Is an economy without physical money safe for the poorest? - page 3.

cryptoalfs76

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Quote from: AleksBozhinov on September 29, 2017, 01:04:25 PM

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 its hard to define in this kind of situation that without physical money is safe to the poorest,because as far as i know not all people all over the world is knowledgeable about cryptocurrrency system,even in my homeland that also belong in the poorest thirds worlds country,we admit that 20% estimated of my countrymen would only knows about digital currency system,thats why its hard to the poor to adopt the crypto coins to used,because they are need to educate about this kind of new currency system.

g-unit

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Electronic money accounts can be hacked. They can be also controlled by security forces. It means a lack of freedom for poor people. That's why cryptocurrencies with their safety and anonymity are so important for ordinary people. Awareness of such technologies is also very important for poor people to safe their money.

traderethereum

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As long as there are publications from various media including the government then everything is not a problem, of course digital money or non physical money also works the same as physical money so I think without physical money

it will have the same function between physical money and nonphysical money and people can use that money for buying something. but if we want to use nonphysical money then we need to see that there are many local stores that accepting nonphysical money and they need to learn something related with nonphysical money so they can know the basic function of nonphysical money. and once this is a success then we can use nonphysical money and maybe in that time, there are only a few people that using physical money because we still need to carry that money to everywhere so we can buy something. and if we are using the nonphysical money, we only need to carry the wallet of that money like an android phone or something like that so we a buy at the local store.

miltonpogi

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Probably no because loosing physical money is very intense for every individual in every day, for that reason that all of us are comfortable in using this type of money, another one is that every one can have it without usibg any king of gadgets.

Adamant06

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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.

For honest and poor citizens, the end of paper cash brings many unsettling downsides,cashless transactions just aren’t practical. Considering that without savings, and with high rates of illiteracy, these poor people have a little chance of joining a cashless, digital economy. So, i think it is not that safe for the poorest that the economy without physical money.

Signiel

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This is a big issue, touch the core points of modern liquidity and technology economy. You have to follow the Indian system very closely to see how it goes and have an idea of what might happen.

HELLOFF

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Quote from: Barbarian on April 10, 2018, 02:34:17 PM

Quote from: posi on March 30, 2018, 12:46:23 PM

Yes, in a situation where we don't have physical money, hackers will be best friend to have and for the population of the poorest it will be hard for them to do their day to day activity because they will the internet and of which they afford a computer.

Not only that, think about the possible consequences of an economy running completely without physical money the amount of hacking that is going on right now is very high and that is with a segment of the population that is supposedly more capable with technology, what do you think it is going to happen when people that are even less capable begin to use cryptocurrencies?

somehow the crypto currency will already be used by the people. In any sphere of human activity, the crypto currency is already being introduced. This can be gambling, and buying goods on a certain resource, but the essence is always the same, but the crypto currency is slowly but surely entering the life of a person.

Barbarian

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Quote from: posi on March 30, 2018, 12:46:23 PM

Yes, in a situation where we don't have physical money, hackers will be best friend to have and for the population of the poorest it will be hard for them to do their day to day activity because they will the internet and of which they afford a computer.

Not only that, think about the possible consequences of an economy running completely without physical money the amount of hacking that is going on right now is very high and that is with a segment of the population that is supposedly more capable with technology, what do you think it is going to happen when people that are even less capable begin to use cryptocurrencies?

david_019

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Quote from: AleksBozhinov on September 29, 2017, 01:04:25 PM

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 the poorest people is not affected because because they are poor and no reason to have an interest to it. If this will happen then the rich nation will possibly offer a help for that country in order to make that country has a same pattern in money system. But I also doubt with this since a country has a freedom to manage its own country and maximize it regarding to what is the best understanding oofits own government leaders and the people living on that land.

nur rochid

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Quote from: scrototeabaggins on April 08, 2018, 04:32:51 AM

It only have the same scenario. Money doesn't give effect to the the status of a person either physical or digital, it only matters to person how they work hard to improved their living. Everyone have chances to grow, if they really want to move and find a better way.

but sometimes it will be difficult for poor people, because they only think to be able to eat, and it is difficult for them to enjoy the internet because it is a luxury requirement, if there is no android or computer, i think this becomes a problem

FullMooon

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Quote from: AleksBozhinov on September 29, 2017, 01:04:25 PM

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?

An economy with physical money maybe become safest because it will all go through internet only. No physical money can be seen and with this, no bad people may have bad intentions to do robbery or crimes which includes physical money. Digitalized tokens or money can help people be safer and can work as they want. This can help people spend their money without even bothering how to be secured.

scrototeabaggins

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It only have the same scenario. Money doesn't give effect to the the status of a person either physical or digital, it only matters to person how they work hard to improved their living. Everyone have chances to grow, if they really want to move and find a better way.

supercanada1

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Quote from: ElingElingUmat on March 31, 2018, 05:21:20 AM

Quote from: AleksBozhinov on September 29, 2017, 01:04:25 PM

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 the economy without physical money will have a big influence on the poor because if there is no physical money then the poor will get poorer, because most poor people do not know the technology ..

Roger! Paper money cannot leave the economy fever and it is not just because poor people are not able to use crypto currencies. There are many reasons people would not let it happen even the government need backup in the form or paper money if the going all the way digital. Scammers are a big issue as well. In short, paper money have been assisting people for years and they will stay for centuries more.

Betwrong

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Quote from: ElingElingUmat on March 31, 2018, 05:21:20 AM

Quote from: AleksBozhinov on September 29, 2017, 01:04:25 PM

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 the economy without physical money will have a big influence on the poor because if there is no physical money then the poor will get poorer, because most poor people do not know the technology ..

Actually, most rich people don't know the technology either and if you think that they have more chances to be educated, that is not always the case, because being rich they have less motivation to learn, ending up wasting their life using drugs and alcohol, while poor people try hard at educating themselves. Fortunately the Internet has changed the world for better and now you can learn a lot of useful things without paying for the education. I think the "poor will get poorer" approach is wrong in this case because the development of new technologies triggers exactly the opposite.

Edsemen

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Quote from: bamboylee on September 29, 2017, 01:40:07 PM

It would be the same situation when it was still all fiat. Nothing would have change with how the economy would be running except if it is in crypto, the government will not be able to control the inflation or deflation rate of the currency.

Everything is safe but there are people who still in beast mode that can do everything to make them up, eventhough they step others. Even without money that we see or touch, it is not safe because of those people who make someone down to get what they want. Our economy rolls safe even we have physical money or even without. Its about those gambler people.

ElingElingUmat

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Quote from: AleksBozhinov on September 29, 2017, 01:04:25 PM

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 the economy without physical money will have a big influence on the poor because if there is no physical money then the poor will get poorer, because most poor people do not know the technology ..

stayeduptolate

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Quote from: AleksBozhinov on September 29, 2017, 01:04:25 PM

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?

An economy without physical money is something of the future, unless and until the complete living population is able to adopt a digital payment setup, this future cannot be realized.

This complete population includes both the rich and the poor, however, the rich with access to more resources can stay above the curve with more knowledge of technology and a better way to make the new tech work for them. The poor on the other side often lack technological literacy to fathom the intricacies of a new advance system. So they may take more time to adapt. Having said that, this doesn't mean it would be bad for the poor. If digital currency is made mainstream, the rich don't be able to get away with tax evasion and other illegal monetory transaction, this will keep more money flowing in the economy which will help everyone in the long run

ajdaj

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Quote from: Rubble898zaitO on March 30, 2018, 02:30:27 PM

The status of the poor wouldn't be that much different than what their status would be if having all forms of currencies be digitized. Why? It's pretty simple actually. Right now, with fiat around, they're already poor because they don't have any of it. Crime rates are still up there because of poverty. Will those change simply because all currencies are digitized? I don't think so. If anything, it may make matters worse for these less fortunate ones.

We must still take into account the situation that practically the majority of the world's population does not have the necessary means to exist in full. In addition to highly developed countries, all other countries provide false statistics about the incomes of their citizens. Translating all means into the digital currency, we risk plunging into the world into social chaos.

Rubble898zaitO

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The status of the poor wouldn't be that much different than what their status would be if having all forms of currencies be digitized. Why? It's pretty simple actually. Right now, with fiat around, they're already poor because they don't have any of it. Crime rates are still up there because of poverty. Will those change simply because all currencies are digitized? I don't think so. If anything, it may make matters worse for these less fortunate ones.

semobo

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If physical money can then why digital money cant?

If that happens the poor people also will get updated to that situation for using digital money even they can use ti with android mobiles and the android mobiles are now available for $50 dollars too so the device may not be the big problem.

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