The purpose of Bitcoin is to create trust and accept transaction around the world ledger particularly when there is no need for third party . The act of cryptocurrencies in a cashless society gives a change totally and move very great amount of change in future for investors.
Cryptocurrency allows several person to pass through the global economy, by passing through traditional banking system bringing low remittance costs,it also gives decentralized way to transaction data.
Topic: Cashless Socity and Contribution of Bitcoin! (Read 548 times)
The concept of a cashless society has been introduced driven by digital payment technology advancements and changing consumer preferences through digital currencies. Bitcoin as a decentralized digital currency is likely to play an important role in this transition. Bitcoin is poised to make this change possible by offering secure and transparent transactions. By solving many of the inefficiencies and limitations associated with fiat currencies, Bitcoin plays an important role in the concept of a cashless society.
At a recent time some of the organization and basically some legendary people try to launch "Cashless system" which transactions are conducted electronically. without the need for physical currency such as coins or banknotes. In a cashless society or economy people rely on electronic forms of payment such as credit cards, debit cards, mobile payment apps, and online banking transfers (EFT) to make purchases, pay bills and conduct financial transactions. This trend has become increasingly popular with the advent of digital technology and the widespread adoption of electronic payment methods.
And it's true, in just the past few years, cashless payments have really developed very rapidly. And even e-wallets are now widely used and accepted everywhere. So the convenience of paying without cash really continues and is made easier. Nowadays, we can find that even in small shops, they accept cashless payments. In my opinion, this is good progress along with the development of technology and human needs.However, unfortunately, regarding Bitcoin as a digital product which in fact is also intended as a means of payment, at this time it still cannot be done easily and freely in various places. Because there are restrictions regarding the use of Bitcoin as a legal means of payment, except in countries that have legalized it. Like in my country, it is still not possible to pay with Bitcoin, it is illegal and there will be sanctions. So, again and again, we still encounter state regulations.
Bitcoin becomes the primary medium of exchange replacing physical cash entirely. Several obstacles would need to be overcome for this to happen such as Bitcoin would need widespread adoption as a means of payment.
In some boards, I've seen numerous threads that include the same sentence, such as this one: I'm not sure why some individuals believe that bitcoin will eventually supplant fiat currency. This is not feasible in the context of what we believe the cryptocurrency sector can achieve. As Bitcoin was developed and functions digitally, it cannot take the place of any nation's fiat currency worldwide. The market and all that bitcoin does are not under the authority of any one person. Thus, we should give up expecting that such things will occur and that bitcoin will stay this way. It will be preferable, in my opinion, than replacing fiat money.
Furthermore, if bitcoin takes the place of fiat money in any nation, the government will want to control it because it controls fiat money as well. This will cause problems for people because governments must redefine centralization and remove the word "decentralisation," and bitcoin was not intended to be controlled by anyone, regardless of identity. We desire that the currency continue to function digitally. Furthermore, massive sums of money will not be invested by people if the government or any other third entity gains access to bitcoin because they will begin to collect tasks from investors.
Bitcoin has been invented as an alternative to the traditional banking system. Over time, this could serve as the mainstream transaction source. Even in such a situation, it isn't possible to think of a cashless society because the value of bitcoin is compared against the USD and other countries national currencies. Bitcoin is provided with a denomination in sats, but the value per satoshi is defined in dollars. Bitcoin is an eye-opener for users who want financial freedom, and in terms of contribution to society, it is in its very early years of existence. Only time can give the proper answer to this.
To be realistic Bitcoin isn't helpful for cashless payment systems right now, and it won't be. Due to high transaction fees and long waiting times, merchants won't accept Bitcoin payments. But the traditional cashless system worked instantly and with no fee. In my country, the Mobile Finance System (MFS) has become most popular. You don't need to carry cash, and every shop now offers an MFS payment system. The fees are too low compared to bitcoin. Bitcoin would help the P2P global payment system. I don't imagine Bitcoin would be used like cashless payments everywhere unless it solved transaction problems.
Bitcoin was never created for this purpose, it was created to solve the peer-to-peer payment problems that traditional payment systems have due to their centralized nature and the problems they cause now and then. If Bitcoin was created to become a system to be used by merchants for cashless payments, I'm pretty sure that Satoshi would have created it differently, with a different consensus and a different mining system and the fees and transaction times would have been different for sure.If we look closely, Bitcoin is serving the purpose it was created for because you can still send and receive payments way more conveniently than traditional banking systems and with lower fees, especially if the transactions are international. It has also become one of the most used investment assets of the world today which is an extra benefit it is providing to us.
Before we toss Bitcoin out the window, let's chill for a sec. It might not be the king of buying gum, but for big bucks like international payments or that dream yacht, it could be a baller move. Plus, tech wizards are constantly working on making Bitcoin faster and cheaper, like upgrading your phone to lightning speed. A truly cashless society probably won't be a one-currency show anyway. It'll be a mix of options, each with their own pros and cons. Bitcoin might not be the MVP for tiny transactions, but it could still be a valuable player in the future financial game.
Most of the countries of the world have started transactions in digital mode, especially mobile banking has spread all over the country. People of my country do not use cash for money transactions but all transactions are done through mobile banking. Although Bitcoin is not legalized in my country, cashless digital transactions are used instead of paper money. But if the bitcoin is mineIt gets recognized in the country, but the use of paper money will not be used in the future. If all transactions, car rent, house rent, tuition fee, electricity bill, water bill, and daily necessities etc. are exchanged through Bitcoin, then the cashless exchange system will be fully implemented.
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Bitcoin's current transaction throughput is limited compared to traditional payment systems like Visa or Master card. Should be improvement of Lightning Network. Governments and regulatory bodies may pose challenges to Bitcoin becoming the primary medium of exchange due to concerns about control, taxation, and compliance with anti-money laundering (AML). Even to be know customer (KYC) regulations.
A powerful infrastructure supporting Bitcoin transactions would need to be in place.
Hopefully it's possible for Bitcoin to become a cashless system in the future it!
Bitcoin's current transaction throughput is limited compared to traditional payment systems like Visa or Master card. Should be improvement of Lightning Network. Governments and regulatory bodies may pose challenges to Bitcoin becoming the primary medium of exchange due to concerns about control, taxation, and compliance with anti-money laundering (AML). Even to be know customer (KYC) regulations.
A powerful infrastructure supporting Bitcoin transactions would need to be in place.
Hopefully it's possible for Bitcoin to become a cashless system in the future it!
The thing that makes me really interested in Bitcoin is that Bitcoin is the money of the future, meaning Bitcoin can not only be used as a tool for transactions but can also be used as a protector of the value of the money/assets we own.
However, the problem that really interferes with Bitcoin's mass adoption is its fluctuating fees. It is still very clear in my memory when the Bitcoin fee for processing transactions reached $15 for one transaction, and this is very disturbing, especially for those who transact in small amounts. However, I am optimistic that in the future Bitcoin fees will be much cheaper than now and the method will not affect the number of Bitcoin.
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Bitcoin is generally tolerated by the government and financial institutions so long as its mostly used only as an investment. But if Bitcoin starts becoming a competitor to fiat currency, money transmitting services; if it will start actually disrupting the current financial world instead of becoming a part of it, then you would see the system reacting to it. It's not about whether Bitcoin is regulated or not, it's about how Bitcoin is being used by society.Bitcoin was not primarily created to compete with other centralized governments' currencies - but it is an option that can be chosen as an alternative if both users are willing to make transactions. There is no pressure to legalize bitcoin as a legal currency - but governments know what the advantages of adopting it are.
Moreever now the system of BTC is not allowed but when a government or under a agency's some of the strategy may apply.
Bitcoin is generally tolerated by the government and financial institutions so long as its mostly used only as an investment. But if Bitcoin starts becoming a competitor to fiat currency, money transmitting services; if it will start actually disrupting the current financial world instead of becoming a part of it, then you would see the system reacting to it. It's not about whether Bitcoin is regulated or not, it's about how Bitcoin is being used by society.
Bitcoin's current transaction throughput is limited compared to traditional payment systems like Visa or Master card. Should be improvement of Lightning Network. Governments and regulatory bodies may pose challenges to Bitcoin becoming the primary medium of exchange due to concerns about control, taxation, and compliance with anti-money laundering (AML). Even to be know customer (KYC) regulations.
A powerful infrastructure supporting Bitcoin transactions would need to be in place.
Hopefully it's possible for Bitcoin to become a cashless system in the future it!
Bitcoin is already cashless, nobody is running around with bitcoins in their pockets and are starting to try and pay with it at the cashier. I can understand that there are certain limitations with bitcoin to use it as a for everyday transactions like visa or mastercard. Especially with very small purchases it wouldn't make a lot of sense to use bitcoin because of the high transaction fees. In the end we could use the credit card system as well for crypto currencies and only settle in bitcoin instead of fiat money. The benefit of credit card payments is that we only make one payment per month to settle our account. It's the credit card company that makes all the small transaction for us. And if they have a large number of clients than they could also pool all their daily transaction and only settle the netted amounts at the end of the day. This would lead to a big drop in transactions and make it more feasible for crypto currencies to be used.
The cashless society is one major direction that the world is heading into in recent times. Even though the world is still far from getting to that point where it could be said that everyone has gone cashless, there's actually still a very long way to go. Have you checken out Africa, Asia and the Middle East? Technology is has not penetrated any deep into these societies. BTC's technology is of course constantly evolving, it will eventually advance to where it can be able to handle the cashless demand of the world.
Hopefully it's possible for Bitcoin to become a cashless system in the future it!
It's not possible, you already outlined why. Solving scalability is one major challenge, I don't think it's guaranteed to be ever truly solved and allow Bitcoin to process all transactions in the world, which is billions of transactions per day. And this major challenge is overshadowed by the resistance that banks, governments and payment companies would pose if Bitcoin starts to become a real competitor. There's a popular belief in Bitcoin community that they are already trying to kill Bitcoin and failing, but it couldn't be further from the truth - they actually ignore Bitcoin or even help Bitcoin by making investing more accessible. That's because Bitcoin-as-digital-gold is not a threat to them but an opportunity for making money through fees and taxes.
Also charged management committee. But should be reasonable into the society.
When you living a country you are giving tax and other fees the government giving us security.
Moreever now the system of BTC is not allowed but when a government or under a agency's some of the strategy may apply.
To be realistic Bitcoin isn't helpful for cashless payment systems right now, and it won't be. Due to high transaction fees and long waiting times, merchants won't accept Bitcoin payments. But the traditional cashless system worked instantly and with no fee. In my country, the Mobile Finance System (MFS) has become most popular. You don't need to carry cash, and every shop now offers an MFS payment system. The fees are too low compared to bitcoin. Bitcoin would help the P2P global payment system. I don't imagine Bitcoin would be used like cashless payments everywhere unless it solved transaction problems.
Hopefully it's possible for Bitcoin to become a cashless system in the future it!
It's not possible, you already outlined why. Solving scalability is one major challenge, I don't think it's guaranteed to be ever truly solved and allow Bitcoin to process all transactions in the world, which is billions of transactions per day. And this major challenge is overshadowed by the resistance that banks, governments and payment companies would pose if Bitcoin starts to become a real competitor. There's a popular belief in Bitcoin community that they are already trying to kill Bitcoin and failing, but it couldn't be further from the truth - they actually ignore Bitcoin or even help Bitcoin by making investing more accessible. That's because Bitcoin-as-digital-gold is not a threat to them but an opportunity for making money through fees and taxes.
Do you all ever think if Bitcoin becomes so overhyped and then it supresses the traditional currency if it would still maint it's volatile potentials and if it would be still be so profitable as much as it is today without being compromised and comprehended to favour some particular legendaries?
I don't trust the government and I don't trust a sole legendary. So, let Bitcoin keep pushing its hard for a wide and wider spreads to enhance its technological systems without the corporations with the governments just for its Bitcoin to hinder the existing traditional currency.
Bitcoin will grow more and I believe my belief is as same as many other people who own bitcoin. We invest in Bitcoin because we believe in its future which is better than now. By that belief, we expect Bitcoin will increase in adoption, value and price.I don't trust the government and I don't trust a sole legendary. So, let Bitcoin keep pushing its hard for a wide and wider spreads to enhance its technological systems without the corporations with the governments just for its Bitcoin to hinder the existing traditional currency.
Bitcoin will gain more adoption but it does not exist to beat governments or traditional currencies, we must be realistic about its mission and potential. We are living in a nation, a world with governments and their policies so Bitcoin only gives us a chance, a tool to be our own banks with private keys. Governments can not seize our bitcoins if we own private keys and are not arrested by governments. They only do this if we committed criminal activities and after arrest, they can seize our bitcoin through seizing private keys but if you don't commit criminal activities, you are fine.
Do you all ever think if Bitcoin becomes so overhyped and then it supresses the traditional currency if it would still maint it's volatile potentials and if it would be still be so profitable as much as it is today without being compromised and comprehended to favour some particular legendaries? Such could be a political implementations and analysis. Nothing goes for nothing in politics, our politicians are all over there on disguise claiming they are in for us while they are indirectly generating valuables out of the masses while stays tasty or we could only have sympathy offers from the wickednesses of the so legendaries.
I don't trust the government and I don't trust a sole legendary. So, let Bitcoin keep pushing its hard for a wide and wider spreads to enhance its technological systems without the corporations with the governments just for its Bitcoin to hinder the existing traditional currency.
I don't trust the government and I don't trust a sole legendary. So, let Bitcoin keep pushing its hard for a wide and wider spreads to enhance its technological systems without the corporations with the governments just for its Bitcoin to hinder the existing traditional currency.
Bitcoin is just like a gold mining but many of the government confused about it . For the reason of decentralize also confuse to apply their running economics system. The government thinks that the country's money can be laundered through this it is basically nothing but confusion.
BTC should only be thought of as a gold mine and should be practiced with proper planning.
They didn't confuse about Bitcoin and money laundering, but they act like that on purpose to destroy Bitcoin because Bitcoin will harm their fiat and banks. It's not surprising when a new competitor comes up, the old business will try to ruin the new competitors in order to make their business survive and keep making money.BTC should only be thought of as a gold mine and should be practiced with proper planning.
Bitcoin becomes the primary medium of exchange replacing physical cash entirely.
If you study the Bitcoin whitepaper, you will see that Satoshi Nakamoto referred to Bitcoin as "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution."
Satoshi wanted this payment system to be an alternative to cash and not to replace it. I think Satoshi knew that governments will never accept it as a replacement, so he created it as an alternative.
The Banking system are already stepping up with loads of centralized "instant" payment options that will make things very difficult to justify Bitcoin as a payment option, because Bitcoin transactions are very slow and expensive. (Not the Lightning Network)
Satoshi wanted this payment system to be an alternative to cash and not to replace it. I think Satoshi knew that governments will never accept it as a replacement, so he created it as an alternative.
The Banking system are already stepping up with loads of centralized "instant" payment options that will make things very difficult to justify Bitcoin as a payment option, because Bitcoin transactions are very slow and expensive. (Not the Lightning Network)
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