The Future of Bitcoin in a Cashless Society

[Ravichnadra]

 Hey, fellow Bitcointalkers! 🚀 Let's hop on the crypto rollercoaster and talk about the future of Bitcoin in a cashless society. 💸 Will our favorite digital gold shine even brighter, or will it face some turbulence? Strap in, no financial advice here – just enthusiasts sharing thoughts. Imagine a world where your grandma pays for cookies with BTC - wild, right? 🍪 Are we heading there or hitching a ride to a different destination? Dive into your crypto crystal ball and let's speculate on the fate of Bitcoin in this cashless adventure. What's your take on its survival skills in a world where cash is as ancient as floppy disks? Share your wild, unfiltered ideas! 🌐✨

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[btc78]

Bitcoin and bitcoin users definitely have an edge already when time comes that society becomes a cashless one using bitcoin will definitely have its advantages however right now it does not seem possible to adapt bitcoin as an everyday currency seeing that transaction fees are expensive and it is quite slow to get things processed because of the mempool being congested

If those issues were to be addressed then bitcoin will definitely shine in times where society would be using cashless systems

[kryptqnick]

First of all, I don't think the world is moving toward a cashless society. Some countries certainly are, but many are very far from it, and some are actively resisting it. So it's not just a matter of technological advancement. Countries like Italy are advanced enough, but just don't want to get rid of cash, and there is a similar situation with Germany.
But let's imagine all the obstacles are gone, and we are moving toward a cashless society. The way I see it, there are two different ways of getting there. One is cashless, but dominated by centralized structures like banks and corporations. In that case, Bitcoin doesn't play a major role. Another is cashless and decentralized, in which case Bitcoin can play a major role. It all depends on how much humanity will value privacy over national safety, security.

[hd49728]

First of all, I don't think the world is moving toward a cashless society. Some countries certainly are, but many are very far from it, and some are actively resisting it. So it's not just a matter of technological advancement. Countries like Italy are advanced enough, but just don't want to get rid of cash, and there is a similar situation with Germany.

It will be similar situation like what we have with books and newspaper. We can have them in a traditional paper format or in other modern formats like e-book, e-newspaper, digital file like pdf ...

There are people who love to read things on paper, not on a digital screen so companies will remain those paper products for customers. Surely they will get income and profit by selling products to customers.

With money, we have cash, digital currency transfer, Bitcoin, altcoins and even will have CBDCs in future but I believe the world will have all those currencies co-exist in future. There will be no cashless world.

[SatoPrincess]

Imagine a world where your grandma pays for cookies with BTC - wild, right? 🍪

It’s already happening in countries where people are free to use Bitcoin. I have read several articles about shops accepting bitcoin as payment, this revealation also inspired me to accept Bitcoin in my store. The challenge is not businesses accepting Bitcoin as payment, but rather customers prefer to pay with fiat than spend their bitcoins. 

 What's your take on its survival skills in a world where cash is as ancient as floppy disks?

If this happens, then we will face a bigger centralization problem than we have ever seen. The government is not going to become pro-bitcoin, so if cash no longer exists, people will be forced to accept CBDCs.

[Text]

Hey, fellow Bitcointalkers! 🚀 Let's hop on the crypto rollercoaster and talk about the future of Bitcoin in a cashless society. 💸 Will our favorite digital gold shine even brighter, or will it face some turbulence? Strap in, no financial advice here – just enthusiasts sharing thoughts. Imagine a world where your grandma pays for cookies with BTC - wild, right? 🍪 Are we heading there or hitching a ride to a different destination? Dive into your crypto crystal ball and let's speculate on the fate of Bitcoin in this cashless adventure. What's your take on its survival skills in a world where cash is as ancient as floppy disks? Share your wild, unfiltered ideas! 🌐✨

I believe that traditional currencies will not fade away anytime soon; they will continue to coexist with cryptocurrencies in the future of the mainstream financial payment system. The transition to a cashless society won't be a smooth ride. Bitcoin will need to cooperate with regulators, despite being one of the wildest ideas and theories. However, I am optimistic that Bitcoin, our beloved digital gold, has the potential to shine even brighter due to its unique advantages, such as transparency and security, which traditional banking systems struggle to match.
Will Bitcoin survive? It will undoubtedly leave its mark, regardless. Even if it doesn't become the undisputed king of cashless transactions, it will pave the way for a new financial landscape. While heading towards a cashless society, there are hurdles to overcome. Bitcoin needs to address scalability issues, transaction speed, and energy consumption. Regulatory clarity and widespread acceptance are crucial for Bitcoin to become a mainstream payment method. Who knows, it might happen or get closer to reality after a decade.
The speculation about the future of Bitcoin is uncertain; it could experience a significant surge to success, moon-shot to Mars, or face a drastic decline, crash landing in the Mariana Trench.

[passwordnow]

Paying with Bitcoin with cookies, coffees and other those types of same prices are possible through Lightning Network. But I am hoping that someday that it's gonna be actually possible for the actual Bitcoin network to process these transactions for having low fees. Other than that, I hate to say it but off chain transactions are going to be prevailed with these transactions if the owner of the shops have the exchanges account and you want to pay them with that method.

It's an ease for the payor if the payee is allowing transactions like that. But as long the fees are dropping down these days, I know and believe that someday we're going to see it back that transaction fees are going to be centavos again or even less than that. Right now, LN is the solution for these transactions but sadly, there are many merchants that don't know it yet and even payors or users, many of them aren't aware of it.

[Zlantann]

Hey, fellow Bitcointalkers! 🚀 Let's hop on the crypto rollercoaster and talk about the future of Bitcoin in a cashless society. 💸 Will our favorite digital gold shine even brighter, or will it face some turbulence? Strap in, no financial advice here – just enthusiasts sharing thoughts. Imagine a world where your grandma pays for cookies with BTC - wild, right? 🍪 Are we heading there or hitching a ride to a different destination? Dive into your crypto crystal ball and let's speculate on the fate of Bitcoin in this cashless adventure. What's your take on its survival skills in a world where cash is as ancient as floppy disks? Share your wild, unfiltered ideas! 🌐✨

Maybe in the future, we might have a situation in which Bitcoin will be used to pay for goods and services in every part of the world. But currently, it has not been used as a currency because the majority of people see it as an investment opportunity. The high transaction fees and the lack of requisite skills to set up a lighting network are also roadblocks to the use of Bitcoin for the payment of goods and services. Unfavorable government policies will also hinder this lofty dream of making Bitcoin widely used as a currency. I assume that Bitcoin still has a long way to go in its quest to become a widely used currency for financial transactions.

First of all, I don't think the world is moving toward a cashless society. Some countries certainly are, but many are very far from it, and some are actively resisting it. So it's not just a matter of technological advancement. Countries like Italy are advanced enough but just don't want to get rid of cash, and there is a similar situation with Germany.

Many developed nations are moving towards a cashless society because they are technologically and educationally advanced. These nations have a high literacy rate and the requisite infrastructure to support a cashless policy. However, cash still dominates the financial system of developing nations. So we might see a gradual transcending from cash to a cashless society in many countries because for now, they are not ready to become cashless.

[moneystery]

i don't agree with the analogy you said that bitcoin is digital gold, bitcoin is different compared to digital gold because bitcoin is an innovative and decentralized payment system introduced by satoshi. meanwhile, digital gold is a centralized product issued by several companies for easy investment in gold.

and discussing the use of bitcoin in today's society, adoption has begun to increase, but people are still reluctant to use it for daily transactions because the fees are quite high. even though there is a way to overcome this by using the lightning network, people still believe in using the main bitcoin network.

moreover, government regulations hinder the adoption of bitcoin in society, which makes the adoption of bitcoin in society not as massive as banking products.

[EluguHcman]

It is outrageous to believe that the Fiat would somedays be whipped off the surface of currencies existence.
The global acceptability of Bitcoin is a potential to enforcement that everyone must deal with.
Besides, Bitcoin is just an alternative means of transactions otherwise investment means too. So the possibilities of Bitcoin to outshine the local fiats could be evitable while the world powerful Fiat currencies are not undermined.

I believe that there is already an existence of certain individuals including societies who has the possible running of cashless as a policy and they are certainly comfortable with it. So Bitcoin would only succeed this if it is a dominance and has suppressed the usefulness of the fiat and then mandatedly a compulsory that everyone must adopt and then, the possibility measures as maybe imagine cashless trending while Bitcoin transactions is emerged as the only possible means of transactions would not be twarted.

It would definitely be disasterous because not everyone who are used to the internets including the electronic mobile devices talking more of adoptions with the system of crytop currencies formulas of transactions.
I smile over this because making this a success is to call the world back to a unifyable educations whether they are interested or not leaving them to live at their own risk of handling the currency at such sceneros Bitcoin is made the only financial transactions options.

[m2017]

Paying with Bitcoin with cookies, coffees and other those types of same prices are possible through Lightning Network.

What kind of payment in bitcoin for cookies can we talk about? You somehow quickly forgot what was happening with the bitcoin mempool just recently.

But I am hoping that someday that it's gonna be actually possible for the actual Bitcoin network to process these transactions for having low fees.

If this is technically possible at all on the BTC-network. It must be admitted that bitcoin is far from ideal.

Other than that, I hate to say it but off chain transactions are going to be prevailed with these transactions if the owner of the shops have the exchanges account and you want to pay them with that method.

Most likely it will be that no one will actually send bitcoin back and forth through the BTC-network and will be implemented through something similar to a shell, like the exchanges. But then what's the point of the bitcoin?

It's an ease for the payor if the payee is allowing transactions like that. But as long the fees are dropping down these days, I know and believe that someday we're going to see it back that transaction fees are going to be centavos again or even less than that. Right now, LN is the solution for these transactions but sadly, there are many merchants that don't know it yet and even payors or users, many of them aren't aware of it.

So, are you saying that many merchants (and users) know about bitcoin, but have never heard of LN? Sounds absurd.

A faster solution than LN may be needed.

[ultrloa]

Hey, fellow Bitcointalkers! 🚀 Let's hop on the crypto rollercoaster and talk about the future of Bitcoin in a cashless society. 💸 Will our favorite digital gold shine even brighter, or will it face some turbulence? Strap in, no financial advice here – just enthusiasts sharing thoughts. Imagine a world where your grandma pays for cookies with BTC - wild, right? 🍪 Are we heading there or hitching a ride to a different destination? Dive into your crypto crystal ball and let's speculate on the fate of Bitcoin in this cashless adventure. What's your take on its survival skills in a world where cash is as ancient as floppy disks? Share your wild, unfiltered ideas! 🌐✨

I believe that traditional currencies will not fade away anytime soon; they will continue to coexist with cryptocurrencies in the future of the mainstream financial payment system. The transition to a cashless society won't be a smooth ride. Bitcoin will need to cooperate with regulators, despite being one of the wildest ideas and theories. However, I am optimistic that Bitcoin, our beloved digital gold, has the potential to shine even brighter due to its unique advantages, such as transparency and security, which traditional banking systems struggle to match.

Yep it will not fade away its because its like a national symbol of the country so for sure this is well protected by government and maybe if there's digitalization will happen then it will exist in different form. Also as you said it will coexist with bitcoin if there's certain adoption will happen. Bitcoin cannot cooperate with regulators but rather the people use it especially those institution should push and present that bitcoin is good alternative currency since once these regulators will impress on the usage of bitcoin together with its potential for investment matters then provably they would allow bitcoin to became their legal tender just like what El Salvador did.

Bitcoin has really have potential and there are lots of institutions are now investing with it since they see how huge its marketcap also the supply is limited so if there's global adoption will happen then provably we can see bitcoin price to rise up.

[btcinfo891]

Imagine a world where your grandma pays for cookies with BTC - wild, right? 🍪 Are we heading there or hitching a ride to a different destination?

We are heading towards a world where cash is mostly gone, at least in the countries that are called now "developed". Cash is not replaced by crypto but by CBDC. Each CBDC transaction is monitored closely by automated systems as part of wide government efforts to control their citizens.

Crypto's role has been reduced to financial instruments like ETF and various derivatives that are used to trade under government control on heavily KYCed centralized exchanges. Movement of real crypto outside of the centralized exchanges is discouraged and can bring the user unwanted government attention in the form of various audits from the tax authorities and other government agencies. After all only criminals use crypto outside of the government-approved exchanges, so the moment their KYCed customer tries to move his crypto into a self-hosted wallet, the automated systems know that there is something fishy going on.

In most countries privacy coins have either been directly prohibited or usage of privacy coins is made impossible in more indirect fashion by special laws by requiring KYC for every transaction of privacy coins making their use pointless unless the user is willing to break the law.

That is the direction we are headed.

[Assface16678]

Well, I agree of what the OP said about the potential growth or more advancements of bitcoin and its usability, but lets not forget other coins, although bitcoin will be the face, lets remember bitcoin is a crypto currency and using block chain technology so if the bitcoin is the future of the cashless society then the other crypto currency also will be used same as bitcoin but of course not as high price like bitcoin, and also the technology blockchain maybe in the future more things will be created related, divert or using block chain technology, you see this technology is a very good technology wherein we will see how much effort and time the creator of bitcoin spends on developing this project.

If bitcoin and any other cryptocurrency will be the future of society in terms of currency, then maybe before that, a more complex plan and preparation will be needed to implement this thing.

[Jawhead999]

Mobile banking, paypal, payoneer, credit/debit card, digital fiat etc, are we a joke to you?

If you only want to see a cashless society, it's already happen from few years ago, no need for Bitcoin to be accepted by the countries.

Even Bitcoin is accepted as legal tender in my country, I won't use it due to privacy concern.

[franky1]

we are already seeing the signs everywhere

banks starting to charge management fee's just to have an account
https://www.investopedia.com/terms/b/bank-fees.asp

ETF's/spot trading normalising 0.x% -3% fee for getting/changing assets, normalising perceptions of expecting to pay high just to transfer/have value

bitcoin fee's increasing
https://github.com/bitcoin/bitcoin/pull/9615

If we ever decide that we'd like to raise the default incrementalRelayFee or nodes on the network start doing it, it would be a shame if old software was generating replacements that didn't relay.
5000 satoshis/KB is a compromise between being sufficiently future proof and not losing too much precision in our ability to bump fees.

Incidentally I do think the incrementalRelayFee is too low and that the "cost" to the network of relaying a transaction around is above 1000 satoshi/KB and there is insufficient benefit on having that much precision to bumpfee and mempool limiting. I don't feel like getting in a big argument about changing the default though. But my recommendation would be to change the default to 5000 satoshis.

heck even subnetwork fee's increasing
https://www.xapobank.com/resources/lightning-network-fees

Each Lightning Network payment requires a small fee. Usually, around $0.001

0.00000000210000 (from $0.0001 currently)

other subnetwork services said(past tense) they would offer fees from 0.00000000000001 per payment
but it ends up as being on average: 0.00000000000054sat per sat spent plus 0.00000000750000 base fee.
and so spending 100,000sats about: 0.00000006150000 per payment

yes initially all new payment systems promote free/cheap fee's but eventually all of them increase the fee's, and that includes crypto


you would think with the deflationary nature of bitcoin where each sat becomes worth more fiat.. that the fee's in sat numbers should decrease..
like they did 2009-2015 each time the markets moved up a multiple.. but not now

[Jegileman]

Hey, fellow Bitcointalkers! 🚀 Let's hop on the crypto rollercoaster and talk about the future of Bitcoin in a cashless society. 💸 Will our favorite digital gold shine even brighter, or will it face some turbulence? Strap in, no financial advice here – just enthusiasts sharing thoughts. Imagine a world where your grandma pays for cookies with BTC - wild, right? 🍪 Are we heading there or hitching a ride to a different destination? Dive into your crypto crystal ball and let's speculate on the fate of Bitcoin in this cashless adventure. What's your take on its survival skills in a world where cash is as ancient as floppy disks? Share your wild, unfiltered ideas! 🌐✨

We are already heading towards that side and bitcoin will become a digital currency and there won’t be a case of using a fiat currency like before. It will not totally replace fiat but will have a say when it comes to monetary system of payment. Bitcoin will survive through the cashless adventure and will stand out amongst the rest, I just hope something will not happen that will cause a huge change of thought towards bitcoin. Bitcoin is here to stay but could not be widely and easily accepted base on the consensus it is being forced to function on.

[thecodebear]

Well I don't think society will ever be entirely cashless. There will always be some need for physical money, even if digital payments become 99%+ of what is used.

Anyway, bitcoin I expect will operate as an alternative to fiat currencies. Nations aren't gonna give up their national currencies, so bitcoin will only always be an alternative. Some nations, like El Salvador has done, will put bitcoin on par with whatever currency they use, and likely as in El Salvador's case this will mostly be done in countries that don't issue their own currency.

Once bitcoin use becomes widespread one nice thing that will be greatly streamlined will be traveling! No more worrying about exchanging currencies (except perhaps to have a little bit of physical cash on hand) and no more worrying about your credit card being charged big fees for using it in a different country (happened to me a year ago when I was in Mexico two credit card charges on my statement were mysteriously DOUBLE!! what I was charged in the store). In the somewhat distant future you'll be able to travel and just spend bitcoin without worrying about any of that!

Also I think many people (probably eventually billions of people) will save in bitcoin instead of cash in banks. Cuz why would you save in a currency that decreases in value when you can save in a currency that increases in value? People will still have some savings in the bank beyond what they need for the month, for safety of having that emergency fund in a "stable" currency, but savings beyond those fairly immediate needs will be in bitcoin.


Also it could be that international trade ends up getting done in Bitcoin. Even if on-chain fees are $100 or something in this fairly distant future, that's nothing if you're making a hundred million or billion dollar transaction. And with bitcoin you can move money directly and usually within 30-60 minutes to the other party so it makes more sense than going through the fiat system. Faster and cheaper with bitcoin.


I see a future, perhaps a couple decades from now, where paying online or in person with Bitcoin over the LN (or perhaps other L2 solutions) is not just as easy but also as commonplace as paying with credit card or mobile phone fiat wallets is today.

I look forward to the day when I can simply save in bitcoin and spend my bitcoin as readily as I use my credit card today. It is coming, though we'll just have to wait probably a couple decades until it is that pervasive.

[bluebit25]

Hey, fellow Bitcointalkers! 🚀 Let's hop on the crypto rollercoaster and talk about the future of Bitcoin in a cashless society. 💸 Will our favorite digital gold shine even brighter, or will it face some turbulence? Strap in, no financial advice here – just enthusiasts sharing thoughts. Imagine a world where your grandma pays for cookies with BTC - wild, right? 🍪 Are we heading there or hitching a ride to a different destination? Dive into your crypto crystal ball and let's speculate on the fate of Bitcoin in this cashless adventure. What's your take on its survival skills in a world where cash is as ancient as floppy disks? Share your wild, unfiltered ideas! 🌐✨

I have thoughts about the problem that when scientific technology develops a lot, at some point cash may be replaced by some tool (possibly related to crypto) in the future. Because just looking back at the historical journey of humanity, how things that are tools in the economic transaction system have changed, from converting to using things like seashells, clam shells,... then come into contact with metal coins and paper money,... in general, society always has natural changes and we need to adapt to whatever context we are in. That change, because no material thing lasts forever in my thoughts. But in my opinion, that journey of change will be long enough to drive me and everyone here back to nature like dust particles.

[criptoevangelista]

We will not see anything like this in our generation, perhaps in a generation of our grandchildren bitcoin will be implemented as global money, for this we need many, many years to change an entire culture.

The most important step has already been taken, the beginning of all this.

We have a little more than a decade of bitcoin and the results are already incredible. Although the price seems high, the benefits are things that no amount of money in the world can pay for.

Bitcoin is one of the greatest achievements ever made by humanity and I am very happy to be participating in this entire revolutionary movement.