Topic: Cashless society - page 39. (Read 36273 times)
I think there will always be a use for currency pretty much, but i can see paper money going away in the near future, just like paper itself for the most part. Everything, almost everything, will be digital and done on computers.
Jack Ma's visit to Philippines says that cashless society is a no corrupt society. And for sure many will embrace this society and it all started before with PayPal and other exchanges and in he future there will be no more fiat currency and everything is digital. As soon as bitcoin will be announced by big business' tycoons they will start to adopt it, that's the implementation time for cashless society.
digital currency does not mean using bitcoin, it must first be known.yeah with digital currency then all transactions will be recorded in a network and it will minimize the corruption, because the government can monitor and control the running of financial transactions either in government or in society, so I think cashless society will be very useful, but for this era it seems quite difficult to implement
It is both good and bad.
Good : there would be more convinient transactions. People, like now, can use cards, pins for transaction even hand to hand or online. Thief cannot stole money physically by grabbing someone elses bag for our money is already on electronic form. Overall: Convenience
Bad: there comes a time, or even now, that someone can have the ability to hack all those electronic accounts. There are also a time that the system will crash and some of the transactions will have problems.
For my opinion , todays medium of exchange is better. There are balance among fiats and cryptocurrencies.
Good : there would be more convinient transactions. People, like now, can use cards, pins for transaction even hand to hand or online. Thief cannot stole money physically by grabbing someone elses bag for our money is already on electronic form. Overall: Convenience
Bad: there comes a time, or even now, that someone can have the ability to hack all those electronic accounts. There are also a time that the system will crash and some of the transactions will have problems.
For my opinion , todays medium of exchange is better. There are balance among fiats and cryptocurrencies.
It's hard to imagine a cashless society because so many countries and cash users are still very cautious about virtual (say credit cards) and cryptocurrencies. With cash, you know that everyone is conforming to the same rules and know that the currency is backed by SOMETHING (gold in this case). It'll be hard to convince people to convert to something that can't even physically be held.
This one is true. Its hard to tells not even to convince many to use something that they dont like for many reason. But trough history we that paper money have much influence in everything and cuz of that many still really on this. Possible that in time thing will change, cuz we see every day some new improvement in this, so i expect to see this in some time to be adopted in some way. Its hard for most to not use cash, cuz still many use cash in everyday transaction when this is reduced we can say that we are entering cashless era.
Abiky i believe a paper currency less society is possible but not in the recent future. First of all this will require universal free internet access which will not be possible until probably thirty years time that is even if the developed world is ready to make sacrifice to help the less endowed get to that le
True, and in my own perspective, not every country in the world would accept this kind of innovation due to the fact that this is too techy the valuable kind living will be forgotten day by day. Cash has been recognized as one of the outstanding way for being used as successful medium of payment hacking and fake cheque where sprouting nowadays so be careful.,
Jack Ma's visit to Philippines says that cashless society is a no corrupt society. And for sure many will embrace this society and it all started before with PayPal and other exchanges and in he future there will be no more fiat currency and everything is digital. As soon as bitcoin will be announced by big business' tycoons they will start to adopt it, that's the implementation time for cashless society.
Have you ever wondered how would the world's economy be like in the future as a cashless society?
Perhaps, with the increased traction of blockchain acceptance nowadays, could lead to the creation of digital fiat currencies powered by blockchains that are managed by governments themselves. With this in mind, there would be no need for physical cash, as digital fiat currencies would provide many advantages such as quick settlement, global payments, full transparency, implants use on citizens to make payments, and more.
If this becomes a reality, which I'm sure that it will, it would radically transform our lives for the better and reduce criminal activity as a result of the full transparency and auditability that a digital fiat currency would have thanks to the power of the blockchain technology.
Also, it makes me wonder if cryptocurrencies like Bitcoin would exist by that time, or will they co-exist with digital fiat currencies.
Nevertheless, I would like to know your opinion about this.
Perhaps, with the increased traction of blockchain acceptance nowadays, could lead to the creation of digital fiat currencies powered by blockchains that are managed by governments themselves. With this in mind, there would be no need for physical cash, as digital fiat currencies would provide many advantages such as quick settlement, global payments, full transparency, implants use on citizens to make payments, and more.
If this becomes a reality, which I'm sure that it will, it would radically transform our lives for the better and reduce criminal activity as a result of the full transparency and auditability that a digital fiat currency would have thanks to the power of the blockchain technology.
Also, it makes me wonder if cryptocurrencies like Bitcoin would exist by that time, or will they co-exist with digital fiat currencies.
Nevertheless, I would like to know your opinion about this.
A cashless society is possible because of bitcoin. We have to accept the fact that we can already pay anything with the use of internet. So, due to the fact that internet is another world we can definitely generate a policy that involves bitcoin as payment.
Have you ever wondered how would the world's economy be like in the future as a cashless society?
Perhaps, with the increased traction of blockchain acceptance nowadays, could lead to the creation of digital fiat currencies powered by blockchains that are managed by governments themselves. With this in mind, there would be no need for physical cash, as digital fiat currencies would provide many advantages such as quick settlement, global payments, full transparency, implants use on citizens to make payments, and more.
If this becomes a reality, which I'm sure that it will, it would radically transform our lives for the better and reduce criminal activity as a result of the full transparency and auditability that a digital fiat currency would have thanks to the power of the blockchain technology.
Also, it makes me wonder if cryptocurrencies like Bitcoin would exist by that time, or will they co-exist with digital fiat currencies.
Nevertheless, I would like to know your opinion about this.
People gets smarter and wiser as time passes by. With the high technologies today, it is not impossible for our generation to live in a cashless society in the coming future, although I don't agree that digital fiat (or digital local currencies) will be created. It would be better if local money/currencies and digital/cryptocurrencies co-exist (e.g. it will be easier to give a cash when you are having a peer-to-peer transaction rather than typing on your mobile phone and sending the payment to his e-wallet). Perhaps, with the increased traction of blockchain acceptance nowadays, could lead to the creation of digital fiat currencies powered by blockchains that are managed by governments themselves. With this in mind, there would be no need for physical cash, as digital fiat currencies would provide many advantages such as quick settlement, global payments, full transparency, implants use on citizens to make payments, and more.
If this becomes a reality, which I'm sure that it will, it would radically transform our lives for the better and reduce criminal activity as a result of the full transparency and auditability that a digital fiat currency would have thanks to the power of the blockchain technology.
Also, it makes me wonder if cryptocurrencies like Bitcoin would exist by that time, or will they co-exist with digital fiat currencies.
Nevertheless, I would like to know your opinion about this.
Another thing, I also don't think the point of creating digital fiat currencies since you can already trade cryptocurrency with the local currency at this time (e.g. BTC to USD, ETH to PHP, etc). There will also be no point on investing in cryptos if local currencies will be gone.
Cashless society may be possible but will take many years for it to be implemented because there are many factors that needs to be considered. For example is the use of internet, there are some areas whch doesnt have any access and don't know how to use it. Payment using btc or any other altcoin requires internet and smartphones for it to process. There would be a big change when the government implemented using it instead of cash.
Yes it will take a long time and better technology and persuasions since the government will need to be monitoring our finances and they will need to do that with care and security. It isn't going to be easy but i think it will happen one day.
I don't think cash / fiat money is going away anytime soon. Many countries are still very reliant on physical currency and credit cards are still a suspicious piece of technology for those who haven't spent some time reading up on them. Bitcoin / crypto / virtual currency is still fairly new to the point where financial institutions are still either badmouthing it or barely embracing the blockchain technology. Sometimes I prefer cash payments just because it's upfront and hassle free.
Cashless society can also be created with credit cards where all physical fiats are electronically imputed on the metal chip of the credit card and not just the blockchain technology or cryptocurrencies. I don't think the world can easily get rid of physical cash either but it's bound to happen at some point in history because we as humans keep looking for simple ways to live.
I think it would take more decades to make that happen. I'm imagining that once bitcoin takes over, people will have a pity or disgust look on you when are still using fiat. It could be possible that fiat won't be accepted in wealthy urbanized areas like in Beverly Hills for example.
It's hard to imagine a cashless society because so many countries and cash users are still very cautious about virtual (say credit cards) and cryptocurrencies. With cash, you know that everyone is conforming to the same rules and know that the currency is backed by SOMETHING (gold in this case). It'll be hard to convince people to convert to something that can't even physically be held.
This one is true. Its hard to tells not even to convince many to use something that they dont like for many reason. But trough history we that paper money have much influence in everything and cuz of that many still really on this. Possible that in time thing will change, cuz we see every day some new improvement in this, so i expect to see this in some time to be adopted in some way. Its hard for most to not use cash, cuz still many use cash in everyday transaction when this is reduced we can say that we are entering cashless era.
It's hard to imagine a cashless society because so many countries and cash users are still very cautious about virtual (say credit cards) and cryptocurrencies. With cash, you know that everyone is conforming to the same rules and know that the currency is backed by SOMETHING (gold in this case). It'll be hard to convince people to convert to something that can't even physically be held.
Have you ever wondered how would the world's economy be like in the future as a cashless society?
Perhaps, with the increased traction of blockchain acceptance nowadays, could lead to the creation of digital fiat currencies powered by blockchains that are managed by governments themselves. With this in mind, there would be no need for physical cash, as digital fiat currencies would provide many advantages such as quick settlement, global payments, full transparency, implants use on citizens to make payments, and more.
If this becomes a reality, which I'm sure that it will, it would radically transform our lives for the better and reduce criminal activity as a result of the full transparency and auditability that a digital fiat currency would have thanks to the power of the blockchain technology.
Also, it makes me wonder if cryptocurrencies like Bitcoin would exist by that time, or will they co-exist with digital fiat currencies.
Nevertheless, I would like to know your opinion about this.
Yes government may implement a coins that is backed up by blockchian technology and adopted in their own jurisdiction or country, but that will not completely stop the use of fait currency in the society. Am of the believe that both crypto currency either own by the government and fait currency will exist simultaneously. Perhaps, with the increased traction of blockchain acceptance nowadays, could lead to the creation of digital fiat currencies powered by blockchains that are managed by governments themselves. With this in mind, there would be no need for physical cash, as digital fiat currencies would provide many advantages such as quick settlement, global payments, full transparency, implants use on citizens to make payments, and more.
If this becomes a reality, which I'm sure that it will, it would radically transform our lives for the better and reduce criminal activity as a result of the full transparency and auditability that a digital fiat currency would have thanks to the power of the blockchain technology.
Also, it makes me wonder if cryptocurrencies like Bitcoin would exist by that time, or will they co-exist with digital fiat currencies.
Nevertheless, I would like to know your opinion about this.
I don't think cash / fiat money is going away anytime soon. Many countries are still very reliant on physical currency and credit cards are still a suspicious piece of technology for those who haven't spent some time reading up on them. Bitcoin / crypto / virtual currency is still fairly new to the point where financial institutions are still either badmouthing it or barely embracing the blockchain technology. Sometimes I prefer cash payments just because it's upfront and hassle free.
Today's world situation is not yet ready to become cashless society because not everybody have the card, the gadget and the internet to transact and purchase all things out of internet. 
I believe Sweden is going to be soon cashless country very soon.
Abiky i believe a paper currency less society is possible but not in the recent future. First of all this will require universal free internet access which will not be possible until probably thirty years time that is even if the developed world is ready to make sacrifice to help the less endowed get to that le
True, and in my own perspective, not every country in the world would accept this kind of innovation due to the fact that this is too techy the valuable kind living will be forgotten day by day. Cash has been recognized as one of the outstanding way for being used as successful medium of payment hacking and fake cheque where sprouting nowadays so be careful.,
If you teleport back to year 2000 with a Samsung S8+, everyone is not ready. Everyone is not ready for that type of technology and you will be told that you came from the future (which is true in this case). Point being, the people will not be able to comprehend the device that you are holding. Some might even bid on your phone just because it's a lot more advanced than the current technology. Anyways, it has actually been a long time when we smartphones were invented but it was only recently that it got booming. It's because back then the mainstream aren't ready for smartphones just yet. Now that we have evolved, we are all holding our own iPhones and they are all advanced as compared to what we had a couple years ago.
Point being? Bitcoin is a little advanced today, but not tomorrow.
Abiky i believe a paper currency less society is possible but not in the recent future. First of all this will require universal free internet access which will not be possible until probably thirty years time that is even if the developed world is ready to make sacrifice to help the less endowed get to that le
True, and in my own perspective, not every country in the world would accept this kind of innovation due to the fact that this is too techy the valuable kind living will be forgotten day by day. Cash has been recognized as one of the outstanding way for being used as successful medium of payment hacking and fake cheque where sprouting nowadays so be careful.,
Have you ever wondered how would the world's economy be like in the future as a cashless society?
Perhaps, with the increased traction of blockchain acceptance nowadays, could lead to the creation of digital fiat currencies powered by blockchains that are managed by governments themselves. With this in mind, there would be no need for physical cash, as digital fiat currencies would provide many advantages such as quick settlement, global payments, full transparency, implants use on citizens to make payments, and more.
If this becomes a reality, which I'm sure that it will, it would radically transform our lives for the better and reduce criminal activity as a result of the full transparency and auditability that a digital fiat currency would have thanks to the power of the blockchain technology.
Also, it makes me wonder if cryptocurrencies like Bitcoin would exist by that time, or will they co-exist with digital fiat currencies.
Nevertheless, I would like to know your opinion about this.
Perhaps, with the increased traction of blockchain acceptance nowadays, could lead to the creation of digital fiat currencies powered by blockchains that are managed by governments themselves. With this in mind, there would be no need for physical cash, as digital fiat currencies would provide many advantages such as quick settlement, global payments, full transparency, implants use on citizens to make payments, and more.
If this becomes a reality, which I'm sure that it will, it would radically transform our lives for the better and reduce criminal activity as a result of the full transparency and auditability that a digital fiat currency would have thanks to the power of the blockchain technology.
Also, it makes me wonder if cryptocurrencies like Bitcoin would exist by that time, or will they co-exist with digital fiat currencies.
Nevertheless, I would like to know your opinion about this.
It’s not impossible actually. I mean bitcoin has the use and ability like cash, so it has the potential to replace money. I also think that since technology had evolved over the years, so this is really possible.
This is going to be a very difficult task for a crypto currency to virtually take up the role of fiat. Bitcoin is a digital currency and its properties are all digital,this is the angle I'm looking on it from.
Fiat is easier with no much complexity to use or handle.
Have you ever wondered how would the world's economy be like in the future as a cashless society?
Perhaps, with the increased traction of blockchain acceptance nowadays, could lead to the creation of digital fiat currencies powered by blockchains that are managed by governments themselves. With this in mind, there would be no need for physical cash, as digital fiat currencies would provide many advantages such as quick settlement, global payments, full transparency, implants use on citizens to make payments, and more.
If this becomes a reality, which I'm sure that it will, it would radically transform our lives for the better and reduce criminal activity as a result of the full transparency and auditability that a digital fiat currency would have thanks to the power of the blockchain technology.
Also, it makes me wonder if cryptocurrencies like Bitcoin would exist by that time, or will they co-exist with digital fiat currencies.
Nevertheless, I would like to know your opinion about this.
Perhaps, with the increased traction of blockchain acceptance nowadays, could lead to the creation of digital fiat currencies powered by blockchains that are managed by governments themselves. With this in mind, there would be no need for physical cash, as digital fiat currencies would provide many advantages such as quick settlement, global payments, full transparency, implants use on citizens to make payments, and more.
If this becomes a reality, which I'm sure that it will, it would radically transform our lives for the better and reduce criminal activity as a result of the full transparency and auditability that a digital fiat currency would have thanks to the power of the blockchain technology.
Also, it makes me wonder if cryptocurrencies like Bitcoin would exist by that time, or will they co-exist with digital fiat currencies.
Nevertheless, I would like to know your opinion about this.
It’s not impossible actually. I mean bitcoin has the use and ability like cash, so it has the potential to replace money. I also think that since technology had evolved over the years, so this is really possible.
Jump to: