Does this mean Cash will be extinct? - page 61.

Kiweikoo

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Quote from: Sasuke102001 on October 25, 2017, 07:56:22 AM

MAybe yes or maybe no it is kinda difficult to say whether cash can go extinct or not, but as Sweden taking a step towards it kinda hints of low usage of cash and not cash going extinct. Many nations still use cash as a major form of currency. So what I think is that the usage of cash will be lowered down and not cash going extinct.

Oh nice! What would they use then, stones? Very good. But know this– that Sweden is going crazy doesn’t mean the whole world would go crazy alongside, everyone has their own interests and if they choose that path, it’s completely their own business.

If they make their country one with no cash then tell me how would you pay for physical jobs? How would you tip beggers on the street? How would you tip that waiter that does a very good everyday at that your favorite restaurant? Just tell me…. I don’t. Need to go further.

Eternu

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Cash is slowly dying, it started with wide using of pay cards. Same thing could happen again, just in this case instead of pay cards it will be Bitcoin. Future of money is some kind of electronic currency, that is for sure. Bitcoin have the potential for that. But will it be? No one can know for sure, all we can do is wait and see.

Sled

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Quote from: BTCMILLIONAIRE on October 26, 2017, 06:46:15 PM

Quote from: FLoving on October 26, 2017, 06:24:38 PM

Quote from: BTCMILLIONAIRE on October 24, 2017, 04:52:35 AM

Quote from: justspare on October 24, 2017, 03:45:39 AM

Quote from: BTCMILLIONAIRE on October 23, 2017, 04:39:08 AM

Quote from: Dodoymabs on October 22, 2017, 08:50:26 PM

If this happen all people should know the basic of computer.It takes many more years to do that,maybe if that would be successful it would be the basis of other countries to follow that system.Well gudluck for them.

It doesn't take many years to do that. Toddlers are literally growing up with super computers (smartphones) in their hands these days.

We have to wait for some more time in order to see what will happen. At present, there is absolutely no doubt in this thing that bitcoin and all other crypto currencies are getting more fame with each passing day. But you can’t deny the fact that paper money has its own importance and there is no way that we can underestimate the importance of paper money. Cash will remain in this world.

Fiat and paper money are different things. Paper money is garbage, annoying to use, and wastes a tremendous amount of resources for nothing. Fiat can stay for all I care, but cash needs to go.

Paper money is garbage only for those who are living in developed countries or are from the elite class of poor countries. You need not to be that much selfish, think about those who don’t even know how to read and write. For them the only method of dealing in money with others is paper money. Paper money needs to stay in world unless and until there is illiteracy and poverty.

Smartphones are easier to use and make the illiterate less prone to being ripped off by some guy who returns wrong amounts of change. And these days even people in warzones have smartphones.

Smartphones are indeed easier to use but it doesn't mean that the cash should be extinct and the digital currencies will be tolerated. Smartphones can be an option in making a payment system because we still need the cash in our real world because we all know that because of it, we have an instant transaction without confirmation and without paying fees like we used to digital currencies.

portotoi

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Maybe this could happen, but for me i think if this cash will extinct, more bad elements will surely grab the chance to use fraud online payments during every transactions. It can be also a security from hold-ups, theft and robbery.

SushiMonster

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Quote from: Hydrogen on October 14, 2017, 04:38:15 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.

I agree with this, that's why up to this day, even though I'm using the convenience of using digital currency for transactions and everything. I don't support the idea of eliminating the paper fiat and switch to digital currency. In our country, we buy our goods thru public market and small scale vendors. I don't think it's acceptable to them to be paid thru electronic cash. Maybe mall and large companies can comprehend but this will damage the average people earning good money.

BTCMILLIONAIRE

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Quote from: FLoving on October 26, 2017, 06:24:38 PM

Quote from: BTCMILLIONAIRE on October 24, 2017, 04:52:35 AM

Quote from: justspare on October 24, 2017, 03:45:39 AM

Quote from: BTCMILLIONAIRE on October 23, 2017, 04:39:08 AM

Quote from: Dodoymabs on October 22, 2017, 08:50:26 PM

If this happen all people should know the basic of computer.It takes many more years to do that,maybe if that would be successful it would be the basis of other countries to follow that system.Well gudluck for them.

It doesn't take many years to do that. Toddlers are literally growing up with super computers (smartphones) in their hands these days.

We have to wait for some more time in order to see what will happen. At present, there is absolutely no doubt in this thing that bitcoin and all other crypto currencies are getting more fame with each passing day. But you can’t deny the fact that paper money has its own importance and there is no way that we can underestimate the importance of paper money. Cash will remain in this world.

Fiat and paper money are different things. Paper money is garbage, annoying to use, and wastes a tremendous amount of resources for nothing. Fiat can stay for all I care, but cash needs to go.

Paper money is garbage only for those who are living in developed countries or are from the elite class of poor countries. You need not to be that much selfish, think about those who don’t even know how to read and write. For them the only method of dealing in money with others is paper money. Paper money needs to stay in world unless and until there is illiteracy and poverty.

Smartphones are easier to use and make the illiterate less prone to being ripped off by some guy who returns wrong amounts of change. And these days even people in warzones have smartphones.

FLoving

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Quote from: BTCMILLIONAIRE on October 24, 2017, 04:52:35 AM

Quote from: justspare on October 24, 2017, 03:45:39 AM

Quote from: BTCMILLIONAIRE on October 23, 2017, 04:39:08 AM

Quote from: Dodoymabs on October 22, 2017, 08:50:26 PM

If this happen all people should know the basic of computer.It takes many more years to do that,maybe if that would be successful it would be the basis of other countries to follow that system.Well gudluck for them.

It doesn't take many years to do that. Toddlers are literally growing up with super computers (smartphones) in their hands these days.

We have to wait for some more time in order to see what will happen. At present, there is absolutely no doubt in this thing that bitcoin and all other crypto currencies are getting more fame with each passing day. But you can’t deny the fact that paper money has its own importance and there is no way that we can underestimate the importance of paper money. Cash will remain in this world.

Fiat and paper money are different things. Paper money is garbage, annoying to use, and wastes a tremendous amount of resources for nothing. Fiat can stay for all I care, but cash needs to go.

Paper money is garbage only for those who are living in developed countries or are from the elite class of poor countries. You need not to be that much selfish, think about those who don’t even know how to read and write. For them the only method of dealing in money with others is paper money. Paper money needs to stay in world unless and until there is illiteracy and poverty.

BTCMILLIONAIRE

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Quote from: shadowdio on October 26, 2017, 05:31:22 PM

well if all countries are on technologies there is possibility that all people are now using virtual currencies, and it is possible people are do not use cash anymore, maybe it will happen in 2100.

Will happen much earlier for the leading countries. Globally 2100 could be more reasonable.

shadowdio

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Zawardo

well if all countries are on technologies there is possibility that all people are now using virtual currencies, and it is possible people are do not use cash anymore, maybe it will happen in 2100.

BitPlace

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Quote from: adzino on October 26, 2017, 02:33:03 PM

We might stop using cash but not now. Maybe after decades. Chances of cash going extinct soon are very low. There are still under developed countries where technology hasn't been advanced yet and has no idea how the internet and modern networking works. So yeah, we might see extinction but not now.

Exactly! If it will happen, it's surely take for a long time because not all the countries are advance in technology the same as the countries that are so high in technology.

adzino

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We might stop using cash but not now. Maybe after decades. Chances of cash going extinct soon are very low. There are still under developed countries where technology hasn't been advanced yet and has no idea how the internet and modern networking works. So yeah, we might see extinction but not now.

Sanugarid

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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

No I dont think so. Cash will not somehow extinct because we all know that this bitcoin is not somehow so strong to replace the cash in our economy. We can say that bitcoin can be somehow become more popular but not in terms of having it as our major currency to be used and replaced cash.

HalfDeck

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Quote from: BunnyShibe on October 26, 2017, 12:20:40 PM

Quote from: UzumakiSakuragi on October 26, 2017, 10:52:02 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

For me, its gonna be hard to stop using cash especially in a world where we use money everyday for such a long time. I think its gonna be really cool and convenient if we are gonna use cryptocurrencies to every transactions that we do, but I think replacing cash or paper money is gonna take along way before actually happening.

I think cash and bitcoin will go together for a long long time. It is depending on the interest and usage of the people, if all the people of the world will stop using fiat and will give more preference to bitcoin then we can expect that fiat will extinct, but it do not seems so easy, because not all the people of the world so much educated to know about computer and internet and therefore it is not so easy for them to use bitcoin. Therefore we can say that it will take a lot of time and it is not so easy as it look like.

You are right, there are not much people know Bitcoin and have enough knowledge to using it. In poor countries, the poor have not opportinity to using Bitcoin though they know it, because the value of Bitcoin is higher than their salary very much.

yanlap

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Quote from: xanxus.kun on October 26, 2017, 06:15:38 AM

There are tons of other countries aside from Sweden who are adopting to digital money, and bit by bit reducing the use physical money, we all know we're entering the technological era so I'm not really surprise if money will cease to exist, but i believe it will take time for us to have cashless society, after all it's not that easy.

Yes it is truer it is the time to get in the bitcoin and the digital world will be the best source for the other countries for the people to get the bitcoin and to be the best person of the country, in my country the popularity of the bitcoin is increasing day by day and it is the time to have the future with it, I am sure in the future bitcoin will be 2nd source of the income for the thousands of the people.

BunnyShibe

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Quote from: UzumakiSakuragi on October 26, 2017, 10:52:02 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

For me, its gonna be hard to stop using cash especially in a world where we use money everyday for such a long time. I think its gonna be really cool and convenient if we are gonna use cryptocurrencies to every transactions that we do, but I think replacing cash or paper money is gonna take along way before actually happening.

I think cash and bitcoin will go together for a long long time. It is depending on the interest and usage of the people, if all the people of the world will stop using fiat and will give more preference to bitcoin then we can expect that fiat will extinct, but it do not seems so easy, because not all the people of the world so much educated to know about computer and internet and therefore it is not so easy for them to use bitcoin. Therefore we can say that it will take a lot of time and it is not so easy as it look like.

BTCMILLIONAIRE

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Quote from: z38630610 on October 26, 2017, 10:43:38 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

It may be happened in the future but not in early years. There are lots of countries that have not any internet connection. How can they stop cash money production? If internet covers all over the world, maybe people may stop using paper money. Then governments like Sweden may stop using cash. Think about future life in 2070. Wink

2070 seems very late though. Google and Facebook are already working on getting Internet to everyone on Earth (because they'll be able to get more ad revenue that way). So it probably won't take more than 10 years for everybody to have internet and at least a cheap smartphone.

At that point it'll just be a question of one country being a pilot and the rest following along.

UzumakiSakuragi

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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

For me, its gonna be hard to stop using cash especially in a world where we use money everyday for such a long time. I think its gonna be really cool and convenient if we are gonna use cryptocurrencies to every transactions that we do, but I think replacing cash or paper money is gonna take along way before actually happening.

z38630610

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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

It may be happened in the future but not in early years. There are lots of countries that have not any internet connection. How can they stop cash money production? If internet covers all over the world, maybe people may stop using paper money. Then governments like Sweden may stop using cash. Think about future life in 2070. Wink

BTCMILLIONAIRE

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Quote from: Afnan_faizah on October 26, 2017, 08:34:09 AM

Quote from: waynechong1995 on October 26, 2017, 08:14:16 AM

I think that's not the main point here, going cashless is a pretty realistic objective for government as long they had an established online monetary system, it reduces crime rates and pretty much saving off printing cold hard cash. As long the currency are exchangeable to another and formally legalized by their government there is nothing wrong with physical money being extincted, i would pretty happy and as well confident that our generation would have long problem adapting a cashless system, but still 2023 might be too early for what.

Cash ( paper money) would be extict. I am pretty sure that we will back to use gold as currency, like in the past. Bitcoin price will automatically stable when it used by all people in the world but the price will keep rise and of course gold will experience the same thing. People will realize that they have experienced many losses because of using cash ( paper money) as a medium of exchange. We are smart generation, the next generation would be smarter than us.

Why do people keep bringing this up? We stopped using Gold for a good reason, it's difficult to procure. It's difficult to use. And the supply isn't large enough to let a full fledged economy function. It would be completely senseless to go back to trading goods and services for precious metals in day to day life.

vintages

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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

In my own opinion, I really think this will make no sense. A country that want to practices paperless cash policy is just cutting herself away from other related matter with other country.
Believe it or not, money is used in form of trade by barter; if you give me a goods or a services, I pay you for it.
Moreover, 2023 may seems far, but its really closer than we thought. Not all countries are fully developed with high technology or so. If Sweden want to practices this policy then they are just gonna product for themselves only without exporting to other countries.

So guys, I believe this news is just a speculations, let's wait and see the next move.

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