Cashless Socity and Contribution of Bitcoin!

[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.

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[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.