Should we embrace a cashless policy??

[raidarksword]

Cashless is a dream for satoshi, that's why bitcoin was made for that one of the reasons too and for sure incoming years we can experience that with full adoption. But for now, we have lots of work to do to have full worldwide implementations though some countries already had a cashless payment system hence majority of people has smartphone to make those online transactions. Even third world counties were now using cashless payments.

[TheNineClub]

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

While there are some valid points to this, I would argue on some points.

1) Petty crimes would cease to exist, but only the ones associated with direct money stealing, but the overall possibility of bigger digital crimes would increase as well as bank manipulation and corruption.

2) Money laundering does not only occur with physical money, that's why offshore banks with no control over them are a popular destination for anyone who wants to muddy their traces (what money laundering essentially is)

3) depositing and storing paper money is on such a small scale that it's really not worth mentioning. We all know that banks do not have the physical money for all their customers.

[xSkylarx]

If the world must go cashless, Bitcoin should be the better option

Even if cashless policy or society is feasible, other countries have no capability to impose it. We all know that there are some countries that technology is not that advanced yet compare to countries like Korea or Japan who already practices digital payments in their daily life. A cashless society will also be a disadvantage to the government as themselves won't be able to do their corrupted intentions because everything will be recorded on a blockchain.

[Taskford]

If the world must go cashless, Bitcoin should be the better option

Even if cashless policy or society is feasible, other countries have no capability to impose it. We all know that there are some countries that technology is not that advanced yet compare to countries like Korea or Japan who already practices digital payments in their daily life.

That's right but 1st world country could test this out to see if this is truly effective to their citizens to live a comfortable life away from those papers which we carry if we go out buying something. China already do this and I think they are totally fine with Cashless settings but we need other country adopt this because one data is maybe not enough for other country to execute this new innovative tech on their country.

[sana54210]

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.

Minimize is a better solution for sure, I agree with this. I mean aren't there already to a point? Think about it, between the online payments, card payments and even cheque which is a bit more older style but still works in huge business deals, wiring money and even cryptocurrency. When are we really paying anything in cash? Not saying that we never do, we still do, but I spend maybe like 5% of my salary in cash form, rest of it goes to regular stuff that are taxed.

This is why I believe that we shouldn't really consider the current situation as a cash society, we are already at the bare minimum of using cash, and would probably even drop that further down the road.

[Vaskiy]

If the world must go cashless, Bitcoin should be the better option

Even if cashless policy or society is feasible, other countries have no capability to impose it. We all know that there are some countries that technology is not that advanced yet compare to countries like Korea or Japan who already practices digital payments in their daily life.

That's right but 1st world country could test this out to see if this is truly effective to their citizens to live a comfortable life away from those papers which we carry if we go out buying something. China already do this and I think they are totally fine with Cashless settings but we need other country adopt this because one data is maybe not enough for other country to execute this new innovative tech on their country.

First world countries have developed a framework that has got linked with each and everything. Cashless system is encouraged around the world and this is a way to have control and keep track of users financial data. This ease the taxation process. Anyhow the future is going to be completely cashless and now itself we need to be prepared for the same.

Already we're into the same getting used to the payment applications, credit cards, debit cards and other transaction support services. Nowadays every bank have got its application and usage of those applications are encouraged than visiting the bank for the needs.

[bakasabo]

I think as long as people have trading culture like in East, cashless policy would not be possible. Generations and centuries has passed, and people still prefer hand to hand payment or exchange. Subconsciously people prefer to hold something in hand when making payments. And the more you hold, the better you feel. Bank card or a device can not replace the feeling of wad of money. Cashless methods are still to much dependable from third party. Any problem on "their side" affect you, with cash you dont depend from anyone.

[globalpain]

I think as long as people have trading culture like in East, cashless policy would not be possible. Generations and centuries has passed, and people still prefer hand to hand payment or exchange. Subconsciously people prefer to hold something in hand when making payments. And the more you hold, the better you feel. Bank card or a device can not replace the feeling of wad of money. Cashless methods are still to much dependable from third party. Any problem on "their side" affect you, with cash you dont depend from anyone.

Yes, such a culture can't be eliminated, but that doesn't mean you can't apply the cashless method.
especially with the continued development of technology, people will think about using it later.
Currently in my country, there are many who use the cashless method and that is certainly a good innovation

[carlisle1]

Cashless is a dream for satoshi, that's why bitcoin was made for that one of the reasons too and for sure incoming years we can experience that with full adoption. But for now, we have lots of work to do to have full worldwide implementations though some countries already had a cashless payment system hence majority of people has smartphone to make those online transactions. Even third world counties were now using cashless payments.

Yes, cashless is already been adopted by many. Smartphone serves as wallet are mostly use to transact not only with online but also

to a real time payment process, there are fiat base system where you can pay your bills using your device, and with that there are

more platforms who are trying to offer this kind of system, it's been use by most during the pandemic and was adopted till now.

More people are ready to deal with this process and they are willing to adopt and use it.

[bakasabo]

I think as long as people have trading culture like in East, cashless policy would not be possible. Generations and centuries has passed, and people still prefer hand to hand payment or exchange. Subconsciously people prefer to hold something in hand when making payments. And the more you hold, the better you feel. Bank card or a device can not replace the feeling of wad of money. Cashless methods are still to much dependable from third party. Any problem on "their side" affect you, with cash you dont depend from anyone.

Yes, such a culture can't be eliminated, but that doesn't mean you can't apply the cashless method.
especially with the continued development of technology, people will think about using it later.
Currently in my country, there are many who use the cashless method and that is certainly a good innovation

Such culture does not apply to me either, but I can not turn completely cashless. Even if I dont want to, I still have to do cash trades. Right now it is a high season for fruits, berries and vegetables. I prefer to get them from the market, from farmers, rather then from retailers at shops.

The problem is in people with low income and low salaries. They cant survive without selling p2p goods. That can be done only with cash. If it would be possible to pay them decent salary or receive adequate pension, they would not have to do this humiliating trading with what they have just to make ends meet.

[jostorres]

Cashless is a dream for satoshi, that's why bitcoin was made for that one of the reasons too and for sure incoming years we can experience that with full adoption. But for now, we have lots of work to do to have full worldwide implementations though some countries already had a cashless payment system hence majority of people has smartphone to make those online transactions. Even third world counties were now using cashless payments.

Being cashless might be one of the reasons why we have btc but I just think the main reason is to be free from control because bitcoins are decentralized and anonymous. To have a full adoption means all people are now doing it but I don't think it is possible because there are people who don't have the ability to do it. Most of the population can go cashless but some of them must be free to remain on using a cash.

It's a lot of work if you are to encourage everyone to go cashless but luckily there are some that just learn it all by themselves. Before we only have atm's but we never thought that the creation of smartphone will make it more possible for the people to turn into cashless.

[Wong Gendheng]

Why do we have ambitions to eliminate cash, can everyone use digital money? In developed countries it may be easy to implement, but in developing countries it is still difficult to eliminate cash because of many considerations.

[wxa7115]

Cashless is a dream for satoshi, that's why bitcoin was made for that one of the reasons too and for sure incoming years we can experience that with full adoption. But for now, we have lots of work to do to have full worldwide implementations though some countries already had a cashless payment system hence majority of people has smartphone to make those online transactions. Even third world counties were now using cashless payments.

A cashless society may seem like a good idea, however around the world there are billions of people without enough to eat and without running water or electricity, so we cannot really impose such a system to them.

Now there are countries that are incredibly rich and which could afford something like that, however if the only option available for us is fiat then I would still be against it, as governments then will know everything you buy with your money and even go further than that and even forbid you from buying what you want.

[dunfida]

Cashless is always better. It feels light to spender. It feels simple to both parties and it feel safer and easier to regulatory bodies.

We've been on an era on where credit/debit cards had already been existing which means that we've been dealing on it but we know that not all does have the privileged on owning one thats why there's always a

division in between those card users and fiat or paper money which is something  that cant really be removed easily because not all would be preferring this kind of  system.

Would still takes time if everything would be implemented to be digital or having no fiat money yet adjustments would be made but this wont really be that simple or easy to be implemented.

[Renampun]

cashless has its pros and cons, but the main goal of being cashless is to be tracked...

currently there are two government financial options one is cashless and the second is CBDC. I see both are the same but CBDC is claimed to be more traceable because it uses blockchain technology. I still support the government setting rules for cryptocurrencies rather than using cashless or CBDC.

[ChiBitCTy]

If we are taking about a fully cashless society meaning the government is getting rid of all paper notes and coins, I think that is problematic. However I do think this would push people in that situation to using bitcoin much more often. China is a perfect example of this and why it’s bad. They are slowly introducing the digital yuan which is going to allow them to be able to fully monitor all money situations their citizens get in to. Even if you do nothing wrong, it’s still goes against a basic right of a level of privacy.

[Ozero]

The state and people also need cash, just like non-cash money. Their volumes and ratio may change, but it is unlikely that states will be able to completely do without cash. This is especially true for underdeveloped countries, where it will be impossible to implement technically. In big cities, this is still possible, but in rural areas, in the outback, the transition to a completely cashless payment is simply impossible.
In addition, not everything is so rosy with our increase in wealth in most countries. Either cataclysms, then pandemics, then wars, as now in Ukraine, and countries again suffer material ruin, in which the transition to cashless payments is very problematic. And many groups of the population in different countries will not agree or, for some reason, will not be able to switch exclusively to cashless payments. This means that they will return to barter transactions, and this will undermine the country's economy. No, all types of financial calculations should exist and people should choose which type is more convenient for them to use in each specific case.

[bakasabo]

cashless has its pros and cons, but the main goal of being cashless is to be tracked...

currently there are two government financial options one is cashless and the second is CBDC. I see both are the same but CBDC is claimed to be more traceable because it uses blockchain technology. I still support the government setting rules for cryptocurrencies rather than using cashless or CBDC.

Not everyone is scared to be tracked when making payments. Such pros does not apply to everyone. I even think that the majority of people dont care that much about their transactions being tracked. We need untraceable transactions when we make huge payments and want to economize on the tax. Do you often make such payments? How often do you buy car or expensive electric appliances? I guess maybe once in several years. I think you wont bother much when you will try to buy a cup of coffee and try to make that payment untraceable.

[kapalmabur]

If we are taking about a fully cashless society meaning the government is getting rid of all paper notes and coins, I think that is problematic. However I do think this would push people in that situation to using bitcoin much more often. China is a perfect example of this and why it’s bad. They are slowly introducing the digital yuan which is going to allow them to be able to fully monitor all money situations their citizens get in to. Even if you do nothing wrong, it’s still goes against a basic right of a level of privacy.

Talking about cashless definitely has a positive side and a downside it's normal,
but if it is used to track and monitor their financial activities I don't think this can be allowed because after all it relates to everyone's right to privacy,
I don't know what the purpose of China is to do that to its citizens

[stomachgrowls]

If we are taking about a fully cashless society meaning the government is getting rid of all paper notes and coins, I think that is problematic. However I do think this would push people in that situation to using bitcoin much more often. China is a perfect example of this and why it’s bad. They are slowly introducing the digital yuan which is going to allow them to be able to fully monitor all money situations their citizens get in to. Even if you do nothing wrong, it’s still goes against a basic right of a level of privacy.

Talking about cashless definitely has a positive side and a downside it's normal,
but if it is used to track and monitor their financial activities I don't think this can be allowed because after all it relates to everyone's right to privacy,
I don't know what the purpose of China is to do that to its citizens

There's no privacy if we do get involved with any centralized transactions even if we do talk about cashless transaction where everything could be seen and traced and possibly of reversed transactions.

We've been dealing on it for several years now and it did just happen that decentralized things had been created and molded which it do really adds up the more options that we could
make use off.
Being cashless would be good but there would be people whom  do stick into those traditional ways on making transactions through fiat and thats the reality.