Cashless Socity and Contribution of Bitcoin!

[smelody]

At a recent time some of the organization and basically some legendary people try to launch "Cashless system" which transactions are conducted electronically. Should be improvement of Lightning Network. A powerful infrastructure supporting Bitcoin transactions would need to be in place.Hopefully it's possible for Bitcoin to become a cashless system in the future it!

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[Ruttoshi]

Hopefully it's possible for Bitcoin to become a cashless system in the future it!

I don't understand what you mean by bitcoin becoming cashless, when bitcoin is a digital currency that is controlled by many nodes in the network. It is not like fiat that is centralized and can be manipulated easily, and I don't see why you are comparing bitcoin to be cash.

I don't know the country that you are from, but many countries have started operating in a cashless system. This is why they created their own CBDC. Bitcoin was designed to use the internet. Fiat is controlled by third party.

Bitcoin will not replace fiat but they will work hand in hand, as an alternative to fiat.

[Nwada001]

Bitcoin becomes the primary medium of exchange replacing physical cash entirely. Several obstacles would need to be overcome for this to happen such as Bitcoin would need widespread adoption as a means of payment.

Bitcoin cannot be used in a totally cashless policy as a primary means of payment, as it can't fit into that for small business purchases. If it's for payment with a small amount that can cover the fee and the waiting time for confirmation, then we can go with that.
 
How do you make a payment with bitcoin on a purchase where you are meant to pay the seller $0.5 when the fee alone is situated to be above that? Bitcoin can be used as a secondary means of payment in a cashless society.

And before a motion for cashless policies is to be moved, things are going to be set in place that can allow the citizens to meet that standard, like fast and reliable wire transfers and other means of online payment. Bitcoin can be used for big transactions for those who aspect it.

[smelody]

Hopefully it's possible for Bitcoin to become a cashless system in the future it!

I don't understand what you mean by bitcoin becoming cashless, when bitcoin is a digital currency that is controlled by many nodes in the network. It is not like fiat that is centralized and can be manipulated easily, and I don't see why you are comparing bitcoin to be cash.

I don't know the country that you are from, but many countries have started operating in a cashless system. This is why they created their own CBDC. Bitcoin was designed to use the internet. Fiatles is controlled by third party.

Bitcoin will not replace fiat but they will work hand in hand, as an alternative to fiat.

Someone is going to market on emergency need to buy many of the thing but he have no cash money in his wallet. we asked the question why have no money and will go ATM for taken money. That's the point for emergency need some of the time you will watch network did not work or electricity problem war time etc can't taken cash money. Many other adverse situations may arise.

I just mean that BTC transaction are available People would have benefited more if they were respected at all levels of society. I also mean visible money and digital money will be Launch at a same stage and same importance.

[Ambatman]

Bitcoin becomes the primary medium of exchange replacing physical cash entirely.

This is highly improbable,  except there would be a breakthrough in scalabilty.
A cashless system already exists.
Even if it's not the mainstream, most transactions in recent times are sent via digital.

Someone is going to market on emergency need to buy many of the thing but he have no cash money in his wallet. we asked the question why have no money and will go ATM for taken money. That's the point for emergency need some of the time you will watch network did not work or electricity problem war time etc can't taken cash money.

Is hard to understand your English, I would advice that as a newbie first focus on your local board where you can use a language you more comfortable with.
In the case of an emergency,  What's stopping the person from making transfers?
If there's no network, making transfers wouldn't be possible also using Bitcoin.

Even if cash is going to be replaced is not going to be by Bitcoin alone.like we have different physical currency
So also different digital currency unique to various countries.


In a nutshell,  cashless society wasn't started by Bitcoin but it would be indirectly or directly influenced by Bitcoin.

[Despairo]

Do you use Bitcoin on lightning network frequently to bought something? if not, you're also not supporting Bitcoin as a currency. It should be start from yourself, when you're still using e-money or cash, it means you still think they're better than Bitcoin.

There's no must for Bitcoin to completely replace banks and traditional fiat, because it's impossible in the first place.

[naira]

Hopefully it's possible for Bitcoin to become a cashless system in the future it!

Yes, maybe you need to make sure that the internet and electricity are completely uninterrupted. Rather than deciding to abandon the first option, it might be better to have both to balance things out and also be able to carry out transactions with various cash and online payment methods. I think as technology becomes more sophisticated, we need to be able to control it, not be controlled. So for Bitcoin to be legal tender, you must have the power of president and decide to ditch fiat. But can the capacity to build solid value be guaranteed if it is still based on the Bitcoin exchange rate against fiat? because you also need to compare values so that people trust and support you completely.

[moneystery]

....

There's no must for Bitcoin to completely replace banks and traditional fiat, because it's impossible in the first place.

bitcoin was developed from the start to disrupt the global transaction system, it was not created to destroy the banking system and replace it completely. even now bitcoin still has problems with its fairly high fees and lack of scalability, how can it be called a digital asset that will replace the function of banking and fiat currency? let's think more realistically.

[Natsuu]

Hopefully it's possible for Bitcoin to become a cashless system in the future it!

I don't understand what you mean by bitcoin becoming cashless, when bitcoin is a digital currency that is controlled by many nodes in the network. It is not like fiat that is centralized and can be manipulated easily, and I don't see why you are comparing bitcoin to be cash.

I don't know the country that you are from, but many countries have started operating in a cashless system. This is why they created their own CBDC. Bitcoin was designed to use the internet. Fiat is controlled by third party.

Bitcoin will not replace fiat but they will work hand in hand, as an alternative to fiat.

You're right, Bitcoin is nothing like regular cash because it's decentralized and not controlled by any central authority. Unlike fiat, it's not out to replace everyday money but coexist with it. Some countries are going cashless with their digital currencies but Bitcoin's more like a digital sidekick than a currency replacement. We still got a long way to go to get there

[SamReomo]

Hopefully it's possible for Bitcoin to become a cashless system in the future it!

No, it's not possible for Bitcoin to become a cashless system, the reason is always going to be the high fees. In cash you don't have to pay fees in order to trade goods but with Bitcoin you'll have to pay some fees in order to get your transaction completed.

Cash is also a needed thing for exchange of goods, Bitcoin can be used as a p2p payment system but it can't be a cashless system, in fact it's not possible to shift complete world to accept cashless systems where everything can be purchased digitally instead of carrying physical cash.

I'm sure we can have digital money that can be useful for those who are technically good but what about the ones who have no technical knowledge? How would they be able to use cashless system when they don't understand ins and outs of technology they are going to be dealing with?

That's why I would say it's not possible to have cashless system anytime soon and I highly believe that Bitcoin isn't suitable for such thing.

[ImThour]

I mean you don't actually need any Crypto or Bitcoin to be cashless. There are services like VISA and Apple Pay which are accepted worldwide and can help you make your payments and guess what? at much lower fees and widely accepted. Bitcoin should not be compared to these services. I prefer Bitcoin to be more of an asset than a payment method. I hope you get my point.

[adultcrypto]

Bitcoin becomes the primary medium of exchange replacing physical cash entirely. Several obstacles would need to be overcome for this to happen such as Bitcoin would need widespread adoption as a means of payment.

Bitcoin cannot be used in a totally cashless policy as a primary means of payment, as it can't fit into that for small business purchases. If it's for payment with a small amount that can cover the fee and the waiting time for confirmation, then we can go with that.

It is obvious he has been following some of these Bitcoin celebrities that make Bitcoin appear like a replacement for the US Dollar. Obviously, most of them do not really know or have not figured out the role Bitcoin was created to play or what is only possible with Bitcoin. I feel we have to make some clarifications so that anyone coming into Bitcoin wouldn't think that a time will come when people will stop using fiat entirely. I don't think we will get to that point because centralized payment systems as well as fiat will always exist side by side with Bitcoin.

It is the creation of more innovative way of using Bitcoin that will determine how much Bitcoin will be accepted and used by the ordinary people. If there is a lack of such innovations, I don't see how people will abandon cheaper and faster payment systems to adopt Bitcoin that have become so expensive to send funds from one person to another.

[kryptqnick]

Not everyone is moving toward a cashless society and, frankly, I don't think we should be moving there completely. Cashless means of payment can exclude certain people for whom technological advancements are difficult or unaffordable. Also, going fully digital means becoming more vulnerable in cases of blackouts or some cyberattacks because there won't be another way to pay. Not to mention that Bitcoin isn't necessary for a cashless society because bank accounts and CBDCs can do just fine without it.
Bitcoin is an option, but not the only option.

[Catenaccio]

Hopefully it's possible for Bitcoin to become a cashless system in the future it!

With Bitcoin, you have Bitcoin transactions, without cash. You don't need cash to use Bitcoin.

But you must be realistic that societies globally will still have cash. We will have cash, digital payment methods like bank transfers, visa, and cryptocurrencies include Bitcoin but cashless, we will not have cashless society.

If it happens, it will be very long in the future, not near to 2024. I believe will only happen if we no longer see people read paper books, paper newspapers and anything on paper. When everyone on Earth use everything digitally, we will have cashless world. But it sounds unrealistic with what we have in current societies.

[Abu-Naim]

Bitcoin becomes the primary medium of exchange replacing physical cash entirely. Several obstacles would need to be overcome for this to happen such as Bitcoin would need widespread adoption as a means of payment.

The only challenge Bitcoin is having right now is transaction fee. And the main reason why some people are scared of bitcoin transactions is because it is irreversible while some of this payment methods are easier and can be traceable since they all involve third parties.

I am not encouraging bitcoin as payment method for small scale business if they are not going to hold the bitcoin, because they will be complaining of high fee since the amount they will be transacting will be small, but for mass adoption, if bitcoin can be added to the world recognized payment methods, it will increase the rate of adoption, but since it dose not involve third parties, I doubt if it going to be possible.

[Zlantann]

Bitcoin becomes the primary medium of exchange replacing physical cash entirely. Several obstacles would need to be overcome for this to happen such as Bitcoin would need widespread adoption as a means of payment.

Bitcoin is an alternative currency and will not make cash/fiat obsolete. Many nations are cash-driven and will have to be like that for a very long time. Many people in these areas are poor, uneducated and lack basic infrastructure. Bitcoin adoption is increasing but there are still more lands for Bitcoin to gain adoption. I think Bitcoin is becoming an investment more than a currency.   

Governments and regulatory bodies may pose challenges to Bitcoin becoming the primary medium of exchange due to concerns about control, taxation, and compliance with anti-money laundering (AML). Even to be know customer (KYC) regulations.
A powerful infrastructure supporting Bitcoin transactions would need to be in place.

Hopefully it's possible for Bitcoin to become a cashless system in the future it!

The government will keep making laws that will assist them in achieving the aim of centralising Bitcoin. But Bitcoin is still decentralised, so the government might not be able to totally control it.

[Dr.Bitcoin_Strange]

Bitcoin becomes the primary medium of exchange replacing physical cash entirely. Several obstacles would need to be overcome for this to happen such as Bitcoin would need widespread adoption as a means of payment.

Hopefully it's possible for Bitcoin to become a cashless system in the future it!

Already, Bitcoin has become a widely spread technology in the world today, and there are billions of people in the world who are already using Bitcoin to carry out their day-to-day transactions. Take, for example, El Salvador, where Bitcoin is made a legal tender. Citizens there are using Bitcoin for transactions, just as in my country. Bitcoin is not a legal tender here, but some people who are familiar with (and also in love) with the technology are still doing some daily transactions with Bitcoin.

I run a furniture business, and I accept Bitcoin payments and a few other cryptos too. The first month that I started accepting Bitcoin payments, I was so surprised to see the huge turn-up of Bitcoin users who were willing to pay in Bitcoin. That's to say that already Bitcoin is being used as an electric currency in some countries, apart from those countries where crypto is banned. Bitcoin may not be as popularly used as the normal traditional transaction system, but in the future, we will see more people in the world adopt it.

[Yaunfitda]

Perhaps there are a lot countries who practices cashless society specially in some part of Europe. But if might be a difficult road for bitcoin to be part of it, for one there are so many factors like volatility, transaction fees. Of course there is LN, but it might take time as well to grow and be adopted. So for me, it remain uncertain, I would like to see Bitcoin being recognized around the world, but there are a lot challenges that we need to face in order for it to even grow first and be adopted before we talk about it competing against Visa or Mastercard, in my opinion. And government will not allow fiat or the banking system to be obsolete, so that is another parameter that we have to look at as well.

[thecodebear]

I see some people mentioning bitcoin fees being too high. And the OP compared bitcoin tx capacity to Visa and Mastercard.


People, you need to realize that bitcoin's blockchain is the BASE layer of a monetary system. It'd be like if we were talking about using fiat only through wire transfers. The way everyone uses digital fiat is nowhere near the base layer of the fiat/banking system. Please stop comparing the two. Nobody in their right mind expects people to be using bitcoin for payments with mass usage using the base layer. That's literally what higher layers are for, like the Lightning Network. Bitcoin IS NOT MEANT TO BE USED FOR DAILY PAYMENTS. It wasn't designed for that. No good monetary system would be designed for that because at the base layer you want security, not capacity.

Fees are not a problem for Bitcoin becoming used for daily purchases, because people aren't going to be paying on-chain. That would be absurd. On-chain is for large money transfers / large transactions. Higher layer networks are for regular daily commerce.

If we want to compare Bitcoin to the fiat system, you have to compare LN (or possible other future Layer 2's) to Visa, Mastercard, etc.

Also someone said we don't have fees in the fiat system, that's not true at all. Credit cards take a roughly 30 cents + 3% fee for every transaction, it's just that the merchant pays that and passes it on to the consumer, rather than the consumer getting the original price with the fee tacked on. If credit card transactions were transparent for the consumer the merchant would print out on the receipt the cost of the item (less than the cost we pay), and then the credit card fee on top of that.


Anyway, nobody should ever be under the illusion that Bitcoin is replacing fiat currencies. It is an ALTERNATIVE global currency. It is designed to operate as the alternative option co-existing with national currencies. Govts aren't going to give up their currencies to replace them with something they have no control over. Both fiat and Bitcoin have their uses, and people will use them both. Bitcoin is better for saving money medium to long term and then of course spending the money you have saved, in addition of course to storing your money yourself rather than in a bank, and being able to spend money internationally without having to switch currencies, or sending money across borders cheaply and quickly, etc. Fiat is good for saving/spending in the short to medium term.


And I really don't see a cashless society in general happening. At least not in any country where the people have a say. There will always be a need for some physical money, sure it won't be a big need, but it is neccesary. A world with a little bit of physical money usage is very different than a world with no physical money at all.

[EL MOHA]

Not everyone is moving toward a cashless society and, frankly, I don't think we should be moving there completely. Cashless means of payment can exclude certain people for whom technological advancements are difficult or unaffordable. Also, going fully digital means becoming more vulnerable in cases of blackouts or some cyberattacks because there won't be another way to pay. Not to mention that Bitcoin isn't necessary for a cashless society because bank accounts and CBDCs can do just fine without it.
Bitcoin is an option, but not the only option.

Some geopolitical factors are definitely what will stop bitcoin from been used as primary means of exchange. If you look at it, satoshi himself might have thought of this challenges and that’s why he clearly stated that this bitcoin is clearly an alternative to the traditional currency. If you look at the less developed areas they suffer not only for the lack of knowledge but also they don’t have any network connections in their areas. Without this two the transaction would not be possible.

Right now I only see bitcoin as a payment method for large transactions amounts and not smaller ones. Also bitcoin to me fit perfectly well for cross border transactions where you don’t need to worry about the hassle of converting from different currencies to another before sending them.

[GreatArkansas]

Bitcoin for me is a big help for everyone because first, it's decentralized, where consumers have greater authority over their financial information and transactions.
And global transactions, where this feature of Bitcoin facilitates a more globally integrated economy, supporting a cashless society.

[Stepstowealth]

Hopefully it's possible for Bitcoin to become a cashless system in the future it!

I don't understand what you mean by bitcoin becoming cashless, when bitcoin is a digital currency that is controlled by many nodes in the network.

I think OP has meant to say that It is possible for bitcoins to become the (not a) cashless system. There will be reduced cash and use of cash in a cashless system, and while other cashless means of transactions will be used like debit and credit cards, online banking, CBDC's, bitcoins can also be used for transactions still in a cashless way. Bitcoin can become one of the means of transaction in a cashless economy, but it has to first be accepted by many people, governments and country.

[livingfree]

Bitcoin becomes the primary medium of exchange replacing physical cash entirely. Several obstacles would need to be overcome for this to happen such as Bitcoin would need widespread adoption as a means of payment.

Not for now nor in the future.

It's good as an alternative but if it's about replacing cash entirely, we don't know how it is going to take or it won't take anything for it to happen. We're too optimistic about that and I am one for it but we have to realize that the system of most governments are not in favor of Bitcoin.

Even let's say most of them makes BTC a legal tender, it won't still replace physical cash. It's nice as a medium of exchange but many will still not in favor of it just as the government of El Salvador does.

We can take it as an example although we're in favor of it being in the mainstream as a payment because that's how it should be.

[Ojima-ojo]

....

There's no must for Bitcoin to completely replace banks and traditional fiat, because it's impossible in the first place.

Bitcoin was developed from the start to disrupt the global transaction system, it was not created to destroy the banking system and replace it completely. even now bitcoin still has problems with its fairly high fees and lack of scalability, how can it be called a digital asset that will replace the function of banking and fiat currency? let's think more realistically.

Many at times people tend to take Bitcoin to be a replacement pf the traditional financial systems,  and forgetting that Bitcoin was and is developed to serve as an alternative to traditional currencies of financial systems.


So our ability to accept that fact is what makes the difference in any way, so discussion on bitcoin being a tool for a cashless society is far from being the accurate truth that can stand the test of time and making a significant discussion

[Olatundespo]

Hopefully it's possible for Bitcoin to become a cashless system in the future it!

I don't understand what you mean by bitcoin becoming cashless, when bitcoin is a digital currency that is controlled by many nodes in the network.

I think OP has meant to say that It is possible for bitcoins to become the (not a) cashless system. There will be reduced cash and use of cash in a cashless system, and while other cashless means of transactions will be used like debit and credit cards, online banking, CBDC's, bitcoins can also be used for transactions still in a cashless way. Bitcoin can become one of the means of transaction in a cashless economy, but it has to first be accepted by many people, governments and country.

Exectly ! I know this is cashless. generally now a day we are transaction in our society like cashless if Bitcoin contribute in the  same way. now we guess this is not possible but I hope this is possible maybe possible. now it become like elite transaction we have but thinking about small. Before start Everything ws small.

El Salvador as a state is trying to establish Bitcoin. Maybe their dream is cashless society including BTC.

[davis196]

Hopefully it's possible for Bitcoin to become a cashless system in the future it!

Bitcoin is a cashless system by default. I don't know what do you mean by this sentence.
Do we really need a cashless society? What happens with the cashless payment systems when the power grid collapses and there's no electricity? Nobody can buy and sell anything? No government in the world would use Bitcoin as the foundation of a cashless system. The governments would rather use their own CBDCs instead of Bitcoin or any other cryptocurrency. I agree that the Lightning Network should be improved and become more user-friendly, but let's not forget that LN is a centralized off-chain solution and we shouldn't rely that much on centralized off-chain methods to transact BTC.

[EarnOnVictor]

Bitcoin for me is a big help for everyone because first, it's decentralized, where consumers have greater authority over their financial information and transactions.
And global transactions, where this feature of Bitcoin facilitates a more globally integrated economy, supporting a cashless society.

I like your intro about this but I would love it if you could prove that economy part further. This is because I think differently when it comes to this and I would always want someone to prove it otherwise. If it is about the non-custodial wallet we preach on this forum, then the economic remark you talk about is zero or almost zero.

This is because Bitcoin is a decentralized asset, meaning that it has some degree of privacy and anonymity which makes it not accountable to the economy as you said, but only to the Bitcoin liquidity. Or whose country's economy will you account it to when you do not even know the owner? But thanks to the custodial wallet, I mean those who are registered in a country, they can at least apply tax and with the way, they build businesses around it where not they alone can be earning through it. This arrangement will partly add to the economy, particularly of the country to which they are obliged to be accountable. But for those who still use non-custodial wallets and P2P, you can't tell me that their transactions are adding to the economy.

But you might prove me wrong though. I'm waiting...

[smelody]

Bitcoin becomes the primary medium of exchange replacing physical cash entirely. Several obstacles would need to be overcome for this to happen such as Bitcoin would need widespread adoption as a means of payment.

Bitcoin cannot be used in a totally cashless policy as a primary means of payment, as it can't fit into that for small business purchases. If it's for payment with a small amount that can cover the fee and the waiting time for confirmation, then we can go with that.
 
How do you make a payment with bitcoin on a purchase where you are meant to pay the seller $0.5 when the fee alone is situated to be above that? Bitcoin can be used as a secondary means of payment in a cashless society.

And before a motion for cashless policies is to be moved, things are going to be set in place that can allow the citizens to meet that standard, like fast and reliable wire transfers and other means of online payment. Bitcoin can be used for big transactions for those who aspect it.

BTC can play an important role in society today's inflationary era. If we can increase transaction of BTC with USD inflation will be reduced to a large extent. There must be proper planning and implementation.
We know BTC is decentralize and invisible also cashless. But it's not always for the elite but also should be general people. In future new innovative way will be coming into the BTC this is one of small way.
For BTC separate card system can be launch and small items can be purchased from super shop.
Is it possible to implement this idea?

[shield132]

At a recent time some of the organization and basically some legendary people try to launch "Cashless system" which transactions are conducted electronically. without the need for physical currency such as coins or banknotes. In a cashless society or economy people rely on electronic forms of payment such as credit cards, debit cards, mobile payment apps, and online banking transfers (EFT) to make purchases, pay bills and conduct financial transactions. This trend has become increasingly popular with the advent of digital technology and the widespread adoption of electronic payment methods.

Bitcoin becomes the primary medium of exchange replacing physical cash entirely. Several obstacles would need to be overcome for this to happen such as Bitcoin would need widespread adoption as a means of payment.

Bitcoin's current transaction throughput is limited compared to traditional payment systems like Visa or Master card. Should be improvement of Lightning Network. Governments and regulatory bodies may pose challenges to Bitcoin becoming the primary medium of exchange due to concerns about control, taxation, and compliance with anti-money laundering (AML). Even to be know customer (KYC) regulations.
A powerful infrastructure supporting Bitcoin transactions would need to be in place.

Hopefully it's possible for Bitcoin to become a cashless system in the future it!

We are becoming cashless because it's easy to use debit/credit card, you don't have to count money in your pocket, you don't have to wait for change, you don't have to keep lots of coins because of poor change. It's easy, done automatically and is very practical. I would vouch for Bitcoin as a currency for a cashless society but I am afraid that blockchain technologies are developing rapidly, mining is getting centralized and many people use centralized exchanges instead of DEX. Cashless society will be scary, despite the fact that I love Bitcoin, I still believe that we should keep cash in our financial system. Governments will be able to control us even if we use Bitcoin.

[MJSO22]

At a recent time some of the organization and basically some legendary people try to launch "Cashless system" which transactions are conducted electronically. without the need for physical currency such as coins or banknotes. In a cashless society or economy people rely on electronic forms of payment such as credit cards, debit cards, mobile payment apps, and online banking transfers (EFT) to make purchases, pay bills and conduct financial transactions. This trend has become increasingly popular with the advent of digital technology and the widespread adoption of electronic payment methods.

Bitcoin becomes the primary medium of exchange replacing physical cash entirely. Several obstacles would need to be overcome for this to happen such as Bitcoin would need widespread adoption as a means of payment.

Bitcoin's current transaction throughput is limited compared to traditional payment systems like Visa or Master card. Should be improvement of Lightning Network. Governments and regulatory bodies may pose challenges to Bitcoin becoming the primary medium of exchange due to concerns about control, taxation, and compliance with anti-money laundering (AML). Even to be know customer (KYC) regulations.
A powerful infrastructure supporting Bitcoin transactions would need to be in place.

Hopefully it's possible for Bitcoin to become a cashless system in the future it!

Bitcoin is a very popular coin.  It is used by almost all people.  Its use is increasing day by day.  Yes, one day we will see people paying in Bitcoin.  Sometime these work notes will not exist.  Payment must be made by card everywhere.  Bitcoin can do this because of its popularity.  Almost everyone who knows Bitcoin knows about Bitcoin.So Bitcoin will become the medium of all payments.  People are more addicted to Bitcoin.

[NotATether]

Hopefully it's possible for Bitcoin to become a cashless system in the future it!

I don't understand what you mean by bitcoin becoming cashless, when bitcoin is a digital currency that is controlled by many nodes in the network. It is not like fiat that is centralized and can be manipulated easily, and I don't see why you are comparing bitcoin to be cash.

Bitcoin is already cashless in the sense that there is no cash to handle ever when you are using it.

You do not even need something like CDBCs to make a totally cashless society. We have seen in China where the apps Wechat Pay and AliPay are used by virtually everyone to make payments, and those are not even CDBC's - just apps wrapped around the yuan - and in the West there is Paypal which serves a similar purpose.

[Youngkhngdiddy]

We are becoming cashless because it's easy to use debit/credit card, you don't have to count money in your pocket, you don't have to wait for change, you don't have to keep lots of coins because of poor change. It's easy, done automatically and is very practical. I would vouch for Bitcoin as a currency for a cashless society but I am afraid that blockchain technologies are developing rapidly, mining is getting centralized and many people use centralized exchanges instead of DEX. Cashless society will be scary, despite the fact that I love Bitcoin, I still believe that we should keep cash in our financial system. Governments will be able to control us even if we use Bitcoin.

    You know something you should know is that things didn’t just start in one day and become perfect, even when the paper money became widely known, it didn’t just start and makes it way across the globe in one day, it took time for it to circulate around the globe, coins were being use till the paper money was evenly distributed. Some thing implies to Bitcoin, little by little we will see how Bitcoin will make it way to the top like the paper money did years ago. It is not new that some of this big companies and hotels have already adopted the use of bitcoin as payment. If I’m not mistaken the Ferrari Company is one company that accept bitcoin as a payment method. So it not new that bitcoin is already making waves.
   Personally I don’t see fiat crushing, they all have their purpose one way or the other, Fiat will always be government great asset, to them it one way to tax from the citizens. No one will want to shut down a plant that’s generating money for them.  Bitcoin is looking like a threat to them and their skepticism is why we have these imposing restrictions on bitcoin.

[smelody]

Hopefully it's possible for Bitcoin to become a cashless system in the future it!

I don't understand what you mean by bitcoin becoming cashless, when bitcoin is a digital currency that is controlled by many nodes in the network. It is not like fiat that is centralized and can be manipulated easily, and I don't see why you are comparing bitcoin to be cash.

I don't know the country that you are from, but many countries have started operating in a cashless system. This is why they created their own CBDC. Bitcoin was designed to use the internet. Fiat is controlled by third party.

Bitcoin will not replace fiat but they will work hand in hand, as an alternative to fiat.

Fiat and CBCD are control by the Central bank each an every country.
Fiat such as paper money or coins.Fiat money is backed by a country's government rather than by a physical commodity or financial instrument.

on the other hand CBCDs one kind of digital form of a country's fiat currency.

The Bahamas, Jamaica, and Nigeria have already launch more than 100 countries are in the exploration stage. Central bankers in Brazil, China, the euro area, India, and the United Kingdom are at the forefront.

Maximum countries alredy used ATM,debit/credit card used by fiat money. Fiat and CBCD are control by the Central bank each an every country.

If cripto currancy can use like CBCDs of any country it will help to reduce inflation and Will make a big contribution for build cashless digital society.

[iamsange]

Bitcoin is a very popular coin.  It is used by almost all people.  Its use is increasing day by day.  Yes, one day we will see people paying in Bitcoin.  Sometime these work notes will not exist.  Payment must be made by card everywhere.  Bitcoin can do this because of its popularity.  Almost everyone who knows Bitcoin knows about Bitcoin.So Bitcoin will become the medium of all payments.  People are more addicted to Bitcoin.

There is certainly a reason for people's addiction to Bitcoin, because apart from being able to make it easier to use for things such as the investment and trading sectors. In countries like El Salvador and on several other well-known websites you can also use Bitcoin if you want to pay or buy something we need. This means that Bitcoin is indeed more accepted by society and large companies at this time so it is quite possible that one day Bitcoin will be more widely accepted by everyone, just like currency is currently in everyone's lives.

[tbterryboy]

Governments and regulatory bodies may pose challenges to Bitcoin becoming the primary medium of exchange due to concerns about control, taxation, and compliance with anti-money laundering (AML). Even to be know customer (KYC) regulations.
A powerful infrastructure supporting Bitcoin transactions would need to be in place.

That is the biggest challenge, adoption is not that big of an issue and we already have a pretty large user base for Bitcoin and cryptocurrencies if that was the only necessity, Bitcoin and other cryptocurrencies would have been available for use as a global payment method, but this cannot happen unless governments and regulatory bodies allows it.

A local merchant might be a Bitcoin and cryptocurrency enthusiast and be interested in accepting them as a payment method for their products and services, but they won't be able to do that unless the government allows them and we all know that we can't go against the government because they have the power to do anything they want, even close and seal our businesses.

[Darker45]

Why hope when it's already there? Bitcoin is already a cashless system ever since its creation. It's an electronic payment system with its own native currency. Everything happens in the digital universe. No more bills, no more coins; if that's what you mean by cash. It shouldn't be confused because Bitcoin, after all, is an electronic cash system.

However, I don't think Bitcoin will become the primary medium of exchange replacing fiat in whatever form it takes. I hope it happens one day, but I doubt it.

[smelody]

Why hope when it's already there? Bitcoin is already a cashless system ever since its creation. It's an electronic payment system with its own native currency. Everything happens in the digital universe. No more bills, no more coins; if that's what you mean by cash. It shouldn't be confused because Bitcoin, after all, is an electronic cash system.

However, I don't think Bitcoin will become the primary medium of exchange replacing fiat in whatever form it takes. I hope it happens one day, but I doubt it.

Bitcoin is just like a gold mining but many of the government confused about it . For the reason of decentralize also confuse to apply their running economics system. The government thinks that the country's money can be laundered through this it is basically nothing but confusion.
BTC should only be thought of as a gold mine and should be practiced with proper planning.

It should only be thought of as a gold mine and should be practiced with proper planning.
It will only work alongside fiat money.

[fenixosup]

Politicians like idea of cashless system due to easier tracking of financial flows. I don't like that idea despite of my btc holdings. People should have a choice

[Kakmakr]

If you study the Bitcoin whitepaper, you will see that Satoshi Nakamoto referred to Bitcoin as "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution."

Satoshi wanted this payment system to be an alternative to cash and not to replace it. I think Satoshi knew that governments will never accept it as a replacement, so he created it as an alternative.  

The Banking system are already stepping up with loads of centralized "instant" payment options that will make things very difficult to justify Bitcoin as a payment option, because Bitcoin transactions are very slow and expensive. (Not the Lightning Network)

[Plaguedeath]

Bitcoin is just like a gold mining but many of the government confused about it . For the reason of decentralize also confuse to apply their running economics system. The government thinks that the country's money can be laundered through this it is basically nothing but confusion.
BTC should only be thought of as a gold mine and should be practiced with proper planning.

They didn't confuse about Bitcoin and money laundering, but they act like that on purpose to destroy Bitcoin because Bitcoin will harm their fiat and banks. It's not surprising when a new competitor comes up, the old business will try to ruin the new competitors in order to make their business survive and keep making money.

It should only be thought of as a gold mine and should be practiced with proper planning.
It will only work alongside fiat money.

Don't forget you're contradicts your words. First you said Bitcoin should replace fiat entirely, but now you're suggesting Bitcoin and fiat should work alongside.

Bitcoin becomes the primary medium of exchange replacing physical cash entirely.

[EluguHcman]

Do you all ever think if Bitcoin becomes so overhyped and then it supresses the traditional currency if it would still maint it's volatile potentials and if it would be still be so profitable as much as it is today without being compromised and comprehended to favour some particular legendaries? Such could be a political implementations and analysis. Nothing goes for nothing in politics, our politicians are all over there on disguise claiming they are in for us while they are indirectly generating valuables out of the masses while stays tasty or we could only have sympathy offers from the wickednesses of the so legendaries.

I don't trust the government and I don't trust a sole legendary. So, let Bitcoin keep pushing its hard for a wide and wider spreads to enhance its technological systems without the corporations with the governments just for its Bitcoin to hinder the existing traditional currency.

[MusaMohamed]

Do you all ever think if Bitcoin becomes so overhyped and then it supresses the traditional currency if it would still maint it's volatile potentials and if it would be still be so profitable as much as it is today without being compromised and comprehended to favour some particular legendaries?

I don't trust the government and I don't trust a sole legendary. So, let Bitcoin keep pushing its hard for a wide and wider spreads to enhance its technological systems without the corporations with the governments just for its Bitcoin to hinder the existing traditional currency.

Bitcoin will grow more and I believe my belief is as same as many other people who own bitcoin. We invest in Bitcoin because we believe in its future which is better than now. By that belief, we expect Bitcoin will increase in adoption, value and price.

Bitcoin will gain more adoption but it does not exist to beat governments or traditional currencies, we must be realistic about its mission and potential. We are living in a nation, a world with governments and their policies so Bitcoin only gives us a chance, a tool to be our own banks with private keys. Governments can not seize our bitcoins if we own private keys and are not arrested by governments. They only do this if we committed criminal activities and after arrest, they can seize our bitcoin through seizing private keys but if you don't commit criminal activities, you are fine.

[hatshepsut93]

Hopefully it's possible for Bitcoin to become a cashless system in the future it!

It's not possible, you already outlined why. Solving scalability is one major challenge, I don't think it's guaranteed to be ever truly solved and allow Bitcoin to process all transactions in the world, which is billions of transactions per day. And this major challenge is overshadowed by the resistance that banks, governments and payment companies would pose if Bitcoin starts to become a real competitor. There's a popular belief in Bitcoin community that they are already trying to kill Bitcoin and failing, but it couldn't be further from the truth - they actually ignore Bitcoin or even help Bitcoin by making investing more accessible. That's because Bitcoin-as-digital-gold is not a threat to them but an opportunity for making money through fees and taxes.

[The Cryptovator]

To be realistic Bitcoin isn't helpful for cashless payment systems right now, and it won't be. Due to high transaction fees and long waiting times, merchants won't accept Bitcoin payments. But the traditional cashless system worked instantly and with no fee. In my country, the Mobile Finance System (MFS) has become most popular. You don't need to carry cash, and every shop now offers an MFS payment system. The fees are too low compared to bitcoin. Bitcoin would help the P2P global payment system. I don't imagine Bitcoin would be used like cashless payments everywhere unless it solved transaction problems.

[smelody]

Hopefully it's possible for Bitcoin to become a cashless system in the future it!

It's not possible, you already outlined why. Solving scalability is one major challenge, I don't think it's guaranteed to be ever truly solved and allow Bitcoin to process all transactions in the world, which is billions of transactions per day. And this major challenge is overshadowed by the resistance that banks, governments and payment companies would pose if Bitcoin starts to become a real competitor. There's a popular belief in Bitcoin community that they are already trying to kill Bitcoin and failing, but it couldn't be further from the truth - they actually ignore Bitcoin or even help Bitcoin by making investing more accessible. That's because Bitcoin-as-digital-gold is not a threat to them but an opportunity for making money through fees and taxes.

Bitcoin is a digital gold . When on of the organisation or government taken the rules like the fundamental system there will have some binding like time or fees or tax etc.

Also charged management committee. But should be reasonable into the society.
When you living a country you are giving tax and other fees the government giving us security.

Moreever now the system of BTC is not allowed but when a government or under a agency's some of the strategy may apply.

[thefreethinker]

The cashless society is one major direction that the world is heading into in recent times. Even though the world is still far from getting to that point where it could be said that everyone has gone cashless, there's actually still a very long way to go. Have you checken out Africa, Asia and the Middle East? Technology is has not penetrated any deep into these societies. BTC's technology is of course constantly evolving, it will eventually advance to where it can be able to handle the cashless demand of the world.

[Mauser]

Bitcoin's current transaction throughput is limited compared to traditional payment systems like Visa or Master card. Should be improvement of Lightning Network. Governments and regulatory bodies may pose challenges to Bitcoin becoming the primary medium of exchange due to concerns about control, taxation, and compliance with anti-money laundering (AML). Even to be know customer (KYC) regulations.
A powerful infrastructure supporting Bitcoin transactions would need to be in place.

Hopefully it's possible for Bitcoin to become a cashless system in the future it!

Bitcoin is already cashless, nobody is running around with bitcoins in their pockets and are starting to try and pay with it at the cashier. I can understand that there are certain limitations with bitcoin to use it as a for everyday transactions like visa or mastercard. Especially with very small purchases it wouldn't make a lot of sense to use bitcoin because of the high transaction fees. In the end we could use the credit card system as well for crypto currencies and only settle in bitcoin instead of fiat money. The benefit of credit card payments is that we only make one payment per month to settle our account. It's the credit card company that makes all the small transaction for us. And if they have a large number of clients than they could also pool all their daily transaction and only settle the netted amounts at the end of the day. This would lead to a big drop in transactions and make it more feasible for crypto currencies to be used.

[hatshepsut93]

Moreever now the system of BTC is not allowed but when a government or under a agency's some of the strategy may apply.

Bitcoin is generally tolerated by the government and financial institutions so long as its mostly used only as an investment. But if Bitcoin starts becoming a competitor to fiat currency, money transmitting services; if it will start actually disrupting the current financial world instead of becoming a part of it, then you would see the system reacting to it. It's not about whether Bitcoin is regulated or not, it's about how Bitcoin is being used by society.

[_BlackStar]

-snip-

Bitcoin is generally tolerated by the government and financial institutions so long as its mostly used only as an investment. But if Bitcoin starts becoming a competitor to fiat currency, money transmitting services; if it will start actually disrupting the current financial world instead of becoming a part of it, then you would see the system reacting to it. It's not about whether Bitcoin is regulated or not, it's about how Bitcoin is being used by society.

Some governments see bitcoin as a threat to the centralized financial system - that's why governments don't fully legalize bitcoin as legal tender. Of course there are some countries where bitcoin is legal - but I don't think there are many. In most countries - bitcoin is legalized as an investment asset, its real use cases are prohibited.

Bitcoin was not primarily created to compete with other centralized governments' currencies - but it is an option that can be chosen as an alternative if both users are willing to make transactions. There is no pressure to legalize bitcoin as a legal currency - but governments know what the advantages of adopting it are.

[Renampun]

...

Bitcoin's current transaction throughput is limited compared to traditional payment systems like Visa or Master card. Should be improvement of Lightning Network. Governments and regulatory bodies may pose challenges to Bitcoin becoming the primary medium of exchange due to concerns about control, taxation, and compliance with anti-money laundering (AML). Even to be know customer (KYC) regulations.
A powerful infrastructure supporting Bitcoin transactions would need to be in place.

Hopefully it's possible for Bitcoin to become a cashless system in the future it!

The thing that makes me really interested in Bitcoin is that Bitcoin is the money of the future, meaning Bitcoin can not only be used as a tool for transactions but can also be used as a protector of the value of the money/assets we own.
However, the problem that really interferes with Bitcoin's mass adoption is its fluctuating fees. It is still very clear in my memory when the Bitcoin fee for processing transactions reached $15 for one transaction, and this is very disturbing, especially for those who transact in small amounts. However, I am optimistic that in the future Bitcoin fees will be much cheaper than now and the method will not affect the number of Bitcoin.

[Nothingtodo]

Most of the countries of the world have started transactions in digital mode, especially mobile banking has spread all over the country. People of my country do not use cash for money transactions but all transactions are done through mobile banking. Although Bitcoin is not legalized in my country, cashless digital transactions are used instead of paper money. But if the bitcoin is mineIt gets recognized in the country, but the use of paper money will not be used in the future. If all transactions, car rent, house rent, tuition fee, electricity bill, water bill, and daily necessities etc. are exchanged through Bitcoin, then the cashless exchange system will be fully implemented.

[umbara ardian]

Before we toss Bitcoin out the window, let's chill for a sec. It might not be the king of buying gum, but for big bucks like international payments or that dream yacht, it could be a baller move. Plus, tech wizards are constantly working on making Bitcoin faster and cheaper, like upgrading your phone to lightning speed. A truly cashless society probably won't be a one-currency show anyway. It'll be a mix of options, each with their own pros and cons. Bitcoin might not be the MVP for tiny transactions, but it could still be a valuable player in the future financial game.

[doomloop]

To be realistic Bitcoin isn't helpful for cashless payment systems right now, and it won't be. Due to high transaction fees and long waiting times, merchants won't accept Bitcoin payments. But the traditional cashless system worked instantly and with no fee. In my country, the Mobile Finance System (MFS) has become most popular. You don't need to carry cash, and every shop now offers an MFS payment system. The fees are too low compared to bitcoin. Bitcoin would help the P2P global payment system. I don't imagine Bitcoin would be used like cashless payments everywhere unless it solved transaction problems.

Bitcoin was never created for this purpose, it was created to solve the peer-to-peer payment problems that traditional payment systems have due to their centralized nature and the problems they cause now and then. If Bitcoin was created to become a system to be used by merchants for cashless payments, I'm pretty sure that Satoshi would have created it differently, with a different consensus and a different mining system and the fees and transaction times would have been different for sure.

If we look closely, Bitcoin is serving the purpose it was created for because you can still send and receive payments way more conveniently than traditional banking systems and with lower fees, especially if the transactions are international. It has also become one of the most used investment assets of the world today which is an extra benefit it is providing to us.

[romero121]

Bitcoin has been invented as an alternative to the traditional banking system. Over time, this could serve as the mainstream transaction source. Even in such a situation, it isn't possible to think of a cashless society because the value of bitcoin is compared against the USD and other countries national currencies. Bitcoin is provided with a denomination in sats, but the value per satoshi is defined in dollars. Bitcoin is an eye-opener for users who want financial freedom, and in terms of contribution to society, it is in its very early years of existence. Only time can give the proper answer to this.

[Dzwaafu11]

Bitcoin becomes the primary medium of exchange replacing physical cash entirely. Several obstacles would need to be overcome for this to happen such as Bitcoin would need widespread adoption as a means of payment.

In some boards, I've seen numerous threads that include the same sentence, such as this one: I'm not sure why some individuals believe that bitcoin will eventually supplant fiat currency. This is not feasible in the context of what we believe the cryptocurrency sector can achieve. As Bitcoin was developed and functions digitally, it cannot take the place of any nation's fiat currency worldwide. The market and all that bitcoin does are not under the authority of any one person. Thus, we should give up expecting that such things will occur and that bitcoin will stay this way. It will be preferable, in my opinion, than replacing fiat money.

Furthermore, if bitcoin takes the place of fiat money in any nation, the government will want to control it because it controls fiat money as well. This will cause problems for people because governments must redefine centralization and remove the word "decentralisation," and bitcoin was not intended to be controlled by anyone, regardless of identity. We desire that the currency continue to function digitally. Furthermore, massive sums of money will not be invested by people if the government or any other third entity gains access to bitcoin because they will begin to collect tasks from investors.

[Rengga Jati]

At a recent time some of the organization and basically some legendary people try to launch "Cashless system" which transactions are conducted electronically. without the need for physical currency such as coins or banknotes. In a cashless society or economy people rely on electronic forms of payment such as credit cards, debit cards, mobile payment apps, and online banking transfers (EFT) to make purchases, pay bills and conduct financial transactions. This trend has become increasingly popular with the advent of digital technology and the widespread adoption of electronic payment methods.

And it's true, in just the past few years, cashless payments have really developed very rapidly. And even e-wallets are now widely used and accepted everywhere. So the convenience of paying without cash really continues and is made easier. Nowadays, we can find that even in small shops, they accept cashless payments. In my opinion, this is good progress along with the development of technology and human needs.

However, unfortunately, regarding Bitcoin as a digital product which in fact is also intended as a means of payment, at this time it still cannot be done easily and freely in various places. Because there are restrictions regarding the use of Bitcoin as a legal means of payment, except in countries that have legalized it. Like in my country, it is still not possible to pay with Bitcoin, it is illegal and there will be sanctions. So, again and again, we still encounter state regulations.

[Games.Bitcoin]

The concept of a cashless society has been introduced driven by digital payment technology advancements and changing consumer preferences through digital currencies.  Bitcoin as a decentralized digital currency is likely to play an important role in this transition.  Bitcoin is poised to make this change possible by offering secure and transparent transactions.  By solving many of the inefficiencies and limitations associated with fiat currencies, Bitcoin plays an important role in the concept of a cashless society.
     

[Benedictare]

   The purpose of Bitcoin is to create trust and accept transaction around the world ledger particularly when there is no need for third party . The act of cryptocurrencies in a cashless society gives a change totally and move very great amount of change in future for investors.
   Cryptocurrency allows several person to pass through the global economy, by passing through traditional banking system bringing low remittance costs,it also gives decentralized way to transaction data.