Topic: Does this mean Cash will be extinct? - page 74. (Read 14845 times)
Yes this does mean cash will be extinct. Bitcoin will become the world's reserve currency and other countries and communities will start issuing their own digital currencies.
That is speculation. I don't think this will ever happen. Not in our lifetimes anyway. Fiat is still the most efficient form of point of sale payment as it doesn't need an internet connection or electricity.
Many people OK, but well off countries would have no problem switching to all card transactions.
Its tending to swing that way anyway naturally overall.
Its tending to swing that way anyway naturally overall.
Total removal of fiat from the society will do more harm than good.
No matter the level of technological development, not everyone will be able to embrace cashless transactions. And also, most services need to be paid in cash.
No matter the level of technological development, not everyone will be able to embrace cashless transactions. And also, most services need to be paid in cash.
Indeed, removal of fiat will lead every economic states into harmful situation than being logically successful with it. Fiat has been one of the contributor of the efficient work of transactions and I think it will not help every community without fiat since it serves as medium payment and several successful transaction was done with this. I will not support any cashless society topic since loss will name after every forum user.
It is of course the dreams of government to eradicate cash.
Since it has no audit trail.
Imagine the end of down the pub deals and mates rates cash in hand jobs.
Kerching for tax.
Since it has no audit trail.
Imagine the end of down the pub deals and mates rates cash in hand jobs.
Kerching for tax.
according to that article Sweden will use cards and mobile payment apps for every transaction and correct me if i'm wrong but although Sweden will be eliminate cash someday but they don't have any plan to use cryptocurrency as instead of cash and one of the reason they're considering it because they wanted to minimise the risk of robberies and quicker transactions for the customers
No one said that will use cryptocurrency. They want to send Fiat. This will facilitate the task of control by the government of all payments and movements of people. It is really convenient for the government but it is absolutely contrary to the interests of the people. I hope that in my country this will never happen. Sweden is contemplating to stop using cash by 2023, does this mean cash might be extinct if other countries follow suit?
It is not possible to stop using cash altogether by 2023,i know it is a prosperous country but it is really difficult to transact everything digitally in a short span ,but they have started the ground work by 2015 and if they could do that then it would be great but we need both fiat and digital currency moving forward as fiat plays a role in the economy for smaller transactions. 
Becoming a cashless country is not necessarily needed, there are lot of development to consider before it happens. There is no denying that Sweden is a rich country and has a better way of living, but regardless of Sweden's so advance technology they cant still afford to have a cashless society. Im pretty sure that it would require them adaptation with the big difference of having a cash. It won't be impossible to make it happen but Im not sure that it will happen in the near future.
Is that a legit news?
2023 is not that far from now. Anyway if that is true, I think it will really a good start of virtual transaction in everything that will going to purchase, and it will surely support the bicoin or crypto currency if so. If Sweden will gonna start a no paper transaction if some countries can see the advantages then they will going to have it, and establish a no paper transaction, which we are hoping because crypto will surely be one pf transaction option then
2023 is not that far from now. Anyway if that is true, I think it will really a good start of virtual transaction in everything that will going to purchase, and it will surely support the bicoin or crypto currency if so. If Sweden will gonna start a no paper transaction if some countries can see the advantages then they will going to have it, and establish a no paper transaction, which we are hoping because crypto will surely be one pf transaction option then
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 one of the richest countries in the world and their citizens are already using mostly electronic transactions, this is in contrast to Japan that despite being one of the most advanced countries of the world most of its transactions are still on cash, so it is a matter not only of wealth but of culture, to be honest I think it is a terrible idea to eliminate cash, if electricity goes off in a significant part of the country for some days their citizens are going to go hungry without cash.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 not one of the world's richest countries. However it does have one of the highest standards of living. Comparing it to Japan is difficult since we're talking about different demographics. Japan is one of the most developed countries in the world but suffers from a top heavy population where the majority are waging. Consequently, going cashless may not be the smartest of things for them to do regardless of how advanced they are from a technological perspective.
Total removal of fiat from the society will do more harm than good.
No matter the level of technological development, not everyone will be able to embrace cashless transactions. And also, most services need to be paid in cash.
No matter the level of technological development, not everyone will be able to embrace cashless transactions. And also, most services need to be paid in cash.
Indeed, removal of fiat will lead every economic states into harmful situation than being logically successful with it. Fiat has been one of the contributor of the efficient work of transactions and I think it will not help every community without fiat since it serves as medium payment and several successful transaction was done with this. I will not support any cashless society topic since loss will name after every forum user.
Highly unlikely. The world needs to function with cash, and not everyone has heard about cryptocurrency, even less about bitcoin. Not everyone has access to the internet, there are many countries who lack the technological progress to adapt digital transactions into society. It would take an absurd amount of time to remove cash from only one country, imagine doing it worldwide. I could see it maybe in some cities (Seoul, Tokyo, Sydney) but that would a few decades.
Going paperless sounds good, but we're still in the early stages of the digital era.
Going paperless sounds good, but we're still in the early stages of the digital era.
according to that article Sweden will use cards and mobile payment apps for every transaction and correct me if i'm wrong but although Sweden will be eliminate cash someday but they don't have any plan to use cryptocurrency as instead of cash and one of the reason they're considering it because they wanted to minimise the risk of robberies and quicker transactions for the customers
If cash will be extinct or come to an end, the world would be a better place, there's no logging anymore because logging the trees to make the paper for paper money is just like destroying your earth for something nonsense, so many government right now have looking for financial technology and now it's the time.
You don't need to worry about losing your paper money in the way you walk around and keep it in full form. Just use digital money, and you'll get the simply convenient way to go.
See china, they're now using some kind of digital currencies like alibaba's secure payment, and many more.
This is a good thing.You don't need to worry about losing your paper money in the way you walk around and keep it in full form. Just use digital money, and you'll get the simply convenient way to go.
See china, they're now using some kind of digital currencies like alibaba's secure payment, and many more.
What about the bad ones??
Cash can not completely disappear. A small failure of electricity or the Internet for a long time can leave all without the possibility of something to buy or sell.
This is a very valid point. The more we rely upon technological advances, especially using computer systems as a method of payment, we need to be able to make sure that the required infrastructure is present in terms of electricity and systems that do not and cannot fail. Presently, no nation in the world can claim that it has these prerequisites, so cash transactions will be alive and well for the forseeable future.
They are talking about cashless society for years, Sweden, Norway, Finland. I remember reading articles about it 5 years ago, only reason why they didn't implement this laws are 5% of people who don't wish to stop using cash. For them cash is privacy they are asking for, and they think with cashless society they will lose privacy.
Cash will be extinct one day, compare the number of cash users 50 years ago, 25 years ago, 10 years ago, and now. There are less cash users each year, now everything is in cards, pay wave, apple pay. Rich countries will stop using cash faster then others but that will come to everywhere, and in the end there will be no cash in all world.
Cash will be extinct one day, compare the number of cash users 50 years ago, 25 years ago, 10 years ago, and now. There are less cash users each year, now everything is in cards, pay wave, apple pay. Rich countries will stop using cash faster then others but that will come to everywhere, and in the end there will be no cash in all world.
It will very probably happen. 2018 is the first year towards this trend (cashless society).
All new evolving technologies, can be used for both good and bad. To be honest, mostly for bad...
I see a transparent world if cashless society is developing. No more privacy. It could be really really awful.
But for the moment, we go with the flow, and hopefully earn some bitcoins.
Imagine a City without electricity or maybe something happened to the grid like a disaster and electricity will be offline for 12 hours. While it sounds like a good idea because its good for the environment but going paperless or cashless needs 24/7 access to electricity without it, going cashless is not possible.
Yes you are actually correct here. With moving technology comes the disadvantage of relying on the energy. This is not dark age where you can just trade the stones for fruits and fruits for stones! The world is 24/7 connected with internet and the cashless community would be helpless if that happens in the first place. This nation will need a smart city infrastructure in terms of information tech as well as mechanical strengthen too. Working altogether will lead to online working that never goes down. But who knows when the natural calamities will strike and make the things worse. We have witnessed that early this year.
Total removal of fiat from the society will do more harm than good.
No matter the level of technological development, not everyone will be able to embrace cashless transactions. And also, most services need to be paid in cash.
No matter the level of technological development, not everyone will be able to embrace cashless transactions. And also, most services need to be paid in cash.
We don't really know what new technology may come out in the future though. It's possible that somehow in the near future, everyone will have instant access to a bank account or some form of savings account that they can use instantly with some piece of technology. For now, however, I agree with you that the removal of fiat would not fare well with society.
There is another reason for which I strongly believe that paper fiat can't go extinct. At least, not in the next couple of decades. Even as it stands now, not too many people know how to use a credit card or engage in online banking let alone mastering the complex process that is involved with cryptocurrency. What happens to the illiterate and out of fashion old citizens who can barely read and write? How are they going to survive if paper money goes out of fashion?
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
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 a big IF there dude and as we can all see with bith china and russia, many will not allow something that can't be controlled be the main means of transaction. It doesn't work that way and it wpuld probably not happen at all
Cash can not completely disappear. A small failure of electricity or the Internet for a long time can leave all without the possibility of something to buy or sell.
Jump to: