Should we embrace a cashless policy??

[Majestic-milf]

 A cashless policy is an economy that runs operates on zero cash. Not as if there will be no cash in circulation, but it will be done digitally and can be fully traceable.
Now, with countries experiencing inflation, the best way to curb this inflation is by using this method of going cashless as there will be no much paper money in existence.
 But then, when these government bodies introduce these policies, they carefully scrap out the demerits of these proposals if I may call it that, because why worry about these "little disadvantages" when there is a world of good adopting such a policy could do for a country.
 I took out time to do a little research on this cashless economy plan, and found that though there are positives, there are also  some red flags that are worth pointing out.
 
Pros:
1. Reduces crime rates as there is no tangible money to steal.
2. Decrease in money laundering
3. Less time and costs associated with handling, storing and depositing paper money.
4. Easier currency exchange.

Cons:
1. Banks have full control of every single penny you own .
2. Every transaction you make is recorded.
3. Access to your own money can be blocked at the click of a button.
4. The government will decide what you can and cannot purchase
5. If your transaction are deemed in anyway questionable by those who create the questions, your money will be frozen "for your own good".
6. Potential data breach may expose personal information
7. Temptation to overexpand may increase.
 
If the world must go cashless, Bitcoin should be the better option, but as the government will always want to be in charge of your funds, CBDC is always projected by the government. https://www.google.com/url?q=https://www.managementstudyguide.com/cashless-economy-pros-and-cons.htm&sa=U&ved=2ahUKEwjNtYToxIT4AhXMyIUKHdrhC7MQFXoECAUQBg&usg=AOvVaw2132ZR98zH061TKrcKtzvu

[Alisha-k]

The government can't give out what they can't control. This is one reason Bitcoin remains a threat to government policies and regulations If we analyze critically we can come to a conclusion that CEX is not enough to monitor bitcoin transaction as many investors have their coin tied to their keys.

Cashless policy in a completely centralized setting is another form of modern slavery but who can object to the decision of this dictators. in most economy if you complain you die and if you keep mute you still die. It's just best to keep rubbing this on their face till the government find a way to incorporate bitcoin into the economy 

[kryptqnick]

Is "fully traceable" referring to something like blockchain, where transactions are publically viewed, but the identities of people are rarely known? Or that it will be publically known who spends how much on what? Or that it will be known to the government and/or corporations? I think it's the third option, but it still leaves the question of who has access to the data.
I certainly don't like the idea of full control of the banks, frozen assets etc. So no, we should not embrace anything like it. There must be a balance between privacy and fighting crimes, otherwise we end up in a terrible totalitarian state where control is on the level that wasn't possible in totalitarian regimes of the previous centuries.

[Charles-Tim]

Should we embrace a cashless policy?

If almost all citizens of a nation know how to and also use a modern device like phone or PC to access their fiat and CBDC they are having.

Cashless society should embrace, not the government to force people.

1. Reduces crime rates as there is no tangible money to steal.

New form of crime may surface. Some crime will become old and obsolete while new crimes are arising.

2. Decrease in money laundering

If you go into details about money laundering, reputed people and public figures with legit business can launder. Do not be deceived by this. Also same to terrorism.

4. The government will decide what you can and cannot purchase

They are doing that even already now and country like my country even have monthly international spending limit of $200 for credit cards which means we should not buy anything above $200 with credit card every month.

The government can't give out what they can't control. This is one reason Bitcoin remains a threat to government policies and regulations If we analyze critically we can come to a conclusion that CEX is not enough to monitor bitcoin transaction as many investors have their coin tied to their keys.

But most government in the world are embracing bitcoin while many that their central bank hates bitcoin just have implicit ban in a way individuals still use p2p for bitcoin transaction.

I am so glad with the cross border transaction which made easier and less costly.

Cashless policy in a completely centralized setting is another form of modern slavery but who can object to the decision of this dictators. in most economy if you complain you die and if you keep mute you still die. It's just best to keep rubbing this on their face till the government find a way to incorporate bitcoin into the economy 

Yes, modern slavery.

[vv181]

A cashless policy is an economy that runs operates on zero cash. Not as if there will be no cash in circulation, but it will be done digitally and can be fully traceable.
Now, with countries experiencing inflation, the best way to curb this inflation is by using this method of going cashless as there will be no much paper money in existence.

I'm in no way an economic person nor following up on how the cashless policy evolves around the world. But surely that is not how inflation works. You can't merely simply cease inflation by just converting physical money into digital money.

But then, when these government bodies introduce these policies, they carefully scrap out the demerits of these proposals if I may call it that, because why worry about these "little disadvantages" when there is a world of good adopting such a policy could do for a country.

Generally, there is no urger for being cashless, especially in a third-world country where basic needs are still hardly acquired or in some parts of the population is still lacking technological access.

[Taskford]

Depends since not all the country is technology ready, there are country still struggle to have decent internet speed also there are others doesn't know much more about this technology so I guess this is only applicable on the country which is advance in new innovative things.

But for 1st world countries they can try to implement this and if they succeed with this which is already happening in some parts of china then provably in upcoming years 3rd world countries could follow this.

[Jemzx00]

If possible or if the government will allow then yes, I would gladly embrace having a cashless policy as it would be much more efficient and convenient on doing transactions on a daily basis. However, it is unlikely to happen as not all people has the technological knowledge as to how cashless transaction happen.

But it might be a huge possibility to happen on the near future as everything will need to advance and that also include on how payment and transaction works whether it will be thru crypto, blockchain or other alternatives.

As of now, I fully enjoy doing cashless transactions with the help of financial application such as bank transaction, Gcash, Paymaya, Paypal and other cashless options available.

[Mometaskers]

The cons outweigh the pro. As we've seen from the Canada truckers situation, even now it's already possible for the government to ruin you financially even when you can still have access to cash you kept on hand. We can just imagine it can get worse in a fully digitized world where we no longer have physical money.

That is why I'm hoping for bitcoin and any similar crypto to become more widespread. Sure you can still get trapped in their system (exchanges, etc) but it would also retain p2p transaction like what we would have done with cash.

[cabron]

The cons outweigh the pro. As we've seen from the Canada truckers situation, even now it's already possible for the government to ruin you financially even when you can still have access to cash you kept on hand. We can just imagine it can get worse in a fully digitized world where we no longer have physical money.

That is why I'm hoping for bitcoin and any similar crypto to become more widespread. Sure you can still get trapped in their system (exchanges, etc) but it would also retain p2p transaction like what we would have done with cash.

That's just a little research he did but true. There is more cons to it and perhaps the government will do it that way after all they own us.

At first I actually doubt that government will have a fair look in developing this sort of technology like the CBDC since its best to just chase what other countries are doing. But after watching what they have been developing like tracking individual's carbon print like what they are talking about in this video, it might really be true that they'd be no  freedom to anyone. And It turns out China's CBDC is actually provides more liberty to its people.

So it wouldn't be surprising if people will fight back and will prefer to use cryptocurrency.

[Ultegra134]

I've seen countries with excessive inflation adopting such techniques in order to avoid carrying hundreds of bills just to spend a few dollars worth of items (see Venezuela's case). I've also resorted into not carrying too much cash on me and mostly use my cards (either credit or debit). However, I'm rarely using them for small amounts of a few euros.

Approximately a month ago, I was in Poland for vacation and was dumbfounded seeing smaller vendors owning wireless terminals, accepting payments as small as a few cents, without any issues.

Honestly, I like not having to hold cash for transactions, in Poland, I didn't even spend a single euro which wasn't with card.

[aoluain]

I've seen countries with excessive inflation adopting such techniques in order to avoid carrying hundreds of bills just to spend a few dollars worth of items (see Venezuela's case). I've also resorted into not carrying too much cash on me and mostly use my cards (either credit or debit). However, I'm rarely using them for small amounts of a few euros.

Approximately a month ago, I was in Poland for vacation and was dumbfounded seeing smaller vendors owning wireless terminals, accepting payments as small as a few cents, without any issues.

Honestly, I like not having to hold cash for transactions, in Poland, I didn't even spend a single euro which wasn't with card.

Thats contactless card payments, From the diagram below its worldwide.

https://suitsmecard.com/blog/contactless-limits-around-the-world



With this form of payment its makes using credit and debit cards very convenient for us
to use but all the transactions can be traced. I see it here all the time, cash is being used less
and less.

So while societies are unknown to themselves adopting a cashless environment the vast majority
dont realise what they are giving up by abandoning cash and less realise the autonomy Bitcoin offers.

[Dart18]

That's if you are using cashless bank base transaction. It would definitely be a con.
Looking at options, there are cryptocurrencies now who offes the same thing. They will give you a card or a QR code to transact but it is merchants who will need to deal with.
Most of them doesn't have the options of cryptocurrencies payment and that would need to be discussed.
We are not using fake money. All of them have value but merchants seems to be afraid of volatility even if what they are using is a stable coin.
Thanks to our local  media, the crypto industry is tainted with a different perspective.

[amishmanish]

I once tried to going cashless, and I managed fairly well for one week, until one of my friend asked me to lend him a little cash.
I only needed to prioritize my purchases to businesses where I can make cashless payment. It felt I was able to manage my money more efficiently, budget better and at the end I felt my spending was less and I was able to save more.

I guess going cashless will benefit not only individuals but enterprises as well in managing and succeeding better in business  as well. Bitcoin economy  seem to be a great avenue in going cashless while staying the real owner of your money.

[Gozie51]

Cashless is more of the new innovation that has come to financial system and less control and monitoring of what an individual has physically. Cashless in fact made adoption of digital economy easier, that is it has been heard before digital currency and this made way for it and also gave more people the leverage to easily accessible and understand cryptocurrency. Now, talking on the advantages to that, in Nigeria I do believe that going cashless has reduced burglary. Back in the days of going on cash there was high rate of house breaking , burglary because the thieves know that they would meet the victim in cash in the house as it was the tradition to bring huge money to the house. This incidents have reduced in that aspect but of course scammers and robbers are smart people. They have device means to still continue that, when they attack they pick up your ATM card and ask for the code or pin, the rest is history.

[Ultegra134]

I've seen countries with excessive inflation adopting such techniques in order to avoid carrying hundreds of bills just to spend a few dollars worth of items (see Venezuela's case). I've also resorted into not carrying too much cash on me and mostly use my cards (either credit or debit). However, I'm rarely using them for small amounts of a few euros.

Approximately a month ago, I was in Poland for vacation and was dumbfounded seeing smaller vendors owning wireless terminals, accepting payments as small as a few cents, without any issues.

Honestly, I like not having to hold cash for transactions, in Poland, I didn't even spend a single euro which wasn't with card.

Thats contactless card payments, From the diagram below its worldwide.

https://suitsmecard.com/blog/contactless-limits-around-the-world

~snip~

With this form of payment its makes using credit and debit cards very convenient for us
to use but all the transactions can be traced. I see it here all the time, cash is being used less
and less.

So while societies are unknown to themselves adopting a cashless environment the vast majority
dont realise what they are giving up by abandoning cash and less realise the autonomy Bitcoin offers.

While I'm not fond of having my transactions traced, it's pretty much inevitable, thus, I don't actually bother. Nowadays, all our moves can be traced due to digitalisation. Our phones is one of the most traceable tools, which even tracks and keeps a record of your location history. We're not living in the 80s anymore, whether we like it or not, we can't keep everything private anymore.

[m2017]

Now, with countries experiencing inflation, the best way to curb this inflation is by using this method of going cashless as there will be no much paper money in existence.

Quite a strange method to curb inflation, let me point out. For me it sounds like imposing cashless  money under a plausible pretext.
 
Taken as a whole, the downward trend in the use of cash in recent years has been steadily increasing. Therefore, I dare to assume that most likely after some time all countries will one way or another refuse to use them. Perhaps this will happen within 5-10 years, as some forecasts suggest. It seems to me that this is already a clearly visible trend, which can't be avoided for the reasons you indicated (Cons you indicated). These disadvantages are not beneficial to ordinary users, but are very tempting to governments. Therefore, they will promote it and impose it on users, whether they like it or not. But most likely, this will be accepted under the plausible pretexts of caring for their citizens. As usual.

[Fortify]

A cashless policy is an economy that runs operates on zero cash. Not as if there will be no cash in circulation, but it will be done digitally and can be fully traceable.
Now, with countries experiencing inflation, the best way to curb this inflation is by using this method of going cashless as there will be no much paper money in existence.
 But then, when these government bodies introduce these policies, they carefully scrap out the demerits of these proposals if I may call it that, because why worry about these "little disadvantages" when there is a world of good adopting such a policy could do for a country.
 I took out time to do a little research on this cashless economy plan, and found that though there are positives, there are also  some red flags that are worth pointing out.
 
Pros:
1. Reduces crime rates as there is no tangible money to steal.
2. Decrease in money laundering
3. Less time and costs associated with handling, storing and depositing paper money.
4. Easier currency exchange.

Cons:
1. Banks have full control of every single penny you own .
2. Every transaction you make is recorded.
3. Access to your own money can be blocked at the click of a button.
4. The government will decide what you can and cannot purchase
5. If your transaction are deemed in anyway questionable by those who create the questions, your money will be frozen "for your own good".
6. Potential data breach may expose personal information
7. Temptation to overexpand may increase.
 
If the world must go cashless, Bitcoin should be the better option, but as the government will always want to be in charge of your funds, CBDC is always projected by the government. https://www.google.com/url?q=https://www.managementstudyguide.com/cashless-economy-pros-and-cons.htm&sa=U&ved=2ahUKEwjNtYToxIT4AhXMyIUKHdrhC7MQFXoECAUQBg&usg=AOvVaw2132ZR98zH061TKrcKtzvu

I would say that the first two things that you listed as pros are up for debate. Crime rates may fall because there is no physical money, but more advanced hacks like at an exchange can effect many more people and they have so far not been as secure as banks. Money laundering through Bitcoin has become a big issue and transactions through banks are much more traceable to individual owners, so that is another lie. You say in the cons section that banks have control, but for the average joe on the street to shift to cryptocurrency they are going to stick to exchanges as the most convenient form of centralized funds, so it doesn't really solve that problem. One major con that is often overlooked is how the less fortunate or technologically literate will have a much harder time, the homeless will be left with much less support from cash donations which needs to be addressed.

[Sterbens]

At first glance it is very interesting what you describe about the cashless method. It's just that this will only prolong your troubles with the government. I'm sure there will be parties from the government who strongly reject this kind of program. Or maybe it won't happen at all.

The problem is, before it can be put forward, how do people deal with instability in their understanding of technology? we live with many generations: conventional old, young fiat lovers, and various types of ownership in the form of physical assets. If suddenly changed to cashless, then the implementation to stay in accordance with the initial value, what will happen?

[KingsDen]

The first two points in your pro are highly subjective as I do not completely align with you.
Stealing of money can can be easily done electronically than stealing a paper money and same thing can be said about money laundering.
The major pro I expected to see is that cashless policy reduces the cost of printing money. Some countries spend much into to print fiat, that is a problem.

I am a fan of flexibility. There should always be an alternative. If the economy can be mixed, you chose to go cashless or cash. Then, if government wants to encourage cashless policy, they could employ some incentives for people who adopted cashless policy, either in purchase of goods or payment for services.

[Dunamisx]

A cashless policy is an economy that runs operates on zero cash. Not as if there will be no cash in circulation, but it will be done digitally and can be fully traceable.

cashless transaction and policy had already been in use which is achieved with Bitcoin, you can't enjoy the full benefits in cashless policy using fiat because yet you will still be billed on high transaction charges unlike in cryptocurrency, so bitcoin has solution already for challenges in this related aspects and why it is more preferred is because of the increased security control measures in bitcoin and low transaction fees, but any challenges that might be encountered should be from the user end for inadequate information about the whole procedures in bitcoin.