Does this mean Cash will be extinct? - page 45.

Bowly88

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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 for me the word extinct is not the right term, it is more of a rework or they will just evolve into something new because bitcoins can never be our main currency because of the fact that their value is not stable and a lot of people so not want to lose money we just wanted to increase it. So more likely to happen is our country will have our own virtually currency that have a stable price and of course centralized because bitcoins are decentralized and so they can never be a official currency of a country but they can also be an alternative currency in the future because they still have value.

Osarman

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Quote from: BTCMILLIONAIRE on November 13, 2017, 10:31:21 AM

Quote from: Wade_Oasis on November 13, 2017, 12:34:25 AM

Oh God. For me, I would prefer using CASH than any other for now, because I don't think I would ever use something that is dependent to online internet and the interwebs. And not everyone in this Earth have the capability to use the form of bitcoin. It's going to be a long process before that happens.

Your cash will be worthless if the internet suddenly dies, because the whole economy would collapse.

Cash would not be worthless if the internet collapses. Cash means paper money and this is the context in which people mostly sue this word cash here in threads. Yeah if you taking about money in the form of digital currencies, you are definitely going to get a big heart attack if you lose connection to internet but that is very unlikely to happen. Bitcoin is the currency which will rather remove fiat from system.

Harrisonimo

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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 believe with time, cash might be withdrawn and be a thing of the past. By the time everything goes digital; like you might just need to do a finger print for payment or voice recognition or having a digital number recognition implanted in persons. This will totally restrain the cash to some settings and certain area of use and being limited to rural areas in some countries. So, the decentralization characteristic of Cryptocurrency will be maximally functional by this.

hastag_80

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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

Cash would not be deminished or extinct,its always there collaborating with bitcoin as usual,because money is our national currency and leggalized by the government and soon if the law in favor of legallize the bitcoin,thats the time bitcoin and fiat will work together in banking transaction,especially now that central bank have a guarrantee to accept the bitcoin as an exchanges.

supercanada1

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Quote from: Kevondo on November 18, 2017, 10:27:53 AM

Quote from: relentless1 on November 17, 2017, 06:01:22 AM

I dont think so in our lifetime. Its happened in India I think, they removed the highest denominator and many lost out and lives Embarrassed

With the time it will happen because the bitcoin will help all the people and bitcoin will be the best investment I am using the bitcoin and the bitcoin is going to help the people, you are right the cash is going to be down and I am sure the bitcoin is going to help all the people I hope the bitcoin price and the trading with eh bitcoin will hold by the people who are using the bitcoin so now it is the time of the age and the coming few years.

This the best and the plus point of the bitcoin that the bitcoin price and the value can never remain the same because the demand of the bitcoin will be high and the bitcoin will help a lot of the people in the future I am sure the bitcoin is going to increase the demand and the value as much as the bitcoin is growing and it is the demand of the bitcoin going high day by day now.

micher143

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Quote from: dlhezter on October 14, 2017, 04:45:06 PM

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.

It is not necessarily to erase or to eradicate the system of fiat. Becasue bitcoin also depends on the price of fiat in terms of transaction, so for me the best thing to happen about fiat and bitcoin is the convergence of each system formulating a better form of transaction for a more reliable way of transactions and investments in the future for people to have.

Hotrod_88

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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

Sad to say but that is the truth, we need to improve the way we live, our lives will be more like digitally so as much as possible we need to change the way we used yo live. Cash will be extinct because virtual currency will start but I'm not sure if bitcoins will be the official currency in a country because bitcoins value are not stable they can be used as a mode of payment but they can never replaced and existing currency. Maybe our countries will make their own digital currency to cope up in the future.

tdrinker

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I think it is inevitable that one day we will move towards a cashless society but I do not think that we are currently ready for such a society. There are so many peoples even in the most advanced first world countries that are not comfortable with much of the technology that exists. Cash will have to be phased out slowly, as it already is being done with the use of contactless technologies etc. One day I suspect all payments will be electronic and based on some sort of microchip.

Feuerbach

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The basis of the monetary turnover of the country is non-cash money. Cash is printed to serve non-cash circulation. I do not think that the cancellation of cash will give a positive result. And the replacement of fiat money with crypto currency in the near future is impossible

Saifher

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Quote from: suvo05 on November 19, 2017, 12:24:10 PM

In order to make a country totally cashless the electricity and the internet connection must have to available for 24/7. Every citizen of the country should be able to use internet ( that means 100% literacy ) and that is a huge task for max of the countries.

This is the biggest challenge crypto faces for mass adoption in my opinion. In Europe it can be done, 10 years from now most cities will probably have free wi-fi connection to everyone (and you'd pay it in your taxes), but in Africa and some parts of South America and Southeast Asia this is going to be real hard to achieve, so i think FIAT won't be going anywhere soon (maybe in 15+ years).

suvo05

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In order to make a country totally cashless the electricity and the internet connection must have to available for 24/7. Every citizen of the country should be able to use internet ( that means 100% literacy ) and that is a huge task for max of the countries.

dancingnancy

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Quote from: nydiacaskey01 on October 15, 2017, 01:00:29 AM

Imagine a City without electricity or maybe something happened to the grid like a disaster and electricity will be offline for 12 hours. While it sounds like a good idea because its good for the environment but going paperless or cashless needs 24/7 access to electricity without it, going cashless is not possible.

It's very difficult but not impossible, we're progressing towards a technological future and there might be a use for technology for every basic task. Btc along with other cryptocurrencies can lead to a cashless economy but as you stated this won't work everywhere as there are certain restrictions.

Kevondo

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Quote from: relentless1 on November 17, 2017, 06:01:22 AM

I dont think so in our lifetime. Its happened in India I think, they removed the highest denominator and many lost out and lives Embarrassed

With the time it will happen because the bitcoin will help all the people and bitcoin will be the best investment I am using the bitcoin and the bitcoin is going to help the people, you are right the cash is going to be down and I am sure the bitcoin is going to help all the people I hope the bitcoin price and the trading with eh bitcoin will hold by the people who are using the bitcoin so now it is the time of the age and the coming few years.

Xaad

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cash is just a mean to transactions.And people wants safety.So the future of cryptacurrency is very bright.and by the passage of time cash will be replaced by the cryptocurrency. As the metals replaced by the currency then then currency replaced by the e-currency and now the e-currency also will be replaced by the cryptocurrency

bosede1

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Probably yes, but this is not in the nearest fifty years to come, and not all the country will follow suit and some who follow suit cannot just extinct cash most have being planning and put the necessary step before invention.

darewaller

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Quote from: 2fresh on November 11, 2017, 10:25:17 AM

Very bad idea if this would ever happen, we will have to give up another part of our freedom which already seems to be fading away in so many ways.

A true currency can never be volatile like bitcoin is, so bitcoin can never make Fiat disappear or go extinct because it doesn’t have the qualities of a true money. It highly volatile, and that’s the reason it is referred to as a stock and not as a currency (though a currency in its own way) Fiat is very important and we need it. Fiat is the same reason that made us go after Bitcoin, because we all need it real bad lol.

nightways

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Quote from: pecson134 on November 11, 2017, 01:42:42 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

Maybe it is not an easy feat to implement on a worldwide basis because several countries was still accustomed on using their own local currency and cash as well. From my point of view bitcoins cannot yet to be use on every transactions and deals we are entering so it can be served as a replacement for now. Bitcoins needs to be more stabilize and needs to be improve in order for it to be use everywhere with ease.

Agreed! It is just the beginning of an era of bitcoin. There are still lot of things which bitcoin needs to do in order to make name in this world.

As far as cash is concerned, I don’t think so that this world will accept this thing. Paper money has its own importance and people will keep on using it no matter what the conditions are. Crypto currency will flourish in the future but will not effect that much on the growth of paper money.

ronafurw

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Quote from: West0813 on November 11, 2017, 07:50:09 AM

Fiat will never be extinct in this world. Because fiat is a big part of our daily life. And only a rich and advance country can make fiat disappear in their country.

You are right the fiat will not be finish totally but to some extent the value and the price of the bitcoin will be high and the people who are not using the bitcoin will lose profit, I hope the bitcoin will increase in the value and this is the time to grow more and the two have the bright future of the crypto, as thousands of the people are using the bitcoin and this is the reason why the demand of the bitcoin is getting high now.

potatocorner

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Quote from: Willitivity on October 14, 2017, 05:33:09 PM

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.

I agree with this, and we cannot remove fiat completely in our systems because how about the people who doesn't even have any access to the internet. We all know bitcoin is used because we have internet connection. Poor people cannot access the internet so how would they live in a cashless society? We need to think it further.

Chrystora123

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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 still can not assure you that Cash will be extinct because of Bitcoin,
but I think the existence of Cash will slowly get rid of by Digital Currency that's for sure ...

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