Does this mean Cash will be extinct? - page 49.

zeaderza

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Quote from: BTCMILLIONAIRE on November 04, 2017, 11:38:09 PM

Quote from: LordDisick on November 04, 2017, 11:35:31 PM

Quote from: appleffi on November 03, 2017, 07:56:31 PM

Cash depends on the government of one's country. They are the one's who regulate the flow of the money within the premises of their country. Thus they are the only ones who can decide and the first one who knows that cash is already extinct.

Yeah right, in every country its all up to their government to change their currency from cash/fiat to digital. It doesn't mean that since Sweden are planning to eliminate cash it also applies to other country its a case to case basis. Maybe in sweden cryptocurrency are legal their. In my own opinion cash will not going to be instinct anytime soon.

Fiat can be digital, cash can not.

Agreed! There is no way that we can see a cashless society. There is no reason to deny this fact that crypto currency is really a very good way of making money but we cannot deny the worth of paper money too. People are using paper money since centuries and they will continue to use it no matter what the conditions will be. I don’t this so that this thing will ever happen in future.

youarehere

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i dont think cash will be extinct because part of the daily basis and i think cash more important

pecson134

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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

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.

Ewinsane

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Quote from: Toxicslicer on November 07, 2017, 09:12:09 AM

I think that that is what will happen in a few years because more people are trying to buy things online and with bitcoin you can witch is nice.
So you should buy bitcoin and invest in it more.

Yes .it is totally a nonsense thing that the use of digital currencies would let the cash to extent on complete basis. Actually there are some underdeveloped countries where the physical money or fiat is used commonly as a mean of transacting money and due to unequal distribution of the crypto currency usage in the world to is not possible at all that the virtual ones are going to replace the older method of payment i.e. fiats not even in the next thousand years because they have their known unique importance that could not be ignored.

rhodelmabanal

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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.

The Influence of paper monetery symbolizes our true nature of centralized banks. If somehow paper will be extinct its very hard because how could other people know the reason, that they didn't even know yet what's happening. They can't buy things throughout their hardworks. But it's advantages are people can no longer snatch bags because there is no money in it.

BTCMILLIONAIRE

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Quote from: Xember on November 09, 2017, 03:07:07 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

There is a probability that cash will no longer be used by the people due to being out dated in the future. But, I highly doubt that it will happen in the year 2023, I mean it is too soon. Also, the old people and the people who are not very good at computers will certainly disapprove of this thought, the thought of using only bitcoin and other cryptocurrency.

He's talking about Sweden specifically, which could very easily happen if they choose to make the move. They've been known to be quite progressive in this field after all. The news aren't about "Bitcoin" either, they're about using electronic cash with cards or smart phones, just like most people in that country already are anyways.

Xember

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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

There is a probability that cash will no longer be used by the people due to being out dated in the future. But, I highly doubt that it will happen in the year 2023, I mean it is too soon. Also, the old people and the people who are not very good at computers will certainly disapprove of this thought, the thought of using only bitcoin and other cryptocurrency.

BTCMILLIONAIRE

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Quote from: LoverDropper on November 09, 2017, 02:37:18 PM

Sent bitcoin deposit yesterday but it is not showing in my account.Delivered mail with details for your e-mail.

Not sure if spam or not?

But Bitcoin deposits, especially with low fees, can take quite a while to accredit.

LoverDropper

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Sent bitcoin deposit yesterday but it is not showing in my account.Delivered mail with details for your e-mail.

TTITA

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Some merchants in some countries still got problem about counterfeiting to verifying transaction using cash.
Nordics has lead solution to solve with reducinig transactions using cash. Will this be followed by other countries?
Could be yes, because with the ease of credit and debit card facilities, as well as electronic virtual money services, people are invited to think ahead, on the other hand the issuance and printing of cash also requires a lot of money.

tanginamoo

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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

With this issue and innovation, it is not impossible for cryptocurrency to overpower cash. As technology rises the possibility of erasing cash to our society is very high. And also there are many investors and large businessmen pursue to the satisfaction of cashless society. Extinction of cash money is possible.

wilberthh

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To say that cash will extincnt is a bit too much.. I think cash is the best option for payment at the moment. But well we don't know what future has to offer. Still, I don't think other countries will stop producing flat at least for now or anytime soon.

Wish4Bubbles

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I think even though bitcoin is currently in progress but it seems that the existence of cash won't be replaced by any currency, because many things can be achieved by using fiat forex which occasionally can not be done with bitcoin, so the potential of forex fiat should never be replaced functionally

2taps

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Quote from: HiringYou on November 08, 2017, 02:35:00 PM

Extinction of cash is not so easy.Cash is a traditional and extremely trusted mode of payment used by people from many years.Cash has a physical form so it has no acceptance issues.Moreover it is centralized in nature which means it is under the supervision of government,so government will not allow any other currency to replace cash so easily.The only way for cash to be extinct will be if any other currency gains the amount of trust and popularity that cash have but it will take years for any other currency to reach that level of trust and acceptance .

What you are saying is true because cash is not a object that can be replaced just because something has more value. Because cash has been used for a very long time and i don't think that it will be replaced or removed just because of bitcoin.

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Quote from: saqibmunir on November 08, 2017, 02:19:43 PM

Quote from: Ayush rana on October 28, 2017, 12:49:32 AM

I might get happen that cash might get extinct but for that government and people should start using e-wallets and it will take time to reache to every person. If crypto currency get legalised in all countries then yes this process will even take less time.

i think its to early to say that cash will be extinct.because at the movement almost maximum countries using cash.but in the future we can say that may be it will happen.

The most important fact is that whole population should have internet connection and what's more, knowledge how to use it and how to work with this type of currency, thats why it will be in future.

kyasarin1205

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Quote from: Kamote_1102 on November 08, 2017, 03:46:54 PM

I Believe someday we’re not going to use cash anymore. But that doesn’t mean it’s bitcoin’s fault. Most of Us now wants Easy Access to their Money. They want to buy something without bringing a real cash with them. Because they’re afraid of being robbed. And because of Innovative Technology that we have now, transactions are always made through the Internet. I believe a few years later from now. There will be a cashless society where nobody needs money anymore. So it’s possible for the cash to disappear sooner or later.

Yeah it is possible but it is not necessary for cash to be extinct. Using digital money may be convenient and has faster transactions but still we need paper money. Imagine in the future if the internet connection is cut off or shut down due to big reasons. We know that cryptos need internet to function, it will be better to have paper money for back up.

peterthegreat

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Cash is already becoming extinct. Sweden has phased out physical cash, so they are just the beginning. FIAT money is recorded digitally anyways so we might as well phase it out and transition to digital currencies. Thing is we can't have more centralized currency systems though as this will lead to more greed with the people who have power right now. As decentralization takes it's course these people will lose their power.

salihno71

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I think there will always be some kind of cash. I would not like to see only electronic payment means in existence. Imagine someone blocking all your bank accounts if you for example don't agree with official politics or some other stupid reason?

tj4dmx

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Bitcoin and cash are in different worlds,hence they will both co-exist !
Rather enjoy best of both worlds !!

otandelapaz

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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 is possible for a certain society/nation, given that there is always electricity, a device and internet connection on all its corners. Which is highly unlikely, but possible. But for the whole world, or even just a third of it, it's impossible not to have physical money.

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