Topic: Digital Money = Cashless Society - page 54. (Read 4289 times)

Basically, Cash has been transferred, but the cash was held by the bank, later transferred by the bank electronically, but the cash is still being held by debt.

The governments are leading projects to stop cash trades, which means that they encourage people to buy things in stores with Credit cards rather then cash, as they can track where the money goes, it's a financial instrument to prevent terror.
I believe that soon or later, cash will disappear, but at the same time I don't believe that bitcoin/ cryptocurrencies are going to be those who replace it, as centralized currencies allow the governments to track and defend their citizens from frauds, a think that they can't do in decentralized environments.

You just told everybody here about the best advantage of digital money or cashless society, that is "no headache of change"

I once wanted to pay with paper money in a barber shop, and they just couldn't provide me the change because almost no customer uses cash to pay, and thus they had not much in their cash desk. I was kinda shocked, because usually barbers, bazaars, etc, are those who work with cash the most, but even that is declining. If I think back, I don't recall having even touched cash money this year. I just pull out my bank card, have it touch the NFC panel, and transaction is made. No fees are involved, I enjoy buyers protection, insurance on various products, etc. It's an ultimate form of convenience that people love, and I got to admit, it's difficult for Bitcoin to even disturb this process....

Switzerland is obviously heading for cashless society. They're developing a new token Saga with low volatility and without an opportunity to speculate. It means it will only be appropriate for payments. However, it'll not be anonymous

Digital money where I live is similar to what you've described as in China. People prominently make use of their Debit and Credit cards (mainly because of discounts on purchases, sometimes even upto 20-30$ worth of discounts on electronics purchased with it), Internet Banking (Interbank transfer of money), applications like PayTM and Google Tez used to transfer funds between people at work or to pay a small local vendor for a couple of items purchased (none of these have any fee) and also there are certain Bank based money transfer services like (UPI) that allows people to send an SMS from their mobile number linked to their banks to allow apps connect to their bank accounts and perform transactions (Again for free). Bitcoin most certainly does fall into the digital money race, but where I live it has been outlawed to be utilized as a medium of exchange (as a legal tender basically), thus greatly limiting its usage to just transactions on exchanges, kind of like a stock to be bought or sold. This limiting factor prevents people from accepting or spending their Bitcoins within the country, although a loophole does exist for now. This loophole hasn't really increased Bitcoins usage, infact it's near impossible to find a store or a restaurant that would accept Bitcoins here. Unlike in the Europe, there are no Bitcoin ATM's as well as ATM's require the Central Bank's approval (mostly banks here get these).

Digital money definetely eliminates the paper money involved in the system. But would it make the system completely cashless is the main question. Well, it can definetely bring in a "less cash" drive than the cashless one. Offcourse achieving a cashless society is the bigger goal but we need to wait for that for a while. For now, less-cash society is whats being offered with the advent of digital money, and the whole digitization process  alltogether.

Offcourse the cryotocurrency will add to this in a good and substantial way as it is based completely on digital money, created and existant over the cloud. This if regularised in a more advanced and accepting way, will definetely pave ways for cash-less economy and will eliminate problems assiciated with paper money like theft, laundering, corruption, etc.

It is said now China is a cashless society. Use of debit and credit cards in shops/stores, online pay bills, shopping online.

Money earned from the internet is known as digital/electronic money. People who earn money from the internet, they get paid money in electronic form by payment processors such as skrill, perfectmoney, alipay, paypal, bank-wire transfers because online workers are worldwide.

Last month, I got $20 from online surveys. The money was sent to my bank account via online payment processor. Now if I buy 2 shirts using debit cards at offline or online stores, there is no cash involved but I have 2 shirts.

Just like Bitcoin which does not have a physical presence, money/cash will not have physical presence in "cashless society/countries" where money becomes digital/numbers.

Bitcoin is a part of digital money. How is digital money is your country ??