Topic: Cashless society - page 4. (Read 36273 times)

Cash exchange is the easiest way to make a transaction. And it is anonymous.A cashless society will require 2 things when 2 people make an exchange:The 2 participants must have compatible devices and soft wares to make the transaction happen.The 2 participants must give up their identities to whoever gives approval to the transaction. Then it will be reported to the esteemed government.Thus, those are the most obvious and pronounced disadvantages of a cashless society. For the 1st point to happen seamlessly everywhere you go, society will need to make A LOT of investments. Shops or any seller will need to buy different hardware (machines) that accept different payment methods - and if shops can’t afford to do that, someone else has to. Buyers must also equip themselves with different types of non-cash payment methods in case the seller doesn’t right hardware. Normally everyone would revert to cash as the default if there such mismatch happens, but cashless means you won’t have the option anymore.To sum up, the first point is that the money society must invest into payment processing solutions and the hassles of having mismatched payment method and processing systems.The second drawback is the loss of privacy between participants of transactions. With cash, there is no need for a person or an algorithm to approve of your transaction. Without cash, you’ll need this middle entity to help mediate the transaction. Now, if it is on record, there will be a way to collect and process the information. Yes, some crypto-currency is, at the moment, able to make that analysis process extra extra difficult that the authority just simply gives up; but no, the arm race means it will not be the case forever. No algorithm can match the anonymity that cash provides to buyers and sellers.In short, the second point is that every transaction you make will be tracked down and appropriately taxed.Think of that 5 bucks you gave the homeless man on the street the other day: in a cashless society, he will need a payment processing system to receive it, then it will well-tracked and well-taxed.

Cashless society is actually a great idea because we will have faster transactions today and we can purchase anything online without leaving our house the only major problem is the government, they might ban bitcoins if they are stealing money from other people because transactions will be easier to track in this system.

Cashless in not just using bitcoin or some other crypto for example. Cashless should be less usage of paper money, more on credit or debit card payment, potentially in some future time and crypto payment. However we still use more paper then some other type of payment, in past few years it change a little but this is still small amount for some society to be completely cashless. Like you mentioned it will require lot of time and effort fot this to be more accepted in some years to come, eventually we will come to that but for now it still paper money era.

I think the reason why I make this statement is that even now people avoid using cards just because of the increased fees that have been levied as well as some people have not gained the necessary knowledge to use them.
Nevertheless, a government focused on a society without digital growth cash is simply an impossible task.

For me, it will not happen, a lot of people didn’t even know what bitcoin is. Many people just want to use paper money. Even there is a credit card, automated teller machine, bank. People was convenient to use the paper money! Many people are not familiar with those features. Digital currencies are good to use a cashless society for example, but it will need a lot of development from the people, the adaptation is so hard to implement because people have a different interpretation.

In my opinion, the value of Bitcoin can be higher than the current price if in the future, blockchain will become the technology to apply for using in almost fields. But remember that there is no guarantee that Bitcoin will be the future currency. The government has many solutions to this problem, they can use Bitcoin technology to create new currency. Even if necessary, they can do everything as far as they can to reduce the value of Bitcoin. Beside that, they also want to reduce the impact of cryptocurrency on their new currency.

What I really enjoy in the current situation is that we are  really heading for cashless society and even the way we do business is changing. All manners of coins and tokens are available now, including all those brand-new PRL, UNIKOIN and others. The only obstacle- I cannot make head or tail of all them)))

Soon we will leave in a cashless society, because using bitcoin is one of the easiest way to make money.that it is easier and fast transactions if you just follow all the way to bitcoin you can easily do how to get the opportunities in bitcoin.

Fair enough coming age is being the age of digital currency, our government is try to approach for the legalization of bitcoin, as now new technologies are being invested throughout the world, new currency is being part of our life, so if we will buy it at the time we will be happy in future for sure,. Because new age is going to be the age with cashless, it means people are going to be more digital and cashless  in future, so I believe in cashless society because it is good for us and for our daily busy schedule, as now we can pay for everything without going out of home with online payment.

And without being learn how really bitcoin works..

Oh Dear! April first!

I think is still very impossible for now because there will be too many people to do the transaction every minute so basically there are so many things that must be done because this can happen. it is possible if the government involved, but I am sure it will not reduce the possibility of income business because of the government collect taxes for each transaction in blockchain they are made for every business involved with the government

Isn't copy and paste frowned upon here and a banning offense

https://en.wikipedia.org/wiki/Cashless_society

A cashless society describes an economic state whereby financial transactions are not conducted with money in the form of physical banknotes or coins, but rather through the transfer of digital information (usually an electronic representation of money) between the transacting parties. Cashless societies have existed, based on barter and other methods of exchange, and cashless transactions have also become possible using digital currencies such as bitcoin. However it  discusses and focuses on the term "cashless society" in the sense of a move towards, and implications of, a society where cash is replaced by its digital equivalent - in other words, legal tender (money) exists, is recorded, and is exchanged only in electronic digital form. Having these characteristics, we can live in a most convenient life that although we are in our home, we can pay bills, can buy something, can transfer accounts with no hassle on our part. Thanks to the people behind these block chain technology.

And by the time of cashless society, Bitcoin also exist as this is the first cryptocurrency that is more usable and remains in the mind of the people.

I believe it is at this time many governments want to apply elecktrik money. because the elecktrik money is very easy madyarakatnya in transactions.

When bitcoin and other cryptos are to be use in the internet or any establishment that adopt cryptocurrency we can say that this transactions or payments are cashless , then if the community are using this cryptocurrency then there will be a cashless society in that area.

Cashless society has advantages and disadvantages.The advantage of being in a cashless society is that we can prevent ourselves or anyone in the community being victimize by robber and thieves,there are really people that rely on the worked of others and want an easy money that might cause to harm by the victim,another things is in cashless society we can easily transact any payments if we have bitcoin in our wallet,digital world is truly amazing.The disadvantage that i've seen is that we cannot access any of our transaction without using an internet,if the whole world would become a cashless society risk involves already  because in the first place not everyone can buy laptops,personal computers or either android phones inorder  to access payments of what we purchased.Therefore,fiat and digital currency would live together,forever because there were lots of things to consider before it become our world to be a cashless society.

If government make their own cryptocurrency, i think that would be great. And i think bitcoin and other crypto will be like gold in real world, bitcoin will be investment instrument or maybe as currency for internet transaction

There are a lot of benefit from this. Less material to create paper money means more money for our government to allocate to different departments. Although this won't decrease the level of criminal activity. Transactions will be easier to track. Hackable accounts and probably endless taxation. Physical money can sometimes avoid unnecessary taxation from the government (not tax evading, just like taking cash jobs to avoid taxes). I like the transparency it would bring though, and it would make every transaction really easier. I think bitcoin will never take over, I think it would co-exist with virtual money.

I think it will not reduce the chances of business income because the government collects taxes for every transaction on their bockchain being made and every business that is involved with the government is what the Chinese hate
That might happen if the government is involved, on the other hand that is still very unlikely for now because there will be too many people to make transactions every munit so basically there are so many things to do because this can happen.

Cash cannot be completely replaced. In monetary form evolution, from birth to become some kind of monetary form legal tender, to exit the legal tender status, is the result of the combined action of various factors, will experience a long historical period. Although the non-cash payment tool brings obvious substitution effect to cash, cash is still the legal monetary form commonly adopted by all countries in the world, which is one of the most common payment methods in the current society.


At present, the non-cash payment instruments are not completely replace cash, even the Danish government proposed "the cashless society, plans to cancel printing money", are not completely cancel the Banks provide cash service. At this stage, any non-cash payment instrument is difficult to have all the functional characteristics of cash.