Topic: Is an economy without physical money safe for the poorest? - page 16. (Read 3652 times)
I don't think that it is safe for the poorest to live in a country or world without the physical money because they can't afford the things that they need to have in order to fit in the society like for example, when the country or the world goes online payment and cash based money then it will be hard for the poor to adjust since they can't afford a device to use to fit in.
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?
Its a big problem for the poor people if every country use digitalized money. But before they should do that they must consider the awareness of people about cryptocurrencies. And i think it ia very hard to make it possible. 
I will say that we already have such a little, because everyone has money on cards, so you have a digital currency, and accordingly we are counting on it, only while it can be cashed. Well, if you can not cash out, what will be the problem is everything will simply develop and each will have 3 cards for each currency and everything, ATMs will only be removed.
possible that this might happen but not entirely as we still need real fiat in some cases especially if we will be dealing from such place where innovation and technology is not yet been embrace, so it wont be secured and safe for more poor people to use this new system as the risk of losing it by a simple mistakewill be occur and it cant be repossess back.
I will say that we already have such a little, because everyone has money on cards, so you have a digital currency, and accordingly we are counting on it, only while it can be cashed. Well, if you can not cash out, what will be the problem is everything will simply develop and each will have 3 cards for each currency and everything, ATMs will only be removed.
i can't imagine if this is happened and impossible to makes digital currencies as instead of cash and indeed many conveniences using digital money especially you can do almost every transactions at home even you don't need to go out from your rooms to buy daily needs because if digital money used i think online shop also will available plenty but i don't think this is effective and because digital money price can be manipulated then the consequences is there are some people could control the particular countries
I think it is very difficult for now to say that physical money is very much important for today economy. Now a day’s physical money is very necessary for the good economy with out fiat or physical money solve many problems of us. When paper money introduced the big problems were solved by this and today we are able to sale and purchase through this paper 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?
That's actually not good for any economy because the GDP of the economy will be affected very badly when it would be compared to an economy which only uses physical coins. Most of the economists consider crypto as a transfer income which again is not used when national income or GDP is calculated. And poor people will find it really hard to use cryptos as they might have not even used a computer before and they don't such facilities as well. 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's actually not good for any economy because the GDP of the economy will be affected very badly when it would be compared to an economy which only uses physical coins. Most of the economists consider crypto as a transfer income which again is not used when national income or GDP is calculated. And poor people will find it really hard to use cryptos as they might have not even used a computer before and they don't such facilities as well. 
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?
A situation where we don't have fiat currency or a system where we operate a cashless economy may make things more difficult for the poor in the societies and i strongly believe that it is the poor and the less privilege that will suffer the consequences that comes with it. They will suffer because it is a known fact that poverty is associated with the level of your education. One thing is to have a cashless economy and another thing is to be able educate the poor people in the society on how the machine will be used including the resource required.So making a society totally on digital or online money is not possible in current situation but cash and digital money can work side by side and be used by people at the same time for now. Transaction and other digital money related expenses It will also be very hard for poor people to adapt to this big change in money as the have already set up there live in small amount of money.
Definitely,the poor would face severe problems in handling digital transactions.Most of them still don't even have a credit card or a debit card.They would need a device to carry on such digital transactions.They should also have internet to get access to such actions.Instead,if they have cash in hand,it would be much easier for them to lead their daily life.That's why,such schemes have not been yet implemented in much developed countries like US till now.
That'll be hard for the ones that are less fortunate, but I just saw a video somewhere if I'm not mistaken in China there are elderly that looks like begging for money has a laminated ID with the QR code and knocking on windows of every car that stops near them. So I guess the economy would still be the same though or maybe better around a little percentage higher.
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's likely that the poor will have problems on acquiring the said digital currency because not all people have access to computers. However, it can be done be giving out physical wallets in the form of RFID Cards for free so that everyone can place their currencies their and just tap it to whatever receiver when purchasing products.
We're a long way there but it'll eventually come through.
I don't think it is fair for them. Because what will they use in buying their needs if there is no money. How can they adopt to a cashless society if they are struggling in their life. How can they buy a gadget to use if they cannot even buy a food to eat.
Cashless society demands educating the people about the new system, it requires orientation and reorganization. Having a cashless society might be good to imagine, but this would only be beneficial to those who really understand it. They can easily control, manipulate it and circulate because they fully understand how it works. But on the other side, it will be a hatd time and a disadvantage to those poor who are not well educated. Its a good thing to have an advance system, but it is a hard thing to educate the majority specially the poor (which are usually the people who are not aware of system advancement).
An economy without physical money for now might not be really safe for the poorest. Though they can just do barter change on which community they belong with, for now most of the poor people doesn't have a good access on the internet. With that, having no good access to the internet can lead them to not having the use of digital currencies like bitcoin. For now, it is of low value for them because this might not be also a familiar thing to some of the people around the world. It will take time. In this present time, this is not a safe idea for 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?
That would be very hard and I think that is the time that poor people will kill themselves. Think of it. How they will able to earn money in simple means like a little help or massage or other service. How they will buy foods if they do not have any fund online. Maybe, if the government will educate all poor people in using computers and computers will be available for all then it can happen.
Nowadays fiat money is essential worldwide. The people dealing and using crypto currencies around the world represent a minority compared to the general population of earth.
We need to wait and keep supporting BTC and similar digital coins and let others know about this currencies.
We need to wait and keep supporting BTC and similar digital coins and let others know about this currencies.
This crypto currency has nothing to do with poverty because homeless pasilitas is not enough to achieve it. Most crypto users are people whose economic statistics are middle and upper.
One thing that I imagine is the world and its technology must be so advanced if all the currencies in this world are digitalized. At least the poorest people has their own wallet to store their money, beggar just sits on the street, put their barcode and asking for some money, criminal will learn cryptography and become a hacker. The point is there's always rich people and poor people no matter what type currency that we use, well but this is not gonna happen at least in 20 years the world is not ready for that.
No matter what type currency governments use there will be always poor people.It is capitalism and noone can change rules of economy. Bitcoin has nothing to do with poverty and high prices only expand gaps between poor and rich.
Exactly, levels of societal class has become natural and we cannot all be the same financially and so i agree with you that every economy can have what we call poor people in it no matter how it is run. Whether they print out fiat or not they populace cannot have the same amount of money. All what the governments can do is to bridge the poverty gab with social interventions.
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