Does this mean Cash will be extinct? - page 72.

Lampaster

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Quote from: Xester on October 16, 2017, 11:17:13 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

Well maybe because Sweden is one of the richest country and so they are also advanced in technology. But that does not mean that countries should follow it. There are many things to consider. Here in our country, not all places have electricity. Only few people on particular place knew about computers and gadgets. So it will not be possible for cash to be extinct.

You take the two extremes. I think what OP has in mind those countries which are less successful than Sweden but developed enough so they won't be places where there is no electricity. I think that these countries, too, will not be quick to abandon cash. It seems to me that different countries will try to create their own crypto currency and try to attract investment but it will be in parallel with a use of cash of national currencies.

olushakes

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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

I see this as something that is nearly impossible the highest they will get is to have a larger percentage of their transactions now being done via electronic means unlike before. The moment they want to insist on electronic means then people will be forced to go back to the era of trade by barter because there is no way they can say everybody in Sweden is fully computer and internet literate to be able to use only electronic means to transact business.

khaled0111

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We all agree that what Sweden is going to do is a huge step. But let's face the truth: how many country in the world have the possibility to do the same. We talk about huge investment here and developed technologies!! and let's don't forget that many people in the world don't even know how to use a credit card or what even a credit card is. We will need years and years to see something like that happen.
Let's wait and see what will happen in Sweden and then we will have a lot to talk about and discuss.

Xester

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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 maybe because Sweden is one of the richest country and so they are also advanced in technology. But that does not mean that countries should follow it. There are many things to consider. Here in our country, not all places have electricity. Only few people on particular place knew about computers and gadgets. So it will not be possible for cash to be extinct.

Bolt Brownie

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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

Sweden is far ahead most countries in their way to become the first cashless country. If I'm not mistaken some of their banks don't even operate with cash anymore. That is probably normal since the majority of its citizens use bank cards anyway, so why use money. I wonder thy they haven't launched their crypto coin as well, since there are so many countries doing it now.

lighpulsar07

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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

uhhh i read the article and it is just a full speculation but a good article anyway i think that eliminating fiat will bring huge problems not just in economy but in the international trades and also, it is too early to go into cashless society it must studied very carefully to implement this major change

Rooster101

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Cash or fiat will here to stay and it will never become extinct like what happen to those giant lizards that lived during jurassic era. Cash can overcome any modern technologies because of its convenience and availability to the people. You can not be able to transact any digital money during power outages because it depend on electricity.

Ewox

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Yes it is possible, most people who got Bitcoin Cash for free actually disposed everything they got so that means less are actually holding on to the coin. Even if it came from bitcoin it is still an altcoin, and most altcoins are dumping most especially if bitcoins price soar up high.

spyerf

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The existence of bitcoin here, in our world, while there are still many people out there who can still use paper money in transactions, because of its ease of use. bitcoin is a big currency, big for everyday needs. So it is not possible to lose paper money and we all know the government still chooses cash rather than other types of money.

gondar1

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I highly doubt that cash will extinct. Bitcoin will emerge of course, however, it's impossible to phase out cash, unless of course every country all over the world will agree to this thought. That is my opinion regarding this matter.

loreykyutt05

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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

It was not Impossible and it was likely to happen however I think It will take more years for it to happen and I think the government must improve first it's internet before thinking about fiat extinction , In the philippines the internet was very slow and many places has still no access on internet , I think that issue must be fixed first before thinking about fiat extinction since a cashless transaction requires internet.

mriansa

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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 or paper money made from paper and paper made from wood, if wood continues to be used for paper making then the trees in the forest will be reduced and make the world will become arid and global warming higher, different with digital currency, all paced digital paper does not need to be used for cash money that may be the reason that I can catch from this problem.

TastyChillySauce00

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Quote from: z38630610 on October 16, 2017, 06:10:25 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

I guess we can not say money will extincted in near future. But it may be use less while mobile apps or online payment systems including bitcoin and altcoins increase. For now I don't use so much cash too. In the future this situation may rise.

The biggest chance of making all these cash extinct is a debit card and credit card. The security system always improving day by day, and right now, the vast majority of people in developed countries are using this kind of things.
As you can see, there's also cryptocurrency debit card that will deduct some amount of money from your wallets that contain altcoins or bitcoin once you use the card. I assume that it's the evolution of all these cryptocurrencies.

Jembut Ireng

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Slowly but surely cash will be extinct, this is because all users increasingly feel that the cash problem is too complicated to make cryptocurrency the best solution.

z38630610

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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

I guess we can not say money will extincted in near future. But it may be use less while mobile apps or online payment systems including bitcoin and altcoins increase. For now I don't use so much cash too. In the future this situation may rise.

lordquanta

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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

Countries which have infrastructure to implement the online transaction or cashless society will try to follow the suit. Going completely online without cash is pretty dangerous idea. The reasons are pretty straight forward:
1. Many countries don't have complete network coverage in its all states. Thus if someone is stuck in that no-internet zone imagine the situation.
2. Security of online transaction and the smartness, awareness needed from customers is still a concern. Customers, people should elevate their awareness about the online transaction, phishing attempts etc.
3. iF a country levies Charges on online transaction then people will be more reluctant to go online.

The best scenario would where customers choose what type of transaction is more suitable for them and go with it. Online transactions are more easy to do compared to cashone. It is difficult to see cashless society so soon.

TrueCryptonaire

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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 cash can't be extinct just now and that too in so much less time, this would not happen at least in 10 years from now.
Most of the world's population don't even have a clue of what Bitcoin is, event the people who are working in IT sector also don't have an idea of what is bitcoin and how it works and you are thinking that it could replace cash this quickly, if so then what will happen today illereate people, how would they pay for their food if they don't even have a slight idea one how tobacco acquire and use this currency.

pantek talacuik

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it would not be possible, because bitcoin is a digital currency that can not be controlled by the government. let alone not everyone who understands with bitcoin, like people who do not know the technology, and people are remote.

invitro

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I dont think cash will ever be extinct.

Can you imagine your grandfather buying his newspaper with 0.00000231 btc?

and using a wallet and storing his private key.

whats even worse, that newspaper tomorrow is worth 0.00000223 btc.

Nah.

Bitcoin will be used by tech people only

Coinmyjob

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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, if they have hyperinflation then it's all right, but I do not see any reason to enter the currency, which is used by only 30% of the population in Sweden. Let's see, it can happen forcibly.

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