Are we heading toward a cashless future?

[uneng]

Cash may be expensive, but it's the only way the unbanked will be able to participate in the mainstream economy. If governments take that away, the unbanked will be left out of the system. Especially minors and the elderly. Once physical cash is taken out of circulation, criminals and the unbanked will probably use privacy-oriented cryptocurrencies to help preserve their financial freedom. Or they could use physical silver and/or gold coins/bullion like in the old days.

Considering that digital payments have taken the spotlight, a cashless future is inevitable. We just need to be prepared for it.

The number of unbanked citizens is decreasing compared to previous decades, due to technology and internet being widespread these days. Even in rural areas people already have access to internet and mobile devices nowadays, so cash isn't a first time necessity anymore.

Day by day I see less and less people making use of cash for daily transactions. It's much more convenient to use digital payment methods, debit and credit cards. Actually, it wouldn't be an exaggeration to say 1 in 100 individuals I deal with use cash, while 99 of them already use digital payment methods.

Depending on the area it might not be a reality yet, but as you said, it inevitably will be at some point.

[Omj1014]

I think there'll just be a balance of the both, because they have there advantages and disadvantages, cashless policy might be dominant in Europe and Asia, but in places like Africa and some parts of south America the cashless won't be totally dominant.

[Cookdata]

I think there'll just be a balance of the both, because they have there advantages and disadvantages, cashless policy might be dominant in Europe and Asia, but in places like Africa and some parts of south America the cashless won't be totally dominant.

What do you mean places like Africa or you think Africa is your gheto hood shown in black and white TV. There are cashless policy here even in some rural areas with fair internet. It would have been appreciated if you say some part of Africa but you said places life Africa is insulting. Even many part of Asia, North and South America doesn't have cashless policy, they prefer cash than go cashless and some people preferably like cash over digital transactions with reasons best known to them.

The government with strick policies can make this work in places where there means to do it. I can't remember the last time I used cash or hold it. Almost all the places I buy items have POS or accept lightning transfer where you can send money and it's going to be confirmed in less than 5 seconds but not all business will adapt until they are force to use it for all their customers.

[DrBeer]

Yes, this is what all countries will eventually come to. Cash has many problems and is “expensive.” One of the problems for the state is the inability to track and influence cash payments, which are uncontrolled and constitute a significant part of the gray or black economy (tax evasion, corruption, organized crime, etc.). Therefore, states will push for a shift away from uncontrolled cash toward digital and controlled money.

When citizens of a country use government-controlled digital currency, the government of the country will be able to easily keep track of the financial status of that person at all times. In that case, there are many people who do not want to pay the taxes imposed on them in full, that is, they understate their economy so that the government has to pay a small amount of tax. Those people will come under the government's tracking, so there will be no more opportunity for them to evade it. And a person never wants to show his financial status in front of everyone. I think that is why people will not want to accept government controlled digital currency so much, so it will not gain much popularity.

I have written many times that CBDC is the frightening future that cryptocurrency has created. Blockchain and smart contract technology is the magic wand that allows governments to build monetary policy in such a way as to totally control and MANAGE our money.
 And, as we have long been convinced, the government is not interested in people's opinions. Moreover, there are opinion leaders and a multitude of high-quality arguments as to why cash should be abandoned. Therefore, unfortunately, this process is inevitable!

[Don Pedro Dinero]

I have written many times that CBDC is the frightening future that cryptocurrency has created. Blockchain and smart contract technology is the magic wand that allows governments to build monetary policy in such a way as to totally control and MANAGE our money.

Well, but that's just like nuclear energy, that can be used both for atomic bombs and generating electricity, or for nuclear medicine. Or knifes, that can be used in the kitchen or to kill people. I don't blame the technology but what some people do with it, as in this case politicians wanting to control citizens through their finances.

[DrBeer]

I have written many times that CBDC is the frightening future that cryptocurrency has created. Blockchain and smart contract technology is the magic wand that allows governments to build monetary policy in such a way as to totally control and MANAGE our money.

Well, but that's just like nuclear energy, that can be used both for atomic bombs and generating electricity, or for nuclear medicine. Or knifes, that can be used in the kitchen or to kill people. I don't blame the technology but what some people do with it, as in this case politicians wanting to control citizens through their finances.

It is a universal problem of humanity to use useful inventions against itself, and there are countless examples of this

When it comes to states, throughout history, states have always tried to control their citizens. Nowadays, there are simply more convenient technologies for doing so

[Abiky]

Well, but that's just like nuclear energy, that can be used both for atomic bombs and generating electricity, or for nuclear medicine. Or knifes, that can be used in the kitchen or to kill people. I don't blame the technology but what some people do with it, as in this case politicians wanting to control citizens through their finances.

And they (politicians) will achieve it. Why? Because people prefer convenience above all else. They want the "easy route", even if that means compromising their financial privacy in the long run. Fast and cheap payments (practicality), go above privacy/anonymity in today's world. The scenario is perfect for governments to roll out their own CBDCs.

Once cash is no longer in circulation, people concerned about their privacy will simply use physical Gold/Silver coins and bullion. Or they would switch to a privacy-oriented cryptocurrency such as Monero or Grin. Governments simply can't stop the revolution. We'll see what happens in the long run.

[Bigjoe158]

Yes because with innovative approach that is all over the world by the banks we are gradually moving there.with smart phones and POS it's just perfect for to say we are in the cash society now. People now walk around with cards, smart phones phones into the market, super market, hotels, churches for transactions. I don't know when last i hold up to 5k cash in my pocket or wallet or gift person 5k cash. I have been doing transfers.

[Gost ms]

I think there'll just be a balance of the both, because they have there advantages and disadvantages, cashless policy might be dominant in Europe and Asia, but in places like Africa and some parts of south America the cashless won't be totally dominant.

It is not yet possible to say what will happen. Because Bitcoin has not been adopted by the whole world yet. When the whole world accepts Bitcoin and all transactions start in Bitcoin, Africa and the South may start accepting Bitcoin as a currency. Just like we currently use USD, in the future we may use Bitcoin instead of USD. If this happens one day, Africa and the South may adopt Bitcoin. When the whole world leans in one direction, if a few countries do not step in that direction, then their country's monetary policy may be affected.

[DanWalker]

It is not yet possible to say what will happen. Because Bitcoin has not been adopted by the whole world yet. When the whole world accepts Bitcoin and all transactions start in Bitcoin, Africa and the South may start accepting Bitcoin as a currency. Just like we currently use USD, in the future we may use Bitcoin instead of USD. If this happens one day, Africa and the South may adopt Bitcoin. When the whole world leans in one direction, if a few countries do not step in that direction, then their country's monetary policy may be affected.

We are talking about a cashless world and it will probably take a long time for the world to reach a completely cashless state. Bitcoin is not the only solution to a cashless world.

But if you are talking about a world where bitcoin becomes the main and only currency. I assure you that will never happen.

The chances of bitcoin becoming a global currency are very low, if not close to zero. Additionally, Bitcoin is not capable of becoming a global currency and be used on a daily basis. How can it become a popular and globally used everyday payment method when it can only process 10 transactions per second and takes a long time to complete a transaction?

[lizarder]

With digital payments and central bank digital currencies on the rise, will physical money soon disappear?

It's possible that in the future, we will see a decline in the circulation of cash, as many payments have been developed digitally, or even banks themselves have created digital payment systems. People see this as a much better alternative, eliminating the need to carry cash every time they shop or go somewhere. The circulation of cash may not disappear, but it could decline over time due to human nature's preference for convenience.

The future is indeed difficult to predict, but everyone must be able to adapt, especially regarding traditional and digital payment systems. These systems may be built based on the needs of the wider community due to the availability of resources, and we, as humans, are also expected to keep up with current developments, so that adaptation will not be difficult.

[atookz]

With digital payments and central bank digital currencies on the rise, will physical money soon disappear?

In fact, online or non-cash payments are now in vogue and a significant number of individuals resort to such payment options given that they are convenient and fast. I, among others, like digital payment as compared to cash. The reason is that it is convenient and saves one the hustle of carrying cash or even changing. Although it might be the truth that we are becoming a cashless, removing physical money will never come and may take an extremely long time to be realized.

Technology is not even evenly distributed in the real world, it is evolving. Most communities are still without technology and they have to pay using cash. Even some distant societies are using barter. A more practical way in which this may be considered can be that the two are co-existing, and both cash and digital currencies are still required and utilized depending on the necessity and the situation.

[Fara Chan]

I think there'll just be a balance of the both, because they have there advantages and disadvantages, cashless policy might be dominant in Europe and Asia, but in places like Africa and some parts of south America the cashless won't be totally dominant.

This really depends on the location, as each region still has many differences in this regard, so it's not appropriate to equate one place with another in any respect, including cash and non-cash payments. This means that such differences are still very easy to find in each country because the level of development varies greatly from one country to another. In our country, the use of cash and non-cash payments is still quite balanced, so the level of dominance is also difficult to determine because both are still used by everyone.

[DrBeer]

Yes, this is what all countries will eventually come to. Cash has many problems and is “expensive.” One of the problems for the state is the inability to track and influence cash payments, which are uncontrolled and constitute a significant part of the gray or black economy (tax evasion, corruption, organized crime, etc.). Therefore, states will push for a shift away from uncontrolled cash toward digital and controlled money.

Cash may be expensive, but it's the only way the unbanked will be able to participate in the mainstream economy. If governments take that away, the unbanked will be left out of the system. Especially minors and the elderly. Once physical cash is taken out of circulation, criminals and the unbanked will probably use privacy-oriented cryptocurrencies to help preserve their financial freedom. Or they could use physical silver and/or gold coins/bullion like in the old days.

Considering that digital payments have taken the spotlight, a cashless future is inevitable. We just need to be prepared for it.

I don't think it will become a “problem for the state.” Cash circulation will simply cease, and that's all. Don't want it? That's your problem. We'll credit your salaries, pensions, and social assistance to your card/digital account—then you can decide for yourself what to do with it. They'll just take it out of service, and that's it! Forcing everyone to pay with cards and forcing retailers to install terminals is not a problem...
 

[Abiky]

I don't think it will become a “problem for the state.” Cash circulation will simply cease, and that's all. Don't want it? That's your problem. We'll credit your salaries, pensions, and social assistance to your card/digital account—then you can decide for yourself what to do with it. They'll just take it out of service, and that's it! Forcing everyone to pay with cards and forcing retailers to install terminals is not a problem...

This would only work in a totalitarian state. The government would force us to use their system and surveil us "to the bone". With central banks expressing their intentions to launch CBDCS of their own, this is the future we'll be heading into. Perhaps we will all carry implants that will contain all of our financial information? It would enable governments to gain more control over our lives.

The AI and Robotics revolution coupled with Blockchain tech, would mark the beginning of full-scale totalitarian states. We've been warned. It won't be "reds and roses" like governments wants us to believe. I'd prefer traditional cash to last for a long time because of the privacy benefits it provides. Let's enjoy it while it lasts.

[DrBeer]

I don't think it will become a “problem for the state.” Cash circulation will simply cease, and that's all. Don't want it? That's your problem. We'll credit your salaries, pensions, and social assistance to your card/digital account—then you can decide for yourself what to do with it. They'll just take it out of service, and that's it! Forcing everyone to pay with cards and forcing retailers to install terminals is not a problem...

This would only work in a totalitarian state. The government would force us to use their system and surveil us "to the bone". With central banks expressing their intentions to launch CBDCS of their own, this is the future we'll be heading into. Perhaps we will all carry implants that will contain all of our financial information? It would enable governments to gain more control over our lives.

The AI and Robotics revolution coupled with Blockchain tech, would mark the beginning of full-scale totalitarian states. We've been warned. It won't be "reds and roses" like governments wants us to believe. I'd prefer traditional cash to last for a long time because of the privacy benefits it provides. Let's enjoy it while it lasts.

Yes, I agree that such primitive approaches work only in totalitarian countries, where the opinions and fates of people do not greatly concern the rulers, because for them, people are simply a resource, nothing more.
But I fear that even in developed countries, similar methods may be used, albeit in a milder form. And under quite acceptable slogans such as security, cost reduction, etc.

[trendcoin]

Carrying cash can sometimes cause problems. We can be helpless against theft or the possibility of losing money. That's why I don't usually carry cash on me. A credit card meets all my needs... However, elderly people who have difficulty using credit cards, people involved in illegal activities, or people working in the informal sector to avoid paying taxes will continue to resist digital transformation. Even as digital transformation steadily increases day by day, there will undoubtedly be people who continue to carry cash...

[CryptoBuds]

Carrying cash can sometimes cause problems. We can be helpless against theft or the possibility of losing money. That's why I don't usually carry cash on me. A credit card meets all my needs... However, elderly people who have difficulty using credit cards, people involved in illegal activities, or people working in the informal sector to avoid paying taxes will continue to resist digital transformation. Even as digital transformation steadily increases day by day, there will undoubtedly be people who continue to carry cash...

Of course, cash will still circulate, and there will still be a segment of the population who want to use it. A cashless world may not arrive anytime soon, but it is inevitable. Sooner or later we will have to eliminate cash entirely, and those who don't like that will have to adapt. Governments will also promote and encourage people to fully transition to digital payments to keep pace with the development of the modern global economy.

Currently, no country has achieved a completely cashless state. Cash is still used to some extent, but digital payments are gradually gaining dominance. Therefore, a cashless world is only a matter of time.

[lornadane]

Imo physical cash isn’t disappearing anytime soon. Digital payments are growing fast, yeah, but cash still matters for privacy, offline use, and people who aren’t fully banked. CBDCs might reduce cash usage, but replacing it fully would be tough. Governments like having options, not putting all eggs in one basket.

[Abiky]

Imo physical cash isn’t disappearing anytime soon. Digital payments are growing fast, yeah, but cash still matters for privacy, offline use, and people who aren’t fully banked. CBDCs might reduce cash usage, but replacing it fully would be tough. Governments like having options, not putting all eggs in one basket.

Cash matters for the unbanked. But not for long. Governments' ultimate plan is to completely remove cash from circulation to force the use of CBDCs. All in an attempt to gain more control over your financial life. Via such a system, they will be able to freeze your money, shut down and reset the whole system, and even exert monetary policy changes "on the fly". Much easier and convenient than just letting payment processors (companies such as VISA and Mastercard) take care of the rest.

Believe me, change is coming whenever we like it or not. And we must be prepared for it. In the event cash is removed from circulation, we'd have no choice but to use physical Gold + Silver coins for private, offline transactions. Unless, governments prohibit this. We can never tell what will happen in the future, so I'd hope for the best.