Topic: Does this mean Cash will be extinct? (Read 14845 times)
I'm sure that cash will not be affected even though bitcoin is very popular, as we know that bitcoin transactions are highly dependent on the internet so it becomes a big problem if the internet is problematic, but cash transactions are not internet dependent so it can be done anytime and anywhere.
Sweden is contemplating to stop using cash by 2023, does this mean cash might be extinct if other countries follow suit?
https://www.weforum.org/agenda/2017/10/sweden-could-stop-using-cash-by-2023?utm_content=buffer40bef&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
absolutely yes. cause first of all cash is just a waste of material. if their no cash our society can produce more papers or they can save more trees. second people nowadays are tend to use more on technology so they will happy if their money is in safety right. just be aware of hackers. they can steal your money in your account https://www.weforum.org/agenda/2017/10/sweden-could-stop-using-cash-by-2023?utm_content=buffer40bef&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
A cashless society is safer, there is faster transaction and you don't have to be present always to have your transaction done for you. In countries where robberies are on the increase a cashless society can help reduce the possibility of such cases through the use of blockchain and other technologies that empowers the owners to take absolute responsibility of their wealth under strong protection.
That can be considered in the highly urbanized the cashless society , through the cryptocurrency technology but ,for the mountainous and rural areas in every part of the world , there would still be cash money to be use because , internet broadcast are limited with in this areas, so cash will not be extinct totally by this cashless society.
A cashless society is safer, there is faster transaction and you don't have to be present always to have your transaction done for you. In countries where robberies are on the increase a cashless society can help reduce the possibility of such cases through the use of blockchain and other technologies that empowers the owners to take absolute responsibility of their wealth under strong protection.
If this happen all people should know the basic of computer.It takes many more years to do that,maybe if that would be successful it would be the basis of other countries to follow that system.Well gudluck for them.
I think people are shifting from physical money to online transaction because it is more convenient for urban places. But for rural places, I think they will stick to physical money because they have less access to internet and some are not into technology. So I think the obsolescence depends on the location. it will not be true to all. 
If countries will embrace and use bitcoin as their means of transaction then fiat can possible become instinct...they have no use of it and all transaction can be made true virtual currency, machine operator..but these system cannot be done easily it will take time since this has been part of the country/world ever since.
Sweden is contemplating to stop using cash by 2023, does this mean cash might be extinct if other countries follow suit?
https://www.weforum.org/agenda/2017/10/sweden-could-stop-using-cash-by-2023?utm_content=buffer40bef&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
it wont happen .. the bank will is scared of cryptocurrency and they are against cryptocurrency .. https://www.weforum.org/agenda/2017/10/sweden-could-stop-using-cash-by-2023?utm_content=buffer40bef&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
and i think they believe in future there is a possibility where people generates Cryptocurrency and it might affect the Money globally.
I think not all banks are afraid of cryptocurrencies, there are reports that some big banks are even planning to create their own coin in the future instead of using the existing cryptocurrencies in the market. A big bank in Japan, for example, is planning to release its own cryptocurrency this year and will have parity with the Japanese Yen. Banks have been reluctant to welcome cryptocurrencies but they instead moving towards developing their own coin to streamline their operations.
Seems that's where the world is headed is the introduction of cards (credit,debit). It's the third world countries I'd like to see the impact of "cashless world"
If I think the currency will not go extinct even though this bitcoin samakin growing rapidly in society, the eyes that will not be extinct because we really need this currency to dilute the results of bitcoin that we have today and again we make transactions with the prevailing currency because most of the country still forbids this bitcoin to make transactions.
Sweden is contemplating to stop using cash by 2023, does this mean cash might be extinct if other countries follow suit?
https://www.weforum.org/agenda/2017/10/sweden-could-stop-using-cash-by-2023?utm_content=buffer40bef&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
https://www.weforum.org/agenda/2017/10/sweden-could-stop-using-cash-by-2023?utm_content=buffer40bef&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
I think every country has different ideas, because the government can think the best for the people who have given them power. so their duty is to provide the best for the people's welfare.
Sweden is contemplating to stop using cash by 2023, does this mean cash might be extinct if other countries follow suit?
https://www.weforum.org/agenda/2017/10/sweden-could-stop-using-cash-by-2023?utm_content=buffer40bef&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
https://www.weforum.org/agenda/2017/10/sweden-could-stop-using-cash-by-2023?utm_content=buffer40bef&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
I think every country has different ideas, because the government can think the best for the people who have given them power. so their duty is to provide the best for the people's welfare.
Belived or not, people in the future will no longer use paper money, it will be replaced by gold. Probably the gold is physical or virtual, I do not know which one.
Honestly I dont think so but maybe in the future paper money will not be more eligible to use it because of the hitech technology that its really manipulate us.
It will depend on country and percentage of literate citizen there and they should know the digital platform they are going to use as payment.in my opinion it will take more than decade to achieve this stage even for Small country.so let see how progress goes and later virtual currency can be traded as swiftly as digital currency.
There will always be and there are now such places where do not accept Bank cards and you can pay only in cash.
Sweden is contemplating to stop using cash by 2023, does this mean cash might be extinct if other countries follow suit?
https://www.weforum.org/agenda/2017/10/sweden-could-stop-using-cash-by-2023?utm_content=buffer40bef&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
I do not think it's possible, because it's also very much needed for people who do not understand technology, if we're as ordinary as that, but if for the old people it's hard enough. https://www.weforum.org/agenda/2017/10/sweden-could-stop-using-cash-by-2023?utm_content=buffer40bef&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
Sweden is contemplating to stop using cash by 2023, does this mean cash might be extinct if other countries follow suit?
https://www.weforum.org/agenda/2017/10/sweden-could-stop-using-cash-by-2023?utm_content=buffer40bef&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
Cashless is mostly used nowadays because it is convenient to used as payment than using cash, but i think cash will not be extinct that easily because poor people don't have any smartphones to used for cashless payments to provide their basic needs. So i think it will take a lot of processes to make cash extinct. https://www.weforum.org/agenda/2017/10/sweden-could-stop-using-cash-by-2023?utm_content=buffer40bef&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
If this happen all people should know the basic of computer.It takes many more years to do that,maybe if that would be successful it would be the basis of other countries to follow that system.Well gudluck for them.
Total removal of fiat from the society will do more harm than good.
No matter the level of technological development, not everyone will be able to embrace cashless transactions. And also, most services need to be paid in cash.
No matter the level of technological development, not everyone will be able to embrace cashless transactions. And also, most services need to be paid in cash.
We don't really know what new technology may come out in the future though. It's possible that somehow in the near future, everyone will have instant access to a bank account or some form of savings account that they can use instantly with some piece of technology. For now, however, I agree with you that the removal of fiat would not fare well with society.
The entry of crypto currency in the trading market change the out look of business/ financial community globally. The FEAR of unknown was very much visible in the business world or the financial community. Yet, with the growing acceptance of crypto currency transaction in the trading market, it lessen the Fear instead it was replaced by openly talking about the crypto currency investment in the trading market, what coin are good, with stable fundamentals, does increase the awareness of this digital crypto transaction in the trading market. We don't know if the FIAT money will be extinct in the future of trading market or even local circulation, Banking system will be affected and the possible effect on the Economy of the its country which is unknown to everyone. The time to replace the FIAT maybe not now, global market is not yet ready.
Maybe yes, but it will take a century to get it done. If people trust invisible money on internet and feel more comfortable to use it in daily basis instead of always carrying physical cash in every situation. It may different in first world countries and third world countries, but people will trust digital currency or digital form of money without see it leave their pockets. Centralized or decentralized system will be there to make sure digital currency distributed and being used safely.
Total removal of fiat from the society will do more harm than good.
No matter the level of technological development, not everyone will be able to embrace cashless transactions. And also, most services need to be paid in cash.
No matter the level of technological development, not everyone will be able to embrace cashless transactions. And also, most services need to be paid in cash.
We don't really know what new technology may come out in the future though. It's possible that somehow in the near future, everyone will have instant access to a bank account or some form of savings account that they can use instantly with some piece of technology. For now, however, I agree with you that the removal of fiat would not fare well with society.
FIAT will be extinct? The entry of digital transaction on the trading market had some effect on the financial Business community, the Fear or apprehension to the future of any transaction using crypto currency or digital is very visible to the business world, but, with the issues concerning crypto currency replacing FIAT money transaction still need to be resolved by the government financial Chief, by the World Bank and by the business community. The issue on regulation in crypto currency or digital transaction is under going tremendous scrutiny by its government. we don't really know what will be the possible effect it the come for the extinction of FIAT money. For now, i would say, FIAT money is still very much needed for any transaction for our daily needs, not only for investment.
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