The Future of Bitcoin in a Cashless Society

[legiteum]

Bitcoin will not have any part to play in the future cashless society that it's not already playing in today's some-cash society.

Bitcoin is not a currency in the sense of being a medium that can be used for ubiquitous transfers of value: transactions are far too slow and expensive for that purpose. World-wide credit card volume alone peaks in the millions of transactions per second which no blockchain architecture--even a centralized one--could ever come close to achieving.

(If you want to see what an actual technical solution looks like for this sort of volume, check out the Haypenny whitepaper).

I believe that physical cash will be eradicated from our society within 20 years or less, but cryptocurrency will have nothing to do with that.

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[doomloop]

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.

Couldn't agree more. People today are happy that governments and institutions are supporting Bitcoin and cryptocurrencies which is why they are creating ETFs and getting them approved but they don't realize that it's all a part of a bigger plan that we aren't able to see and understand just yet but when time comes, we will realize that it wasn't done for us or our benefit nor was it done to push the adoption level but it was all done to make us believe that they are supporting it.

When it's time, they will enforce their CBDCs on us by saying that they have supported cryptocurrencies because of us, and now we will have to use the CBDCs as well and that is when it will all begin, and then even if we move towards a cashless world, the currencies used won't be cryptocurrencies but CBDCs.

[Abiky]

OMG... everything I think is contained in your writing. If I keep it simple, paper money will disappear replaced by digital culture or cashlesh. Bitcoin has a chance to compete with digital FIAT, but ETFs limit Bitcoin's flexibility as a decentralized asset. What I see is that it is difficult for Bitcoin to reach the top as the king of currencies, it will never happen as long as there are still many centralized agencies interfering in the international currency industry.

Even though the world needs cryptocurrencies, CBDC will be the first to become the choice of the global elite. My hope is that Bitcoin should remain decentralized forever.

Companies "ruined" BTC, the same way they "ruined" the Internet. What started as a decentralized system, turned out to become centralized due to huge economic interests from the government and corporate sector. We can never expect BTC to become the cornerstone of a "cashless society" this way. Especially when it's often viewed by many as a store of value than a real currency.

I believe CBDCs will be the ones that will "rule the world". Once governments roll out their agenda of a "global reset", paper money will be gone for good. Who knows what the future holds for our society?

[dlightag]

That's a gradually process, because Bitcoin usage deal with educated people, which the young once in the society are growing big, while few of the elder once are getting old as the case may be, in which the young society we enjoyed the new policy in the near future of cashless and almost every body will be used to Bitcoin calculation based on the country exchange rate conversion as a means of payment, in which Bitcoin is also created as means of goods and services.

[The Cryptovator]

Be realistic. Do you believe Bitcoin would help build a cashless society? Was it a Bitcoin goal? I don't think so. Because Bitcoin fees have become higher, and most likely, they will continue. For a long time, transaction fees have become unrealistic. We thought it would become normal after a few days, but it seems like nothing. Its true worls are moving to a cashless future, and many MFS services are helping with that. Bitcoin has become an investment opportunity. If transaction fees become lower, then Bitcoin would keep playing a role in making a cashless world.

[harapan]

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.

It's unreal to believe and persuade people that the world will automatically swipe into a situation like that.Bitcoin is serving as an alternative to the fait system,whereby also creating an opportunity for users to access and operate in a comfortable manner.The world is digitalizing everyday around the future of digital currencies and financial technology.
  Bitcoin is accessible to everyone as it ensures a good and transparent network for its users that's why it will always remain a better financial choice.

[DapanasFruit]

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 there for sure but the road can be bumpy and there will be many distractions along they way which again am sure can make grandma a little bit dizzy so maybe I would prefer to deal with grandpa here. Now, seriously, being a payment system in a cashless society is one of the big vision for Bitcoin in a P2P setting but we know that for now there can be hiccups for this scenario to fully be effective. So am still so happy that am using BTC as a store of value because I am selfish and greedy too just like grandma...I would like to be rich and BTC can be the tool for me towards that direction. By the way, are you my grandson?

[Yamifoud]

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 there for sure but the road can be bumpy and there will be many distractions along they way which again am sure can make grandma a little bit dizzy so maybe I would prefer to deal with grandpa here. Now, seriously, being a payment system in a cashless society is one of the big vision for Bitcoin in a P2P setting but we know that for now there can be hiccups for this scenario to fully be effective. So am still so happy that am using BTC as a store of value because I am selfish and greedy too just like grandma...I would like to be rich and BTC can be the tool for me towards that direction.

It gradually adapted as a payment option, yet it took many years for its realization. For now, we are just at the beginning of its journey. Whether we like it or not, adoption never comes easily but be on the hard way due to some factors affecting it. Even using fiat money before has also come that way and much more in this cashless mode of payment.
Well, I guess we don't need to hurry because what we need is to have well-prepared individuals (elderly and young generations)and the legality of Bitcoin in the country.

[Abiky]

Be realistic. Do you believe Bitcoin would help build a cashless society? Was it a Bitcoin goal? I don't think so. Because Bitcoin fees have become higher, and most likely, they will continue. For a long time, transaction fees have become unrealistic. We thought it would become normal after a few days, but it seems like nothing. Its true worls are moving to a cashless future, and many MFS services are helping with that. Bitcoin has become an investment opportunity. If transaction fees become lower, then Bitcoin would keep playing a role in making a cashless world.

I see what you mean. High fees are a problem that need to be solved if developers want people to use BTC as digital cash. Luckily, the Lightning Network (although still experimental) makes our life easier by providing cheaper fees and near-instant settlement times without compromising Bitcoin's security/decentralization. It's a short-term solution for those hesistant to leave their BTC in favor of another cryptocurrency.

With increasing adoption for BTC worldwide, it's very likely it will be used alongside CBDCs in the future. That's assuming it stays decentralized and censorship-resistant. These are uncertain times we're living into, so lets hope for the best.