Does this mean Cash will be extinct? - page 55.

CowboyKiller

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Quote from: KingdomHearts on November 02, 2017, 05:04:12 AM

Quote from: BTCMILLIONAIRE on October 30, 2017, 02:30:24 PM

Quote from: deadthings on October 30, 2017, 02:22:22 PM

Quote from: BTCMILLIONAIRE on October 30, 2017, 08:31:26 AM

Quote from: ?? on ??

There are many countries where hundrets of thousands or million of refugees without legal papers live and if the government will switch to electronic money only they will surely start to use something else as cash.

If the government just introduces electronic cash and let everyone participate whether legal or illegal, then the cash will likely extinct in that country. But I personally assume that governments will use the electronic money to control people and collect more taxes!

In that case people would just move to cryptos and ignore the governments to whatever extent possible though. That would be suicide for most governments today and then create a lot of chaos.

Most importantly, millions of people still do not have access to the internet and many older people are unable to do so. As long as 100% of people do not learn this skill it is impossible.

We don't need 100% of the people on the internet to start moving toward cashless societies. Nobody said that this has to happen in an instant on a global scale.

100% cashless society is not possible in near future but a simple majority of world population in the next 20 years for bitcoin influence may be expected positively because people are taking interest in bitcoin. New generation believes in technology and is totally dependent on technology even countries power consideration is based on better technology and bitcoin is a technology based currency so how a man/society can ignore bitcoin in technology based era.

In my opinion, I think the world need to change the payment system to new system apply the blockchain technology from cryptocurrency. With this technology, the risk about hacking is impossible because all user will be the supporter to protect system.

Papaczed

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Oh it will never happend that cash will extinct, cash is the basis in this world, while we are buying our wants and needs, cash is the number 1 need, and we need cash to survive in this society, if theres no cash theres no good future for your education, for our self, for our work etc, cash is part of history of all goverment so it will never happend that it will be extinct.

supercanada1

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Quote from: ronafurw on October 30, 2017, 07:06:47 AM

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.

Absolutely, it has much solid chances to implement. Cashless society have many problems too but the profits are somehow more. But the reason it doesn’t seem like possible, bitcoin is not much famous now in every community. Only educated community that is oriented towards technology knows mostly about it. Others are just illiterate of it. Hopes for the best in future.

Yeah the price and the value of the bitcoin will increase more and more so all the people will use the bitcoin and they will buy the bitcoin as the currency and the future of the bitcoin will be better than this in the very short time all the people are paying through the bitcoin and the income of the bitcoin is higher than the other currencies and it is very easy to pay through the bitcoin at the same time.

BTCMILLIONAIRE

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Quote from: KingdomHearts on November 02, 2017, 05:04:12 AM

Quote from: BTCMILLIONAIRE on October 30, 2017, 02:30:24 PM

Quote from: deadthings on October 30, 2017, 02:22:22 PM

Quote from: BTCMILLIONAIRE on October 30, 2017, 08:31:26 AM

Quote from: ?? on ??

There are many countries where hundrets of thousands or million of refugees without legal papers live and if the government will switch to electronic money only they will surely start to use something else as cash.

If the government just introduces electronic cash and let everyone participate whether legal or illegal, then the cash will likely extinct in that country. But I personally assume that governments will use the electronic money to control people and collect more taxes!

In that case people would just move to cryptos and ignore the governments to whatever extent possible though. That would be suicide for most governments today and then create a lot of chaos.

Most importantly, millions of people still do not have access to the internet and many older people are unable to do so. As long as 100% of people do not learn this skill it is impossible.

We don't need 100% of the people on the internet to start moving toward cashless societies. Nobody said that this has to happen in an instant on a global scale.

100% cashless society is not possible in near future but a simple majority of world population in the next 20 years for bitcoin influence may be expected positively because people are taking interest in bitcoin. New generation believes in technology and is totally dependent on technology even countries power consideration is based on better technology and bitcoin is a technology based currency so how a man/society can ignore bitcoin in technology based era.

Cryptos in one form or another will definitely dominate the Economy in the coming decades. It's just simply inevitable since it's so vastly more efficient than any traditional money system that has been used so far.

Kiweikoo

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Quote from: tumokatok on November 01, 2017, 01:45:37 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 takes a long time to get rid of cash and the process is also not easy, it must be supported by human resources and good banking technology, however cash payment will not be extinct, maybe cash payment can be another alternative if the digital connection is disconnected

Yeah it is not very easy to get rid of the cash and to get in the bitcoin totally because a lot of the people are using the bitcoin and in the future the only currency will be the bitcoin not the other currency I hope the value and the price of the crypto is getting high and all the people will use the bitcoin for the betterment of the bitcoin I love the bitcoin and I hope all the people will buy the things with the bitcoin in the future.

NelfiNovita

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I think for the next few years bitcoin still can not become the world currency. at this time people are still many who do not know with bitcoin therefore takes time and process long enough to make bitcoin as world currency.

Dheo

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Its very imposible to stop using cash, even though the crypto currency will be more popolar in that year its very imposible to stop using cash. What about those kids? They go to school and they also need money, so its obvious that they use cash and they can't use digital currency because they just a kids.

zeaderza

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Quote from: Allan Ramanda on October 31, 2017, 07:41:10 AM

this is just bullshit, bitcoin is a digital currency, and paper money is the currency that is always used for the exchange of tools that is recognized throughout the world. besides bitcoin will not do any good if it can not be exchanged for paper money.

Like Fiat, bitcoin is not recognized worldwide yet but it doesn't mean that it won't be recognized in the future, also it can be used for exchange purpose. I think bitcoin can save our time and make the exchange purpose easy if it replaces the paper money.

Bitcoin can't replace the paper money totally but it can play an active part equally with paper money in the daily routine if people started using bitcoin in daily life as they use paper money for now

KingdomHearts

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Quote from: BTCMILLIONAIRE on October 30, 2017, 02:30:24 PM

Quote from: deadthings on October 30, 2017, 02:22:22 PM

Quote from: BTCMILLIONAIRE on October 30, 2017, 08:31:26 AM

Quote from: ?? on ??

There are many countries where hundrets of thousands or million of refugees without legal papers live and if the government will switch to electronic money only they will surely start to use something else as cash.

If the government just introduces electronic cash and let everyone participate whether legal or illegal, then the cash will likely extinct in that country. But I personally assume that governments will use the electronic money to control people and collect more taxes!

In that case people would just move to cryptos and ignore the governments to whatever extent possible though. That would be suicide for most governments today and then create a lot of chaos.

Most importantly, millions of people still do not have access to the internet and many older people are unable to do so. As long as 100% of people do not learn this skill it is impossible.

We don't need 100% of the people on the internet to start moving toward cashless societies. Nobody said that this has to happen in an instant on a global scale.

100% cashless society is not possible in near future but a simple majority of world population in the next 20 years for bitcoin influence may be expected positively because people are taking interest in bitcoin. New generation believes in technology and is totally dependent on technology even countries power consideration is based on better technology and bitcoin is a technology based currency so how a man/society can ignore bitcoin in technology based era.

websoftwareengineer

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Quote from: Naughty Princess on November 01, 2017, 02:39:52 PM

Quote from: Allan Ramanda on October 31, 2017, 07:41:10 AM

this is just bullshit, bitcoin is a digital currency, and paper money is the currency that is always used for the exchange of tools that is recognized throughout the world. besides bitcoin will not do any good if it can not be exchanged for paper money.

Right. Cash will not be extinct because digital money exist. It will be hard to anyone to adjust with the use of bitcoin. Not all enterprises specially small enterprises will accept this as a payment when a person buy a good that you have to pay for a small amount unless all product will increase the price. Beside to that the government for sure will not accept that manner because being decentralized of bitcoin, it does not need to pay any taxes.

Not every government is allowing bitcoin to circulate in their country and because of that cash is still the main source of our income. Bitcoin is just introduced now a days and not everyone can earn bitcoin so i think that it was impossible for bitcoin to replace cash.

setupbounds

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Quote from: tumokatok on November 01, 2017, 01:45:37 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 takes a long time to get rid of cash and the process is also not easy, it must be supported by human resources and good banking technology, however cash payment will not be extinct, maybe cash payment can be another alternative if the digital connection is disconnected

People are using paper money and cash since centuries. Paper money is having a very much importance in lives of almost all of us. With the introduction of crypto currency, things have changed a lot but this does not certainly means that you are going to get rid of cash or you’ll be able to see a cashless society. Paper money will remain there and people will keep on using it.

Bakukang

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In some countries they introduce the cashless society.But i do not think that it can happen to third world countries.So paper money or I should say that cash can never be extinct.

mrtryonebiggums

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Cool! Why not have cash be extinct in society? It literally serves no purpose other than fueling drugs, and other acts that only money is accepted for. Ask yourself what goods or services is money only accepted for AND isnt

illegal? Yah good luck coming up with more than 5 off the top of your head because it likely doesnt exist. This will further eliminate illegal activities and fuel the digital world of money, two solid pros if you ask me!

radjie

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In a country there is the possibility of cash replaced with crypto money in the future. but not in the developing world, where some people live below the poverty line, which will have difficulty accessing crypto money. So in my opinion, cash will not go extinct.

MFY151

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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

Well cash is bound to get obsolete anyway since the ever changing advancement in our daily lifestyle and technology. The creation of atm machines, debit card and credit card itself is like a prologue to a cashless society with all transactions made securely with a touch of a button. If ever by any chance internet improves so great and major services relies on it then I believe it would really happen.

BTCMILLIONAIRE

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Quote from: adzino on November 01, 2017, 03:25:08 PM

Quote from: Harlot on November 01, 2017, 02:26:22 PM

Obviously cash will be extinct if other countries will follow, they will only have value for collectors and museums. But for the possibility of that happening I don't think so relying fully on technology for payment in the future might not be best for all of us, I mean not all people are technically inclined to use gadgets let alone make our legal tender virtually exist. It would take years before people will fully adapt to the new system as many people will still prefer the use of Fiat currency.

Not really. First thing, you should be thinking how imbalance everything would be. Underdeveloped countries who are not advanced with technologies would not be able to cope with international countries, thus causing more problems to them. Secondly, even if people do know how to use the technology, there will always be trust issues. Anything stored digitally can somehow be hacked through or cause disruptions. So people would still prefer fiat over digital money.

Banks "store" everything digitally. And physical items are subject to theft and corrosion, so your argument doesn't really hold. It's also far simpler to swipe a card or smartphone than to use real cash for transactions.

The only bottleneck is a lack of technological progress in some developing countries, but that doesn't take very long and most people already have smartphones there.

And internet is going to be beamed to the entire planet within a couple of years by Alphabet and Facebook, who want to reach the billions of unconnected people to increase their ad revenue and influence.

adzino

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Quote from: Harlot on November 01, 2017, 02:26:22 PM

Obviously cash will be extinct if other countries will follow, they will only have value for collectors and museums. But for the possibility of that happening I don't think so relying fully on technology for payment in the future might not be best for all of us, I mean not all people are technically inclined to use gadgets let alone make our legal tender virtually exist. It would take years before people will fully adapt to the new system as many people will still prefer the use of Fiat currency.

Not really. First thing, you should be thinking how imbalance everything would be. Underdeveloped countries who are not advanced with technologies would not be able to cope with international countries, thus causing more problems to them. Secondly, even if people do know how to use the technology, there will always be trust issues. Anything stored digitally can somehow be hacked through or cause disruptions. So people would still prefer fiat over digital money.

Lynchfondu

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I, like many others on this thread, believe paper/plastic cash will remain.

The only reason why the Nordic countries could potentially eliminate cash is due to the fact that they are social democratic countries, and have minimal poverty rates. But could you imagine eliminating cash in the US? How would the droves of homeless and impoverished people pay for anything? They certainly can't get credit cards or debit carbs, because they either don't qualify or can't afford the fees. There has to be a very very stable socioeconomic environment for the elimination of cash, 100%.

CryptoGeneral

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Nope, I don't think so. There is still a large use for cash. Just imagine you live in a country with a poor or no internet connection. How to transfer your fancy crypto corn there?

chip1994

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Quote from: Naughty Princess on November 01, 2017, 02:39:52 PM

Quote from: Allan Ramanda on October 31, 2017, 07:41:10 AM

this is just bullshit, bitcoin is a digital currency, and paper money is the currency that is always used for the exchange of tools that is recognized throughout the world. besides bitcoin will not do any good if it can not be exchanged for paper money.

Right. Cash will not be extinct because digital money exist. It will be hard to anyone to adjust with the use of bitcoin. Not all enterprises specially small enterprises will accept this as a payment when a person buy a good that you have to pay for a small amount unless all product will increase the price. Beside to that the government for sure will not accept that manner because being decentralized of bitcoin, it does not need to pay any taxes.

Instead of all product will increase the price, I think the Bitcoin system become a free system and we will not need to spend anything for our transaction. Sometimes, I think why do we not create a PoS system instead of PoW system for Bitcoin? It will create a really decentralization network.

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