Are we heading toward a cashless future?

[Abiky]

They are not deceiving the people, and it is not difficult to see the government's true intention. The real problem is that most people simply do not care much about privacy, as you pointed out.

Bitcoin gives people better control over their asset and privacy. But as you can see, people often prioritize convenience and profit over privacy. Most people use CEX, centralized platform, instead of DEX or decentralized alternatives.


Not many people care about privacy, so it would not make any difference if CBDC were implemented.

And that's why the future will be a dark one. Because such mindset (where people don't care about their privacy) will bring an era of totalitarianism. CBDCs are only the beginning. This, combined with AI and Quantum Computing, will give governments more power over the people.

I certainly don't want to live in a cashless world. Who cares about convenience, when your whole life will be under the scope and direction of the government? People don't see it now, but they will in the future. It will be already too late when they've realized how far governments have gone. Bitcoin promises decentralization, freedom, and privacy (sort of). Despite the benefits, governments will have a final say on how things are done. They will dictate the rules of game, just like they've been doing now. But even worse. May God have mercy on our souls.

[tabas]

There may be a demand for cash transactions which cannot be completely stopped. The fear you have expressed is that if there is any disruption in the internet connection or it cannot be accessed during an emergency. There are many things in our daily lives where we sometimes have disruptions in our electricity and internet connection and if it remains useless for a few days, it will be difficult to lead a normal life. Technology has made our daily life easier but it is better to have an alternative system instead of relying completely on it.
Digital transactions are easy which is good for asset security but should not be overly dependent because it is better to be prepared for any emergency.

I think even in first world countries, cash won't be gone. They'd care for the elderly or people who are used to do transactions with cash. While it's very futuristic that we use cashless, bitcoin and other digital payment systems. It won't be completely removed when there are also people who are inadept with the innovation that we're having in regards to the payments that are being done through digital and it's still a good alternative system to have the cash for some downtime that can occur.

[junder]

I think even in first world countries, cash won't be gone. They'd care for the elderly or people who are used to do transactions with cash. While it's very futuristic that we use cashless, bitcoin and other digital payment systems. It won't be completely removed when there are also people who are inadept with the innovation that we're having in regards to the payments that are being done through digital and it's still a good alternative system to have the cash for some downtime that can occur.

It’s highly unlikely that cash will ever completely disappear, because in my opinion there will always be transactions that require cash even if it depends on the seller but that seems to be the reality, so there will always be people who only accept cash payments.
Actually, there are businesses that only accept cash payments, but as time goes on, non cash payments may become available as well, and that depends on the business owner. But in my country the businesses that have survived by only offering cash payments up to now are small neighborhood shops usually run by the elderly.

[liasbaa]

I think even in first world countries, cash won't be gone. They'd care for the elderly or people who are used to do transactions with cash. While it's very futuristic that we use cashless, bitcoin and other digital payment systems. It won't be completely removed when there are also people who are inadept with the innovation that we're having in regards to the payments that are being done through digital and it's still a good alternative system to have the cash for some downtime that can occur.

It’s highly unlikely that cash will ever completely disappear, because in my opinion there will always be transactions that require cash even if it depends on the seller but that seems to be the reality, so there will always be people who only accept cash payments.
Actually, there are businesses that only accept cash payments, but as time goes on, non cash payments may become available as well, and that depends on the business owner. But in my country the businesses that have survived by only offering cash payments up to now are small neighborhood shops usually run by the elderly.

Over time, social evolution has taken place and many old ideas have disappeared. Reading history, it is known that in the past, gold and silver coins were used for transactions and goods and services. The practice of exchanging one product for another was prevalent. Currently, most countries use fiat printed on paper, which has abolished the previous system. Not long ago, digital currencies have started to be introduced and in continuation of this, governments of various countries have introduced CBDC as a digital form of fiat and this system is gradually expanding. If sufficient infrastructure is provided at the government and private levels, then it is possible for a country to completely introduce a cashless system.

[Danica22]

I think even in first world countries, cash won't be gone. They'd care for the elderly or people who are used to do transactions with cash. While it's very futuristic that we use cashless, bitcoin and other digital payment systems. It won't be completely removed when there are also people who are inadept with the innovation that we're having in regards to the payments that are being done through digital and it's still a good alternative system to have the cash for some downtime that can occur.

It’s highly unlikely that cash will ever completely disappear, because in my opinion there will always be transactions that require cash even if it depends on the seller but that seems to be the reality, so there will always be people who only accept cash payments.
Actually, there are businesses that only accept cash payments, but as time goes on, non cash payments may become available as well, and that depends on the business owner. But in my country the businesses that have survived by only offering cash payments up to now are small neighborhood shops usually run by the elderly.

Over time, social evolution has taken place and many old ideas have disappeared. Reading history, it is known that in the past, gold and silver coins were used for transactions and goods and services. The practice of exchanging one product for another was prevalent. Currently, most countries use fiat printed on paper, which has abolished the previous system. Not long ago, digital currencies have started to be introduced and in continuation of this, governments of various countries have introduced CBDC as a digital form of fiat and this system is gradually expanding. If sufficient infrastructure is provided at the government and private levels, then it is possible for a country to completely introduce a cashless system.

But as mentioned earlier, even if a government manages to implement and adopt a cashless payment system nationwide. Cash will not disappear completely either and will still exist to some extent.

Everything has drawbacks, and digital payment systems are no exception. Technical failures, cyberattacks, or power outages can render them useless instantly. Government understand this better than anyone and need a backup solution. So they would never let cash disappear completely.

[Jatiluhung]

And that's why the future will be a dark one. Because such mindset (where people don't care about their privacy) will bring an era of totalitarianism. CBDCs are only the beginning. This, combined with AI and Quantum Computing, will give governments more power over the people.

I certainly don't want to live in a cashless world. Who cares about convenience, when your whole life will be under the scope and direction of the government? People don't see it now, but they will in the future. It will be already too late when they've realized how far governments have gone. Bitcoin promises decentralization, freedom, and privacy (sort of). Despite the benefits, governments will have a final say on how things are done. They will dictate the rules of game, just like they've been doing now. But even worse. May God have mercy on our souls.

When it comes to privacy, whether you care about it or not, it’s ultimately difficult to maintain it. Nowadays, almost everything requires KYC. Holding assets in Bitcoin may still be considered one of the few remaining freedoms today. But eventually, everything will be centralized, perhaps turned into an ETF or something similar.

But regarding privacy in the future and the idea of humans being under government control, it will actually be far more than we can imagine.

For example, do you know about Neuralink?
Well, in the future, we’ll be able to control features like those on phones and PCs just with our minds. One day, everyone will be implanted with a small chip that will act as a tool to read neural signals and translate them or something like that. I don’t fully understand it yet.

I used to think of it as science fiction. But I didn’t expect it to actually be in development. And that means in the future, it won’t just be our personal identities that are at stake the contents of our minds might even be readable.
On one hand, I’m amazed by technological progress. But on the other hand, there’s a sense of fear. But maybe that won’t happen in our generation.

Reference:
- https://pmc.ncbi.nlm.nih.gov/articles/PMC11076062/
- https://neuralink.com/

[Abiky]

When it comes to privacy, whether you care about it or not, it’s ultimately difficult to maintain it. Nowadays, almost everything requires KYC. Holding assets in Bitcoin may still be considered one of the few remaining freedoms today. But eventually, everything will be centralized, perhaps turned into an ETF or something similar.

But regarding privacy in the future and the idea of humans being under government control, it will actually be far more than we can imagine.

For example, do you know about Neuralink?
Well, in the future, we’ll be able to control features like those on phones and PCs just with our minds. One day, everyone will be implanted with a small chip that will act as a tool to read neural signals and translate them or something like that. I don’t fully understand it yet.

I used to think of it as science fiction. But I didn’t expect it to actually be in development. And that means in the future, it won’t just be our personal identities that are at stake the contents of our minds might even be readable.
On one hand, I’m amazed by technological progress. But on the other hand, there’s a sense of fear. But maybe that won’t happen in our generation.

Reference:
- https://pmc.ncbi.nlm.nih.gov/articles/PMC11076062/
- https://neuralink.com/

Indeed. A dark future awaits us. And there's nothing we can do about it. I mean, the plan of mass surveillance is already in motion. CBDCs, combined with AI, and Quantum Computing, are the key towards full-fledged totalitarianism. What use would it be to live in a cashless society, if governments will be able know the financial life (and even personal life) of their citizens?

Neuralink is one of Elon Musk's "pet projects" aimed to control the human race through microchip implants. We would be literally slaves to the system. Most people won't care because they prefer convenience above all else. As long as they're able to make fast and cheap payments with a CBDC, nothing else matters. In the case of privacy, many people claim they have nothing to hide. The only ones who care are a very small minority. Will Bitcoin be able to save us? We're yet to see...

[Wakate]

For example, do you know about Neuralink?
Well, in the future, we’ll be able to control features like those on phones and PCs just with our minds. One day, everyone will be implanted with a small chip that will act as a tool to read neural signals and translate them or something like that. I don’t fully understand it yet.

So devastating that we are already in the end time where brothers will be fighting each others and it will be seen as a normal occurrence. We are in the time where if you don't have the mark of the beast, you are not going to be allowed to either buy or sell.

Digital identification is what the government will be using to trace people as they but and sell involving themselves in different transactions with their identity. The neurolink which is owned by Elon Musk is going to help the government to control us and have access to whatever we are doing through the chips on people's brain.

[Minor Miner]

For example, do you know about Neuralink?
Well, in the future, we’ll be able to control features like those on phones and PCs just with our minds. One day, everyone will be implanted with a small chip that will act as a tool to read neural signals and translate them or something like that. I don’t fully understand it yet.

So devastating that we are already in the end time where brothers will be fighting each others and it will be seen as a normal occurrence. We are in the time where if you don't have the mark of the beast, you are not going to be allowed to either buy or sell.

Digital identification is what the government will be using to trace people as they but and sell involving themselves in different transactions with their identity. The neurolink which is owned by Elon Musk is going to help the government to control us and have access to whatever we are doing through the chips on people's brain.

As I understand it, the original purpose of Neuralink was simply to treat paralysis or restore vision for people with disabilities. Or in the long term, its ambition is to integrate human intelligence with AI, not to control human.

That is unlikely to happen because it would face strong public opposition as it violates human rights and ethical principles. I think we are blowing this out of proportion.

[Bitcoin_people]

There may be a demand for cash transactions which cannot be completely stopped. The fear you have expressed is that if there is any disruption in the internet connection or it cannot be accessed during an emergency. There are many things in our daily lives where we sometimes have disruptions in our electricity and internet connection and if it remains useless for a few days, it will be difficult to lead a normal life. Technology has made our daily life easier but it is better to have an alternative system instead of relying completely on it.
Digital transactions are easy which is good for asset security but should not be overly dependent because it is better to be prepared for any emergency.

I think even in first world countries, cash won't be gone. They'd care for the elderly or people who are used to do transactions with cash. While it's very futuristic that we use cashless, bitcoin and other digital payment systems. It won't be completely removed when there are also people who are inadept with the innovation that we're having in regards to the payments that are being done through digital and it's still a good alternative system to have the cash for some downtime that can occur.

It is true that cash will not disappear completely in any country in the world. But we can assume that there will not be much because the elderly will definitely use cash. Again, if we look at the future generation, most of them are more focused on technology and give the most priority to digital currencies. Accordingly, they will use digital currencies more than cash and will do everything online. People who are not skilled in online transactions will use cash, but if we look at the future generation, then when they come, everyone will use virtual currencies. We can already see that everything is being bought and sold in cash, as well as through online currencies, so there is a possibility of cash disappearing in the future, but not completely.

[HelliumZ]

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

With the introduction of digital transaction systems all over the world, people no longer want to take the hassle, which is why people now use digital transactions and digital payment systems. Most of the people in my country are now using digital payment systems, where if you use paper money, you have to wait in long lines at the bank to withdraw money, but with digital payments, instead of standing in lines at the bank, all transactions can be completed within a minute. However, the future civilization will be more updated than the current civilization, due to which people will not want to use paper money and will definitely use digital payment systems as an alternative. As a result, it can be said that the use of paper money will almost disappear in the future world.

[Fredomago]

There may be a demand for cash transactions which cannot be completely stopped. The fear you have expressed is that if there is any disruption in the internet connection or it cannot be accessed during an emergency. There are many things in our daily lives where we sometimes have disruptions in our electricity and internet connection and if it remains useless for a few days, it will be difficult to lead a normal life. Technology has made our daily life easier but it is better to have an alternative system instead of relying completely on it.
Digital transactions are easy which is good for asset security but should not be overly dependent because it is better to be prepared for any emergency.

I think even in first world countries, cash won't be gone. They'd care for the elderly or people who are used to do transactions with cash. While it's very futuristic that we use cashless, bitcoin and other digital payment systems. It won't be completely removed when there are also people who are inadept with the innovation that we're having in regards to the payments that are being done through digital and it's still a good alternative system to have the cash for some downtime that can occur.

It is true that cash will not disappear completely in any country in the world. But we can assume that there will not be much because the elderly will definitely use cash. Again, if we look at the future generation, most of them are more focused on technology and give the most priority to digital currencies. Accordingly, they will use digital currencies more than cash and will do everything online. People who are not skilled in online transactions will use cash, but if we look at the future generation, then when they come, everyone will use virtual currencies. We can already see that everything is being bought and sold in cash, as well as through online currencies, so there is a possibility of cash disappearing in the future, but not completely.

Yeah right, future generation will be more into digital currency as most of them do have good knowledge in how to use the services, the convenient that they can avail will surely be maximize, and similar to what you said, cash will continue as there are still people especially from rural/poor countries who still be choosing to use cash as they don't have that much knowledge about how digital currency works.

[DrBeer]

To me I see the cashless transaction system as the best transaction system which I can't say that is the best for all because what I like may be different from what makes others happy.  But looking at it in a honest way, we should be able to know that the cashless transactions system is more economical,  has a risk reduction level and easy to operate on except in situations where the network is very bad to work with.
If attention is choosen to be channeled in that direction, I will say it should be revamped so it can meet up to modern ways of life because I am completely convinced the cashless transactions system is the best to operate on because of its many importance.

Can you explain this a little?  How is a cashless transactions system more economical?

Sure, it saves governments money on printing paper bills, but for the average person, it often means getting chipped away at by hidden transaction fees and monthly bank charges.  Plus, when you dont physically see cash leaving your hand, it is psychologically way easier to overspend.  (which is exactly what the banks and credit companies are profiting on.)  So I dont see how a cashless system is more economical than good old cash.

I’ll answer your question-try transferring cash, in your local currency, to another recipient, or as payment for goods on an online platform outside your country, using cash, and all your questions will be answered on their own. Could you explain how you would carry out such a transaction? It would be interesting to learn the details, including fees and the speed of the transaction itself.

[PX-Z]

Cashless soon is the future if the government will focus on making its internet infrastructure strong and available on any places, even on remote islands. Because if not, then cash should be there or continue to be used.
If these problems about internet, such future won't happen too soon.

[Stalker22]

~

I’ll answer your question-try transferring cash, in your local currency, to another recipient, or as payment for goods on an online platform outside your country, using cash, and all your questions will be answered on their own. Could you explain how you would carry out such a transaction? It would be interesting to learn the details, including fees and the speed of the transaction itself.

I didnt say that cashless transactions dont have their advantages, especially for online payments.  Of course you cant push paper money through a fiber-optic cable.  But traditional cashless transactions have always involved third parties, which is exactly their fatal flaw.  The second a bank or a payment processor steps between you and the person you are paying, they gain total control.  They can freeze your account because of a "suspicious" automated flag, block your transaction because they do not like who you are dealing with, and skim their 3% cut off the top just for acting as a glorified accountant.  So I will ask again, How is a cashless transactions system more economical? 

This is the main reason why P2P transaction systems, like Bitcoin, were invented.  Hell, the creator himself titled the Bitcoin whitepaper: "A Peer-to-Peer Electronic Cash System"

[Ryu_Ar1]

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

With the introduction of digital transaction systems all over the world, people no longer want to take the hassle, which is why people now use digital transactions and digital payment systems. Most of the people in my country are now using digital payment systems, where if you use paper money, you have to wait in long lines at the bank to withdraw money, but with digital payments, instead of standing in lines at the bank, all transactions can be completed within a minute. However, the future civilization will be more updated than the current civilization, due to which people will not want to use paper money and will definitely use digital payment systems as an alternative. As a result, it can be said that the use of paper money will almost disappear in the future world.

True, the efficient concept that has always been a thing that is always in demand and with the digital payment system then we do not need to be bothered with having to carry a lot of physical money to shop or make a purchase of an item even though maybe things like this are not completely eliminated but still for millennials and gen Z it seems they are more comfortable with digital systems like this.

The cash will still be there but the circulation will be much less as the digital system evolves and this could also be one way for the government to emphasize cutting printing costs for cash.
I now still keep cash / physical money as a form of precaution but when transacting for now I prefer digital although for now there is an additional fee given to the user but for me as long as it is still in a reasonable stage I have no problem with this.

[Shinpako09]

Cashless soon is the future if the government will focus on making its internet infrastructure strong and available on any places, even on remote islands. Because if not, then cash should be there or continue to be used.
If these problems about internet, such future won't happen too soon.

Yes, even in highly populated cities, where you'd expect better signal reception, it still isn't up to expectations.

For me, even if most transactions become cashless in the future, cash will still be around. Third-world countries won't catch up that quickly because there are still many people who aren't familiar with gadgets or digital payments. They'll continue using cash because it's what they're comfortable with.

Cash has been part of everyday life and our culture for a long time, so I don't think it's going away anytime soon. That's why, for me, a completely cashless society is still a long way off.

[Swordsoffreedom]

Cashless soon is the future if the government will focus on making its internet infrastructure strong and available on any places, even on remote islands. Because if not, then cash should be there or continue to be used.
If these problems about internet, such future won't happen too soon.

Yes, even in highly populated cities, where you'd expect better signal reception, it still isn't up to expectations.

For me, even if most transactions become cashless in the future, cash will still be around. Third-world countries won't catch up that quickly because there are still many people who aren't familiar with gadgets or digital payments. They'll continue using cash because it's what they're comfortable with.

Cash has been part of everyday life and our culture for a long time, so I don't think it's going away anytime soon. That's why, for me, a completely cashless society is still a long way off.

The issue is not just infrastructure, limited access to devices or the fact that many people are not comfortable with digital payment. This also relates to the resilience of the economy. What would happen to the economy if the entire economy depended entirely on digital payment system with no backup?

That is why cash is unlikely to disappear completely. The government will always maintain a certain amount of cash in circulation to ensure the economy can continue to function if the electronic payment system malfunction.

We are moving towards a digital world, but cash will remain in circulation to some extent.

[X-ray]

Cashless soon is the future if the government will focus on making its internet infrastructure strong and available on any places, even on remote islands. Because if not, then cash should be there or continue to be used.
If these problems about internet, such future won't happen too soon.

Actually the infrastructure for the better internet already exist, every country could allow satellite internet and they'd instantly have the best internet infrastructure with high speed.

Several companies are working on it and deploying LEO (Low Earth Orbit), even if you lived on a remote island you are getting 200-300mbps internet facility by simply subscribing for $49 a month.

The future of cashless society is imminent, especially once every phone have capability to receive data from those LEO satellite internet.

[bakasabo]

Cashless soon is the future if the government will focus on making its internet infrastructure strong and available on any places, even on remote islands. Because if not, then cash should be there or continue to be used.
If these problems about internet, such future won't happen too soon.

Yes, even in highly populated cities, where you'd expect better signal reception, it still isn't up to expectations.

For me, even if most transactions become cashless in the future, cash will still be around. Third-world countries won't catch up that quickly because there are still many people who aren't familiar with gadgets or digital payments. They'll continue using cash because it's what they're comfortable with.

Cash has been part of everyday life and our culture for a long time, so I don't think it's going away anytime soon. That's why, for me, a completely cashless society is still a long way off.

The issue is not just infrastructure, limited access to devices or the fact that many people are not comfortable with digital payment. This also relates to the resilience of the economy. What would happen to the economy if the entire economy depended entirely on digital payment system with no backup?

That is why cash is unlikely to disappear completely. The government will always maintain a certain amount of cash in circulation to ensure the economy can continue to function if the electronic payment system malfunction.

We are moving towards a digital world, but cash will remain in circulation to some extent.

Government will always maintain a certain amount, but they like to have control and monitor over that amount. Government wish to control everything imo is one of the greatest reasons why we are heaving to cashless future. However, I would believe more in convenience of digital payment over cash. If or when we will have wallets integrated in our body (little chips) and be able to pay just by move hand over terminal, I think that moment will the day cash dies.