Topic: How a cashless society could kill Bitcoin. - page 8. (Read 6495 times)
No it can't but the demand will surely decrease as well as the price because many people will be afraid to use bitcoin cause it is already stated in the law that its use is forbidden but there will be always some people who are courageous enough to use vpn or tor netwwork and these people will keep it alive.
I don't understand how cashless society could kill the Bitcoin. This has no sense because Bitcoin represents cashless society, it's digital currency that has no paper banknotes, it exists only virtualy. So Bitcoin can only profit from the cashless world but to my opinion we will have to wait for a while before cash disappears entirely.
In this hyphotetically cashless society, BTC isn't allowed and only official government currency is allowed, but not in paper, only in virtual world. That is mean a virtual currency, but controlled by government, centralized, total oppost of decentralized Bitcoin. Could Bitcoin be killed this way?
I think the answer is no, it couldn't. Although governments want to have everything under their control and thus they don'y like BTC much, Bitcoin exists now and it seems that nothing could prevent its existence in the future. Also I think not all the governments are alike so even if BTC will be banned by some it will be accepted by others.
Several users have quoted the question to be senseless. We are now a part of digitalization and when cashless economy gets prioritized the fiat will be backed by gold but we use it in a digital form. So this decreases the use of bitcoin as a currency and as a potential investment. But everywhere digitalization is not possible, for which I believe OP's question is right.
I really what to understand what is going here because Bitcoin in itself to me is cashless because of the btc I have earned even on this forum I have never seen the live Bitcoin or own one. So, how will two cashless situation negates each other. I am waiting to understand...
It's simple bitcoin is backed up by dollars. If dollars will vanish today including all other fiat currencies then bitcoin will lose its value. Remember that bitcoin is not yet a fully pledged legal tender and so we purchase bitcoin using dollars. Without fiat currency cryptocurrencies will be reduced to numbers without a value. And the reason is the world is not yet ready for cryptocurrency to dominate the economy but possibly in the future bitcoin will be independent.
A cashless society would cause people to seek other payment methods, and that includes Bitcoin. If Amazon didn't embrace those methods, it is more likely to damage Amazon than Bitcoin imho.
A cashless society would lead to cryptocurrencies flourishing, in the normal course.
If the government manages to wipe out cash, they would make Bitcoin their next target. And whether Bitcoin can survive that is a different question.
If the government manages to wipe out cash, they would make Bitcoin their next target. And whether Bitcoin can survive that is a different question.
If the government came out today and declared that Bitcoin cannot be accepted as legal tender for purchases, I believe Bitcoin would find a way. It would find a way only because of the anonymity that today's cash affords people. Cash is the lovely bridge that people use in turning their Bitcoins into value.
Tomorrow though, when there is no longer cash and the only form of payment is electronic, and where all electronic payments are handled by auditable pools of companies, what will happen?
If you want to look how that might look in the future, look at a company that already functions are entirely electronic payments.
Take a look at Amazon: If Amazon was ordered not to accept Bitcoin, and cash no longer existed in the world, how would one be able to use Bitcoin to purchase things on Amazon?
In order for Bitcoin to work in a world that is hostile against it, it needs the anonymity of cash. What happens when that goes away?
Would love to hear anyone's thoughts on this dilemma I've been having.
A cashless society does not kill Bitcoin, it just acts as another series of valued digits on top of the ones offered by the government.Tomorrow though, when there is no longer cash and the only form of payment is electronic, and where all electronic payments are handled by auditable pools of companies, what will happen?
If you want to look how that might look in the future, look at a company that already functions are entirely electronic payments.
Take a look at Amazon: If Amazon was ordered not to accept Bitcoin, and cash no longer existed in the world, how would one be able to use Bitcoin to purchase things on Amazon?
In order for Bitcoin to work in a world that is hostile against it, it needs the anonymity of cash. What happens when that goes away?
Would love to hear anyone's thoughts on this dilemma I've been having.
Right now, people don't really care for a lot of the cash we do have available to use, but people still use it. There are too many things that can go wrong with a completely cashless society that it likely will never fully disappear. We'll likely always have the combination of valued tokens and digital value.
If governments decide one day to ban bitcoin then they would better have a way or another electronic currency that would be used , people are more and more starting to switch to a life where everything is being used by internet and they want to do the least amount of actions to get what they need and paying is one of them so if you tell them that you can pay your bill with only one click they would start doing so , right now bitcoin did not have the best promotion or advertisement that it need it so there are few who use it and few companys that accept it as a payment, so when the time is right all the world would switch to bitcoin.
I really what to understand what is going here because Bitcoin in itself to me is cashless because of the btc I have earned even on this forum I have never seen the live Bitcoin or own one. So, how will two cashless situation negates each other. I am waiting to understand...
Not at all. I think that now some people tend to choose fiat not only because it is regulated by the government but because it is material as well, so they are sure they have their money. If all the currencies become digital then fiat loses this second advantage of it. The differences between btc and these curencies will be seen shraper as well, because btc gives freedom when govermental currencies will look like bad copies of btc trying to take people's freedom away.
I don't understand how cashless society could kill the Bitcoin. This has no sense because Bitcoin represents cashless society, it's digital currency that has no paper banknotes, it exists only virtualy. So Bitcoin can only profit from the cashless world but to my opinion we will have to wait for a while before cash disappears entirely.
I just want to clarify that cashless society could not kill bitcoin because bitcoin has its own way cashless options and is already doing online transaction which has advantages over fiat currency. If world of fiat will crash and thats the time we can tell bitcoin is killed already but for now bitcoin and fiat economy health is both 100% better for me.
Bitcoin itself is part of that cashless Society in my own opinion. Though bitcoin is using another system or technology but bitcoin will play an important role in these new Virtual Society.
"The question isn't who is going to let me; it's who is going to stop me."
Ayn Rand
Ayn Rand
I don't understand how cashless society could kill the Bitcoin. This has no sense because Bitcoin represents cashless society, it's digital currency that has no paper banknotes, it exists only virtualy. So Bitcoin can only profit from the cashless world but to my opinion we will have to wait for a while before cash disappears entirely.
I just want to clarify that cashless society could not kill bitcoin because bitcoin has its own way cashless options and is already doing online transaction which has advantages over fiat currency. If world of fiat will crash and thats the time we can tell bitcoin is killed already but for now bitcoin and fiat economy health is both 100% better for me.
I don't understand how cashless society could kill the Bitcoin. This has no sense because Bitcoin represents cashless society, it's digital currency that has no paper banknotes, it exists only virtualy. So Bitcoin can only profit from the cashless world but to my opinion we will have to wait for a while before cash disappears entirely.
you're right bitcoin is already cashless society because we already chose to put our money in bitcoin because we believe about bitcoin features and its literally doing its promises to us. and bitcoin was not been created to replace fiat. its totally secured and we can send and recieved through bitcoin so fast and more reliable than using remittance center. thats why bitcoin is just a back and if the fiat system will disappear it will dont affect the bitcoin society. I don't understand how cashless society could kill the Bitcoin. This has no sense because Bitcoin represents cashless society, it's digital currency that has no paper banknotes, it exists only virtualy. So Bitcoin can only profit from the cashless world but to my opinion we will have to wait for a while before cash disappears entirely.
I just want to clarify that cashless society could not kill bitcoin because bitcoin has its own way cashless options and is already doing online transaction which has advantages over fiat currency. If world of fiat will crash and thats the time we can tell bitcoin is killed already but for now bitcoin and fiat economy health is both 100% better for me.
This is the wave of the future, going cashless. And people want to, it's not just the governments. People hate carrying bills and change and all that. I see people paying for their Starbucks with their phone 9 times out of 10. It scares me, honestly, but nothing I can do. As far as bitcoin goes, governments are going to regulate it. We've already seen that. But it's not something that governments are going to kill.
A cashless society would mean that bitcoin is well and thriving.
I think bitcoin can survive without cash, cash is only the medium we used to put the value, so even without the cash bitcoin already has it value, if one day the government discard all of the cash and change to electronic payment, it won't be any effect to bitcoin, because it's only fiat in digital form, while bitcoin is a decentralized digital currency, it is two different things
I don't understand how cashless society could kill the Bitcoin. This has no sense because Bitcoin represents cashless society, it's digital currency that has no paper banknotes, it exists only virtualy. So Bitcoin can only profit from the cashless world but to my opinion we will have to wait for a while before cash disappears entirely.
In this hyphotetically cashless society, BTC isn't allowed and only official government currency is allowed, but not in paper, only in virtual world. That is mean a virtual currency, but controlled by government, centralized, total oppost of decentralized Bitcoin. Could Bitcoin be killed this way?
I don't understand how cashless society could kill the Bitcoin. This has no sense because Bitcoin represents cashless society, it's digital currency that has no paper banknotes, it exists only virtualy. So Bitcoin can only profit from the cashless world but to my opinion we will have to wait for a while before cash disappears entirely.
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