Does this mean Cash will be extinct? - page 46.

buytheeffinD

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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

They should and others should follow suit. Only a small amount of cash is physical nowadays and just today the person who replaced my mail lock basically refused to take cash. They said how do you want to pay cash, credit,

or debit? I said cash which they told me wasnt possible because and I quote "nobody pays in cash nowadays". After that I ended up paying with credit but you get the point even simple transactions sometimes cant be

completed by cash, it is only a matter of time before everything goes digital. It is simpler, easier, and more efficient than what we as humans can do in regards to cash.

warr1979

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Quote from: Sled on November 17, 2017, 08:35:56 AM

Quote from: barabarian1 on November 17, 2017, 07:29:46 AM

yes it can. if developer of bitcoin not add supply of coin, it make out of stock. but if they add stock of bitcoin, it never happen. and i think they will add supply of bitcoin.
but if bitcoin extinct, other coin will replace that place, ethereum maybe.

Bitcoin will not be extinct and replace by other type of coin because bitcoin is keep on developing and improving and i think that in the future, the price of bitcoin will be more than $10,000 and a lot of people will use it among the other cryptocurrency in the market. Bitcoin is not that easy to be defeated because it is becoming stronger and stronger that will make itself unstoppable.

Maybe, your target for Bitcoin will be complete in this year.
Today, the price of Bitcoin as passed $8,000 to create the new all time high price.
I'm really surprise and don't understand the reason made Bitcoin price increased many percents like that.

iol

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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

Stop using cash but that could mean every transaction will be digital or visa cards use. Here in my place almost everyone is using only visa/credit cards even in small transactions it even in retail stores so cashless society could be one day and im not sure if could also be cryptocurrencies.

laracastvue

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Fiat will never be extinct, Those families that are in the middle and elite class are the only capable of earning bitcoins because the can afford to have internet connection and computer but for low class there is no chance for them to earn bitcoins.

LogitechMouse

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Sweden are planning to do it because they think that all of the people in their country already will have smartphones already and an internet connection. If Sweden can do it, then other can't do it because one reason is many people can't afford to buy gadgets for themselves so they will rely on paper money in order to buy things they need or want. Another is some places don't have internet connection especially in the remote areas.

Sled

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Quote from: barabarian1 on November 17, 2017, 07:29:46 AM

yes it can. if developer of bitcoin not add supply of coin, it make out of stock. but if they add stock of bitcoin, it never happen. and i think they will add supply of bitcoin.
but if bitcoin extinct, other coin will replace that place, ethereum maybe.

Bitcoin will not be extinct and replace by other type of coin because bitcoin is keep on developing and improving and i think that in the future, the price of bitcoin will be more than $10,000 and a lot of people will use it among the other cryptocurrency in the market. Bitcoin is not that easy to be defeated because it is becoming stronger and stronger that will make itself unstoppable.

barabarian1

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yes it can. if developer of bitcoin not add supply of coin, it make out of stock. but if they add stock of bitcoin, it never happen. and i think they will add supply of bitcoin.
but if bitcoin extinct, other coin will replace that place, ethereum maybe.

jessicawelsh

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They are stop using cash doesn't mean they will use Bitcoin at all. I think their mean is they will use the credit cards for all the payment instead of cash.

relentless1

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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

Genemind

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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

It could happen, but not at that year I think. People are still used to the system where cash is the one that we use to buy. I hardly see that people will easily let go. People are naturally reluctant to change, and this is becoming a hindrance for progress.

mharz

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Quote from: xSkylarx on November 17, 2017, 06:03:25 AM

I don't think that cash would extinct in our generation maybe in the next few generations ,
I don't really think that it would happen in the next few years but maybe some decade's it could but we could never know.

Even new generation born I don't think that cash will be extinct, maybe less cash society will happen but removing cash or money to the circulation of daily life of people. I guess it will not happen, because even many people enjoying using bitcoin more people are still relied to the cash or money they were used. Why? Maybe because it easy to used cash than bitcoin, also money was always on the hand while bitcoin was always in the wallet.

iram3130

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As a new technology emerges the old will perish, we used gold, silver, diamonds and Ruby's for a long time and now it's the age of cryptocurrencies.

xSkylarx

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I don't think that cash would extinct in our generation maybe in the next few generations ,
I don't really think that it would happen in the next few years but maybe some decade's it could but we could never know.

reijusama2583

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Well I think it is a big no because not all of us are accessible in technology or some of us are illiterate in using technology. As of now many countries are not fully develop like the many third world countries and somehow it have a high poverty rate and if we might think it was not very compatible to them at some point money generated from technology has many disadvantages like how if there is no electricity? you cannot use your money right? Well I think cash will not become extinct because it is more reliable compare to others.

armored

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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 think governments are taking seriously this idea of cashless society. If that happens in many countries, this can lead to an economic chaos and will lead large numbers of people to poverty. But I think people will fight against this kind of thing.

ahkiatt

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While cryptocurrency growth is astounding, cash will be around for a long while.

Global internet penetration rate is less than 50% as of 2016. This greatly limits the ability for people to transfer funds or crypto.

However, I am a firm believer that crypto will overtake cash as the leading form of transactions during my lifetime.

imstillthebest

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Quote from: AriannaSantosUU on November 15, 2017, 11:23:34 PM

There is a possibility of that in the future because cryptocurrency is now in. Digital technology is continue to develop faster than we thought. Cash will be out soon.

i think it wont happen because as you see we are now on the year 2017 but why there is still cash or fiats? why do we still use them even if we are on the future and we have some other payment method like credit cards? its because some people will struggle especially the poorer ones because they cant afford to buy and use these digital currencies and also they'l be having a hard time to use it because they are lack of knowledge due to poverty.

biskitop

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Cash will never be extinct, although later, crypto is growing in popularity and its value is rising drastically and beating out cash or gold. I think, there's no reason to get rid of cash. All are in their respective functions. Crypto used for online transactions, and cash is used for offline transactions.

batang_bitcoin

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Quote from: mountrock on November 17, 2017, 02:01:56 AM

Cash will be there till the end. may be it will be more like shopping voucher in function.

Yes it will stay and even we are innovating in financial matters still cash will remain. The government has their powers with the use of cash and if they will let something digital and decentralized to take over the financial industry, they will be out of their power anymore. A country that has their cash to produce can control the market and economy of businesses that are in their jurisdiction.

superjeyy

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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.

To first world countries who can assure that every citizen is financially stable or supported by the government, there will be minimal complications when it comes to allowing the use of cryptocurrency and disregarding the use of paper money. What will be affected most is those who belong to the third world countries since some of the people belonging to that country may not have any access towards their (supposedly) money. I agree with each point of Hydrogen and how it can devastate the economy of a third world country even more. The exctinction of paper money will highly depend on the capability of a country to handle the situation because it will bring a great impact towards its users.

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