Does this mean Cash will be extinct? - page 57.

BTCevo

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Quote from: Sadlife on October 30, 2017, 05:38:39 PM

Cash will always exist cause people will need physical currency to transact or pay their bills and also digital currency can only be used if you have internet or a device that can connect to the internet were some countries doesn't have access to the internet or does not have those devices. It would be highly possible for this countries to create their own crypto currency but they could not relinquish as payment.

What you saying here is true somehow but the purpose of cash is because every single thing is cash needed right now. From small thing to huge thing need some cash unless some of them are going to trade with coin may be it is depends on both side. But overall there is no way that we cash can be extinct since bitcoin will turn out to be some cash in the end. If there is no cash, how can bitcoin even worth?

Yankeestyle

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Quote from: twthmoses on October 31, 2017, 05:34:33 AM

Quote from: futile-resistance on October 31, 2017, 04:11:53 AM

Bitcoin is not just a replacement for cash but it is also a great revolution in the economy transfer system as it will change the thinking of people who use it about paying and earning money. Bitcoin payment methods can be more fast and convenient and also secure than a cash payment mods as it is a digital currency it has many plus points over the real cash which we use.

I will be difficult to change whole system and only use digital currency it is mostly impossible i think but bitcoin can be used as an alternative to this some times

I agree that bitcoin can be a great alternative to cash, but as it is now (the technology) it has no chance to substitute cash. It is simply too slow, too expensive and you cannot pay small amounts without getting killed by fee.

Imagine I take the kids for an ice and soda one hot summer day at the beach. Not only can I not buy just 4 ice and soda, without fee at least doubling the amount, I need to buy 50 to make it worthwhile, I also have to wait for some miner to mine a block in order for the shop to confirm my payment – and that only if I really kicked the fee up, or else I might wait 2-5-20-100 blocks.

You need instant transaction / confirmation, zero or close to zero fee and physical light mass / volume. Such alternative already existed to physical cash, its called credit card or Mobil pay.

Envision I take the children for an ice and pop one sweltering summer day at the shoreline. Not exclusively would i be able to not purchase only 4 ice and pop, without charge in any event multiplying the sum, I have to purchase 50 to make it advantageous, I likewise need to sit tight for some digger to mine a piece all together for the shop to affirm my installment – and that lone on the off chance that I truly kicked the expense up, or else I may hold up 2-5-20-100 squares.

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Quote from: BTCMILLIONAIRE on October 30, 2017, 07:31:26 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.

It was very impossible for everyone to move on virtual currency and government will not agree because they will be traceable and most of the governments are corrupted so they will be revealed if everyone will be mandatory to use virtual currency.

CoinFlippo

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Cash will be never extinct while people use. I think after 100 years it would be possible but now not. Bitcoin is still weak it needs to grow to 50k at least.

So people will know that its strong and that its not a weak scam coin.

twthmoses

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Quote from: futile-resistance on October 31, 2017, 04:11:53 AM

Bitcoin is not just a replacement for cash but it is also a great revolution in the economy transfer system as it will change the thinking of people who use it about paying and earning money. Bitcoin payment methods can be more fast and convenient and also secure than a cash payment mods as it is a digital currency it has many plus points over the real cash which we use.

I will be difficult to change whole system and only use digital currency it is mostly impossible i think but bitcoin can be used as an alternative to this some times

I agree that bitcoin can be a great alternative to cash, but as it is now (the technology) it has no chance to substitute cash. It is simply too slow, too expensive and you cannot pay small amounts without getting killed by fee.

Imagine I take the kids for an ice and soda one hot summer day at the beach. Not only can I not buy just 4 ice and soda, without fee at least doubling the amount, I need to buy 50 to make it worthwhile, I also have to wait for some miner to mine a block in order for the shop to confirm my payment – and that only if I really kicked the fee up, or else I might wait 2-5-20-100 blocks.

You need instant transaction / confirmation, zero or close to zero fee and physical light mass / volume. Such alternative already existed to physical cash, its called credit card or Mobil pay.

futile-resistance

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Quote from: twthmoses on October 30, 2017, 06:50:46 AM

Quote from: Koro-Sensei on October 30, 2017, 06:22:36 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

I think it will probably goes into a digital chaos on the internet if this will imply on any country also hackers will be more active than other time because they want to test their skills and more cybercrimes and attack will be more than ever . This idea will probbaly an absurd one because how they will build the securing and safe measures out of it.

The technology for digital currency is no match for the ease and speed of cash. We need completely different thinking of the technology if digital currency should rival cash.

The article is not about changing to digital currency, it’s about changing to digital delivering method of paper money, namely credit cards and Mobil pay. This will happen within a few years in all Nordic countries and has already been underway for 10+ years.

Bitcoin is not just a replacement for cash but it is also a great revolution in the economy transfer system as it will change the thinking of people who use it about paying and earning money. Bitcoin payment methods can be more fast and convenient and also secure than a cash payment mods as it is a digital currency it has many plus points over the real cash which we use.

I will be difficult to change whole system and only use digital currency it is mostly impossible i think but bitcoin can be used as an alternative to this some times

Sadlife

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Cash will always exist cause people will need physical currency to transact or pay their bills and also digital currency can only be used if you have internet or a device that can connect to the internet were some countries doesn't have access to the internet or does not have those devices. It would be highly possible for this countries to create their own crypto currency but they could not relinquish as payment.

Apple Mac

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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 think it is not literally that the usage of cash will be extinct as the bitcoin or other currency type rises and continuously attract many people. Maybe its just that the usage and/or consumption of the real money will be lessen since the rise of the technology will give way for the easy access of bitcoin. But still it will not make the real money extinct because there are still part of the whole community that still prefer usage of fiat rather than bitcoin so it will not turn out for the phase out of cash in the society.

cryp24x

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I agree that there will be come a time that cash will be replaced by something else. Just like the barter method where it was replaced by Cash. There is no denying that the result of cryptocurrency technology is amazing because of the blockchain. Government as we see are now taking interest in this blockchain technology and might probably adopt it and may result to the extinction of Cash.

supercanada1

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Quote from: Chachacoin17 on October 28, 2017, 03:34:59 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

Before, I thought this is not possible. But as time goes by, I open into the possibility that someday, cash will be instinct. We should not underestimate technology because sky is the limit. Someday all transactions will be digital and bitcoin by that time is very popular and of course bitcoin's price soar up high.

Yeah it is right and the income of the bitcoin will give the best thing about the bitcoin and the bitcoin will be use for the long time saving, the value and the information is now being very famous and a lot of the people are now buying the bitcoin and they are holding it for the long time as the saving and the future will be bright till the end of the year and the bitcoin will be the legal currency and the will give the profit more and more.

BTCMILLIONAIRE

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Quote from: deadthings on October 30, 2017, 01:22:22 PM

Quote from: BTCMILLIONAIRE on October 30, 2017, 07:31:26 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.

deadthings

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Quote from: BTCMILLIONAIRE on October 30, 2017, 07:31:26 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.

BTCMILLIONAIRE

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Quote from: Nikola95 on October 30, 2017, 11:42:40 AM

Quote from: merchantofzeny on October 14, 2017, 02:27:48 PM

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

The Nordic nations tend to be first at implementing such schemes so I think it would take 5-10 years for the rest to follow. Troubling news, though we kinda expected this to happen anyway. Once we started dealing with our money using cards, it's really just a short step to outright removing physical fiat.

Yes, Nordic countries are one of the most developed countries in the world. They are first in many aspects. Also, I don't think it will take 5-10 years for others to follow, even if this project succeed in Sweden. World is large, and totally dependent on cash. So it will take 20 years or even more for others to follow. Like it or not, paper money is good thing that people invented to use for trade. Is this going to be successfull in Sweden, we will see. Honestly I don't have idea how it will look like without paper money. Let's just wait.

I could easily see a snowballing effect taking place once one country goes cashless with success though. Cannabis laws are slowly but steadily being revamped in most countries too now that the lolUS have started legalizing it.

Nikola95

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Quote from: merchantofzeny on October 14, 2017, 02:27:48 PM

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

The Nordic nations tend to be first at implementing such schemes so I think it would take 5-10 years for the rest to follow. Troubling news, though we kinda expected this to happen anyway. Once we started dealing with our money using cards, it's really just a short step to outright removing physical fiat.

Yes, Nordic countries are one of the most developed countries in the world. They are first in many aspects. Also, I don't think it will take 5-10 years for others to follow, even if this project succeed in Sweden. World is large, and totally dependent on cash. So it will take 20 years or even more for others to follow. Like it or not, paper money is good thing that people invented to use for trade. Is this going to be successfull in Sweden, we will see. Honestly I don't have idea how it will look like without paper money. Let's just wait.

BTCMILLIONAIRE

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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.

BTCMILLIONAIRE

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Quote from: TrueAnon on October 30, 2017, 06:31:44 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

That's pretty useful info, thx! If it wasn't for that article I'd have said that there is no way we are going cashless but now..
It's kind of difficult to imagine a world without cash although I mostly use my debit cards

I've been deliberately avoiding cash for around ten years now. I'm pretty sure I'm not the only one either... Cash is just extremely inconvenient. I can't imagine that anyone seriously wants to have a wallet full of heavy worthless coins that you inevitably end up with when buying stuff for "omg x,99" several times. Those prices should be illegal...

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Quote from: Koro-Sensei on October 30, 2017, 06:22:36 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

I think it will probably goes into a digital chaos on the internet if this will imply on any country also hackers will be more active than other time because they want to test their skills and more cybercrimes and attack will be more than ever . This idea will probbaly an absurd one because how they will build the securing and safe measures out of it.

The technology for digital currency is no match for the ease and speed of cash. We need completely different thinking of the technology if digital currency should rival cash.

The article is not about changing to digital currency, it’s about changing to digital delivering method of paper money, namely credit cards and Mobil pay. This will happen within a few years in all Nordic countries and has already been underway for 10+ years.

semutracing

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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 don't think the cash will go extinct, because the current cash currency is still the pride of a country, but if the cash and digital money along the way I think it will last long, all types of currencies be it virtual or cash is very influential on the economy a country

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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

That's pretty useful info, thx! If it wasn't for that article I'd have said that there is no way we are going cashless but now..
It's kind of difficult to imagine a world without cash although I mostly use my debit cards

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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 think it will probably goes into a digital chaos on the internet if this will imply on any country also hackers will be more active than other time because they want to test their skills and more cybercrimes and attack will be more than ever . This idea will probbaly an absurd one because how they will build the securing and safe measures out of it.

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