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.