Does this mean Cash will be extinct? - page 42.

hispout

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Quote from: CherRic on November 23, 2017, 10:13:43 AM

Quote from: babsalt1975 on October 11, 2017, 07:12:47 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

That is the future of money, cashless. online banking, online buying and selling are emerging really fast. People prefer cashless transactions nowadays. They do not like to carry large money in trasacting or in buying. If first world countries start this, then everyone follows. It has more advantages.

Our world is performing into a digital world and I am damn sure that in future every little matter will be done by digital means. The idea of digital currencies is a Revolutionary one and it is the future of our money. Also crypto currencies are way much better than paper money. They give you anonymity, security, freedom of control, easy cheap fast transactions across the world. Above all huge profits.

jakoylantern

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For me, it will never happen that cash will be extinct. Money is the most useful thing in this world. If you are saying that bitcoin will replace the money and extinct it would be impossible. Some people convert their bitcoin to cash because you can’t use your bitcoin to buy some foods or things in the store because they don’t accept it or they don’t know it.

e-coinomist

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Quote from: Trivelius on November 24, 2017, 06:24:00 PM

You are right bitcoin can be digital currency but cash will still be there because cash plays an important role in physical conditions like shopping etc, cash have its own place in life while bitcoin and digital currency have its own, that’s not possible that cash will be extinct after the popularity if bitcoin.

The underlined part. On the streets, cash rules. Especially in european culture, I've seen reports from China where cellphones take over as a personal purse, but I doubt that's true for the whole country. Like telling you the United States are like New York, everywhere.
And the culture on which currencies have been built upon matters. It's no coincidence that Bit-Coin features "Coin" inside it's name.

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Quote from: Hydrogen on October 14, 2017, 05:38:15 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.

and its impossible to happen,what if time comes electricity isn't available and power generator is having troubls?what will happen to the transaction?the system will stop until. The power comes back?physical moneh will always there even if its function secondary stil, it will be needed.

Gabrieelle

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Quote from: Trivelius on November 24, 2017, 06:24:00 PM

Quote from: Ulan01 on November 24, 2017, 01:30:04 AM

I think money will still be there. Because until now even people prefer to transact with cash. Because even though it is already crowded people use bitcoin in online transactions, but still few people know about bitcoin and ease of use

You are right bitcoin can be digital currency but cash will still be there because cash plays an important role in physical conditions like shopping etc, cash have its own place in life while bitcoin and digital currency have its own, that’s not possible that cash will be extinct after the popularity if bitcoin.

I agree with you, I think bitcoin and cash exist in two different worlds. As of cash that exist in the physical one, it is use in our daily transactions like buying foods or paying transportation, it is less hassle for people using cash because they already have it in their hands. While bitcoin in the digital world needs technology in order to access it but it has more features than cash which is much better.

AsusBitcoin

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No, It can't be extinct. Eve though payment thru Technologies are very convenient to consumers and electronic's gain and growing, it would be a big mistake to count cash out of the economy. Cash is tends to be the most efficient payment instrument in day to day transaction. and In case of emergency like, disasters, calamities etc. cash is the easiest way and very convenient to used because cash is tangible and primary payment in the market.

Marrionbitcoin

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Quote from: futuret on November 24, 2017, 01:15:40 PM

Quote from: twicezeroiszero on November 23, 2017, 07:54:37 AM

Quote from: gabmen on November 22, 2017, 10:30:10 AM

Quote from: fazerockzx on November 21, 2017, 06:06:08 AM

I dont think cash will be extinct even if bitcoin grows bigger in the future, maybe there's a slight possibility but for my personal preference it wont because not all of us here in the world, or i could say not all of us in every country can afford bitcoin because of social problems like internet. Thats why i conclude that there's only a slight chance.

That slight chance is leaning heavily on the impossible. I can't even imagine gat happening. Its can probably for some countries like the us and uk or japan but to say cash would be extinct entirely around the world, that's not happening

Cash is a currency proves existence of the government and their incluence in the world's economy.
If someday, no cash in the world, they will not exist and something or no one manage the world.

Well you are right it is hard because the government is not accepting the bitcoin that easily but if the people are using the bitcoin is the main thing, I can see the bitcoin has the high value and the price so the bitcoin will be the currency of the future and the bitcoin will be common so the money will be choice then and the online shopping will be the only way to buy the things.

Cash will not be extinct as of this time. This should not be happened as of this year or next 5 year because not all countries are high-tech. There are so many studies, research and survey should be needed to implement this cash less. Currently, cash should not be extinct as we need this to buy our basic commodities. Paying our petty expenses, giving allowances to our children and even buying our groceries.

On the other hand, we can use Bitcoin as alternative way to pay our monthly bills like water, electricity, insurance or even money transfer. Also, we can use this to invest to other cryptocurrencies or Bitcoin itself.

lordquanta

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Quote from: brainape on November 24, 2017, 06:25:04 PM

Quote from: radjie on November 24, 2017, 03:54:09 AM

I'm not sure about that, it does not mean with the existence of bitcoin cash will be extinct. Why is that? because it is not easy to replace the important role of cash in this world even if replaced with bitcoin or non-cash because all walks of life use cash as a tool to transact in daily life.
and many people still do not understand how to use bitcoin or non-cash money

Bitcoin is now the most popular currency in the world and people love to invest and earn bitcoin but one point made in mind that what will happen to cash? According to me cash will not be extinct because cash have its own importance in life and a lot of people life is dependent to cash only.

Bitcoin is NOT most popular currency in the world. Most popular currency is still USD. However most profitable currency in todays world is the Bitcoin. No doubt about that. Just because more and more people are investing in bitcoin does not make it powerful enough to compete with existing fiat currency. Today printing and maintaining the cash is less cost effective for governments and banks as well. Thus more and more govt and banks are thinking about cashless society or cashless economy. Indeed the cash has its all benefits thus it will remain significant for considerable amount of time. Chances are that people will move more towards the cashless society slowly. The ration of cash to cashless will become 2:98. 100% cashless may take awhile.

brainape

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Quote from: radjie on November 24, 2017, 03:54:09 AM

I'm not sure about that, it does not mean with the existence of bitcoin cash will be extinct. Why is that? because it is not easy to replace the important role of cash in this world even if replaced with bitcoin or non-cash because all walks of life use cash as a tool to transact in daily life.
and many people still do not understand how to use bitcoin or non-cash money

Bitcoin is now the most popular currency in the world and people love to invest and earn bitcoin but one point made in mind that what will happen to cash? According to me cash will not be extinct because cash have its own importance in life and a lot of people life is dependent to cash only.

Trivelius

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Quote from: Ulan01 on November 24, 2017, 01:30:04 AM

I think money will still be there. Because until now even people prefer to transact with cash. Because even though it is already crowded people use bitcoin in online transactions, but still few people know about bitcoin and ease of use

You are right bitcoin can be digital currency but cash will still be there because cash plays an important role in physical conditions like shopping etc, cash have its own place in life while bitcoin and digital currency have its own, that’s not possible that cash will be extinct after the popularity if bitcoin.

aftab.436

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Quote from: rosepetals on November 24, 2017, 02:25:16 PM

Quote from: babsalt1975 on October 11, 2017, 07:12:47 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 is what we are using as the primary mode of payment and i dont think it would be extinct in the coming years.I dont think that government would agree to have a cashless society,poor people cannot go with the trends because it needs money to pay bills for internet connections and buy gadgets just to do transactions and its very hard on their part.I belong to a poor country and i can really say its impossible.Digital currencies and fiat were both useful to each one of us and it doesnt need that fiat or physical money would loose its value due to cryptocurrencies existence.

It will take a very long that cash extinct, because cash if the main flow of amount in market for selling and buy good for daily life need though a 10% of people are using digital currency like Credit card and Debit card but behind them their is also cash which they already submitted to banks or their company pay to banks as their salaries. but it is possible in the future that cash will extinct and people will use digital currency and crypto currencies, most probably bitcoin because its value is high and the transfer rate is cheap all over the world

rosepetals

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Quote from: babsalt1975 on October 11, 2017, 07:12:47 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 is what we are using as the primary mode of payment and i dont think it would be extinct in the coming years.I dont think that government would agree to have a cashless society,poor people cannot go with the trends because it needs money to pay bills for internet connections and buy gadgets just to do transactions and its very hard on their part.I belong to a poor country and i can really say its impossible.Digital currencies and fiat were both useful to each one of us and it doesnt need that fiat or physical money would loose its value due to cryptocurrencies existence.

G2z_Riya

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Quote from: salterious on November 24, 2017, 01:27:41 PM

Quote from: babsalt1975 on October 11, 2017, 07:12:47 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 hope it is because cash really does not serve a purpose in our society anymore. All it does is fuel criminal activity and would we be upset that criminal activity is decreased? No not really I mean obviously they will find other

ways to pay but still I think this can help decrease the illegal activity in our societies.

Cash is not the one that has been fueling the criminal activities. It is all because of the human nature, that always has the mentality to make good profit and doesn't have the mind to accept failure or loss. This is the major factor leading to criminal activities, and the same won't lead to the extinct of cash.

salterious

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Quote from: babsalt1975 on October 11, 2017, 07:12:47 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 hope it is because cash really does not serve a purpose in our society anymore. All it does is fuel criminal activity and would we be upset that criminal activity is decreased? No not really I mean obviously they will find other

ways to pay but still I think this can help decrease the illegal activity in our societies.

futuret

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Quote from: twicezeroiszero on November 23, 2017, 07:54:37 AM

Quote from: gabmen on November 22, 2017, 10:30:10 AM

Quote from: fazerockzx on November 21, 2017, 06:06:08 AM

I dont think cash will be extinct even if bitcoin grows bigger in the future, maybe there's a slight possibility but for my personal preference it wont because not all of us here in the world, or i could say not all of us in every country can afford bitcoin because of social problems like internet. Thats why i conclude that there's only a slight chance.

That slight chance is leaning heavily on the impossible. I can't even imagine gat happening. Its can probably for some countries like the us and uk or japan but to say cash would be extinct entirely around the world, that's not happening

Cash is a currency proves existence of the government and their incluence in the world's economy.
If someday, no cash in the world, they will not exist and something or no one manage the world.

Well you are right it is hard because the government is not accepting the bitcoin that easily but if the people are using the bitcoin is the main thing, I can see the bitcoin has the high value and the price so the bitcoin will be the currency of the future and the bitcoin will be common so the money will be choice then and the online shopping will be the only way to buy the things.

killgald

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Day after day there are more and more methods of payments that are more easily than cash, so yeah sooner than later the cash will we replaced by other way of payment.

stallon

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Cash will go extinct when government goes extinct. When will that be? Never!

firsttime99

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No i do not think that cash will be extinct just because of the fact that we are investing in bitcoin does not mean that cash will die we cannot kill cash just because we think that crypto currency is the future maybe it will die in a couple of years.

tasiah

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extinction of cash someday maybe inevitable but not in the near future probably after 2 or 3 centuries who knows

Sled

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Quote from: w33man on November 24, 2017, 07:49:43 AM

Quote from: babsalt1975 on October 11, 2017, 07:12:47 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

It is true that cash may be extinct in the future, but I highly doubt that it is as early as 2023. I don't think that mankind is ready for that big change. Perhaps in the 2100 century, I am confident that maybe that time, it is possible for people to forget about the physical money that we have come to know and use for a long time.

Cash will not be extinct because the cash is being backed by the government and the government officials will not allow bitcoin or other type of cryptocurrencies to make an extinction for cash. Cash will just evolve but about the extinction then it will not happen in the future since we are all using it for daily basis as a primary mode of payment.

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