Does this mean Cash will be extinct? - page 31.

deppil

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Quote from: Lupus Solitarius on January 12, 2018, 05:46:37 AM

Probably in a far future we'll live in a cashless society.
But at present there is still a long way, as there are billions of people without bank account or cell phone.

I think only old people and poor people who do not use the phone and do not have a bank account. I see developments in the world, even young children now have a special bank account for them. the more rapid technological developments, we can not avoid it, the more days people prefer to shop online rather than go to the physical store, the more there is a new method of payment online, it is a small signal that cash will be increasingly rarely used

alfs75

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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

Will if this implementation will done in sweden,that means that bitcoin in there country is regulated to operate and change there traditional currency to digital,but here in our country that belong in a third world poor country and mostly people would not being educated about bitcoin,and most of all its not regulated,that why it would not implemented right now,maybe soon if the government will make a law to regulate bitcoin as a digital currency business and there's a treaty between cryptocurrency and the goverment panels.

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Quote from: bob123 on October 27, 2017, 10:49:06 AM

Quote from: jaysabi on October 27, 2017, 10:22:25 AM

Traditional electronic money is a far greater threat than bitcoin in eliminating physical cash.

I dont agree with you on that point.
You are right that cash won't be directly displaced by crypto currencies.
But after cash wont be accepted and credit cards and EC are the only way to buy stuff (probably in ~5 years), i think those credit cards are going to be replaced
by crypto currencies pretty soon. Credit cards are no way secure and this will become a big problem in the future.
Crypto currencies are a really good approach to fast cash-less buying/paying.
But BTC probably won't be the most accepted langauge since countries are going to start their own crypto coins like russia did with krypto rubel.

First, cash won't disappear in the next ~5 years. That's a crazy expectation considering how much commerce still happens in cash, especially in more rural communities. Cash continues its decline but it's nowhere near extinct. Second, I don't see crypto being a suitable replacement for credit cards, whether or not cash is extinct. It would necessitate the replacement of the USD, which despite what crypto enthusiasts believe just isn't going to happen. Crypto also doesn't fulfill the roles credit does, which is to delay payment. Instant settlement isn't going to replace transaction where quick settlement isn't the intention of the transaction.

Nhobita

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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 think it will not to be literally extinct. But maybe the production and usage will be just lessen since the use of cryptocurrencies such as Bitcoin and other types of cryptocurrencies namely altcoins will be popularized along with the rise of the modern technology which will make it as an easiest way as possible to access this type of cryptocurrency compared to real money..

mulukey

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Quote from: Semosuchi Tesongrato on January 14, 2018, 03:49:37 PM

Be careful, cahsless in cryptoworld is very different with cashless in sweden experiment: bitcoin is the road to freedom, electronic money controlled by government is a stalinian nighmare: think about: it will be as facebook: some admin doesn't like you, and with just a click you don't more have your account!!!

It will take a long time for the cryptocurrency market to replace cash globally but I think this is very likely to happen in the near future. This life operates according to the law of the good, the utility will be retained and developed and the obsolete and inferior things will be eliminated gradually. That's the way the world works and grows.

Semosuchi Tesongrato

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Be careful, cahsless in cryptoworld is very different with cashless in sweden experiment: bitcoin is the road to freedom, electronic money controlled by government is a stalinian nighmare: think about: it will be as facebook: some admin doesn't like you, and with just a click you don't more have your account!!!

Klestar

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Given the fact that bitcoin has a lot of benefits and advanatges as a medium of exchange we cannot deny how fiat are important than cryptocurrency. Not everyone knows bitcoin , not everyone are using it and not everyone are believing on it, even we if we have a technology advanvements fiats will be available and more essential than electeonic generated money.

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Quote from: readygoaw on January 13, 2018, 08:28:40 AM

Quote from: changcloy on January 10, 2018, 08:29:18 AM

i don't think that CASH will be extinct there are still plenty of people who would love to used CASH rather than CASHLESS and still there were people who don't know how to used crypto money and don't have any idea about it. for sure there were people will not allow this to be happen just like the poor countries and also for me this will be a long process if this will be implemented.

I see no reason why cash will be extinct. Today they are still important and widely used. In the future, they will probably be less, but they will.

I agree because cash is still very essential to many people special to the oldies that are not so familiar with using bitcoin because they are not fond of using technology unless really needed.

readygoaw

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Quote from: changcloy on January 10, 2018, 08:29:18 AM

i don't think that CASH will be extinct there are still plenty of people who would love to used CASH rather than CASHLESS and still there were people who don't know how to used crypto money and don't have any idea about it. for sure there were people will not allow this to be happen just like the poor countries and also for me this will be a long process if this will be implemented.

I see no reason why cash will be extinct. Today they are still important and widely used. In the future, they will probably be less, but they will.

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to face out all fiat money on one country is not necessary, how about those anyone or anybody that who cant afford to buy gadgets and provide a internet connection, how do they live. i mean how do they make transaction on the physical market to buy or sell goods just to live? this idea is non sense. fiat money is important too and i think more country not to follow if that happens.

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Quote from: AudriusBird on January 12, 2018, 08:58:47 AM

I'm looking forward to cashless society

Long time ago, the mode of payment in exchange for services or products were pearls, silver, copper, stones, gold and even the product itself was being used. Then follows physical coins that was molded from bronze, and silver. Some were created with a mix of gold and platinum. What follows were paper bills which ceases to use of the earlier mentioned. Today, with the arrival of digital coins, majority of its supporters are looking forward to a cashless economy were everything will be digital. However, since majority of our financial institutions doesn't really accept cryptocurrencies as the new age of money. We're still a long shot of living in a world where fiat money and physical coins become extinct.

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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

What is best for Sweden can not be good for other countries specially the third world countries. Come 2023, this third world countries may not have lifted up their status and poor people will have a difficult time in coping up with what modern days would offer them.

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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

No, this world will not be good if a cashless society was implemented due to the fact that Bitcoin and society were bot good in both different ways, if you are aiming for better orofit try to invest your money in Bitcoin and cash was very good about a small trnasactions. And cash has been used for being one of the safest thing how can you can live with your life.

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Quote from: Cryptolupus on January 12, 2018, 02:39:48 PM

A cashless society is very possible in theory, but it needs a global technological advancement that - for the moment - it's still far away

Arent we now is most cases dont use cash anymore? There are alot of things that you can pay with nowadays, most people use credit card and some use some form of e-money that bank offered

In some sense it is the same as not using cash anymore so sooner or later we will see cash becoming useless as most people feel more convenience with not having them around

Quote from: Kisanaq on January 12, 2018, 08:58:10 AM

Cash and bitcoin will continue to exist because of the presence of bitcoin nonlan as a competitor to eliminate cash, it can both complement each other because many transactions that can not be done cash or bitcoin everything.

Bitcoin is created to be a currency while cash is a form of fiat currency hold by a country. Do you get what I mean? Both are pretty much the same

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A cashless society is very possible in theory, but it needs a global technological advancement that - for the moment - it's still far away

AudriusBird

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I'm looking forward to cashless society

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Cash and bitcoin will continue to exist because of the presence of bitcoin nonlan as a competitor to eliminate cash, it can both complement each other because many transactions that can not be done cash or bitcoin everything.

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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

Not all country will follow or maybe it will take more than 20 years to happen on not to use cash. There are so many studies to do, so many things to consider and too many things to think of what will be the effect of this to the country. It will not also be easy to stop the cash because everything is relying to cash.

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No bitcoin does not even mean it, it's not yet known, it seems to me that cash will remain with my respect. Because in our time, cash is everything.

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Quote from: mylyn2327 on January 12, 2018, 07:05:09 AM

Quote from: Hydrogen on October 14, 2017, 04:38:15 PM

Eliminating paper fiat will have a measurably negative effect on economies. Paper money represents a more efficient form of transaction than electronic payment. For the poor who can't afford a cell phone or internet connection, paper money is their only hope of buying/selling. Getting rid of paper fiat makes transactions more difficult and also centralizes the currency aspect of economies which leads to monopolism. Centralizing power and influence in this way is strongly correlated with exploitation, predatory business practices and inequality.

Banning paper money will have a measurable negative effect on economic growth, unemployment, inflation, standard of living & other statistics. It will represent lost opportunity, a higher bar to entry for markets, greater difficulty in small businesses surviving and creating jobs. There's no upside or advantage in getting rid of paper money. And there are definitely many disadvantages.

That is absolutely right, paper money means a lot to people. We are used of using it in our daily lives and in every transaction we are doing. Although cashless transaction is good but banning paper money will cause negative effects especially to those small businesses and for us simple people. Some countries are implementing it and most of their establishment are accepting cards but that probably will take a long run to get rid of paper money. And before it will happen there are still many factors to consider with.

I don't think cash will be extinct anytime soon. Though cryptocurrency and bitcoin in particular made a very legendary history when it comes to market value, it is likely very difficult to implement a cashless society. Not everyone are aware and knowledgeable what cryptocurrency is and not even all members of the society has gadgets or internet connection that are necessary in this kind of system.

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