Should we embrace a cashless policy??

[dataispower]

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 

Government is union who moderate the development and how the country will be run with the capital in their hands, when you says that cashless policy's is a centralized policy, the question is how? Already government is running her nation fiat and is centralized and they are not running with decentralized currency or other digital currency, so no policy of nation will stand strongly with out having something colourful with them either centralized or decentralized. You are getting everything wrongly, no government that operate the system of government dictatorship for this time, when you talk you will live and when you don't talk you will still live. No nation is brutal despite that I have not travel round the world

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[dezoel]

I don't think turning in to cashless can solve the problems in inflation but as long as you are using a digitalized version of fiats then there are still inflation because their supply are backed by a real fiat. I will only agree on this idea if we are talking about decentralized currencies like bitcoin because they have a fixed supply.

Most of the con's you listed are I think won't matter much to the people that doesn't know about cryptos and only enjoys using fiats. About the pro's some of them are incorrect. Like on the number 1, there might be no physical money to steal but there are many hackers and cybercriminals that doesn't stop only to steal the people's money.

[Joshapat]

Every policy certainly views the value of the benefits we get, many people are too ambitious to eliminate the cash function even though in fact until now there is no system that can be better than cash, instant transactions without waiting for confirmation and transaction costs, seeing the current conditions of course we still need time to hear the fact.

[justdimin]

Every policy certainly views the value of the benefits we get, many people are too ambitious to eliminate the cash function even though in fact until now there is no system that can be better than cash, instant transactions without waiting for confirmation and transaction costs, seeing the current conditions of course we still need time to hear the fact.

What people mean here as "cash" is the money you hold in your hand, the banknotes, and not the cards we use. Which means that we already found a better method. I do not see a point in using cash in this day and age, there is no logic behind it and people who are making this banknote to be used are still making some mistakes.

We need to slowly but gradually move towards a nation where we do not have to deal with any of this at all, there is no logic behind it and I personally feel like we are spending resources we shouldn't to print money. All those coins and banknotes uses some sort of material that costs something to the nation, and they are not needed, we could fully be digital.

[so98nn]

I like the idea but I am little concerned about the age group which falls above their 50-60’s. These are mostly the generations who has seen their 60-80’s century and they just Love the cash a lot. In my country this group counts in for huge number. I think similar is the case in some part of America. We should not be implementing cashless structure immediately right out because there is sometime for that timeline. Moreover there is also shortage of proper infrastructure throughout the world where digital transactions aren’t possible. Some countries are facing challenges like demonetisation of their currencies and thus cost of maintaining it over digital network is far costly than printing it. If we come out of these problems then yeah, we are good to go for the same.

[Smartprofit]

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

The abolition of cash is the first step towards creating a digital concentration camp. 

The government and the Central Bank will be able to fully control all cash flows in the economy. 

All expenses and incomes of citizens will be tightly controlled.  In the future, the government will move on to training its citizens and developing conditioned reflexes in them. 

You carry out the "correct" expenses - well done.  You have the opportunity to get more civil rights and freedoms. 

You are making "wrong" spending - your civil liberties will be curtailed, up to a complete ban on managing your own money.

[Mauser]

I think a cashless society has a lot of benefits, it makes paying for things much easier and faster. We don't have long queues anymore in the supermarket where people are counting coins or wait for the vendor to change large denominated bills. Our wallets will be much lighter, we could even go so far and remove all the credit cards and only use our mobile phones to pay. As long as everybody has a phone and Internet access than the new payment methods work for everybody. There are also some drawbacks, what if our cell phone breaks down or there is a Internet outage? In remote places cash is still king. Also the elderly generations will struggle in a cashless society. My grandma never pays with card and doesn't even have cell phone. I think cash will lose it's dominate role over time but never disappear fully.

[dezoel]

I think we really need to implement this because it could lessen the spread of pandemic viruses. Dollar notes and coins has a lot of viruses passed from one hand to another.

Exactly, because it will really help many countries that pandemic has reduced their economy to use cashless policy system to recover all their losses they have experienced during the pandemic season. Those that adopted decentralized currency some years ago in their land, will not find it difficult to make use of cashless policy to improve their businesses and other things in their country. It will reduce inflation in the country and improve deflation which is the heart desires of humanity.

Blockchain is not really used in many nations, but a "cashless society" is not really a dream. I mean we are living in a world where we pay with our cards everywhere we go, I pay such a huge credit card debt every single month that I turn crazy sometimes when I see it, however I was the one that made it .

Thankfully I have no debt right now, because I pay it in full each month, but I dream that I find enough money somewhere without a plan, like I wake up and find an old wallet type of deal, just enough to pay the credit card, then all of my salary is mine That would be sweet. Hence, what I was trying to say was the fact that we already do not use cash that much anyway.

[virasisog]

If the cashless policy could make all the transactions lighter and better then it would be better to embrace it. Though there are lots of cons, I don't think we should fear them and focus on the digital innovations that could change even the economic situation of each country. However, people especially from third world countries still need enough education about how it works. There are still people who aren't equipped or even have internet access in their locations.

[Gyfts]

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.

Going cashless just increases the tendency and ease of increasing the money supply so IMO the banks will aim for CBDC's to replace cash. Given all banking is virtual now, it doesn't take any effort to inject people's accounts with currency if the entirety of someone's net worth is represented by pixels on a screen. Bitcoin acts in a similar fashion, but obviously there isn't a way to create coins outside of the ones that already exist.

Inflation doesn't factor too much into this, though. People have dumped cash on their own for the sake of convenience. Switching people from USD into a dollar based CBDC's is probably the next move which would eliminate paper cash in its entirety.

[carlfebz2]

If the cashless policy could make all the transactions lighter and better then it would be better to embrace it. Though there are lots of cons, I don't think we should fear them and focus on the digital innovations that could change even the economic situation of each country. However, people especially from third world countries still need enough education about how it works. There are still people who aren't equipped or even have internet access in their locations.

Why not? Embracing a cashless society isnt really that a bad idea but of course there would be lots of things needed up to be arranged first before these things to be fully implemented but
we do still have those doubts considering that government wouldnt really just simply let cryptocurrency would take place.If ever we do make out that kind of change
then citizens would really be just simply adapting on whats there but for now everything would be still lit but there are possibilities.

[fullhdpixel]

If the cashless policy could make all the transactions lighter and better then it would be better to embrace it. Though there are lots of cons, I don't think we should fear them and focus on the digital innovations that could change even the economic situation of each country. However, people especially from third world countries still need enough education about how it works. There are still people who aren't equipped or even have internet access in their locations.

Yes that is what cashless transactions do, making the transactions easier. It is a must to be adopted. There are cons but I think it wasn't that much but we should not focus on it, instead focus on the pro's only. I am not really sure if being cashless can help the economy of a country because it doesn't solve much problem.

Higher education isn't necessarily needed to learn this but a basic knowledge and a common sense is enough. This isn't totally hard though and they still continue to make things more approachable to the public but an internet connection is surely needed and one of the basic requirements to in order to get started.

[AicecreaME]

If the cashless policy could make all the transactions lighter and better then it would be better to embrace it. Though there are lots of cons, I don't think we should fear them and focus on the digital innovations that could change even the economic situation of each country. However, people especially from third world countries still need enough education about how it works. There are still people who aren't equipped or even have internet access in their locations.

Yes that is what cashless transactions do, making the transactions easier. It is a must to be adopted. There are cons but I think it wasn't that much but we should not focus on it, instead focus on the pro's only. I am not really sure if being cashless can help the economy of a country because it doesn't solve much problem.

Higher education isn't necessarily needed to learn this but a basic knowledge and a common sense is enough. This isn't totally hard though and they still continue to make things more approachable to the public but an internet connection is surely needed and one of the basic requirements to in order to get started.

I beg to differ. Yes, cashless transactions have their advantages, but it has its disadvantages too and we should take into account both of it. Not the positive side only, but both sides of the coin. Having a strong internet connection isn't only the requirement of going cashless. But also having a suitable device and of course, knowledge on how to navigate the app or platform.

Being aware of how to use cashless methods is a must. However, not everyone has the mental capacity to grasp the idea of going cashless. We have elders who aren't much knowledgeable about technology as well as youngsters who don't know much. In addition, we have many people beyond the poverty line as well who cannot afford to buy gadgets and avail internet connection or even prepaid plan.

You see, these factors contribute a lot as to why we aren't fully transitioning to cashless policy just yet. And it should be take into consideration until the time we are fully prepared and ready for it.

[tygeade]

cashless transactions have their advantages, but it has its disadvantages too and we should take into account both of it. Not the positive side only, but both sides of the coin. Having a strong internet connection isn't only the requirement of going cashless. But also having a suitable device and of course, knowledge on how to navigate the app or platform.

Being aware of how to use cashless methods is a must. However, not everyone has the mental capacity to grasp the idea of going cashless. We have elders who aren't much knowledgeable about technology as well as youngsters who don't know much. In addition, we have many people beyond the poverty line as well who cannot afford to buy gadgets and avail internet connection or even prepaid plan.

You see, these factors contribute a lot as to why we aren't fully transitioning to cashless policy just yet. And it should be take into consideration until the time we are fully prepared and ready for it.

I am not entirely sure, should we just ignore the better method just because there are places that do not have internet connection? I mean I get it, you can't get it clearly in some African and Asian nations, even in some urban places of the USA as well, or elevators, or some places do not get clean signals and all of that. In that case having some sort of cash would be a great deal.

But, should be just ignore the greatness of a cashless society just because there are some internet connection problems of 5% of the world, when the other 95% would benefit from it? Why not just try to improve the internet services and provide it to everyone by investing into that?

[Cryptodebjoe]

Cashless policy can be easily practiced in some advanced countries like America,some parts of Europe, China etc but the basic challenge with some 3rd world country are literacy issue and poor network in this will not make it easy for transactions to be carried out...

[Dunamisx]

Every policy certainly views the value of the benefits we get, many people are too ambitious to eliminate the cash function even though in fact until now there is no system that can be better than cash, instant transactions without waiting for confirmation and transaction costs, seeing the current conditions of course we still need time to hear the fact.

You're right to an extent but the cash era got to be minimize to a certain level where the risk it will impose will be reduced to the bearest level, you can agree with me that dealing with bulk currency in cash is no more safe by all means considering the bulkiness and the risk to being hijacked and carted away, at this current economy we all enjoy the full benefits of cashless policy in making an itch transaction or payments, consider paying workers salaries in cash with helping the poor in the remote areas with some cash, you could see obviously that one is far better than the other, how do you initiate a cashless policy to be effective in a local area under developed, impossible but we can enjoy the beauty in the advance economy system of the digital era in making payments at the best of ease.

[Lubang Bawah]

Without a policy, of course it is very difficult to develop cryptocurrencies, actually the state gets a profit if citizens use digital money because it is easier to control, besides that if there is an inflation problem it will be easy to determine the best decisions such as cutting the value of money so that the value of money defensively.

[iv4n]

Cashless policy can be easily practiced in some advanced countries like America,some parts of Europe, China etc but the basic challenge with some 3rd world country are literacy issue and poor network in this will not make it easy for transactions to be carried out...

Infrastructure is always a problem! I am for crypto policy, blockchain, and ledger that can't be changed "just because someone thinks it will be good for all of us"... while opposing money flow control and filling rich people's pockets! We need transparency! When institutions open their books and when we can see what they are doing with our money in real-time we can speak about a better future for all of us! I believe that ordinary people should be able to have privacy and anonymity, but how governments are spending money that should be used for the benefit of all of us should be fully transparent! Only that can lower corruption! That is real cancer in almost 90% of countries around the world!

[Cling18]

Cashless policy can be easily practiced in some advanced countries like America,some parts of Europe, China etc but the basic challenge with some 3rd world country are literacy issue and poor network in which will not make it easy for transactions to be carried out...

To pursue a cashless policy there are necessary things needed such as electricity and internet connection as well as gadgets which is a struggle for people living in 3rd world countries. No matter how we push it, if some people aren't capable no matter how we educate them, there will still be conflicts in the end. I guess some countries should have to solve some issues first to make this policy possible.

[tippytoes]

Cashless policy can be easily practiced in some advanced countries like America,some parts of Europe, China etc but the basic challenge with some 3rd world country are literacy issue and poor network in which will not make it easy for transactions to be carried out...

To pursue a cashless policy there are necessary things needed such as electricity and internet connection as well as gadgets which is a struggle for people living in 3rd world countries. No matter how we push it, if some people aren't capable no matter how we educate them, there will still be conflicts in the end. I guess some countries should have to solve some issues first to make this policy possible.

Maybe you will be surprised, even the third world countries now has high percentage of owning smartphones according to this [irl=https://www.pewresearch.org/global/2019/02/05/in-emerging-economies-smartphone-adoption-has-grown-more-quickly-among-younger-generations/] article [/url]. The article was 2019, so high likely, the figures are already improved this year, remember during the pandemic, people are communicating mostly over the internet.

We are somehow using cashless methods in our everyday transaction, however, we can't totally eradicate the physical cash as there are some services which are not practical to use the cashless method, like small retailer shops. But some of them are already adopting as there are financial apps now that you can easily send your payment to. We don't need to aim for 100% but we are heading to patronize cashless payment already, even the third world countries.