Topic: Is an economy without physical money safe for the poorest? - page 18. (Read 3645 times)
It will be difficult for the government of any country to achieve 100 percent digital currency in the whole country. The poor people in society will suffer the consequences of this kind of policy if implemented because, they will not be able to have the necessary education on how to make use of digital currency. There are many part of the world that up till now cannot have access to the internet to browse let alone accessing their bank account through the internet.
you will remain poor no matter what currency you are using and whether it adopts a digital system or still using physical currency, the assets you have are same. hackers will also think of spending their energy to steal less money from poor people.
Same as i was thinking! Poorest of the poor currently can already be considered as “cashless” as they dont rely on physical money but on services provided by the government and other private sectors. In the event that physical money is not being used anymore, it wont really be that much difference for the poor people
I imagined people who sit on the street and asking for money with a table with the number of a wallet and if a passing by person wants to support he just send few money with one click. In cashless society it is going to be something like that. So, poorest people will not stay over the board.
this will happen in a very long time but maybe it’s not Bitcoin will be the currency because the government will make its competitor and control it for sure. there will be times where both of them will co-exist and become an unbreakable entity and paper money will gradually disappear by itself or deliberately removed by the government.
if we talk about hacker then we don’t have to look so far at future, now even they are often commit crimes, so there won’t be much differences.
if we talk about hacker then we don’t have to look so far at future, now even they are often commit crimes, so there won’t be much differences.
you will remain poor no matter what currency you are using and whether it adopts a digital system or still using physical currency, the assets you have are same. hackers will also think of spending their energy to steal less money from poor people.
It’s not impossible that virtual money can be more secure than physical money as long as the user get enough education to use it and also more practical to be kept safely. There is still a long way for it because it requires adequated technology and infrastructure also education to the whole society
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?
Even with physical money, the poor are poor. Now take that away, how will they be able to survive? You referred to the poorest, now I would assume that they wouldn’t have access to computers or even gadgets. So it would be almost impossible for them to earn if all currencies were made digital. Now that would be quite a bummer!
hey obviously the answer is no !How do you expect a poor person who earns 1 dollar a day to save up enough to buy a Mobile?
Or..what about those who don't even earn ?
Have you seen countless beggers in developing country begging for money and using whatever they get to fulfill their daily needs ..?
Well then how you can expect those people to use cryptocurrency..or digital money
When They don't even have a clue about it
Neither they have education nor access to Internet.
Implementation of a law where the paper money is banned should only be done if government can provide them with necessary education, mobile, internet for life... And I worry if that can be done...
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?
Even with physical money, the poor are poor. Now take that away, how will they be able to survive? You referred to the poorest, now I would assume that they wouldn’t have access to computers or even gadgets. So it would be almost impossible for them to earn if all currencies were made digital. Now that would be quite a bummer! 
Having digital currency only may or may not be a big hindrance, depends on what will be the impact in our society, but as we guess that it would really be hard if its only digital currency although it has a lot more of advantage compared to fiats.
Such development will not be favorable for any strata of the population. Since hacking wallets is not a secret for anybody and then people will become more vulnerable to scammers.
I am not going to believe this kind of the statements the bitcoin is safe in the wallet and it is not that easy to hack the wallet the price of the bitcoin is very high and the people who are investing must be very careful about the bitcoin investments. People who are doing the right with the bitcoin just saving for the long time and just sell at the time of the high price not for the low price.
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.
Everyone would need to have some type of basic electronic for transacting. Even the homeless.
Rightly said, the last sentence - "Everyone would need to have some type of basic electronic for transacting. Even the homeless."
Obviously, looking at the theory of the survival of the fittest by spenscer - people in the economy without physical fiat would also survived interacting with there environment one way or the other, making use of what is available either by developing technologies maybe not as suffisticated as we have it today or better than we have it too. Hence, which ever way, they would have been surviving.
In time past, there was no paper money but other means of payment like cowries, even trade by barter was even a means to pay for wares or goods, people adapted and survived.
I sure believe life would have been moving on.
hey obviously the answer is no !How do you expect a poor person who earns 1 dollar a day to save up enough to buy a Mobile?
Or..what about those who don't even earn ?
Have you seen countless beggers in developing country begging for money and using whatever they get to fulfill their daily needs ..?
Well then how you can expect those people to use cryptocurrency..or digital money
When They don't even have a clue about it
Neither they have education nor access to Internet.
Implementation of a law where the paper money is banned should only be done if government can provide them with necessary education, mobile, internet for life... And I worry if that can be done...
I think it would be very difficult for the lower members of the economy if paper money will be totally out because this would mean that they need to adopt to the technology which is very hard for them to understand, they were uneducated and government need to support them first in learning the new technology
Such development will not be favorable for any strata of the population. Since hacking wallets is not a secret for anybody and then people will become more vulnerable to scammers.
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?
Indeed, I must be friends with hackers at that time,
I don't see it coming, paper money will last for another century I guess, but mostly payment will be made through digital or virtual currency issued by central banks, or in the time when bitcoin acceptance in global market increase and become one of the major payment method, we may rarely use paper money. But, doesn't mean hackers will be easily manipulate fiat currency due to every transaction will be recorded and can be traced.
There's no equality for the poorest, that's why we should help each other, give some of your wealth to them. As I said before, paper money will be here for the next century, or else, if everything will be digitalize, everyone should be able to use it even though for the poor.
wanted to buy just a little thing for itself like food then how can he/she buy without physical money? i think she/he needs a gadget, a card? or
anything for digital transaction, that is why a real physical money must not be abolish in every economy regardless the status of it because it brings balance of financial circulation on a society.
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 is very hard for the poor who cant connect to the internet and they are not yet oriented about technology. If this would be possible poor will not go with the flow. So i think it is good if we are going to still use physical money.
I don't think it will be much different from the way things work now. It's going to be harder for sure, because to deal with digital currencies mean you have to have gadgets of some kind, and since it has to store your money and you're depending on it to purchase stuff, it has to at least be decent. That being said, I don't think physical money can ever be eliminated.
That's hard to take in if that will be the case, I mean for the less fortunate people who can't afford to buy like gadgets they could use online or doesn't have access to the internet, how will they be able to have these tokens or coins if they don't have any access to these technology? They will for sure remain poor if that will be implemented.
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.
This is possible to happen in our dreams.
What are the consequences of such an economy for the poorest of the population?
They will remain poor if they'll won't be depending to those countries that are rich in terms of it's economy and are adapting new modern technology in financial system.
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 all depends since there are whales in the economy. Why would you make friends with hackers, to have benefits with them?
Jump to: