I think there are ups and downs for it for example your money could be accessed by an hacker ,
But I think it is really great to experience it or to live in a cashless society ,
I mean I got annoyed every time that I would run out of Fiat and I would need to go to a ATM to withdraw some.
How I wish that I don't have to bother myself to walk and just pay for everything with my online money.
Topic: Cashless society - page 5. (Read 36273 times)
I think it will be difficult, but it does not mean it can not. It's just about time and habits.
It needs government support and community willingness to change this culture.
Crypto or firefighter currency will make it easier to transact anything.
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.
In my opinion its quite seems fine having a cashless society would probably change our life , instead of fiat , turns to some just card or some gadgets to buy some. I guess lot of people will be easier to transact now , to buy anything at anywhere , and to be honest it would probably happen on near future.
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 this article 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.
Such a concept has been discussed widely, particularly because the world is experiencing a rapid and increasing use of digital methods of recording, managing, and exchanging money in commerce, investment and daily life in many parts of the world, and transactions which would historically have been undertaken with cash are often now undertaken electronically. Some countries now set limits on transactions and transaction values for which non-electronic payment may be legally used.
The trend towards use of non-cash transactions and settlement began in daily life during the 1990s, when electronic banking became popular. By the 2010s digital payment methods were widespread in many countries, with examples including intermediaries such as PayPal, digital wallet systems operated by companies like Apple, contactless and NFC payments by electronic card or smartphone, and electronic bills and banking, all in widespread use. By the 2010s cash had become actively disfavored in some kinds of transaction which would historically have been very ordinary to pay with physical tender, and larger cash amounts were in some situations treated with suspicion, due to its versatility and ease of use in money laundering and financing of terrorism, and actively prohibited by some suppliers and retailers, to the point of coining the expression of a "war on cash". By 2016 in the United Kingdom it was reported that 1 in 7 people no longer carries or use cash.[8] The 2016 United States User Consumer Survey Study claims that 75% or respondents preferred a credit or debit card as their payment method while only 11% of respondents preferred cash. By 2017, digital payment methods such as Venmo and Square contribute to cashless transactions. Venmo allows individuals to make direct payments to other individuals without having cash accessible. Square is an innovation that allows primarily small businesses to receive payments from their clients.
It has also been described as a highly controversial and at times a "sinister" or "creepy" move and as a concept connected to negative interest rates, banking transaction tax and a global taxation regime, since such a move would be both potentially useful and potentially socially dangerous, with widespread implications for society. It has potential to be very helpful for central governments and economies, in the context of global negative inflation and quantitative easing, and central control of the money supply. However a loss of cash also transfers complete control of transactions, interest, and individual use of money, and information about these, to the nation state and third party providers, since the individual cannot avoid their money being held in an external system capable of regulation and control. Many countries have regulated, restricted, or banned private digital currencies such as Bitcoin. While supposedly helpful to the global economy and in fighting against crime and terrorism, many concerns have been raised over "dangerous" unintended consequences. It would mean that negative interest rates can be fully enforced, and money could be controlled in great detail. For example, some kinds of money might be set to "expire" and be worthless if not spent in specific ways or by specific times, or to devalue gradually. It also makes individual savings, and information about individual incomes and transactions, accessible to any party able to access the records - either legitimately (police and tax related) or not (hackers and persons with access to the relevant data), and in this way, it facilitates population surveillance. It also means that groups, individuals and causes could be deprived of cash by the simple expedient of preventing their access to cashless transaction media. A cashless society is convenient and fast; however, it is also increases ignorance to individual spending and vulnerability to fraud. Consumers' ignorance to spending increases as they are less aware when swiping their card to complete a transaction than if they budgeted their money and paid in cash. Their vulnerability to fraud increases because corporations keep record of credit and debit card transactions, but they don't keep a record of cash transactions. The two main types of credit card fraud are when thieves attain the data manually or through a concealed automated program.
Such a concept has been discussed widely, particularly because the world is experiencing a rapid and increasing use of digital methods of recording, managing, and exchanging money in commerce, investment and daily life in many parts of the world, and transactions which would historically have been undertaken with cash are often now undertaken electronically. Some countries now set limits on transactions and transaction values for which non-electronic payment may be legally used.
The trend towards use of non-cash transactions and settlement began in daily life during the 1990s, when electronic banking became popular. By the 2010s digital payment methods were widespread in many countries, with examples including intermediaries such as PayPal, digital wallet systems operated by companies like Apple, contactless and NFC payments by electronic card or smartphone, and electronic bills and banking, all in widespread use. By the 2010s cash had become actively disfavored in some kinds of transaction which would historically have been very ordinary to pay with physical tender, and larger cash amounts were in some situations treated with suspicion, due to its versatility and ease of use in money laundering and financing of terrorism, and actively prohibited by some suppliers and retailers, to the point of coining the expression of a "war on cash". By 2016 in the United Kingdom it was reported that 1 in 7 people no longer carries or use cash.[8] The 2016 United States User Consumer Survey Study claims that 75% or respondents preferred a credit or debit card as their payment method while only 11% of respondents preferred cash. By 2017, digital payment methods such as Venmo and Square contribute to cashless transactions. Venmo allows individuals to make direct payments to other individuals without having cash accessible. Square is an innovation that allows primarily small businesses to receive payments from their clients.
It has also been described as a highly controversial and at times a "sinister" or "creepy" move and as a concept connected to negative interest rates, banking transaction tax and a global taxation regime, since such a move would be both potentially useful and potentially socially dangerous, with widespread implications for society. It has potential to be very helpful for central governments and economies, in the context of global negative inflation and quantitative easing, and central control of the money supply. However a loss of cash also transfers complete control of transactions, interest, and individual use of money, and information about these, to the nation state and third party providers, since the individual cannot avoid their money being held in an external system capable of regulation and control. Many countries have regulated, restricted, or banned private digital currencies such as Bitcoin. While supposedly helpful to the global economy and in fighting against crime and terrorism, many concerns have been raised over "dangerous" unintended consequences. It would mean that negative interest rates can be fully enforced, and money could be controlled in great detail. For example, some kinds of money might be set to "expire" and be worthless if not spent in specific ways or by specific times, or to devalue gradually. It also makes individual savings, and information about individual incomes and transactions, accessible to any party able to access the records - either legitimately (police and tax related) or not (hackers and persons with access to the relevant data), and in this way, it facilitates population surveillance. It also means that groups, individuals and causes could be deprived of cash by the simple expedient of preventing their access to cashless transaction media. A cashless society is convenient and fast; however, it is also increases ignorance to individual spending and vulnerability to fraud. Consumers' ignorance to spending increases as they are less aware when swiping their card to complete a transaction than if they budgeted their money and paid in cash. Their vulnerability to fraud increases because corporations keep record of credit and debit card transactions, but they don't keep a record of cash transactions. The two main types of credit card fraud are when thieves attain the data manually or through a concealed automated program.
Oh Dear, what a pain reading all of these stuffs, only to found out you have no idea how bitcoin works, no offense, intended, however those things accessible to any party you have mentions and expiry and devalue things is not in bitcoins protocols, have you ever wondered why hackers prefer 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.
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.
Cashless society is very difficult to achieve because there are a lot of people who are not into crypto currencies. Some areas in our country do not have internet access and it very difficult for them. There is still a lot more to do having a cashless society.
I agree with this. Though most of us in here wanted a cashless society. But we are all aware that there are many places in many countries that internet is not yet existing or accessible. And this means that full scale cashless society is not yet feasible as of today. Maybe in the near future if government could provide a venue in order to facilitate this faster and easily.
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.
Cashless society is very difficult to achieve because there are a lot of people who are not into crypto currencies. Some areas in our country do not have internet access and it very difficult for them. There is still a lot more to do having a cashless society.
This is a new era. All transactions are no longer dependent on cash.
It is time people started switching from cash transactions to digital transactions.
As well as crypto that began in the community know little by little.
Cashless society will be a problem for those who are not used to bitcoin and crypto even most of the people don't know the electronic money usage and most of the people are believe that crypto is not good for the future because it has no physical existence and other currencies like dollar people would like to use bitcoin instead of dollars and mostly the educated community come to this side.
The level of education for a cashless society to become into effect, is low at the moment. Many people are unaware of how Bitcoin and other cryptocurrencies work, and those who've heard about it are afraid to join since cryptocurrencies are not backed by anything (unlike the Dollar). Also, internet access is not available for anyone in the world, so it would take some time before the above issues are solved. I think that, once governments design their own digital fiat currencies, they will take the effort to spread internet access to their people, as well as educate them on how to make cashless payments. If this happens, then a cashless society could become a reality sooner than you would imagine.
But, it is up to the people if they will adopt cashless payments over physical fiat in the future or not. Depending on the level of adoption, physical fiat currencies will cease to exist or will continue to be used for quite some time. However, I doubt that physical fiat will last for long, as technology is evolving, and governments won't let slip by the benefits of a cashless society. Just my thoughts
It's interesting idea to make people use digital money only but i am not sure that many people will back this idea. Cash is old stuff but still working perfect.
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 this article 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.
Such a concept has been discussed widely, particularly because the world is experiencing a rapid and increasing use of digital methods of recording, managing, and exchanging money in commerce, investment and daily life in many parts of the world, and transactions which would historically have been undertaken with cash are often now undertaken electronically. Some countries now set limits on transactions and transaction values for which non-electronic payment may be legally used.
The trend towards use of non-cash transactions and settlement began in daily life during the 1990s, when electronic banking became popular. By the 2010s digital payment methods were widespread in many countries, with examples including intermediaries such as PayPal, digital wallet systems operated by companies like Apple, contactless and NFC payments by electronic card or smartphone, and electronic bills and banking, all in widespread use. By the 2010s cash had become actively disfavored in some kinds of transaction which would historically have been very ordinary to pay with physical tender, and larger cash amounts were in some situations treated with suspicion, due to its versatility and ease of use in money laundering and financing of terrorism, and actively prohibited by some suppliers and retailers, to the point of coining the expression of a "war on cash". By 2016 in the United Kingdom it was reported that 1 in 7 people no longer carries or use cash.[8] The 2016 United States User Consumer Survey Study claims that 75% or respondents preferred a credit or debit card as their payment method while only 11% of respondents preferred cash. By 2017, digital payment methods such as Venmo and Square contribute to cashless transactions. Venmo allows individuals to make direct payments to other individuals without having cash accessible. Square is an innovation that allows primarily small businesses to receive payments from their clients.
It has also been described as a highly controversial and at times a "sinister" or "creepy" move and as a concept connected to negative interest rates, banking transaction tax and a global taxation regime, since such a move would be both potentially useful and potentially socially dangerous, with widespread implications for society. It has potential to be very helpful for central governments and economies, in the context of global negative inflation and quantitative easing, and central control of the money supply. However a loss of cash also transfers complete control of transactions, interest, and individual use of money, and information about these, to the nation state and third party providers, since the individual cannot avoid their money being held in an external system capable of regulation and control. Many countries have regulated, restricted, or banned private digital currencies such as Bitcoin. While supposedly helpful to the global economy and in fighting against crime and terrorism, many concerns have been raised over "dangerous" unintended consequences. It would mean that negative interest rates can be fully enforced, and money could be controlled in great detail. For example, some kinds of money might be set to "expire" and be worthless if not spent in specific ways or by specific times, or to devalue gradually. It also makes individual savings, and information about individual incomes and transactions, accessible to any party able to access the records - either legitimately (police and tax related) or not (hackers and persons with access to the relevant data), and in this way, it facilitates population surveillance. It also means that groups, individuals and causes could be deprived of cash by the simple expedient of preventing their access to cashless transaction media. A cashless society is convenient and fast; however, it is also increases ignorance to individual spending and vulnerability to fraud. Consumers' ignorance to spending increases as they are less aware when swiping their card to complete a transaction than if they budgeted their money and paid in cash. Their vulnerability to fraud increases because corporations keep record of credit and debit card transactions, but they don't keep a record of cash transactions. The two main types of credit card fraud are when thieves attain the data manually or through a concealed automated program.
Such a concept has been discussed widely, particularly because the world is experiencing a rapid and increasing use of digital methods of recording, managing, and exchanging money in commerce, investment and daily life in many parts of the world, and transactions which would historically have been undertaken with cash are often now undertaken electronically. Some countries now set limits on transactions and transaction values for which non-electronic payment may be legally used.
The trend towards use of non-cash transactions and settlement began in daily life during the 1990s, when electronic banking became popular. By the 2010s digital payment methods were widespread in many countries, with examples including intermediaries such as PayPal, digital wallet systems operated by companies like Apple, contactless and NFC payments by electronic card or smartphone, and electronic bills and banking, all in widespread use. By the 2010s cash had become actively disfavored in some kinds of transaction which would historically have been very ordinary to pay with physical tender, and larger cash amounts were in some situations treated with suspicion, due to its versatility and ease of use in money laundering and financing of terrorism, and actively prohibited by some suppliers and retailers, to the point of coining the expression of a "war on cash". By 2016 in the United Kingdom it was reported that 1 in 7 people no longer carries or use cash.[8] The 2016 United States User Consumer Survey Study claims that 75% or respondents preferred a credit or debit card as their payment method while only 11% of respondents preferred cash. By 2017, digital payment methods such as Venmo and Square contribute to cashless transactions. Venmo allows individuals to make direct payments to other individuals without having cash accessible. Square is an innovation that allows primarily small businesses to receive payments from their clients.
It has also been described as a highly controversial and at times a "sinister" or "creepy" move and as a concept connected to negative interest rates, banking transaction tax and a global taxation regime, since such a move would be both potentially useful and potentially socially dangerous, with widespread implications for society. It has potential to be very helpful for central governments and economies, in the context of global negative inflation and quantitative easing, and central control of the money supply. However a loss of cash also transfers complete control of transactions, interest, and individual use of money, and information about these, to the nation state and third party providers, since the individual cannot avoid their money being held in an external system capable of regulation and control. Many countries have regulated, restricted, or banned private digital currencies such as Bitcoin. While supposedly helpful to the global economy and in fighting against crime and terrorism, many concerns have been raised over "dangerous" unintended consequences. It would mean that negative interest rates can be fully enforced, and money could be controlled in great detail. For example, some kinds of money might be set to "expire" and be worthless if not spent in specific ways or by specific times, or to devalue gradually. It also makes individual savings, and information about individual incomes and transactions, accessible to any party able to access the records - either legitimately (police and tax related) or not (hackers and persons with access to the relevant data), and in this way, it facilitates population surveillance. It also means that groups, individuals and causes could be deprived of cash by the simple expedient of preventing their access to cashless transaction media. A cashless society is convenient and fast; however, it is also increases ignorance to individual spending and vulnerability to fraud. Consumers' ignorance to spending increases as they are less aware when swiping their card to complete a transaction than if they budgeted their money and paid in cash. Their vulnerability to fraud increases because corporations keep record of credit and debit card transactions, but they don't keep a record of cash transactions. The two main types of credit card fraud are when thieves attain the data manually or through a concealed automated program.
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.
Cashless country is actually really good because there will be less robbing of money to happen and people will change their fiat into virtual currency. There are high class people out there who are planning to have this nation but since not every government does really like it then it will take more years to happen.
I would be very happy to live in such an era, because I would never have to worry about carrying cash with me.
With the development of cryptocurrency, many projects have already realized payment in the form of contactless technology.
A cashless society is another step towards human civilization.
With the development of cryptocurrency, many projects have already realized payment in the form of contactless technology.
A cashless society is another step towards human civilization.
Cashless society means that each and every person should be able to use the cryotocurrencies.But this is not possible as only a small percentage of people use cryptocurrencies only.
Why does everyone think cashless = Crypto?
Currently my job makes payment direct into my bank account.
I pay bills and make purchases with a debit card.
No cash used, no crypto used but still cashless.
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.
As we can see around us, people are so advance now in technology and through it we perform digital transactions and the existence of digital money. It will indeed possible that fiat money will disappear but not now and nit so soon but we can expect that if each and every country embrace the existence and value of the currency.
I am believe that technology should be adapted. With technology, cashless society will more easy because with technology right now, we can transfer and doing transaction with people around the world instantly. Technology will helping people to reach their dream and helping people work more fast and secure
Cashless transaction will be transaction habits in the future. With cashless payment and cashless transaction, people will more safe on their money and bitcoin can provide that cashless facility
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.
As we can see around us, people are so advance now in technology and through it we perform digital transactions and the existence of digital money. It will indeed possible that fiat money will disappear but not now and nit so soon but we can expect that if each and every country embrace the existence and value of the currency.
All along, this was the dream of a one world government. If you are watching a lot of movies, especially futuristic in nature, there has been a lot of presentation of a cashless society. One that would not bother anyone of a wallet. There has been a long campaign already of this. A no boundary cash. This will happen in the near future as the birth of this cryptocurrency has crept in slowly into our society.
The cashless society will really happen if most of the people will prefer to use digital money than fiat money. If the bitcoin gained so much power, there is a big possibility that the bitcoin can replace the fiat money.
Bitcoin is not capable of replacing cash when the government does not allow it and the value of bitcoin is also unstable during the transaction, it can not become a currency used in real life, but perhaps it will create the foundation for a society without cash. The cashless society will come to us in the future because people always ask for better and better things in life, especially the young people, they gradually use more technology, instead of using what belongs to traditional, that proves that the era of cash will end but probably will need a long time when this is a huge change in history
Many economists have been talking about "rotten" fiat money for about 20 years. They claim paper money is the real evil, enabling avoiding taxes, money laundering and payments in illegal deals. Paper banknotes are really anonymous and are accepted everywhere. So, actually to reduce that negative impact we have to think about digital transactions
It may be possible in the future but having a cashless society and using bitcoin as a replacement for paper money now may be quite impossible.
In using bitcoin, Internet and devices are needed of course - though it is guaranteed not everyone has them. Not all people ha s knowledge of bitcoin too or even the interest of learning what bitcoin is.
Yeah its hard to happen in near future. World is not yet ready for a cashless world or society. And what makes you think that banks are threatened by Bitcoin? Do you think business owners will trust their Bitcoin Wallets to secure their Billions worth of assets? I don't think so. A cashless society does not depend on businesses but our government as well. Even if Bitcoin becomes a popular cryptocurrency in the world I think the best thing it can do is become one of the payment systems. In using bitcoin, Internet and devices are needed of course - though it is guaranteed not everyone has them. Not all people ha s knowledge of bitcoin too or even the interest of learning what bitcoin is.
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