Does this mean Cash will be extinct? - page 18.

CookieGums

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Quote from: babsalt1975 on October 11, 2017, 06:12:47 AM

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

this could be possible that cash will be gone and all the countries will follow if sweden will become better if they stop using cash.

but i do not believe that this way will be successful because this cause a huge change in our world. we live with it and suddenly stop using it would be hard for us.

Tapyaks72

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Quote from: Elsonbol on April 24, 2018, 06:50:36 AM

cash is just means for transactions. and people want safety. So, future of cryptocurrency very bright. and after time money will be replaced with cryptocurrency. when metals are replaced with currency, then the currency is replaced with electronic currency, and now the electronic currency will also be replaced with cryptocurrency.

As of now technology fast evolving its not far that fiat currency would be instinct and be replaced with electronic currency but still there are people opted to use fiat currency because we are used to it because infrastructure is not ready and the people readily accept it. But in generation will totally eradicate fiat currency because aside from the cost of materials the hassle of bringing physical money.

Naman1111

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in 20 years yes.

There will either be digital fiat or cryptocurrency. Using cash anyways is full of hassles. It is just meant to transfer value which can be done through ur mobile. So it highly possible for the cash to extint.

Imagine a situation ....U hav 1 million cash in ur room which will occupy a lot of space in the room . Now replace it with BTC >>>VOILA<<< problem solved. No hassles.

Elsonbol

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cash is just means for transactions. and people want safety. So, future of cryptocurrency very bright. and after time money will be replaced with cryptocurrency. when metals are replaced with currency, then the currency is replaced with electronic currency, and now the electronic currency will also be replaced with cryptocurrency.

Blackhammer321

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Quote from: babsalt1975 on October 11, 2017, 06:12:47 AM

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 don't think so, ever since bitcoin was created its main goal is to provide a reward for a work so called mining process, where bitcoin acts as a payment and did not mean to perform well than a real currency. There is so much need for physical currency than the virtual currency and there is much thing for virtual currency to replace the fiat money.

raldix00

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Both have their own advantages and disadvantages. People use both bitcoin and fiat currencies for different purposes. Both these currencies are important for economies. Countries with developed economies used bitcoins because they already have setup required for bitcoin currency. However developing or third world countries cant afford this setup for them fiat currency is the only and best option.

randyboy

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If that thing happen it may helpful or getting worst because the easy way of living is already happen because of technology. But the advantage of that is more people may be in stable life and do more a lot of things.

warkop121

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Let's see and observe how this is applied and then learn from it for a better study in our own country, if necessary and successful. This may be much more controversial than the legalization issue because it will directly hit the economic aspects of each government. The fiat currency is a single, irrevocable, traditional trading asset of the economic system running on it. Imagine how much the change will be received in the first place and will be effectively implemented within the country. In addition, what is the nature of the new currency and will be accepted by the rest world so that they can maintain a healthy economic relationship between the two? Too many things to consider, this may have just started from scratch. It will take some time. :-)

Betheng10

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Quote from: babsalt1975 on October 11, 2017, 06:12:47 AM

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

and go back to barter exchanges again? Yes it is convinient and maybe we'll be saving trees because we don't have to print out paper money anymore. But how about the less fortunate people? Computer Illiterate persons? The elderly citizens?

Government will take away their right to participate in the economy by doing that type modernization.

mstfprcn

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I don't think so that cash is going anywhere else, until the next fifty sixty years. Cash is now being the most basic form used by everyone, everyone may do not have a credit card or a bank account but they do have access to cash.

Kusnechik

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I think 2023 is a too optimistic forecast, given that in many countries older people hardly get used to cashless payments. Although everything goes exactly this way.

fiend91

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I think for the next few years bitcoin still can not become the world currency. At this time people are still many who do not know with bitcoin therefore takes time and process long enough to make bitcoin as world currency.

jcarlo

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Quote from: lokanot0 on April 23, 2018, 10:09:21 PM

From gold to coins, coins to papers, papers to digital currency. This is the shifting future of our currency that is unavoidable. We tend to aim for a hassle free world which sometimes result in a good or bad way.

Technology always evolving and its will helping people. Actually its more safe if we are using digital money because we can avoid from damaging our paper money. But its vulnerable too because many hackers want to steal our money

kloinko1n

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Why not. I do not like to use cash. I always try to use only a plastic card. It's much more convenient

STT

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Quote from: webdevmastery on April 23, 2018, 08:48:22 AM

Quote from: babsalt1975 on October 11, 2017, 06:12:47 AM

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

Cash will not be extinct but there is a huge chance for people to use cryptocurrency even more and in the future, fiat will be only used by those people who have no knowledge about cryptocurrency.

FIAT will be used by the countries and citizens in which government did not part take in large debt spending deficits. The world is dominated by Dollar, that can certainly change but its already the case that many cash notes are backed by real assets not debt.

I think the currency of Norway is very strong, with a sovereign wealth fund not a national debt behind each note. I dont expect them to suffer especially while still an active successful economy, they have a very positive buffer.

Places like Venezuela are already seeming to switch over to crypto as they have to print so much paper its no longer viable to continue. Of course the government there is not likely to operate a fixed protocol like Bitcoin is but it will be interesting to see how it progresses for them. Cash will always exist I think, we may find its backed by gold in future and other standards perhaps.

lokanot0

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From gold to coins, coins to papers, papers to digital currency. This is the shifting future of our currency that is unavoidable. We tend to aim for a hassle free world which sometimes result in a good or bad way.

Crazygreek

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Not sure but isn't anything nowadays can be hacked? I am pretty sure that after changing cash on digital money we will read news about problems with system almost every day!

Hypnosis00

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Quote from: vaughn125 on April 23, 2018, 10:10:45 AM

Quote from: Mariadelan25 on April 23, 2018, 09:10:52 AM

It seems just nonrealistic to me. There can’t be a society that doesn’t have cash. Leave under developed countries, if you talk about developed ones, even everything is customized and technologized still cash is there. And you need it whenever you are moving and eating and all that daily chores. So bitcoin will be in pair with cash, it can’t make it extinct.I really dont believe think of this fact

Yes, you are right. This is just so impossible to happen as of today since it is really hard to change the ways that most of the population in this world has gotten used to. Specially those people that live in poor countries that has little to no such this as internet connections(people that live in the remote areas of a poor country), some don't even have smartphones. That alone would be the biggest hindrance of bitcoins or any crypto replacing fiat of a country. There are still a lot of things I haven't mentioned but believe me, there really are a lot of them.

Exactly, the extinction of cash is too much of a change since not all the countries in the world has that access to bitcoin in a such that they can make profit from it. We can't deny the fact that not all countries are having a good situation in their economy and their way of living, and removing something that they've been recognizing as their primary trading material in their country. Bitcoin will only be a way for us to gain more cash, but bitcoin will not replace cash because not all can access it and also not all countries are agreeing with it.

vaughn125

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Quote from: Mariadelan25 on April 23, 2018, 09:10:52 AM

It seems just nonrealistic to me. There can’t be a society that doesn’t have cash. Leave under developed countries, if you talk about developed ones, even everything is customized and technologized still cash is there. And you need it whenever you are moving and eating and all that daily chores. So bitcoin will be in pair with cash, it can’t make it extinct.I really dont believe think of this fact

Yes, you are right. This is just so impossible to happen as of today since it is really hard to change the ways that most of the population in this world has gotten used to. Specially those people that live in poor countries that has little to no such this as internet connections(people that live in the remote areas of a poor country), some don't even have smartphones. That alone would be the biggest hindrance of bitcoins or any crypto replacing fiat of a country. There are still a lot of things I haven't mentioned but believe me, there really are a lot of them.

Mariadelan25

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It seems just nonrealistic to me. There can’t be a society that doesn’t have cash. Leave under developed countries, if you talk about developed ones, even everything is customized and technologized still cash is there. And you need it whenever you are moving and eating and all that daily chores. So bitcoin will be in pair with cash, it can’t make it extinct.I really dont believe think of this fact

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