Topic: Is an economy without physical money safe for the poorest? - page 6. (Read 3652 times)
Provided that the users have at least good amount of knowledge about digital currency most especially bitcoin itself, there wouldn't be much of a problem even for the homeless. i'm sure that when the future for bitcoin comes it would be a basic necessity for all people to have the technology where they can regulate their virtual money. And I'm sure the government would provide it for the people themselves.
it would cause a serious crisis in the global poor platform. they will be unable to beg and lead their life
For me, an economy without physical money is not safe for the poorest people in a society, maybe at first. But there are of course a solution to every problem. And it will just a matter of time where the solution for the problem will be designed and implemented.
If ever we do move to a more digital future where everything is in the internets then yes, the poor will have a hard time getting ahead with the times. But one thing is for sure. They are survivalists and they will do everything in their power to learn how the world works when it comes to that.
There are many benefits to removing cash from the economy, such as eliminating black markets and allowing more easy monetary policy. But there are also concerns when every single transaction can be monitored, examined, or manipulated. Regardless of where you fall, though, one thing is clear.As online shopping becomes yet more prevalent, and prepaid credit cards take the place of more and more low-value cash transactions, cash is well on its way to becoming obsolete. And thinking that way its not totally safe not just for the poorest but also to all.
If ever we do move to a more digital future where everything is in the internets then yes, the poor will have a hard time getting ahead with the times. But one thing is for sure. They are survivalists and they will do everything in their power to learn how the world works when it comes to that.
Yes it maybe safe but others cannot afford and used advance technology like cryptocurrency. Maybe when we teach or gave them, this can make the economy dependent in physical money. But this will not conclude that fiat money will be replace by digital currency as it is only intend for payment system.
For me,it will be hard for the government of any country to implement digital currency. The poor people will suffer the consequences of it if applied because they don’t have proper knowledge on how to use it. poorest of the poor people won’t use it, beacause they will think that it is not sucure to use. Even others people already adopts and using digital currency.
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 this is a worrying scenario, where everyone has to have basic electronics to make transactions, can be imagined for a third country whose majority of the population is below the poverty line that would have difficulty accessing that point. I think it takes time to relocate all that. For now the physical money is still in need. This is a really interesting topic. Making all currency digital has its advantages and disadvantages.
If a country adopts digital currency, its a sign that it has a good economy. Another advantage is that petty stealing will be a thing of the past as only the individual has access to his wallet and there are safe private keys. This is can only happen in developed countries where everybody have access to the Internet.
This cannot be implemented in under-developed or developing countries because not everyone have access to the internet and this is a major disadvantage of digital currency as there will be no means of transaction for the poor that lack access to the internet.
I believe if a country can provide internet services for all its citizens, digital currency is a very good initiative.
If a country adopts digital currency, its a sign that it has a good economy. Another advantage is that petty stealing will be a thing of the past as only the individual has access to his wallet and there are safe private keys. This is can only happen in developed countries where everybody have access to the Internet.
This cannot be implemented in under-developed or developing countries because not everyone have access to the internet and this is a major disadvantage of digital currency as there will be no means of transaction for the poor that lack access to the internet.
I believe if a country can provide internet services for all its citizens, digital currency is a very good initiative.
More sophisticated stealing will take over petty stealing. And not so sophisticated, like a criminal bashing you over the head, then forcing you to send them your money after you break up. Assuming we're talking about Crypto and not a bank account where the criminal could be traced.
For me, an economy without physical money is not safe for the poor. Yes, most of them say that it will be a great idea, but you are a poor person in the third world countries most of the people don’t have a cell phone or computer to use their digital currency or to check their money. Also, it will be difficult to use some digital currency if you are poor, most of the poor in the third world country don’t have a chance to study and gain some information about the new technology. 
Which is why I think the physical money is going to be around for much longer than people think there are people that are so poor that have barely enough toeat so they are not going to be able to get the technology necessary to use that type of money maybe in some first world countries which are very rich and that have a very low index of poverty will be possible to do that but most countries will be unable to do so, so physical money is going to be around at least for the time being.
I believe it isn't a workable idea. Consider a person who is going eat in a restaurant. Brownout occured and internet connection is lost. How can the the person who is very hungry be able to order food without the internet? And what if the price of the digital currency suddenly dumps very low? Will the person still be able to pay the amount or will the restaurant have to increase or decrease the price of their product just to avoid loses?
An economy without physical money is not and can not be save for the poor. Majority of the poor people reside in the rural area where there is no electricity, lack internet and can not afford computer or smartphone
Even we are in a digital world. There are still a lot of people who don't know how to use gadget and the internet. Specially the poor and uneducated people. So it will never be safe for them if we live in an economy without physical money.
With that kind of situation where everything is now digitalized I think it is safe to say that even the poor has access to the virtual currency. We need to run in the assumption that the government have applied certain measures where everyone has access to the currency. And have you seen our current situation lately? Cell Phones/ Smartphones can be both for as low as 10$, prepaid internet is cheap that even the poor can access it now. But looking at it why make our currency digital? Is there a big benefit for our country to move into a digital world? Do you think it would be beneficial to all class levels?
Physical money can be lost as well as the digital currency can be stolen by the hackers.As the technology-based world progresses,the unproductive literacy is increasing.Those who find helpless human weakness wait for damages.So I think that it's safe for the poor only when they're well educated.
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.
Indeed, this will build a taller fence between rich and less fortunate person ,this will be under the human rights and I think they will never prioritize to adapt innovations cause surviving for the day , the expenses and buying better gadget and acquiring high quality Internet connection will not be in their priority , thats why they were called less fortunate the things that they can have were limited and absence of Physical money will degrade them more.
Economy without physical money is not safe for the poorest people because for the digital currency we need a gadget so to access digital currency and to do transactions and it is not easy to poor people to manage and buy such gadget through which they can access the digital currency world.
Even proper education is also required to use such currency and there is a huge number of people in the world who doesn't have a proper education.
nah,this community dont require proper education to use,this only needs knowledgeable idea to pursue a career in cryptocurrency..though i agree with you saying its harder for the poor to buy gadget,coz if they have small amount foods and first commodities will be at they priorities than buying a cellphone or any computer gadgets Even proper education is also required to use such currency and there is a huge number of people in the world who doesn't have a proper education.
Well its not even about the education to use it since exposure to it would eventually make people learn. The problem is that when you're poor, you'll have limited access to prettt much anything. You're right that the extremely poor won't have anything with them to access it. They don't even have the means to get fiat, much less cryptocurrencies
Economy without physical money is not safe for the poorest people because for the digital currency we need a gadget so to access digital currency and to do transactions and it is not easy to poor people to manage and buy such gadget through which they can access the digital currency world.
Even proper education is also required to use such currency and there is a huge number of people in the world who doesn't have a proper education.
nah,this community dont require proper education to use,this only needs knowledgeable idea to pursue a career in cryptocurrency..though i agree with you saying its harder for the poor to buy gadget,coz if they have small amount foods and first commodities will be at they priorities than buying a cellphone or any computer gadgets Even proper education is also required to use such currency and there is a huge number of people in the world who doesn't have a proper education.
I don’t think it is safe for the poor. Why I’m saying this is because these people don’t live a life like we do and they don’t even have the things we have. If physical money is to be removed, then they will suffer till hunger sends them to early grave. We’ll start to make use of devices in order to access and control what we have, and the poor can’t avoid it.
Economy without physical money is not safe for the poorest people because for the digital currency we need a gadget so to access digital currency and to do transactions and it is not easy to poor people to manage and buy such gadget through which they can access the digital currency world.
Even proper education is also required to use such currency and there is a huge number of people in the world who doesn't have a proper education.
If you are poor but know how to use the cashless crypto currency, then there is no problem because today everyone who knows and can get profit from the computer has it. Otherwise we see there are a lot of rich people who have no idea how to use the computer. In poor societies, if someone has the cash then he is very much vulnerable to the robbery. Also getting cashless is must for the poor people because it will give them the superiority of not showing anything off and getting rid of the robbery or theft. Even proper education is also required to use such currency and there is a huge number of people in the world who doesn't have a proper education.
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