcoin community.

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October 08, 2020, 12:48:10 PM
 #93

I know cashless transaction makes transacting convenient for us. I think the chance of government embracing bitcoin is little. Government allows the cashlesss transactions but still roots for paper money because bitcoin doesn't have tax. Also, I don't think we are full ready to use bitcoin as a form of payment because some of us do not have the knowledge about this and I think it is high-risk due to the volatility of bitcoin. 

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October 08, 2020, 12:59:55 PM
 #94

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.
Here in my country government gave us the chance to invest and use cryptocurrency most especially Bitcoin. They allowed cryptocurrency exchanges to operate but are regulated. It's been a while where we are using it to pay for goods and services. I am the living witness or any other people that lives in a country that supports Bitcoin and crypto in general. It is way more convenient than spending hours in line just to pay for something or even go out most especially during pandemic. Bitcoin has already been used in some selected countries arround the world we're happy to have it.

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October 08, 2020, 01:07:57 PM
 #95

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?

In my opinion, this idea has existed since the birth of Bitcoin and this is one of the main goals of making Bitcoin.
Governments need to use bitcoin not just for the corona era, but for the whole era.
And the paper money payment system must be abolished.
Only then can we see a huge wave of Bitcoin fans.
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October 08, 2020, 03:09:07 PM
 #96

I strongly agree that bitcoin is used as a legal means of payment when the corona virus outbreak spreads. we can buy and sell transactions without bringing cash to the traders, we can also transact without coming into contact with other people, in my opinion this is a very good idea.
we need help from the government to approve crypto currency to be used as a means of payment.

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October 08, 2020, 05:22:48 PM
 #97

Although it is not possible to build a cashless society in reality, if the government takes such a decision, it will be a landmark decision.  We all want Bitcoin to be used everywhere.  It's nice to think that we can buy products through Bitcoin from any supershop.  What better news could there be than to pay public transport fares via Bitcoin.  Since Bitcoin is one of the digital currencies in the world, the government can use Bitcoin to build a cashless society.
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October 08, 2020, 08:14:03 PM
 #98

Cashless transactions =\= crypto transaction.

People uses cards,ewallets, internet banking for their transaction and purchase which doesn't mean Bitcoin were used in all the cashless transactions.I really wanted to spend bitcoin in my country but there is no such place exist so I have to convert it into fist first before using them for ny needs.

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October 09, 2020, 12:48:53 AM
 #99

Italy already change their way of payment to crypto based payments, because of a huge spike in people getting infected by the virus in the initial stages of the spread. Right now, i don't have updates if they've returned to normal or still using Cryptocurrency as their local currency to buy products and pay services. Also in other countries such as Russia, already initiated their own Cryptocurrency and adopted blockchain technology. This could be a major turn of events, even rumors say that XRP could replace dollar. We'll see in the future how will this all turn out.

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October 09, 2020, 01:02:49 AM
 #100

Going cashless doesnt necessarily mean to use bitcoin.

Government wont consider bitcoin since it is decentralized which they cant control and not to mention the high volatility.

There are many existing payment method nowadays and government are not relying on crypto alone.

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