Topic: Is an economy without physical money safe for the poorest? - page 12. (Read 3645 times)
the poor will suffer the most and will meet with difficulties. can they adjust? possible no. some/more/most of the poor can't even eat three times a day, don't even have a house to live and even some live in the street and government can't sufficiently help them. i also thinking about people taking advantage of them like scamming them because we know some/more of the poor don't have educational achievement.
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?
Having a piece of paper as a monetary unit did not save people from poverty for all these years... A digital, but centralized token would not make much difference either.What would make a difference is how much these people have control over their own money, and which mechanisms they have to protect their currency against inflation.
Physical money is very valuable to the poor or needy. Because physical money is important and the means of payment are valid. If cash had to be released and replaced with digital money, surely they would find it hard to survive and become very hungry because they simply do not understand the internet and they the majority do not have smart phones or sophisticated computers. The poor will be poorer. I think the government does not want that to happen
I think it would be unfair for the poor people if there would be no definite cash in hand to be used by them because it will be hard for them to manage money from the internet because not everyone could handle money and not everyone have internet
An economy without physical money is n safe for the poorest, and you’re even killing them, cause they won’t be able to make use of electronic money.They don’t have any means to access the internet; they have no mobile phone, no smart device or computer, so you’re making it difficult for them, not just difficult, you’re killing them. 
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?
For the poorest people it will be unacceptable. They must have cash. Then they know they have money. The same seems to be unacceptable in countries with low education.
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?
. It is not a good idea when theres no physical money for the poorest. This is just the only way that they can live easily. If theres no physically money, how they can Survive. If they Will just depend ON digital currency, wherein we need all the gadgets to just to update all your assets in Bitcoin I think they could not easily adopt the situation because they dont even able to invest to it. Mining maybe the best for them. But it takes time to earn Bitcoin. 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?
It's hard to imagine anything like that either, and it's very likely that few people would be easy targets for attacks and robberies. But this would open a very large door for import and export, it would be much easier to buy a product in a foreign country for example, because you could make payments in just a few clicks, not to mention that the risk of losing your money would be minimized because all or else almost all would have a backup of their wallet in a safe place.
I think it would be unfair for the poor people if there would be no definite cash in hand to be used by them because it will be hard for them to manage money from the internet because not everyone could handle money and not everyone have internet
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?
THat is what i was saying in all the discussions saying that cryptocurrency can usurp the physical or paper koney. as for me the people would always look for the security and the convenience that the paper money can offer that digital cannot
No its not, majority of the poor in the country for example, doesn't have the access of internet or the technology. If the economy rely on the technology it will be unfair for the others and use the electronic money instead of the physical money. Let's think about people.
Yeah! Actually if physical money removed at once I think those poor people will going to have difficulties when it comes in about using bitcoin since they have do it with internet and electronic well I think they can't do it. So, better to do it step by step.
This would be very hard for a 3rd world country. Not eveyone can afford electronics to be online all the time. So cash or physical money is important. Money is safe in the bank so much more if its virual but we have to ve carefull with hackers around. For the poor people they can relate with crypto currency because not everyone can afford a gadget just to be online. And wifi is not centralized. Not even everyone has a bank account. They need a physical money otherwise it would be very very hard for then.
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 this sentiment has been running in my mind few weeks ago. There are so many ways bitcoin can help a country's poor economy. And I think before bitcoin be he future currency of the world, everything has been atleast lay down well like even poor countries have good internet and each person has a device to use bitcoin.Through bitcoin, it can help a country to have a standard currency with other rich countries world wide.
This is an obstacle or challenge for the digital currency to reach all levels of society in the world. because it can be assured that the poor can not reach or have digital currency, because they have no media to access it. Therefore, I think physical money is still needed and will always coexist with digital money.
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?
this is what we want in the future to make paper money or physical money to reduce and develop the digital currency, it looks like if the paper money is not there anymore and all the digital will simplify all existing transactions.
If it does happen in the future, I'm sure the "poorest" would've already figured something out on how to get money through digital currency. It won't happen overnight so they will adjust to that kind of situation for sure.
No its not, majority of the poor in the country for example, doesn't have the access of internet or the technology. If the economy rely on the technology it will be unfair for the others and use the electronic money instead of the physical money. Let's think about people.
Yeah! Actually if physical money removed at once I think those poor people will going to have difficulties when it comes in about using bitcoin since they have do it with internet and electronic well I think they can't do it. So, better to do it step by step. 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 poorest of the poor will be left behind. They will have a hard time transacting using modern technology because they can not simply afford it.
No its not, majority of the poor in the country for example, doesn't have the access of internet or the technology. If the economy rely on the technology it will be unfair for the others and use the electronic money instead of the physical money. Let's think about people.
It is something that nobody ever takes into consideration. I think it's great that you have brought it up. If all currency is digitized you would think that the government would have to provide access to that money to the poorest. However, considering that there are people in this world that starve to death every day, and their governments are doing very little to nothing to help them (because trust me there are countries where the government just doesn't give a shit), it is hard to think that they would provide them access to crypto-money.
If cash did not existed anymore this will create a great divide between the people that have money and those that do not, those people will be unable to access even the most basics of services that will in effect create two societies and as we know that is never good for the long term well being of a country so I do not think we are going to see the elimination of cash anytime soon.
I don't think so for the poorest since they will need to purchase an electronice device to hold their money somehow. But you wouldn't want to have a hacker as your friend 
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