Topic: Is an economy without physical money safe for the poorest? - page 20. (Read 3658 times)
Actually the money you deposit into the bank goes from the bank to the central bank, there the money is graded as whether it can be sent back for use in the country or not. If its not in a good condition it is destroyed and if it is in a usable condition it is returned back into the economy. The bank is then only left with the digital money and not the physical money. Although the bank can keep some of the physical money or order new physical money from the central bank.
I don't know why people think physical money is the best form of money that is available in the world right now. Physical money is terrible and has many faults. BTC is far superior in any aspect.
the poorest don't have chance to make money and they are getting hard to make money because they need device to help them. i am sure that it will influence the digital wealth for some people but i don't think that the hacker will be the best friend for the people because people will thinking that the hacker is an attacker for their security.
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 would be hard for the poorest if it will be all digital because somehow they should get a gadget so that they can have transactions or else they would not be able to eat. It is even harder to put food in their stomach, how much more to purchase gadget that may be too expensive for them or if they were able to get one, it might not be that quality phone that may broke easily and they would end up having no gadget again. The possibility of enforcing digital currency and eliminating fiat currency totally is just not ideal for me because there are still so many people who have no access to the basic tools needed to access the network and somehow we need money to access it and the poorest of the poor have even difficulty in finding their next meal how much more having money to buy the tools needed.
I think it is a slow process to have that kind of scenarios but in my point of view it is good for everyone since there would be a fast way of doing some transactions in the process since it is automated. The only problem with that or should I say the disadvantage is that we rely much on electricity for that and if there are case of blackouts we will be in vain since no legal tender that will be issued, I think we should balance the two for the better.
And regarding to that friend thing of hackers that would really be a good choice but who knows who they are, they will be really rare to be find when that time comes.
And regarding to that friend thing of hackers that would really be a good choice but who knows who they are, they will be really rare to be find when that time comes.
I think that would be bad and scary. That means a lot of people especially on the poor side of the world , given a scenario will be more prone to be taken advantage by those people who can. The reality is on the said of the humanity these are the people who cannot afford security, protection, education and power. And that is the truth. I hope that time will not come
Is It safe for the poorest?, I think the poorest wont even have the gadets to put in their cryptocurrencies, so they can't even have anything because people won't be able to give them change or coins. Cryptocurrency need wallets so that you could keep some, so without wallet, they won't be able to recieve any amount of money.
as you are right that if all currencies turn into a physical currency it is not possible that the best friend is a hacker.
as the poor may be so detrimental that they can not afford to buy some sort of technology to save their money, it's scary if it happens in our country
as the poor may be so detrimental that they can not afford to buy some sort of technology to save their money, it's scary if it happens in our country
I think it is much, much safer to have an economy without physical money because there are less muggings. The point of mugging someone is you take/steal their physical money, but if there is not any then muggings would not happen. 
Yeah, I think we are not too far from that situation, the good things is, it is very convenient to make transaction using only card or mobile phone and you can bring a lot of money without attracting people, the bad things is when a disaster or the connection is not stable, at that point you wont be able to spend a dime
That's true too. I haven't really thought of the idea of a bitcoin card. You can load up the balance like a debit card and use that balance. In that case, the homeless would just need to have access to that card. I think this can be achieved pretty easily in comparison to a tech device.
Yeah, I think we are not too far from that situation, the good things is, it is very convenient to make transaction using only card or mobile phone and you can bring a lot of money without attracting people, the bad things is when a disaster or the connection is not stable, at that point you wont be able to spend a dime
If the transaction fees remain low and it is a totally autonomous network, then in theory it should be good for even the poorest. They would need a reliable source of internet access and be able to afford a device to use it. For some uses it can help eliminate corruption which afflicts many of the poorest people. You could see situations where physical money is more of a risk to the poor with robberies and other crime.
Virtual money is actually very flexible and can be safer than physical money. But imagine you are out to buy something worth 2-3 dollars and you are paying in bitcoin or through the card you are also paying some tax with the actual amount so you are paying a bit more, it does not affect the rich but for the poor it does affect them. Another case if any natural catastrophic event occurs the internet goes down and now you have no money with you to pay for anything, so physical money is important as well. Many parts of the world don't have internet access so for them physical money is everything.
True physical money excel on this. when there is no electricity or internet, it will really shutdown all the transaction. We cannot buy anything but there is another solution for this, people will go back to the ancient way of trading. That is barter. Goods for goods, that is if a person have something valuable in him to exchange for foods and other basic necessities.
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 am sure that would never happen. At least for another 30 years to come. Also even if it happens, then also the digital money will be backed up by some real physical assets like gold or fiat money. Fiat money will never be replaced by anything. But yes, the usage of fiat currency will be minimized in future. People will prefer to use their cards for every purchase. But fiat will be there to back up the digital transaction.
However, this digital movements will not be much beneficial for the poorest class and the un-educated class because they will find it difficult to understand and use in their daily lives. So a mass awareness is required before moving in to digital economy. The governments will have to ensure the availability of internet and the infrastructure to support that digital movement.
Poor people have no money, period. That means physical money, digital money, food,
cigarettes, all of that. In the US if you're poor and are collecting unemployment, you
don't get a physical check anymore. You get a debit card. If you get food stamps, that's
all digital now as well. So I don't think this is as big a problem as you think. Homeless
people get benefits digitally all the time. They don't need cold, hard cash. None of us
does.
I still wish we weren't headed toward a cashless society. Though it was before my time,
I miss the days when coins were silver and the USD was backed by precious metals.
Seems a quaint, antiquated notion these days, but it was useful. I'm not an insane prepper
by any means, but money used to have intrinsic value. That's certainly not the case
anymore.
cigarettes, all of that. In the US if you're poor and are collecting unemployment, you
don't get a physical check anymore. You get a debit card. If you get food stamps, that's
all digital now as well. So I don't think this is as big a problem as you think. Homeless
people get benefits digitally all the time. They don't need cold, hard cash. None of us
does.
I still wish we weren't headed toward a cashless society. Though it was before my time,
I miss the days when coins were silver and the USD was backed by precious metals.
Seems a quaint, antiquated notion these days, but it was useful. I'm not an insane prepper
by any means, but money used to have intrinsic value. That's certainly not the case
anymore.
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?
You are right that when that time comes, hackers would be the best people to have as friends. That being said, it would be bad for poor people to have a world that doesn't have physical money and all currencies being digitalized because they will need to have some kind of electronic device in order to transact, but they struggle even just to get some money to buy food to get by everyday so it will be hard for them to obtain atleast a phone or a tablet. 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?
You are right that when that time comes, hackers would be the best people to have as friends. That being said, it would be bad for poor people to have a world that doesn't have physical money and all currencies being digitalized because they will need to have some kind of electronic device in order to transact, but they struggle even just to get some money to buy food to get by everyday so it will be hard for them to obtain atleast a phone or a tablet. 
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?
Unless electronics are marked down to a price affordable enough for the poor, then it may be. But the idea of zero fiat is far fetched. Governments have and are investing so much into the production of fiat. As the saying goes, " It takes money to make money." So I really don’t see the planet running on digital currencies alone. Anyways, one of the reasons why digital currencies were created is to have extra cash in our pockets.. 
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 not safe since the poorest doesnt have any knowledge about digital currency. They can be fooled easily by those people who knew a lot about it. In addtion to that, they need to have or obtain at least one gadget and an internet connection in order to control and manipulate their money. We knew that poor people cant afford that kind of things so that they will have a hard time coping in digital currency.
It is just a next perfect case and so sad simultaneously why Bitcoin can't be official medium of exchange already.
The question is how can we sort this? For sure there is a plenty of ideas how to change this situation.
Bouncing to your question, crypto money will be more safe for poorest but also will be huge problem.
The question is how can we sort this? For sure there is a plenty of ideas how to change this situation.
Bouncing to your question, crypto money will be more safe for poorest but also will be huge problem.
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