Topic: Cashless Socity and Contribution of Bitcoin! - page 2. (Read 467 times)

Politicians like idea of cashless system due to easier tracking of financial flows. I don't like that idea despite of my btc holdings. People should have a choice

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.

It should only be thought of as a gold mine and should be practiced with proper planning.
It will only work alongside fiat money.

Why hope when it's already there? Bitcoin is already a cashless system ever since its creation. It's an electronic payment system with its own native currency. Everything happens in the digital universe. No more bills, no more coins; if that's what you mean by cash. It shouldn't be confused because Bitcoin, after all, is an electronic cash system.

However, I don't think Bitcoin will become the primary medium of exchange replacing fiat in whatever form it takes. I hope it happens one day, but I doubt it.

That is the biggest challenge, adoption is not that big of an issue and we already have a pretty large user base for Bitcoin and cryptocurrencies if that was the only necessity, Bitcoin and other cryptocurrencies would have been available for use as a global payment method, but this cannot happen unless governments and regulatory bodies allows it.

A local merchant might be a Bitcoin and cryptocurrency enthusiast and be interested in accepting them as a payment method for their products and services, but they won't be able to do that unless the government allows them and we all know that we can't go against the government because they have the power to do anything they want, even close and seal our businesses.

There is certainly a reason for people's addiction to Bitcoin, because apart from being able to make it easier to use for things such as the investment and trading sectors. In countries like El Salvador and on several other well-known websites you can also use Bitcoin if you want to pay or buy something we need. This means that Bitcoin is indeed more accepted by society and large companies at this time so it is quite possible that one day Bitcoin will be more widely accepted by everyone, just like currency is currently in everyone's lives.

Fiat and CBCD are control by the Central bank each an every country.
Fiat such as paper money or coins.Fiat money is backed by a country's government rather than by a physical commodity or financial instrument.

on the other hand CBCDs one kind of digital form of a country's fiat currency.

The Bahamas, Jamaica, and Nigeria have already launch more than 100 countries are in the exploration stage. Central bankers in Brazil, China, the euro area, India, and the United Kingdom are at the forefront.

Maximum countries alredy used ATM,debit/credit card used by fiat money. Fiat and CBCD are control by the Central bank each an every country.

If cripto currancy can use like CBCDs of any country it will help to reduce inflation and Will make a big contribution for build cashless digital society.

    You know something you should know is that things didn’t just start in one day and become perfect, even when the paper money became widely known, it didn’t just start and makes it way across the globe in one day, it took time for it to circulate around the globe, coins were being use till the paper money was evenly distributed. Some thing implies to Bitcoin, little by little we will see how Bitcoin will make it way to the top like the paper money did years ago. It is not new that some of this big companies and hotels have already adopted the use of bitcoin as payment. If I’m not mistaken the Ferrari Company is one company that accept bitcoin as a payment method. So it not new that bitcoin is already making waves.
   Personally I don’t see fiat crushing, they all have their purpose one way or the other, Fiat will always be government great asset, to them it one way to tax from the citizens. No one will want to shut down a plant that’s generating money for them.  Bitcoin is looking like a threat to them and their skepticism is why we have these imposing restrictions on bitcoin.

Bitcoin is already cashless in the sense that there is no cash to handle ever when you are using it.

You do not even need something like CDBCs to make a totally cashless society. We have seen in China where the apps Wechat Pay and AliPay are used by virtually everyone to make payments, and those are not even CDBC's - just apps wrapped around the yuan - and in the West there is Paypal which serves a similar purpose.

Bitcoin is a very popular coin.  It is used by almost all people.  Its use is increasing day by day.  Yes, one day we will see people paying in Bitcoin.  Sometime these work notes will not exist.  Payment must be made by card everywhere.  Bitcoin can do this because of its popularity.  Almost everyone who knows Bitcoin knows about Bitcoin.So Bitcoin will become the medium of all payments.  People are more addicted to Bitcoin.

We are becoming cashless because it's easy to use debit/credit card, you don't have to count money in your pocket, you don't have to wait for change, you don't have to keep lots of coins because of poor change. It's easy, done automatically and is very practical. I would vouch for Bitcoin as a currency for a cashless society but I am afraid that blockchain technologies are developing rapidly, mining is getting centralized and many people use centralized exchanges instead of DEX. Cashless society will be scary, despite the fact that I love Bitcoin, I still believe that we should keep cash in our financial system. Governments will be able to control us even if we use Bitcoin.

BTC can play an important role in society today's inflationary era. If we can increase transaction of BTC with USD inflation will be reduced to a large extent. There must be proper planning and implementation.
We know BTC is decentralize and invisible also cashless. But it's not always for the elite but also should be general people. In future new innovative way will be coming into the BTC this is one of small way.
For BTC separate card system can be launch and small items can be purchased from super shop.
Is it possible to implement this idea?

I like your intro about this but I would love it if you could prove that economy part further. This is because I think differently when it comes to this and I would always want someone to prove it otherwise. If it is about the non-custodial wallet we preach on this forum, then the economic remark you talk about is zero or almost zero.

This is because Bitcoin is a decentralized asset, meaning that it has some degree of privacy and anonymity which makes it not accountable to the economy as you said, but only to the Bitcoin liquidity. Or whose country's economy will you account it to when you do not even know the owner? But thanks to the custodial wallet, I mean those who are registered in a country, they can at least apply tax and with the way, they build businesses around it where not they alone can be earning through it. This arrangement will partly add to the economy, particularly of the country to which they are obliged to be accountable. But for those who still use non-custodial wallets and P2P, you can't tell me that their transactions are adding to the economy.

But you might prove me wrong though. I'm waiting...

Bitcoin is a cashless system by default. I don't know what do you mean by this sentence.
Do we really need a cashless society? What happens with the cashless payment systems when the power grid collapses and there's no electricity? Nobody can buy and sell anything? No government in the world would use Bitcoin as the foundation of a cashless system. The governments would rather use their own CBDCs instead of Bitcoin or any other cryptocurrency. I agree that the Lightning Network should be improved and become more user-friendly, but let's not forget that LN is a centralized off-chain solution and we shouldn't rely that much on centralized off-chain methods to transact BTC.

Exectly ! I know this is cashless. generally now a day we are transaction in our society like cashless if Bitcoin contribute in the  same way. now we guess this is not possible but I hope this is possible maybe possible. now it become like elite transaction we have but thinking about small. Before start Everything ws small.

El Salvador as a state is trying to establish Bitcoin. Maybe their dream is cashless society including BTC.

Many at times people tend to take Bitcoin to be a replacement pf the traditional financial systems,  and forgetting that Bitcoin was and is developed to serve as an alternative to traditional currencies of financial systems.


So our ability to accept that fact is what makes the difference in any way, so discussion on bitcoin being a tool for a cashless society is far from being the accurate truth that can stand the test of time and making a significant discussion

Not for now nor in the future.

It's good as an alternative but if it's about replacing cash entirely, we don't know how it is going to take or it won't take anything for it to happen. We're too optimistic about that and I am one for it but we have to realize that the system of most governments are not in favor of Bitcoin.

Even let's say most of them makes BTC a legal tender, it won't still replace physical cash. It's nice as a medium of exchange but many will still not in favor of it just as the government of El Salvador does.

We can take it as an example although we're in favor of it being in the mainstream as a payment because that's how it should be.

I think OP has meant to say that It is possible for bitcoins to become the (not a) cashless system. There will be reduced cash and use of cash in a cashless system, and while other cashless means of transactions will be used like debit and credit cards, online banking, CBDC's, bitcoins can also be used for transactions still in a cashless way. Bitcoin can become one of the means of transaction in a cashless economy, but it has to first be accepted by many people, governments and country.

Bitcoin for me is a big help for everyone because first, it's decentralized, where consumers have greater authority over their financial information and transactions.
And global transactions, where this feature of Bitcoin facilitates a more globally integrated economy, supporting a cashless society.

Some geopolitical factors are definitely what will stop bitcoin from been used as primary means of exchange. If you look at it, satoshi himself might have thought of this challenges and that’s why he clearly stated that this bitcoin is clearly an alternative to the traditional currency. If you look at the less developed areas they suffer not only for the lack of knowledge but also they don’t have any network connections in their areas. Without this two the transaction would not be possible.

Right now I only see bitcoin as a payment method for large transactions amounts and not smaller ones. Also bitcoin to me fit perfectly well for cross border transactions where you don’t need to worry about the hassle of converting from different currencies to another before sending them.

I see some people mentioning bitcoin fees being too high. And the OP compared bitcoin tx capacity to Visa and Mastercard.


People, you need to realize that bitcoin's blockchain is the BASE layer of a monetary system. It'd be like if we were talking about using fiat only through wire transfers. The way everyone uses digital fiat is nowhere near the base layer of the fiat/banking system. Please stop comparing the two. Nobody in their right mind expects people to be using bitcoin for payments with mass usage using the base layer. That's literally what higher layers are for, like the Lightning Network. Bitcoin IS NOT MEANT TO BE USED FOR DAILY PAYMENTS. It wasn't designed for that. No good monetary system would be designed for that because at the base layer you want security, not capacity.

Fees are not a problem for Bitcoin becoming used for daily purchases, because people aren't going to be paying on-chain. That would be absurd. On-chain is for large money transfers / large transactions. Higher layer networks are for regular daily commerce.

If we want to compare Bitcoin to the fiat system, you have to compare LN (or possible other future Layer 2's) to Visa, Mastercard, etc.

Also someone said we don't have fees in the fiat system, that's not true at all. Credit cards take a roughly 30 cents + 3% fee for every transaction, it's just that the merchant pays that and passes it on to the consumer, rather than the consumer getting the original price with the fee tacked on. If credit card transactions were transparent for the consumer the merchant would print out on the receipt the cost of the item (less than the cost we pay), and then the credit card fee on top of that.


Anyway, nobody should ever be under the illusion that Bitcoin is replacing fiat currencies. It is an ALTERNATIVE global currency. It is designed to operate as the alternative option co-existing with national currencies. Govts aren't going to give up their currencies to replace them with something they have no control over. Both fiat and Bitcoin have their uses, and people will use them both. Bitcoin is better for saving money medium to long term and then of course spending the money you have saved, in addition of course to storing your money yourself rather than in a bank, and being able to spend money internationally without having to switch currencies, or sending money across borders cheaply and quickly, etc. Fiat is good for saving/spending in the short to medium term.


And I really don't see a cashless society in general happening. At least not in any country where the people have a say. There will always be a need for some physical money, sure it won't be a big need, but it is neccesary. A world with a little bit of physical money usage is very different than a world with no physical money at all.