Does this mean Cash will be extinct? - page 67.

cryp24x

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Quote from: BTCMILLIONAIRE on October 22, 2017, 07:34:02 AM

Quote from: Thanasis on October 22, 2017, 07:03:29 AM

Quote from: izanagi narukami on October 21, 2017, 01:13:47 PM

Every country have their own policy to control their transaction. If they close cash/fiat transaction so it means that they all doing digital transaction or transaction with online based platform which faster or may cheaper than fiat.

But in other side, it have disadvantage if their internet got disturb etc.

Like you said if all fiat currency replaced by digital currency the transaction will be choked if there is problem in the internet.So fiat currency never replaced by digital currency there appears to be no evidence that cash will become obsolete any time in the foreseeable future.The small retailers can't afford the fee for digital transaction.

When was the last time the internet went down everywhere? (Hint: Never)

It might go down in some place but worldwide probably not, though remember, once there is an internet shutdown a lost always occur. Anyway, I also agree that Cash will be extinct in the future, digital currency will be the one used worldwide just like how cash make barter obsolete the same way digital currency will make cash obsolete.

BTCMILLIONAIRE

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Quote from: Thanasis on October 22, 2017, 07:03:29 AM

Quote from: izanagi narukami on October 21, 2017, 01:13:47 PM

Every country have their own policy to control their transaction. If they close cash/fiat transaction so it means that they all doing digital transaction or transaction with online based platform which faster or may cheaper than fiat.

But in other side, it have disadvantage if their internet got disturb etc.

Like you said if all fiat currency replaced by digital currency the transaction will be choked if there is problem in the internet.So fiat currency never replaced by digital currency there appears to be no evidence that cash will become obsolete any time in the foreseeable future.The small retailers can't afford the fee for digital transaction.

When was the last time the internet went down everywhere? (Hint: Never)

Thanasis

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Quote from: izanagi narukami on October 21, 2017, 01:13:47 PM

Every country have their own policy to control their transaction. If they close cash/fiat transaction so it means that they all doing digital transaction or transaction with online based platform which faster or may cheaper than fiat.

But in other side, it have disadvantage if their internet got disturb etc.

Like you said if all fiat currency replaced by digital currency the transaction will be choked if there is problem in the internet.So fiat currency never replaced by digital currency there appears to be no evidence that cash will become obsolete any time in the foreseeable future.The small retailers can't afford the fee for digital transaction.

Cosbycoin

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Quote from: supine on October 21, 2017, 05:13:02 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

This is possible, however, not in the near future. As you can see, there are still a lot of people who don't have any idea about crypto currency, there are still a lot of establishments that don't honor cryptocurrency for their transactions. Government won't even still allow this because it would still be hard for them to regulate or control cryptocurrency, it would be hard for them to get taxes from it.

Yes this is bright chance of implementation of bitcoin system as the whole world will start accepting it and on top of as far as cash is concerned it is still completing people desire because people are not that much aware of bitcoin blessing and as all will know about this beneficial coin they will prefer the bitcoin usage and this will bring the revolutionary change in the world and that time will be of development.

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Every country have their own policy to control their transaction. If they close cash/fiat transaction so it means that they all doing digital transaction or transaction with online based platform which faster or may cheaper than fiat.

But in other side, it have disadvantage if their internet got disturb etc.

Malaya

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Year 2023 is atleast 6 more year from now and if Sweden is planning to have a cashless society, ofcourse other countries might follow the same. But this still depends on how the economy moves from time to time. But if we are pertaining about making the world a cashless society but instead a crytocurrecy world, it will take much time more than 2023. The world will adjust even the people in the government on how it will be possible in each countries. Fiat money has been a good and helpful use to people but it doesnt mean that this will be a forever way of living.

neurotypical

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Quote from: GreenBits on October 21, 2017, 11:45:33 AM

Quote from: BTCbengi on October 21, 2017, 11:35:33 AM

Maybe this will happen when other countries do the same. Other payment methods will be applied such as credit card, ATM, debit card and pay by phone. The telephone payment method is being used by phone manufacturers such as Samsung, Apple, etc. It is a new form, fast and anti-theft. We can also apply payment by scanning the QR code via the phone. And in almost a few years, we really do not need cash because we have digital money

We will always need cash.

Please remember folks that atms and electronic payments methods are only ubiquitous features of first and second world economies. There is not connectivity in all of the third world; hell thtere isnt even electricity, fuck connectivity. it will take many more decades and muuch more globalization to get to the point where we would consider atm access a "feature" of third world life. Running water isnt even a "feature", as well as dependable access to food and health care. Since fiat has been working just swell up to this point, I dont really see a clear incentive for government adoption. How do you print more bitcoin when you need to swell your currency supply? And how do you stop money from leaving your borders and enriching a rival State?

You can't.

You can find SMS recieving cheap nokia phones all over the third world. With satellites, such as the one that Blockstream launched, you already have connectivity to the blockchain.

This is still very early in the game, but you can already tell the fact that steps in this direction are already being taken. In the future, you will be able to both receive and send with the satellite. Eventually transactions in North Korea will be happening too, with people smuggling phones and gear across the border in an underground fashion.

It is a matter of time everyone on earth is connected to the bitcoin blockchain and no government will be able to stop it.

Rahar02

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Maybe yes, but it will take a century to get it done. If people trust invisible money on internet and feel more comfortable to use it in daily basis instead of always carrying physical cash in every situation. It may different in first world countries and third world countries, but people will trust digital currency or digital form of money without see it leave their pockets. Centralized or decentralized system will be there to make sure digital currency distributed and being used safely.

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Quote from: BTCbengi on October 21, 2017, 11:35:33 AM

Maybe this will happen when other countries do the same. Other payment methods will be applied such as credit card, ATM, debit card and pay by phone. The telephone payment method is being used by phone manufacturers such as Samsung, Apple, etc. It is a new form, fast and anti-theft. We can also apply payment by scanning the QR code via the phone. And in almost a few years, we really do not need cash because we have digital money

We will always need cash.

Please remember folks that atms and electronic payments methods are only ubiquitous features of first and second world economies. There is not connectivity in all of the third world; hell thtere isnt even electricity, fuck connectivity. it will take many more decades and muuch more globalization to get to the point where we would consider atm access a "feature" of third world life. Running water isnt even a "feature", as well as dependable access to food and health care. Since fiat has been working just swell up to this point, I dont really see a clear incentive for government adoption. How do you print more bitcoin when you need to swell your currency supply? And how do you stop money from leaving your borders and enriching a rival State?

You can't.

BTCbengi

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Maybe this will happen when other countries do the same. Other payment methods will be applied such as credit card, ATM, debit card and pay by phone. The telephone payment method is being used by phone manufacturers such as Samsung, Apple, etc. It is a new form, fast and anti-theft. We can also apply payment by scanning the QR code via the phone. And in almost a few years, we really do not need cash because we have digital money

Gozie51

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Quote from: gabmen on October 21, 2017, 09:35:17 AM

Quote from: supine on October 21, 2017, 05:13:02 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

This is possible, however, not in the near future. As you can see, there are still a lot of people who don't have any idea about crypto currency, there are still a lot of establishments that don't honor cryptocurrency for their transactions. Government won't even still allow this because it would still be hard for them to regulate or control cryptocurrency, it would be hard for them to get taxes from it.

Right. They'll have a hard time and there will be hugh challenge from banks and people who don't want to let go of what they've been accustomed to. And relying exclusively on digital money is also a risk many would not take

Are we just saying that there will be total and outright reliance on digital currency!? I mean how do we get this done... What about people who can't utilize the internet system, the illiterates especially in countries that are still developing. I'm yet to assimilate it though.

gabmen

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Quote from: supine on October 21, 2017, 05:13:02 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

This is possible, however, not in the near future. As you can see, there are still a lot of people who don't have any idea about crypto currency, there are still a lot of establishments that don't honor cryptocurrency for their transactions. Government won't even still allow this because it would still be hard for them to regulate or control cryptocurrency, it would be hard for them to get taxes from it.

Right. They'll have a hard time and there will be hugh challenge from banks and people who don't want to let go of what they've been accustomed to. And relying exclusively on digital money is also a risk many would not take

supine

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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

This is possible, however, not in the near future. As you can see, there are still a lot of people who don't have any idea about crypto currency, there are still a lot of establishments that don't honor cryptocurrency for their transactions. Government won't even still allow this because it would still be hard for them to regulate or control cryptocurrency, it would be hard for them to get taxes from it.

zeaderza

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Quote from: Sled on October 20, 2017, 08:44:18 AM

Quote from: BTCMILLIONAIRE on October 20, 2017, 06:09:09 AM

Quote from: Yadstiker on October 20, 2017, 06:06:58 AM

Quote from: BTCMILLIONAIRE on October 19, 2017, 07:22:43 PM

Quote from: Bestwishes745 on October 19, 2017, 07:21:36 PM

Quote from: beerlover on October 17, 2017, 01:49:20 PM

Quote from: lazaruseffect11 on October 16, 2017, 12:36:33 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

I think cash is impossible to be extinct because not all people know digital currency so they will not be able to cope up with that. Maybe some people in some countries like Sweden can do that but not all. But lets be open for all the possibilities. Also, no one knows what will happen in the future so lets wait and see.

Just the kind of thing I was expecting someone to say. You see, most of us don’t really understand what Bitcoin is all about, cause they lack understanding.

Bitcoin wasn’t made to replace cash, and mind you, no community can live without cash; people will always need physical form of money they could rely on, whether it’s dollars, stones, gold, silver or whatever. So saying cash will be extinct is absolute foolishness. They’ve been around in the beginning and will always remain.

Cash is the major way to buy crypto currency and there is no such possibility in this to the wiping out of cash because as cash will be gone there will be no more investors because they have no resource to buy so cash has an importance also so those who are saying that it will be wiped out as cryptosystem will be implemented, they are at saying right but that time is bit far from now.

Investors don't use cash whatsoever.... If cash disappears it doesn't mean that fiat currencies will disappear with it.

Well i don't know this but i think that it will also be a huge change if fiats will be totally eliminated in the society, but firstly maybe its too impossible also for now to depend only in bitcoin, and expecting as early as possible that fiats will be removed or be eliminated in the economy.

I'm pretty sure that fiat will stay around for a long time. But cash should disappear much earlier than fiat currencies (if they ever disappear). Cash is expensive (to create) and inconvenient (to use). Even digital fiat is a big upgrade despite its vastly higher costs than blockchain equivalents.

I don't think that you understand what is the thread all about. Cash and fiat is the same and they are just different with the spelling or the term used in this thread and i believe that even there will be a lot of years to pass, cash will not be extinct and that is why it is better to just have both cryptocurrencies and fiat/cash because it is not a loser's move but a wise man move.

It is the better option to use both currencies but n future cash will be flush out because people will know that thing that bitcoin can do both work one can use it as payment as well as for investment and this is the superior thing of crypto that it gives more eases as compare to flat and as the people are taking more interest into crypto because they don’t just want to use a money they also want to earn profit also.

sapnu

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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, it's their decision. But in general, Cash, fiat or regular currency won't be totally obsolete by Bitcoin or any cryptocurrency since it is widely used in most of the countries unlike Bitcoin wherein there are still counties where it is not yet legal. Also, Cash is already functioning for lots of years that have passed up to the present so it would be impossible that Cash will be no longer to be used in the future.

perfect999

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Quote from: Hamstead on October 20, 2017, 05:50:39 AM

In relevant with the adoption of new technology, we can say that cash is over powered by digital currency in some aspects but then is not enough to wipe out fiat currency into nothing. Stability of bitcoin price in the market is the only thing that bitcoin don't have a chance to become globally used and defeated fiat money.

It is right that cash getting influence rather in the market but it is difficult that due to cryptocurrency fiat will eliminate completely because mostly world population is not more educated to utilize bitcoin. Knowledge of computer and internet to utilize bitcoin is necessary and most important.

Although cryptocurrency cannot eliminate fiat completely but bitcoin will definitely give tough time to fiat in the market in future because educated people are moving towards cryptocurrency willingly.

BTCMILLIONAIRE

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Quote from: jaysabi on October 20, 2017, 06:02:30 PM

Quote from: angaper on October 15, 2017, 04:53:11 PM

Actually cash is not the problem, but the financial system behind it, because governments can substitute paper money with credit or debit cards, checks, promissory notes or any other instrument, but that does not clean the corrupt and false capitalist banking system behind it.

Credit and debit cards, along with checks and promissory notes, are not substitutes for cash, because they are based on cash. The government can't just swap them out because the government issues cash, and all those other instruments you mentioned are privately issued and directly based on cash. If you got rid of cash and instituted bitcoin as the primary method of exchange, that would do nothing to fix the ails of society, so you've got a point there that it isn't cash. However, capitalism is innate to human nature. People are capitalistic even without cash. Complaining that there are greedy, corrupt or selfish people is about as logical as complaining that there are people. You can't separate everyone's self-interest from themselves to achieve a non-capitalistic utopia. People have tried to institute such systems (by force, because that's the only way they work) and they are invariably more evil and destructive than our capitalist system.

Cards are based on fiat money, not on cash... Cash is physical money, which doesn't necessarily have to be fiat currency. Gold coins used to be cash, but were not fiat money.

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Quote from: angaper on October 15, 2017, 04:53:11 PM

Actually cash is not the problem, but the financial system behind it, because governments can substitute paper money with credit or debit cards, checks, promissory notes or any other instrument, but that does not clean the corrupt and false capitalist banking system behind it.

Credit and debit cards, along with checks and promissory notes, are not substitutes for cash, because they are based on cash. The government can't just swap them out because the government issues cash, and all those other instruments you mentioned are privately issued and directly based on cash. If you got rid of cash and instituted bitcoin as the primary method of exchange, that would do nothing to fix the ails of society, so you've got a point there that it isn't cash. However, capitalism is innate to human nature. People are capitalistic even without cash. Complaining that there are greedy, corrupt or selfish people is about as logical as complaining that there are people. You can't separate everyone's self-interest from themselves to achieve a non-capitalistic utopia. People have tried to institute such systems (by force, because that's the only way they work) and they are invariably more evil and destructive than our capitalist system.

BTCMILLIONAIRE

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Quote from: Sled on October 20, 2017, 08:44:18 AM

Quote from: BTCMILLIONAIRE on October 20, 2017, 06:09:09 AM

Quote from: Yadstiker on October 20, 2017, 06:06:58 AM

Quote from: BTCMILLIONAIRE on October 19, 2017, 07:22:43 PM

Quote from: Bestwishes745 on October 19, 2017, 07:21:36 PM

Quote from: beerlover on October 17, 2017, 01:49:20 PM

Quote from: lazaruseffect11 on October 16, 2017, 12:36:33 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

I think cash is impossible to be extinct because not all people know digital currency so they will not be able to cope up with that. Maybe some people in some countries like Sweden can do that but not all. But lets be open for all the possibilities. Also, no one knows what will happen in the future so lets wait and see.

Just the kind of thing I was expecting someone to say. You see, most of us don’t really understand what Bitcoin is all about, cause they lack understanding.

Bitcoin wasn’t made to replace cash, and mind you, no community can live without cash; people will always need physical form of money they could rely on, whether it’s dollars, stones, gold, silver or whatever. So saying cash will be extinct is absolute foolishness. They’ve been around in the beginning and will always remain.

Cash is the major way to buy crypto currency and there is no such possibility in this to the wiping out of cash because as cash will be gone there will be no more investors because they have no resource to buy so cash has an importance also so those who are saying that it will be wiped out as cryptosystem will be implemented, they are at saying right but that time is bit far from now.

Investors don't use cash whatsoever.... If cash disappears it doesn't mean that fiat currencies will disappear with it.

Well i don't know this but i think that it will also be a huge change if fiats will be totally eliminated in the society, but firstly maybe its too impossible also for now to depend only in bitcoin, and expecting as early as possible that fiats will be removed or be eliminated in the economy.

I'm pretty sure that fiat will stay around for a long time. But cash should disappear much earlier than fiat currencies (if they ever disappear). Cash is expensive (to create) and inconvenient (to use). Even digital fiat is a big upgrade despite its vastly higher costs than blockchain equivalents.

I don't think that you understand what is the thread all about. Cash and fiat is the same and they are just different with the spelling or the term used in this thread and i believe that even there will be a lot of years to pass, cash will not be extinct and that is why it is better to just have both cryptocurrencies and fiat/cash because it is not a loser's move but a wise man move.

Cash and fiat is not the same. A Bitcoin physical coin is cash, but not fiat. If fiat money was meant by the OP, he should've used that term. Cash going extinct can happen with fiat remaining, in which case people would just pay everything with credit or debit cards.

yanlap

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Quote from: Hamstead on October 20, 2017, 05:50:39 AM

In relevant with the adoption of new technology, we can say that cash is over powered by digital currency in some aspects but then is not enough to wipe out fiat currency into nothing. Stability of bitcoin price in the market is the only thing that bitcoin don't have a chance to become globally used and defeated fiat money.

It is the time to hold the bitcoin now because I am making the good profit from the money that I have, as you said many people are still using the cash and they are not getting into the bitcoin or the crypto currency but for them I would like to say they should once try then they will find the bitcoin very relax and the easy source of the buying the goods as compare to the cash.

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