Does this mean Cash will be extinct? - page 52.

Polar91

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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 extinction? Not literally because it maybe just a lessen on the manufacturing and usage of fiat system since people will totally prefer using cryptocurrencies which are much easier to be used and access with just using technological devices such mobile devices with the presence and need of an internet connection. But this not merely imply that cash will be extinct because many people still prefer fiat rather that cryptocurrencies.

Jurski

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In my opinion a lot of time has to pass for cash to be wiped out entirely.There are a lot of reasons for that.

Elderly people
Influential people might not let that happen for their own reasons
There is no guarantee that the government of other countries might support it,we already have some of countries banning crypto
Masses might not understand the cryptocurrency for example - (How can this piece of "data" have value?!)
We've got used to having cash it is going to be psychologically difficult to let it go that easily(IMHO)

In my opinion it's still too early to say, only time will tell.

BTCMILLIONAIRE

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Quote from: aoihs00 on November 06, 2017, 02:05:57 PM

Quote from: BTCMILLIONAIRE on November 03, 2017, 07:52:50 PM

Quote from: yen10 on November 03, 2017, 07:44:19 PM

I don't think so. Yes it's good thing that cryptocurrency was develop, but it was not made to replace paper fiat or cash, instead it was develop to reinforce currency as we know it and to introduce alternative ways. Besides, not all people can readily accepts a society without cash. I also believe that it will create more problems than solutions if we totally extinct cash.

Bitcoin was specifically created to replace fiat money due to the corruption that centralization promotes.

Ah that makes sense now. Sure it is made for that purpose and I don’t think adapting the crypto currencies is as easy task as it looks like. No matter what how big government or powerful country take into consideration but this will never work out because people will go insane with the use of it.

Fiat are regulated and kept in limits and as required by the nation that’s why there is perfect balance of economy. Otherwise we will start seeing the economic crisis within the country after each month. Yeah that can happen for sure if things are not in the regulatory hands.

Decbtralsied currency or okay in the wallet and exchangers but not in the reality. Whatever this country creates will be really autonomous and it won’t be perfect crypto.

May be pseudo-crypto for instance.

There is no "perfect balance of economy".

The economy is getting fucked repeatedly precisely because fiat money introduces artificial imbalances that are created by profiteers such as bankers.

And again, that is precisely why Bitcoin was created, so manipulation couldn't trigger economic collapse in the likes of the great depression, the housing crisis, etc.

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Quote from: BTCMILLIONAIRE on November 03, 2017, 07:52:50 PM

Quote from: yen10 on November 03, 2017, 07:44:19 PM

I don't think so. Yes it's good thing that cryptocurrency was develop, but it was not made to replace paper fiat or cash, instead it was develop to reinforce currency as we know it and to introduce alternative ways. Besides, not all people can readily accepts a society without cash. I also believe that it will create more problems than solutions if we totally extinct cash.

Bitcoin was specifically created to replace fiat money due to the corruption that centralization promotes.

Ah that makes sense now. Sure it is made for that purpose and I don’t think adapting the crypto currencies is as easy task as it looks like. No matter what how big government or powerful country take into consideration but this will never work out because people will go insane with the use of it.

Fiat are regulated and kept in limits and as required by the nation that’s why there is perfect balance of economy. Otherwise we will start seeing the economic crisis within the country after each month. Yeah that can happen for sure if things are not in the regulatory hands.

Decbtralsied currency or okay in the wallet and exchangers but not in the reality. Whatever this country creates will be really autonomous and it won’t be perfect crypto.

May be pseudo-crypto for instance.

Eternu

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Quote from: BitcoinMarketer39 on November 05, 2017, 12:18:15 PM

Quote from: dlhezter on October 14, 2017, 05:45:06 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.

I agree to your statement, Not everyone is capable of earning bitcoins consistently and they will change it immediately. The countries economy will obviously crash so its better to stay in fiat and live a normal life. You can still earn more profit in bitcoins without changing the countries currency.

I agree with you guys, there are more than a few problems about Bitcoin that needs to be solved first, if we think to use Bitcoin for day to day things. Most people look on Bitcoin just because it provides them with easy income, and they say they support Bitcoin. But they do not know basic things about it, they do not think about people that do not have technology to use it. So Fiat currencies will stay in our life for at least 10+ years.

Pasabm

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I think the cash is hard to be extinct, but if in the year 2023 swedia managed to stop using cash, maybe there are some countries that will follow him. This will be our ease to transact, but not all countries in the world will follow, because there are still many countries that still need cash and the country has not developed the technology is not ready to doya.Jika this succeed may take a long time.

cryptojac17

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Quote from: goaldigger on November 06, 2017, 08:15:48 AM

I can clearly imagine what a world would be without using cash or fiat as the medium of exchange. As what you say that Sweden is planning to faceout fiat, i think it is possible. Other countries will eventually do this if Sweden succeeded. Just think of all the convinient things you can experience with today's technology.

Because we are in the cyber age yeah the possibility is really in the near future the fiat become extinct, young generation seems not comfortable to use cash as the medium of exchange because of the new technology that is readily available to every one and transactions is just a click of the hand.

goaldigger

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I can clearly imagine what a world would be without using cash or fiat as the medium of exchange. As what you say that Sweden is planning to faceout fiat, i think it is possible. Other countries will eventually do this if Sweden succeeded. Just think of all the convinient things you can experience with today's technology.

chelle5

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No.It will still be needed for different things.It crypto currencies are great but still cash is still needed by people also.Others countries also still needs cash.

BTCMILLIONAIRE

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Quote from: legenduim on November 05, 2017, 04:16:45 PM

Maybe Sweden is being in a hurry for getting rid of cash money. Just imagine — what if something happen with internet (just for a few hours)? What if exactly this time people will have to buy some medicines urgently and save somebody’s life?

Crypto and cards are great, but cash must live. Shocked

Nothing will happen, because the Internet can't just go off unless all satellites drop down simultaneously. And even if it went off for a few hours, people wouldn't suddenly starve to death. And urgent medicines could just be put on a tab (and usually get paid by the insurance anyways). There's no reason to keep cash around.

legenduim

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Maybe Sweden is being in a hurry for getting rid of cash money. Just imagine — what if something happen with internet (just for a few hours)? What if exactly this time people will have to buy some medicines urgently and save somebody’s life?

Crypto and cards are great, but cash must live. Shocked

Wilfrer

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Maybe this will happen if they apply online payment or card technology now. There will be a lot of support from the government in the future because it will bring us many benefits such as security, anti-theft, easy payment as well as asset management.

markk94

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cash could go extinct in sweden region, and the other region that follow its suit that sweden agreed to. but, for other region it's still hard to replaced fiat for fully cashless society because the lack of knowledge about cryptocurrencies itself. that's what i can thought of

kobmat

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Quote from: aizenbryle on November 05, 2017, 08:27:38 AM

I think no, because removing real money is not a good idea. Most of the services need a paper money, it will do harm more than good

I dont agree that cash will be extinct, There no possibility that cash will be extinct, i think it will never happen, cash has a many purpose in this world, in different country also, money or cash is very important for now it is the only need of people to buy foods, to buy many things, and i think even bitcoin will be more popular in the future it will not extinct the cash.

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Quote from: dlhezter on October 14, 2017, 05:45:06 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.

I agree to your statement, Not everyone is capable of earning bitcoins consistently and they will change it immediately. The countries economy will obviously crash so its better to stay in fiat and live a normal life. You can still earn more profit in bitcoins without changing the countries currency.

BTCMILLIONAIRE

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Quote from: crustez00 on November 05, 2017, 11:24:19 AM

If another country agreed to that suit and follow sweden. and for sure cash is gonna useless in the country that apply that suit. but, in another region/ country, cash is still used. I doubt if in this planet, cash will extinct in all over region. but, if we live in cashless era, i don't mind too. it's convenient

If politicians don't flex too hard and send us into nuclear winter, cashless societies will just be a matter of time. Cheesy

crustez00

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If another country agreed to that suit and follow sweden. and for sure cash is gonna useless in the country that apply that suit. but, in another region/ country, cash is still used. I doubt if in this planet, cash will extinct in all over region. but, if we live in cashless era, i don't mind too. it's convenient

Erkallys

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This is no secret that about every developed country in the world except maybe the United States try to ban cash to spy on its people. Because if there is no cash, you pay using credit card, and with this payment method there is tracks for ever of what you bought at which place at which price. It is a true Orwellian nightmare, but it seems that it shocks no one...

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Quote from: Meowth05 on November 05, 2017, 08:55:19 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

No I don't think so because paying with cash is embeded in our daily life. Paying with cash cannot be remove nor vanish because it is the old way mode of payment. Most of the people are much prefer to use cash instead on digital currency because store are mostly accepting a fiat as payment.

Cash will always exist and never be removed nation wide, Fiat is the very first currency to use nation wide and not every country is using bitcoins and it was hard to adopt immediately for governments to migrate their currency.

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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

No I don't think so because paying with cash is embeded in our daily life. Paying with cash cannot be remove nor vanish because it is the old way mode of payment. Most of the people are much prefer to use cash instead on digital currency because store are mostly accepting a fiat as payment.

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