Topic: Cashless society - page 59. (Read 36284 times)
This is actually a good idea, a cashless society means less hassle more convenience to all of us. Imagine a world without worrying about your money in your wallet, that it may get stolen from you. Cryptocurrency also helps us with its security, we do not need to be bothered by storing our money in the bank or at a safe, the online wallets do that job for us. A cashless society is the most convenient way to live our lives carefree.
In order for this to happen, we have to end povery first then change the education about money and finances. Not only that, we have to force tech-illiterate people to use it. As dreamy as it is, it wouldn't end well
Yes, I agree with this. Cashless society means all the tech-illeterate all be educated. And that means it involves a million bucks to do it. This is very expensive to attain. This might happen to big and rich countries but for the poor countries especially to those remote areas, it is quite impossible.For those tech-illiterate, this will be a big challenge for most of them. To adopt in this cashless society because people still prefer fiat or physical money as opposed to crypto's. So this is a big hurdles specially in those poor countries. But having said that, for us to survive, you can no choice but to go what the majority of people are using that time. But, it will only happen in the future, so I don't think I need to worry it today.
Advance countries like Japan and China and the USA will lead again if ever this cashless society could be the next big thing in the future. I think its already happening but to realized of all this globally if will really takes years to accomplish.
In order for this to happen, we have to end povery first then change the education about money and finances. Not only that, we have to force tech-illiterate people to use it. As dreamy as it is, it wouldn't end well
Yes, I agree with this. Cashless society means all the tech-illeterate all be educated. And that means it involves a million bucks to do it. This is very expensive to attain. This might happen to big and rich countries but for the poor countries especially to those remote areas, it is quite impossible. I don't think that cash will completely be replaced with cryptocurrencies in future simply because crypto don't work offline. Crypto is mainly for the educated class who know how to use Internet and can't be used by everyone so i don't think cashless society is possible.
It is true that cryptocurrency is getting popularity across the world and many countries are thinking about legalization of cryptocurrency (Bitcoin), but here I will agree with the statement that the time to demolish cash currency completely is not seeing near to come. I think, it may be only in one case when all the people become educated across the world and no one exist therein the world who don’t know computer and internet, and finding this era is just imagination. I think 50% cashless society is expected in near future.
I believe that this will be possible in the near future and as we observed on our current places right now malls, banks, and other establishment and services required cashless payments systems. Number one proof for that is the credit card for fiat transactions needed to have cashless payments. However it's worthless as cashless because the payment system from the account holder toward the banking system still using cash basis and manual hand over transactions in order for the credit bills payments to be paid. It's a better idea if it's made like bitcoin system like as pure digital transactions like wallet to bank or direct payment using bitcoin is the implemented technology will do the rest of the transactions, which is fast and most reliable if ever this will be adopted to the system of our economy now.
I don't think that cash will completely be replaced with cryptocurrencies in future simply because crypto don't work offline. Crypto is mainly for the educated class who know how to use Internet and can't be used by everyone so i don't think cashless society is possible.
It is true that cryptocurrency is getting popularity across the world and many countries are thinking about legalization of cryptocurrency (Bitcoin), but here I will agree with the statement that the time to demolish cash currency completely is not seeing near to come. I think, it may be only in one case when all the people become educated across the world and no one exist therein the world who don’t know computer and internet, and finding this era is just imagination. I think 50% cashless society is expected in near future.
The official digital currency is a trend in the future, and the central bank has made a point before,
Indeed, it saves costs and improves efficiency
Yes it surely will, but not only with Cryptocurrencies. Fiat will still be there at least still after half century in my opinion. The government would surely accept Bitcoins but completely depending on it might turn problematic until they fix their transaction time taken to complete. The world will be going faster, if cashless society rises, speed will be one cause, so with current Bitcoin drawbacks, it will be an issue. Hope it gets fixed, will be an wonderful thing to happen.
The official digital currency is a trend in the future, and the central bank has made a point before,
Indeed, it saves costs and improves efficiency
One major financial problems we have in all our society is criminality and greedy. Bitcoin and others crytocurrency can resolve this problem by using this great technology to reduce crime and criminality. Cashless society do reduce physical attach on attempt to get fiat from the owner.
How exactly bitcoin can reduce crime rate and make society less greedy? Bitcoin is a hot topic in the mainstream media and it is presented as new tool criminals are using.Bitcoin is not perfect remedy created to battle crime, reduce poverty or make people less greedy. It simply won't work.
Cashless society = digital fiat when your every step is recorded and tracked by government, it is not about decentralized cryptocurrency.
Yes, decentralization might lead to ultimate centralization.... irony.
It partly depends what you mean by "win." If BTC becomes highly regulated, with ETFs and banks offering bitcoin banking services and KYC every which way, have the forces of centralization won?
It seems like this is the direction we are heading, and I'm torn regarding what it means. How will the world react if we start pushing forward with things like confidential transactions and other privacy-enhancing features? Could inputs that have participated in these practices be blacklisted by regulated exchanges and banks someday?
Some day will be in they way like this, but for now this is good concept and there are things that need to be done if this is what they want to be success.
Off course every change has to be well prepared but this is partially semi done. We are doing most of the things in bank and like someone mentioned here it more digital now there is no way that in the world there is that amount of money printed.
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.
I don´t see how your description fits in a "cashless society". Currency as we know it is no more than debt titles. you go to the supermarket get groceries and leave a debt title. That the supermrket owner believes its good to get and go to the barber shop have the haircut and so one. The only thing you said it would be a society without the cash as we know it. the is digital it most ways already.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.
What would be a nice vision is a society where cash is not central controloded by central banks but instead decentralized in the blockchain. Of course we still want some services to be provided to us, to i dont see how to get ride of the "state" itself, so taxes are a must.
We already have bank accounts that has a digital fiat on it. However, it is prone to be froze or hacked. A better way is bitcoin which could prevent from being frozen. In preventing hacking we have hardware wallets available to secure a huge amount of bitcoins. If the poverty is solved we could be a cashless society. Poverty is a difficult issue that the world needs to be the top 1 priority in order to achieve the "cashless society" you told.
Current fiat currencies are already digital-fiat in a way because most of the money is not backed by paper money notes but it is just a number on the bank's servers.
I think we can not just use cryptocurrency for transaction. Because each person have different ways to do that, maybe some need fiat money and beside that some of them need cryptocurrency, and this happen determined by where they live, villagers usually prefer fiat money because it is more suitable for them, meanwhile urban society usually choose cryptocurrency because it has provided in their place. .
The official digital currency is a trend in the future, and the central bank has made a point before,
Indeed, it saves costs and improves efficiency
One major financial problems we have in all our society is criminality and greedy. Bitcoin and others crytocurrency can resolve this problem by using this great technology to reduce crime and criminality. Cashless society do reduce physical attach on attempt to get fiat from the owner.
How exactly bitcoin can reduce crime rate and make society less greedy? Bitcoin is a hot topic in the mainstream media and it is presented as new tool criminals are using.Bitcoin is not perfect remedy created to battle crime, reduce poverty or make people less greedy. It simply won't work.
Cashless society = digital fiat when your every step is recorded and tracked by government, it is not about decentralized cryptocurrency.
Yes, decentralization might lead to ultimate centralization.... irony.
It partly depends what you mean by "win." If BTC becomes highly regulated, with ETFs and banks offering bitcoin banking services and KYC every which way, have the forces of centralization won?
It seems like this is the direction we are heading, and I'm torn regarding what it means. How will the world react if we start pushing forward with things like confidential transactions and other privacy-enhancing features? Could inputs that have participated in these practices be blacklisted by regulated exchanges and banks someday?
At first glance, I think cashless society will literally improve quality of our life. We don't need to bring wallet or paper money.
However, at second glance, considering security or control issue, I have concerns on cashless society.
However, at second glance, considering security or control issue, I have concerns on cashless society.
Everything will be good at terms of transactions. And that's one of the good thing in it, we don't have to bring cash and sort of credit cards. Well it will be the other effect of that thing, our information will be exposed to the government and they will have the control for this thing when it was implemented already.
One major financial problems we have in all our society is criminality and greedy. Bitcoin and others crytocurrency can resolve this problem by using this great technology to reduce crime and criminality. Cashless society do reduce physical attach on attempt to get fiat from the owner.
How exactly bitcoin can reduce crime rate and make society less greedy? Bitcoin is a hot topic in the mainstream media and it is presented as new tool criminals are using.Bitcoin is not perfect remedy created to battle crime, reduce poverty or make people less greedy. It simply won't work.
Cashless society = digital fiat when your every step is recorded and tracked by government, it is not about decentralized cryptocurrency.
Yes, decentralization might lead to ultimate centralization.... irony.
At first glance, I think cashless society will literally improve quality of our life. We don't need to bring wallet or paper money.
However, at second glance, considering security or control issue, I have concerns on cashless society.
However, at second glance, considering security or control issue, I have concerns on cashless society.
Everything will be good at terms of transactions. And that's one of the good thing in it, we don't have to bring cash and sort of credit cards. Well it will be the other effect of that thing, our information will be exposed to the government and they will have the control for this thing when it was implemented already.
At first glance, I think cashless society will literally improve quality of our life. We don't need to bring wallet or paper money.
However, at second glance, considering security or control issue, I have concerns on cashless society.
However, at second glance, considering security or control issue, I have concerns on cashless society.
Everything will be good at terms of transactions. And that's one of the good thing in it, we don't have to bring cash and sort of credit cards. Well it will be the other effect of that thing, our information will be exposed to the government and they will have the control for this thing when it was implemented already.
It gives a government complete control over everybody and everything, hence the reason why governments and central banks are for it in the first place.
But I believe that government never be able to see the bitcoin assets of a person because no nobody will able to look onto the wallets of bitcoin, even the government is not authorized to do that, and this is the feature of bitcoin. If bitcoin become centralized then it will not good for bitcoin users. Central banks always want to make bitcoin centralized.One of the things that governments will do now is to drive people towards regulated exchanges and custodial services (which will eventually be affiliated with banks). Isn't Coinbase somehow affiliated with Goldman Sachs people? The banks will definitely sink their teeth into this industry, and they will probably get a lot of market share (holding peoples crypto assets via funds and custodial wallets, just like bank accounts). In this way, they can at least monitor (for tax and money laundering purposes) peoples' activities.
They may not be able to see inside your personal wallets, but it will get easier and easier to link those funds to you over time. Blockchain analysis is a burgeoning industry.
It gives a government complete control over everybody and everything, hence the reason why governments and central banks are for it in the first place.
But I believe that government never be able to see the bitcoin assets of a person because no nobody will able to look onto the wallets of bitcoin, even the government is not authorized to do that, and this is the feature of bitcoin. If bitcoin become centralized then it will not good for bitcoin users. Central banks always want to make bitcoin centralized.I believe they will. The government will use every trick in the book to centralise bitcoin. If they can't find a way, they will surely pay enought to the programmer to sell all transaction information eventually.
Everything is hackable these days. Whats stopping banks to hire hackers to find information ? It's not like there is a bitcoin police to investigate such 'crimes'.
I wish we had a cashless society, money is the root of almost everything bad happening, including wars.
But realise that they won't allow something to be uncontrolled for long. If it does not fit the system, it will be rejected, ridiculed and banned.
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