Are we heading toward a cashless future?

[fuguebtc]

I some kind of like it, because it reduces the way we touch money and also abuse it. If you checked money is made of Chemical's, it is advisable after touching it, we wash our hands for it not to cause any kind of harm, but sometimes we forget or also being so careless.

More precisely, paper money is made from a special blend of cotton and linen fiber. It could be said that it causes some harm to human, but the level is insignificant. The proof is that, so far, no one has contracted a terminal illness or died simply from excessive exposure to paper money. Do not use that as an excuse not to use cash

Furthermore, are you aware of the harmful effect of electromagnetic waves and blue light from smartphone on human health? When it comes to health issues, digital device are a more concerning problem.

[Abdulzuruku01]

We clearly are heading into a cashless economy. The more developed countries have already moved into that phase, while the under developed ones are striving to get there and at some point there would be wide spread use of cashless systems and mechanics than the use of regular fiat currency for everyday transactions and payments.

The innovation of digital currencies, AI innovation, web3 applications broke this barrier and CBDC was formed as a front by some countries, but that's just a show of how cashless systems will get better and more acceptable than cash in times to come.

Even though many countries are not yet fully adopted that idea, still I'm sure that in future, the whole world is going to reach there. In local states and some developing countries a lot of their daily money transactions are not with cash because cashless transaction is very fast, secure and reliable. Cashless transactions mostly used by business and rich people.

Now there is no future for cash transaction anymore and it's better for each nation to adopt that policy of cashless transactions, it will reduce the burden of the cash and the only issue is that it will affect the bankers by limiting the job opportunities for the accountants and other professionals working in the bank.

[bangjoe]

I some kind of like it, because it reduces the way we touch money and also abuse it. If you checked money is made of Chemical's, it is advisable after touching it, we wash our hands for it not to cause any kind of harm, but sometimes we forget or also being so careless.

More precisely, paper money is made from a special blend of cotton and linen fiber. It could be said that it causes some harm to human, but the level is insignificant. The proof is that, so far, no one has contracted a terminal illness or died simply from excessive exposure to paper money. Do not use that as an excuse not to use cash

Furthermore, are you aware of the harmful effect of electromagnetic waves and blue light from smartphone on human health? When it comes to health issues, digital device are a more concerning problem.

What is dangerous is not that I think about cash, rather if someone who has a contagious disease and the cash is contaminated then it will be easy to spread the disease with cash because cash is from hand to hand, if you look at it from this side.
 
Will you always use your cell phone here or do transactions all the time, it depends on the use of the device, how often you use it the probability of danger is greater.

I prefer digital money because it's easy for me to use especially traveling to far away places.

[junder]

Cash will not be gone despite that technology is advancing and adoption of cashless transactions are there. The world can't just condemn those who can't adopt to the cashless payments. But for certain areas where they will promote it, they're going to implement it strictly so that they'll have a 100% adoption for that. In my country and as well as in Japan, there are stores that still prefer mostly with cash because they'll need to pay for some commissions to the payment processors who will they use for their technology with the customers paying in cashless.

Yes, that's a valid statement some stores still prefer cash payments for their own reasons as you mentioned. Furthermore, as everyone goes about their daily lives they inevitably have variations, like me. Sometimes I pay with cash and sometimes with digital currency.

The increasing use of digital currency has made many things easier for long distance payments especially now that we can buy goods without having to visit the store, and that's done with digital payments.

[Jasmyne]

If a strong implementation of cashless will be done, the elderly will be forced to adopt the new technology even if they don't like it. Or, the only exception is on them and whoever isn't of their age won't adopt the cashless payments could be penalized. This is the kind of enforcement that they're likely to do in the future if they want everyone to adopt the cashless payments and for the government to have ease in payments. That's the only way that they will make everyone like to start using the cashless transactions.

I’m not sure in the future, that implementation will hold or stand, because not everyone will be able to keep to that. Asides the old ones, they are also illiterate who can’t read and write, people who are not used to technology, people who are in rural areas that are still finding it had to develop to our modern technology will really find it difficult to do online banking or digital transfers since most of them can’t even read.

I believe in the nearest future, cash will still be available as it cannot be totally eliminated, just that it will be lesser, since technology is now revolving and most people now prefer online banking as it also helps reduce criminal activity and also faster and easier to them for transactions.

[AmaGold70]

Physical money may not disappear entirely, but the introduction of cashless policy is play a vital role in our economy. Before now, we use to carry money about, and making any transaction involves going to the bank first, and struggling to withdraw money. Today, many business men , and women prefer going cashless than carrying money around, and this saves people from many danger. The rate of robbery has reduced, because many people have stopped carrying huge amount of money around. There are places where shop owners now value receiving money on transfer and some uses their ATM and POS machines for payment and receiving of cash, and to me, cashless policy, and future will be very beneficial to us.

[brother brother]

We are actually heading towards cashless. It reminds me the first time I ever make digital payment, my thoughts at first was that such could be done with only highly educated individuals and bankers. But today there is flexibility in cashless, many prefer this cashless in payment of services.

Almost all the organizations and institutions operates on cashless which is a progress to the society today.

[bakasabo]

Yes, that's a valid statement some stores still prefer cash payments for their own reasons as you mentioned. Furthermore, as everyone goes about their daily lives they inevitably have variations, like me. Sometimes I pay with cash and sometimes with digital currency.

The increasing use of digital currency has made many things easier for long distance payments especially now that we can buy goods without having to visit the store, and that's done with digital payments.

It is very convenient that we in Europe have one single currency in many countries. You can take your mobile (it will be your wallet), put ID card in mobiles case and that will be your minimum for travelling. Just imagine that you can travel easily around Europe with only mobile. I used to carry small bag over shoulder where I put my wallet with cash (especially coins made it think, bulky and destroyed wallet within 1-2 years of usage), keys and plastic cards for different shops. Besides keys, everything now is in my mobile. Very convenient.

[fuguebtc]

What is dangerous is not that I think about cash, rather if someone who has a contagious disease and the cash is contaminated then it will be easy to spread the disease with cash because cash is from hand to hand, if you look at it from this side.
 
Will you always use your cell phone here or do transactions all the time, it depends on the use of the device, how often you use it the probability of danger is greater.

Can you name a few infectious diseases that can be spread through cash? In addition, if you think that many diseases can be spread through cash. 

You need to stay away from almost everything and isolate yourself from your surroundings. Because almost everything in public places, such as doorknobs, elevator buttons, supermarket shopping carts, POS terminal and restaurant tables and chairs, poses a similar risk

I prefer digital money because it's easy for me to use especially traveling to far away places.

This reason sounds much more logical and realistic.

[Abiky]

Can you name a few infectious diseases that can be spread through cash? In addition, if you think that many diseases can be spread through cash. 

You need to stay away from almost everything and isolate yourself from your surroundings. Because almost everything in public places, such as doorknobs, elevator buttons, supermarket shopping carts, POS terminal and restaurant tables and chairs, poses a similar risk

Cash goes through different hands. It's physical, so it's normal for it to carry diseases with it. I mean, haven't you touched coins and paper money before? They feel (and sometimes look) filthy. In the COVID era, there was fear cash would increase the rate of "transmission". Digital payments gained traction like there's no tomorrow.

Even today, COVID is still a persisting issue. Not to mention, several new diseases that came into the fold. With all of the things happening in the world today, a cashless future is inevitable. Stablecoins and CBDCs are the beginning. Just you wait and see.

[fuguebtc]

Cash goes through different hands. It's physical, so it's normal for it to carry diseases with it. I mean, haven't you touched coins and paper money before? They feel (and sometimes look) filthy. In the COVID era, there was fear cash would increase the rate of "transmission". Digital payments gained traction like there's no tomorrow.

Even today, COVID is still a persisting issue. Not to mention, several new diseases that came into the fold. With all of the things happening in the world today, a cashless future is inevitable. Stablecoins and CBDCs are the beginning. Just you wait and see.

In reality, cash is quite dirty and contains many germs and pathogens, but we should not exaggerate that or use it as a reason not to use cash. Because it is not the only thing we come into contact with every day. As I mentioned, public places like elevators, supermarket goods...all contain a lot of bacteria that we frequently touch

The world is moving towards digitalization, and CBDC along with stablecoin are inevitable. But cash is not going to disappear anytime soon, it will not disappear, at least not in our generation.

[junder]

It is very convenient that we in Europe have one single currency in many countries. You can take your mobile (it will be your wallet), put ID card in mobiles case and that will be your minimum for travelling. Just imagine that you can travel easily around Europe with only mobile. I used to carry small bag over shoulder where I put my wallet with cash (especially coins made it think, bulky and destroyed wallet within 1-2 years of usage), keys and plastic cards for different shops. Besides keys, everything now is in my mobile. Very convenient.

It is very realistic to say that our cell phones are now becoming our own wallets because digital transactions are very much done by the public because of their practicality. This is the reality that smart phones are real because they can be a container that makes things easier for us. I myself sometimes travel quite far and only carry a bag whose contents are only chargers for cellphones or others while for money I am mainly on my cellphone but even with cash I sometimes carry it too because I know there are payments that cannot be made with digital money.

[Abiky]

In reality, cash is quite dirty and contains many germs and pathogens, but we should not exaggerate that or use it as a reason not to use cash. Because it is not the only thing we come into contact with every day. As I mentioned, public places like elevators, supermarket goods...all contain a lot of bacteria that we frequently touch

The world is moving towards digitalization, and CBDC along with stablecoin are inevitable. But cash is not going to disappear anytime soon, it will not disappear, at least not in our generation.

Ah, yes. That too. Avoiding germs and/or bacteria in their entirety is almost impossible. And wearing gloves all of the time, would make you look paranoid. But the change will happen whenever we like it or not. I mean, governments have the perfect excuse to phase out cash and replace it with a CBDC.

Like you've said, cash isn't going to disappear in our generation. It's going to take decades, if not, centuries before it goes away. The use of cash payments will slowly decline, while digital payments will continue to rise. Old people will have a hard time trying to adapt to the new system. While they're still around, we should expect cash to be used worldwide. Once CBDCs take over the world, you can say "bye-bye" to your privacy for good. I guarantee it.

[bubilas]

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

Many countries that experience power outages or hacker attacks from other countries often rely solely on physical money, so they won't go anywhere. And even though the authorities believe that cash is the dirtiest money in terms of its history (and it's not cryptocurrency, as they sometimes claim), the authorities still can't ban paper money, because many people want to literally physically feel the money they receive after a month of work, and no one will force them to accept that all the numbers on a plastic card are backed one-to-one by the national currency.

[cxtreenal]

There will be a demand for conventional currency but its use will gradually decrease. Considering that there is a certain risk in transporting conventional fiat and keeping cash, the introduction of digital currency has created dynamism in our lives and businesses. As a result of the spread of this digital currency, you will not have to stand in long lines at the bank for transactions and if its use can be increased in terms of goods and services, there may be no need for paper money in the future.

Our future generations may not be familiar with paper money. Because CBDC services have been launched in almost many countries and life has become much easier due to this service. But even though there is adequate provision of goods and services in urban areas, in many villages you will not find this service and the alternatives to paper money are very limited in those places. In my opinion, the use of conventional currency will gradually decrease but its use will not stop completely.

[marrcelo]

yeah slowly it feels like we are moving that way. more people use cards phones and crypto now while cash gets used less every year. cash probably wont disappear fully soon but digital payments are clearly taking over

[Abiky]

There will be a demand for conventional currency but its use will gradually decrease. Considering that there is a certain risk in transporting conventional fiat and keeping cash, the introduction of digital currency has created dynamism in our lives and businesses. As a result of the spread of this digital currency, you will not have to stand in long lines at the bank for transactions and if its use can be increased in terms of goods and services, there may be no need for paper money in the future.

Our future generations may not be familiar with paper money. Because CBDC services have been launched in almost many countries and life has become much easier due to this service. But even though there is adequate provision of goods and services in urban areas, in many villages you will not find this service and the alternatives to paper money are very limited in those places. In my opinion, the use of conventional currency will gradually decrease but its use will not stop completely.

CBDCs offer convenience at the cost of zero privacy and freedom. Since most people have nothing to hide, they won't care if governments forfeit their right to privacy with a digital currency they control. This is the inevitable future. Cash in its current form, will cease to exist in the long run. The exact timeline as to when it will be "phased out" of existence is a mystery. It can take decades or centuries to disappear.

Governments will need to find a way to make their CBDCs work, even during times of crisis. Like being able to pay with a CBDC when there's no Internet access or lack of electricity. Until they figure this out, cash will remain "King" for offline, private payments. Let's enjoy it will it lasts.

[CageMabok]

yeah slowly it feels like we are moving that way. more people use cards phones and crypto now while cash gets used less every year. cash probably wont disappear fully soon but digital payments are clearly taking over

All of that will change over time, as the current changes are a result of advances in technology and the widespread adoption of money. And for people who have become accustomed to cards, mobile phones, and crypto over the past five or ten years, they certainly won't be surprised to see cash usage decreasing year after year. But for those who aren't yet familiar with cards, mobile phones, and crypto, they might notice a rather significant change because they're still unfamiliar with what you mentioned, although they will eventually get used to it.

[Out of mind]

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

We can already see that online payment systems have been introduced in almost every country in the world and payments are taken online in many places, from education to shopping malls, restaurants and hotels. Very few conventional currencies are being used, which indicates to us that maybe in the future these real currencies will disappear and everything will be developed digitally. Central banks already deposit money online in various ways through their apps, and in case of withdrawal, it is possible to do it online, every transaction is becoming digital. So we can hope that in the future, the technology of the world will improve further and when real currencies disappear, everything will be done through digital currencies.

[Kelward]

yeah slowly it feels like we are moving that way. more people use cards phones and crypto now while cash gets used less every year. cash probably wont disappear fully soon but digital payments are clearly taking over

All of that will change over time, as the current changes are a result of advances in technology and the widespread adoption of money. And for people who have become accustomed to cards, mobile phones, and crypto over the past five or ten years, they certainly won't be surprised to see cash usage decreasing year after year. But for those who aren't yet familiar with cards, mobile phones, and crypto, they might notice a rather significant change because they're still unfamiliar with what you mentioned, although they will eventually get used to it.

Sometimes I go for weeks without spending physical cash because online payments are accepted everywhere even in small roadside businesses so there is less circulation of physical cash which everybody is fast adopting to. I'm not sure how long physical cash will still be relevant when almost everybody is conveniently doing online transfers for buying and selling, perhaps physical cash will remain as a symbol but will not be used as much.

Technology is getting very advanced and we are seeing more innovations in financial transactions like Bitcoin which is decentralized. It is a currency that cannot be controlled by a central bank which gives it's holders privacy and freedom from third party interferences when held in a none custodial wallet. In the future cryptocurrency and fiat online transactions will knockoff physical cash in terms of acceptance and circulation.