I think digital currency is more favorable for the rich rather the poor, because the rich has always has this access to digital money because they have much money to keep it through it, they don't have to carry a lot of cash to carry on their wallet or bags, while the poor needs to have it, they need cash if it is a single centavo, how can they be able to transact through digital money it is not safe for the poor
The worst part is that the poor people in the society won’t be able to make use of it, cause they don’t have any access to the internet. Digital currency or electronic money is not something that can be used without internet and devices. So a world without cash is real bad.
Topic: Is an economy without physical money safe for the poorest? - page 11. (Read 3652 times)
If according to ekanomi without physical money is safe for the poor, it is not safe because the poor are in need of physical money economy.
It would highly depend on other prerequisites. For example, what form of non-physical money would come after the cancellation of physical? The economy to support such change would need to guarantee that even the poorest could afford the gateway to electronic payments because otherwise payments would become less direct for them even than owning a bank account.
Imagine the situation in which we don't have any physical money and every currency is digitalized. The US dollar is now a token, the Japanese Yen is only in the network and the British pound is a fast-moving digital coin. What are the consequences of such an economy for the poorest of the population? Do you think that a few people can influence the digital wealth of people and wouldn't hackers be the best people to have as friends?
actually in this case very difficult to imagine.! if this country removes the real currency it is a big mistake because if the government removes the real currency, it will have a big effect for the poor because they can not afford to buy digital goods (hendpon android / computer) there will be riot "big demonstration" this digital currency can only be used for the society can afford it. It's a scary scenario, but not that far removed from today.
Everyone would need to have some type of basic electronic for transacting. Even the homeless.
Yeah its true, this might end up buying themselves low quality devices just to transact. I really dislike the idea of eliminating local currency because it is much cheaper and faster in a small scaled businesses such as meat shop. I think local currency and crypto currency can interact with each other in an economy and if this happens it will result to a healthy economic status. Everyone would need to have some type of basic electronic for transacting. Even the homeless.
Imagine the situation in which we don't have any physical money and every currency is digitalized. The US dollar is now a token, the Japanese Yen is only in the network and the British pound is a fast-moving digital coin. What are the consequences of such an economy for the poorest of the population? Do you think that a few people can influence the digital wealth of people and wouldn't hackers be the best people to have as friends?
The very poor do need physical money because the banking system does not allow them to have things that the rest of us give for granted. Namely, a bank account, access to the internet, a debit or credit card, etc... If you have at least access to a data phone and internet then depending on the country crypto may be better than fiat.
I think digital currency is more favorable for the rich rather the poor, because the rich has always has this access to digital money because they have much money to keep it through it, they don't have to carry a lot of cash to carry on their wallet or bags, while the poor needs to have it, they need cash if it is a single centavo, how can they be able to transact through digital money it is not safe for the poor
The worst part is that the poor people in the society won’t be able to make use of it, cause they don’t have any access to the internet. Digital currency or electronic money is not something that can be used without internet and devices. So a world without cash is real bad. 
It's a scary scenario, but not that far removed from today.
Everyone would need to have some type of basic electronic for transacting. Even the homeless.
How to progress the economy or society if no physical money, because now a days money is very important. And everything is so expensive and how to experience the better life if no physical money. Everyone would need to have some type of basic electronic for transacting. Even the homeless.
I don't think an economy without physical money safe for the poorest since a cashless community needs educated and well informed citizens which is quite difficult especially for the poorest who lives in remote area of the society. Those who belongs to the poorest cannot afford to buy gadgets and not even familiar with the latest update of the technology. I'm not saying it's impossible to happen but surely it will take decades of implementation.
It's a scary scenario, but not that far removed from today.
Everyone would need to have some type of basic electronic for transacting. Even the homeless.
How to progress the economy or society if no physical money, because now a days money is very important. And everything is so expensive and how to experience the better life if no physical money. Everyone would need to have some type of basic electronic for transacting. Even the homeless.
I think it is not safe for the poorest since transacting bitcoins and cryptos need a device that is a bit expensive for the poor and even very expensive for the poorest. Does they need to buy computer, smart phone, and an internet connection so that they can buy food to eat? This is one of the reality that might happen in a cashless society and i hope this drawback will be resolved before we can have this so called cashless community.
If all the economies of the world starts using digital money instead of physical money all of a sudden, many people get suffered. Poor people will be the first persons got hit by this digitalisation. Physical money is the most popular currency of the world. All national have their own fiat currency. Physical money is east to transact, easy to operate, transfer or exchange. All class of society can use it without any barrier. on the other hand digital money needs some basic set up such as mobile or pc, mobile wallet, internet connection etc. This is not possible for all the class of society. Due to this its use get restricted.
Imagine the situation in which we don't have any physical money and every currency is digitalized. The US dollar is now a token, the Japanese Yen is only in the network and the British pound is a fast-moving digital coin. What are the consequences of such an economy for the poorest of the population? Do you think that a few people can influence the digital wealth of people and wouldn't hackers be the best people to have as friends?
I do not think so because economy without physical money suggesting that all the people need to have a mobile device because that us where it can easily be transferred to others and to hold it as a wallet but what happens to the poor? They need to buy that in order to buy things that they need and so the mobile phones will now be a basic needs because you cannot buy food without it because physical money dont exist anymore think about it. There are a lot pf people who will oppose it because it is hard for them to cope up.
I think digital currency is more favorable for the rich rather the poor, because the rich has always has this access to digital money because they have much money to keep it through it, they don't have to carry a lot of cash to carry on their wallet or bags, while the poor needs to have it, they need cash if it is a single centavo, how can they be able to transact through digital money it is not safe for the poor
Well on that circumstances only rich people can get some of it if all over the world will use decentralize money instead of physical money. Just imagine how poor people can gain decentralized currency , perhaps when that times happen there will be fury which is poorest people against rich people .or there will be a world war for sure. Haha
Imagine the situation in which we don't have any physical money and every currency is digitalized. The US dollar is now a token, the Japanese Yen is only in the network and the British pound is a fast-moving digital coin. What are the consequences of such an economy for the poorest of the population? Do you think that a few people can influence the digital wealth of people and wouldn't hackers be the best people to have as friends?
Unfortunately, poor countries can not afford a stable Internet and provide all those in need with electronic devices for using digital currencies. There must be an alternative, at least in the form of bank cards.
Imagine the situation in which we don't have any physical money and every currency is digitalized. The US dollar is now a token, the Japanese Yen is only in the network and the British pound is a fast-moving digital coin. What are the consequences of such an economy for the poorest of the population? Do you think that a few people can influence the digital wealth of people and wouldn't hackers be the best people to have as friends?
if that is the case, I do not think it will be that fast and there will certainly be a big step forward to overcome the various problems or risks that will be faced because after all, all countries in this world will greatly uphold their citizens in order to have a decent welfare life.Imagine the situation in which we don't have any physical money and every currency is digitalized. The US dollar is now a token, the Japanese Yen is only in the network and the British pound is a fast-moving digital coin. What are the consequences of such an economy for the poorest of the population? Do you think that a few people can influence the digital wealth of people and wouldn't hackers be the best people to have as friends?
Well in my opinion, it can happen in the future, but not for now.
First because not all people have access to electronic and internet gadget, it will make more gap for the poor and the rich.
Second, if we want to make it real, i guess we need an identical, invulnerable, and simple gadget/tools/equipment to store our money, so there will be no different for the poor and the rich (different only in the amount of money) and everyone will feel safe.
Third, the security system (like police or others) must have a technology to track the money that is lost because of some hacking or scamming action without trespassing the privacy of the money holder.
Imagine the situation in which we don't have any physical money and every currency is digitalized. The US dollar is now a token, the Japanese Yen is only in the network and the British pound is a fast-moving digital coin. What are the consequences of such an economy for the poorest of the population? Do you think that a few people can influence the digital wealth of people and wouldn't hackers be the best people to have as friends?
if that is the case, I do not think it will be that fast and there will certainly be a big step forward to overcome the various problems or risks that will be faced because after all, all countries in this world will greatly uphold their citizens in order to have a decent welfare life. Imagine the situation in which we don't have any physical money and every currency is digitalized. The US dollar is now a token, the Japanese Yen is only in the network and the British pound is a fast-moving digital coin. What are the consequences of such an economy for the poorest of the population? Do you think that a few people can influence the digital wealth of people and wouldn't hackers be the best people to have as friends?
I think it would be very hard for poor citizens to live and have an economy without physical money. There are people who didn't attain enough education to have the knowledge about cryptocurrency. Even beggars won't survive without physical money. They won't even have the ability and knowlege in accessing the internet.
If that happens everyone has no choice rather to accept the reality.
Systems will be same as fiat money but in higher level.
I'm sure the poor will find ways to survive.
Systems will be same as fiat money but in higher level.
I'm sure the poor will find ways to survive.
Jump to: