Cashless Economy: Is Society ready for transformation? - page 14.

Perunex

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Give Scandinavia few more years (3-5) and they will pioneer cashless economy. I've heard about buying drugs with cashless credit cards (or smart phones) in the club

I am just maybe a bit afraid of the central banks and their power. Atm, you can always take cash out and sit on it if you disagree with the banking policies. Imagine that banks would charge you 3% per year for holding your money. You would be wanting to spend it as you cannot withdraw it. Now you can just withdraw cash in that scenario and that's it.

Cherylstar86

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Quote from: BeGoods on March 04, 2019, 09:20:22 PM

Quote from: Finestream on March 04, 2019, 05:32:29 PM

Quote from: Kimi80 on March 04, 2019, 04:08:54 PM

Whether society is ready or not it will happen eventually. It is already adopted in some countries and it functions well. I don't know if India is ready for that concept at this moment but everyone needs to start sometime. I know that it is country with billion+ people and I don't know if it is equally developed in all areas of the country and that can be problem in this case.

Right.Cashless society will sure to happen few years from now.But it would be more fastly developed if the government too will create some educational programs to help billions of people to understand cashless society and guide them in this development.Some of the countries have started it successfully and sooner more countries will be adopting it too.

I think the concern of the government of many countries is not to educate their people to get to know technology more, yeah that might be done in some developed countries with large economies, for developing countries their concern is to solve poverty problems first, they will get rid of cashless interests, because it will develop naturally

This can really be a good idea and I feel that it's possible, but I think it would take a longer time. The challenge here is that not all people are tech savvy and there are places that have no access to internet yet, considering that we deal more on technology when dealing in the field of cryptocurrency. It's good to know that there are already countries that regulate Bitcoin and I believe that its demand will continue to grow in the long run. What we need is proper education to gain full interests from the public, gain their trust, and for them to be fully-aware on this technology and realize its real essence.

Kirito-kun

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Well, cashless economy is quite good idea but somehow it is not appropriate in other country especially in the third world since not all of their places have enough technology to access this innovation. Besides there are some folks who cannot afford this technology which cannot fully implemented throughout their places.

BeGoods

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Quote from: Finestream on March 04, 2019, 05:32:29 PM

Quote from: Kimi80 on March 04, 2019, 04:08:54 PM

Whether society is ready or not it will happen eventually. It is already adopted in some countries and it functions well. I don't know if India is ready for that concept at this moment but everyone needs to start sometime. I know that it is country with billion+ people and I don't know if it is equally developed in all areas of the country and that can be problem in this case.

Right.Cashless society will sure to happen few years from now.But it would be more fastly developed if the government too will create some educational programs to help billions of people to understand cashless society and guide them in this development.Some of the countries have started it successfully and sooner more countries will be adopting it too.

I think the concern of the government of many countries is not to educate their people to get to know technology more, yeah that might be done in some developed countries with large economies, for developing countries their concern is to solve poverty problems first, they will get rid of cashless interests, because it will develop naturally

Menawi12

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Quote from: Finestream on March 04, 2019, 05:32:29 PM

Quote from: Kimi80 on March 04, 2019, 04:08:54 PM

Whether society is ready or not it will happen eventually. It is already adopted in some countries and it functions well. I don't know if India is ready for that concept at this moment but everyone needs to start sometime. I know that it is country with billion+ people and I don't know if it is equally developed in all areas of the country and that can be problem in this case.

Right.Cashless society will sure to happen few years from now.But it would be more fastly developed if the government too will create some educational programs to help billions of people to understand cashless society and guide them in this development.Some of the countries have started it successfully and sooner more countries will be adopting it too.

Cashless society will happen soon because government support this but i think its not about cryptocurrency. We know cryptocurrency banned in many country if used as currency and i think digital money is paper money that still controlled by central banks

Finestream

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Quote from: Kimi80 on March 04, 2019, 04:08:54 PM

Whether society is ready or not it will happen eventually. It is already adopted in some countries and it functions well. I don't know if India is ready for that concept at this moment but everyone needs to start sometime. I know that it is country with billion+ people and I don't know if it is equally developed in all areas of the country and that can be problem in this case.

Right.Cashless society will sure to happen few years from now.But it would be more fastly developed if the government too will create some educational programs to help billions of people to understand cashless society and guide them in this development.Some of the countries have started it successfully and sooner more countries will be adopting it too.

Osamede

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Quote from: Kimi80 on March 04, 2019, 04:08:54 PM

Whether society is ready or not it will happen eventually. It is already adopted in some countries and it functions well. I don't know if India is ready for that concept at this moment but everyone needs to start sometime. I know that it is country with billion+ people and I don't know if it is equally developed in all areas of the country and that can be problem in this case.

All countries already adopt a cashless society to a certain degree and India is certainly not an exception to the rule. All international business are done through wire transfers.Only a fraction of physical cash is being used at the retail level.

Osamede

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Governments across the world encourage a cashless society principally to save costs.In a cashless society, printing of fiats will be to a less degree, you basically just enter some digits into the system and is counted as cash in the system.Less than 5% of money in some advanced economies are really in physical forms.Of course they are not backed by any assets

Kimi80

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Whether society is ready or not it will happen eventually. It is already adopted in some countries and it functions well. I don't know if India is ready for that concept at this moment but everyone needs to start sometime. I know that it is country with billion+ people and I don't know if it is equally developed in all areas of the country and that can be problem in this case.

Mometaskers

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Where is the article you are citing? At least post the link when starting topics.

Back to topic, I think India would just end up following China's path. It is "cashless" in the sense that transactions are done online through apps and stuff but they still require banks for this and of course, the "cashless" money being transferred is fiat. I don't think this will do much to increase crypto adoption in India, considering it seem to be even more hostile to bitcoin than China.

Might even affect adoption. "Why would I bother with this crypto thing if I can just use my money in the bank to buy stuff?" some might ask. Coz as it stands now, Bitcoin is far less convenient than what the Chinese are using.

audaciousbeing

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Quote from: Jane Smith on February 28, 2019, 02:01:50 AM

Cashless India, the Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of the professed roles of Digital India.
Lets discuss!!

The society is not going to be fully ready if the move is not being made and that is the fact. The revolution of a cashless economy is not happening only in India but almost across the whole world and this is mostly driven because of the continuous increase in technology and the way we do things. At the same time I don't think the adoption should be rushed except there is plan to leave some members of the society behind as not everybody would be able to grab information at the same time but eventually its going to circulate or maybe the older population would phase out eventually.

Latviand

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Quote from: Jane Smith on February 28, 2019, 02:01:50 AM

Cashless India, the Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of the professed roles of Digital India.
Lets discuss!!

In my own personal opinion, india is not the only country who became cashless because developed country like america, japan, sweden, denmark and many more are also going cashless and it is really becoming effective in their country. Going cashlessnis really helpful for every consumers because they don't need to wait in a long line and get the money in their bags or pockets they all just need is smartphones that will give you fast transactions.

slocker

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If I recall from several years ago think that Sweden was only country that wanted to use crypto in everyday, if I recall E-crown was name of project,. But cannot remember what happen to this. However they are country that have more then 90% cashless usage and this is good for them. Also many other countries are more cashless then other but still we are far from achieving it globally.

Haxor321

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Quote from: Jane Smith on February 28, 2019, 02:01:50 AM

Cashless India, the Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of the professed roles of Digital India.
Lets discuss!!

Being cashless is really an advantage for people who always go shpping and pay bills because they don't need to fall in line. They only need is their smartphones and the internet by that they can send their transactions. But i know that it is not only india who are becoming cashless, a lot countries also starting to become cashless lile sweden, america, and many more.

Canoppo99

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Each country has different situation regarding this. Maybe government of India feel that their citizens ready for this, I can't comment more than this because I clearly don't know about India, I live in Indonesia and here many people still can't get good infrastructures even for go to the neighbor city, indonesia is big country and build infrastructures here is very hard. So for indonesia this is not the time for cashless economy.

Reid

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It should not just be India who will have to take that jump into using the blockchain technology.
A lot of countries up until now are having a hard time into keeping up in technology. There are still long lines for bills payment and also in the banking system.
Why wait if we could just do it all online and also pay and do other transaction in your house with an internet.
Maybe this could be a good leap for India and also let other countries see what changes it could make to enhance the transaction system.

shesheboy

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Quote from: iMark on March 02, 2019, 09:16:30 PM

Quote from: logicgate on March 02, 2019, 01:36:51 PM

Quote from: 0t3p0t on March 02, 2019, 09:15:21 AM

Quote from: Indrawan77 on February 28, 2019, 06:00:16 AM

Well even a well developed countries still not entirely cashless, I doubt it could be succeed in the developing country, it need a sophisticated infrastructure and all of the citizen that are aware of technology, the cashless technology couldn't be suddenly implemented, it need times and adaptation, so I will say for now the society still not ready yet, maybe if the government consistent in 5-10 years it will work

I agree. Here in my country it is too hard to adopt cashless society as we are entitled as a third world country where technology is something favorable only to the highly developed cities wherein lower status in the society seems to be the majority. Cashless may only be accessible to those in the middle class though if we are talking about crypto everyone could get in. Centralized assets such as credit/debit cards issued by banks are one sided.

No need to be worry very soon it will be adopted by low status cities but it will surely take some time have patience I am sure all over the world only crypto currency will be there but till now we have almost 60 percent of countries living with only crypto currency but no cash and gradually everyone and every country is adopting cryptic currency as main payment resource I am hopeful.

Yes calm down, cashless will occur in our society, it only takes time. technology-blind and old people will die, and be replaced by millennials now. and when regeneration occurs we will see the digital currency as the main currency

Sure old people and technology blind people can die soon but what about the poor economy of other country ? We are already in the future but there are still poor people that didnt have the knowledge and resources to operate cryptos do you think they can disappear ? No i dont really think so . thats why i think cash will not be extinct because those kind of people that i mentioned are the ones that will use cash forever .

Irvinn

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I do not think that ever we will switch completely to non-cash forms of payment. Anyway, not in the foreseeable future. The percentage of using non-cash forms of payment will increase, but the cash of the states will not disappear. They will always be in demand, since they are very convenient in practice, we are not dependent on any technology, there can be no technical failures, we are not dependent on anything, the transaction is not monitored in any way.

iMark

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Quote from: logicgate on March 02, 2019, 01:36:51 PM

Quote from: 0t3p0t on March 02, 2019, 09:15:21 AM

Quote from: Indrawan77 on February 28, 2019, 06:00:16 AM

Well even a well developed countries still not entirely cashless, I doubt it could be succeed in the developing country, it need a sophisticated infrastructure and all of the citizen that are aware of technology, the cashless technology couldn't be suddenly implemented, it need times and adaptation, so I will say for now the society still not ready yet, maybe if the government consistent in 5-10 years it will work

I agree. Here in my country it is too hard to adopt cashless society as we are entitled as a third world country where technology is something favorable only to the highly developed cities wherein lower status in the society seems to be the majority. Cashless may only be accessible to those in the middle class though if we are talking about crypto everyone could get in. Centralized assets such as credit/debit cards issued by banks are one sided.

No need to be worry very soon it will be adopted by low status cities but it will surely take some time have patience I am sure all over the world only crypto currency will be there but till now we have almost 60 percent of countries living with only crypto currency but no cash and gradually everyone and every country is adopting cryptic currency as main payment resource I am hopeful.

Yes calm down, cashless will occur in our society, it only takes time. technology-blind and old people will die, and be replaced by millennials now. and when regeneration occurs we will see the digital currency as the main currency

Febo

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Quote from: samcrypto on March 01, 2019, 07:13:38 AM

Quote from: Febo on February 28, 2019, 07:59:32 PM

Quote from: Jane Smith on February 28, 2019, 02:01:50 AM

Cashless India, the Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of the professed roles of Digital India.
Lets discuss!!

People in India are definitely not ready. People of Sweden are ready for no cash tomorrow. But I guess crypto will turn all that around soon.

Even my country is still not ready for this one because only 2% of the population knows how to invest and cryptocurrency is not fully legal. There are some country who are ready for this but for sure they still need fiat money for some reason.

Cryptocurencies are cash. Cashless society is no cash. Cashless society are numbers on a centralized ledger. Bitcoin and Monero are cash. You control your coins. Like you control a bill in your hand.

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