Topic: The Future of Bitcoin in a Cashless Society - page 2. (Read 581 times)

I dont know how we are going to remove fiat money from our life especially because we are being run by the government which only supports fiat money sure it is because it is money that they just can manipulate, I mean they could easily print more money at any time they want and then inflation hit just like that it doesnt really matter what its effect on use, inflation is just going to hit and make us broke so obviously Bitcoin which is a digital gold is actually a good way to store value in the future.

Probably the way I see things in the future is both fiat and Bitcoin are still going to exist but Bitcoin is just going to be huge for most countries or even around the world where it is already used in our everyday life since it is already adapted in a lot of countries to the point where even small stores are already accepting Bitcoin kinda similar to e-wallets that we use to pay online which is already accepted in a lot of stores. Probably cash is still going to exist but everyone is just using Bitcoin as a form of payment.

When the Bitcoin is already mine we dont really know how it is going to happen but in the future upgrades in the network for sure are going to be a thing for fast transactions and low to zero fees. Also, volatile market prices could be a thing that is probably going to make it great as an investment.

Gold will be in the form of encrypted USB keys and private keys that never touched the internet.

Cash will be in the form of noncustodial hot wallets that are built for watches, phones, maybe even jewelry devices....or...microchips (if you're into that).

Will Bitcoin be featured in these inventions? That is what we are yet to discover. Improvements to the protocol still need to go ahead if this sort of reality is to feature Bitcoin and not a new decentralized technology that fits the role better.

Cash hasn't been used for a long time, everyone uses credit cards. The emergence of Bitcoin has nothing to do with going cashless. Whether Bitcoin is invented or not, this was going to happen anyway. The idea of using Bitcoin for micro-transactions is long gone, the expectation for it has diminished. Maybe other crypto-currencies will fill the gap in this area, but I think Bitcoin's main goal is to replace gold and lead as a store of value rather than to replace cash.

Two countries have already adopted bitcoin as their legal tender, if two countries can do this then there's nothing stopping other countries from doing the same. It'll take just one world power country for everything tp change in the favour of Bitcoin. Let say Russia accept Bitcoin as their legal tender, other countries would follow. I didn't use US as an example because that looks very impossible to happen but other counties can make Bitcoin their official currency and things will change from there. The world tends to follow a trend, Bitcoin is steadily getting global adoption as more things that looked Impossible in the past are becoming a reality like Bitcoin spot ETF.


Bitcoin was invented as an alternative to fiats currency and not as a replacement so they can coexist. Central Bank Digital Currency (CBDC) won't work as the future of money because everything is pointing towards Bitcoin. The institutional investors are coming into the market very fast and the introduction of Bitcoin spot ETF would make things more faster and soon they might dominate the whole industry. Bitcoin is going to be the face of the cashless society but before that happens alot of things has to be improved within the Blockchain like the transaction fees and congestion on the Blockchain before Bitcoin becomes a mainstream accepted currency.

The fiat had their own value and bitcoin had their own market.Many experienced trader waiting for the bitcoin to over loop the fiat.So the bitcoin will fully replaced by bitcoin,So every people here uses the bitcoin as their investment asset.This will increase the demand for the bitcoin as the trading tool,the people also staking their money in the bitcoin staking.So the trader must understand the concept of staking.Because many website provide you more money for staking the bitcoin in the original exchange.When the demand for the bitcoin increase compared to the dollar.In some days the dollar was replaced by the bitcoin.The salary of the workers also given in terms of the bitcoin in the future.

Since the Introduction of Bitcoin, fiat has not been searched for as the way everyone wants to have bitcoin for their financial economy, this is because the people realized also that it's due time for us to have an alternative currency that will give us better satisfaction to what we needed it for in our financial economy, this comes in when there was this discoveries that alot of things have been going wrong with using fiat and bitcoin has become a substitute for it, all the benefits in bitcoin adoption make it more acceptable by the people.

Honestly when we sanctioned Russia we just gave them the green light to search for another alternative way, I mean what do you think the Russia in a state of war  is going to do? Not transact w/ currency to get shit they need? They US can keep imposing sanctions but this just means that they are giving other countries and excuse to look for an alternative money transfer, and who couldn't blame them when the US cuts them off from the SWIFT Nipple? lol. Also Russia and States like Ukraine are experts with hacking and probably divulging crypto funds, they probably know how to move funds more discreetly than most countries, probably China as well just to get past US Sanctions. How many alternative methods of money transfer to you think exist that the US doesn't know about it is not concerned about?

Society and all transactions has a chance to happen in the future but I doubt that Bitcoin and other cryptos wou be leading the progress given that there are still issues with its adoption and that blockchain is not acknowledged in some countries due to its properties. Money is simply a system of exchange and there has to be an arbitrary with currencies to have a single one. Also, given countries and states are not one with the whole, then this seems to be impossible on the same extent. Still a long way for this industry in general but glad that progress is visible to this industry and blockchain in general.

Banks are now introducing their own coins which could be a conflict with the viewpoint that Bitcoin will be the center of transactions in the future. There are many possible chages that could take place as this industry grows. But I agree, co-existence would be more likely to take place no matter how I view it than to have a single currency which did not even happen in the first place.

The UAE conducts the first digital dirham transfer via the central bank’s digital currency platform mBridge: https://ar.cointelegraph.com/news/uae-digital-dirham-transfer-mbridge-cbdc
On the other hand, a member of the USA Congress took note of the progress achieved by the mBridge project, as Representative Maxine Waters, a member of the House Financial Services Committee, expressed her concern about the possibility of using the project as a cover to avoid economic sanctions.

Even though this step is far from the concept of cryptocurrencies as we all know it, it can be considered a qualitative leap in the use of blockchain technology. The United Arab Emirates is considered one of the leading countries in the world and not only in the Arab region, but this development will have a major impact on the countries of the Arab region in the first place, since the Gulf region is a country of the Gulf Cooperation Council, which is essentially an economic alliance. The impact is likely to also include China's economic partners, which explains the concerns in the statements of the Congress woman, given that China is establishing alliances with countries on which the US government imposes economic sanctions, and China can use the digital transfer bridge as it is prepared to circumvent those sanctions. The most notable of these countries is Russia, which has been banned from using the SWIFT transfer system since two years.

On the Bitcoin network there will really be some challenges especially when there's to many transactions on the network at once because all these small payment may add up to congestion and fees may spike up but then there is the lightening network and possibly there can be other services who could come up in the future to providing swift convertion and confirmation when btc is been used to pay for service both for purchase at stores too. I do believe it's very possible to have Bitcoin in a cashless policy as a means for transactions such that it will be acceptable to everyone.

With the approval of the ETF and the gradual adoption of Bitcoin by most countries I'm very optimistic that the future of a cashless policy where Bitcoin will be acceptable is possible and even close.

Talking about the future of Bitcoin it is very difficult to predict the future of Bitcoin. And it is too late to become a cashless society no one knows whether it will happen at all. There are many societies that don't want to use Bitcoin which can cause problems. And if gold is bright the future of Bitcoin looks better than gold.

First of all, let's hope that there will never be a cashless society because if there is a one in near future, be sure that you'll never own your funds. Secondly, absolutely no one knows what will happen to Bitcoin because there are many problems today and will be far more tomorrow. Bitcoin can't handle massive amount of transactions, Lighting Network is not the best solution though, so, how are we going to make things easy and fulfill the demand of increased bitcoin transactions? At the moment, it's clear that current Bitcoin can't handle massive usage and the formation of cashless society will take so many years that we can't be sure whether we will still have Bitcoin or if there comes another altcoin that will take it over.

To know the fate of Bitcoin in a supposed cashless world, first consider how well Bitcoin is being integrated into payment systems of the big economies that are practicing some form of cashless system already. It will surprise you to know that cashless systems does not directly mean they will adopt Bitcoin. Remember there are several payment systems that have already risen to the occasion and offering a reliable alternative to cash. Hence, I do not think that cashless policy supports Bitcoin adoption in any way.

However, I believe a time will come when people will naturally chose to use Bitcoin provided there are a lot motivations and advantages it will offer and also on the policy of the government of the country. When Bitcoin is allowed to flourish in countries as a legal tender, more citizens will surely opt for Bitcoin,


According to this article by the Center for Financial Inclusion, about 30% of the world's population is unbanked (that is do not have a bank account). This shows that for us to get to a point where cash will no longer be used across the globe, it will take a very long time.

Yes, this is true, for the new generation it may be easy to accept it because they understand technology well and for those who are old it will certainly be very difficult to adapt in this field because they have used fiat money for decades and it will be very difficult if they have to leave cash.
It is indeed impossible if we do not use cash and use payments via Bitcoin because the price fluctuates, of course it will be very difficult for people to use and transact and it would be better to use it to invest.

Before our grandma has to pay for cookies with Bitcoin I think Bitcoin core devs has to find ways to deflect any attacks or prevent it like ordinals just did so that there will be no future problems that may occur on Bitcoins network.

Well, for me fiat is fiat and Bitcoin is Bitcoin. What I mean is that they do have different technology and the fact that Bitcoin is a decentralized asset it works online as well though they have similar functions. In terms of cashless society, I think Bitcoin has an edge on this as we all know it's fully electronic and has dual purpose like an investment or payment which fiat lacks due to it's stable value.

CBDCs are products of governments and central banks so if they decided to create their CBDCs, we can not stop them. They have power and corresponding agencies and tools to launch their CBDCs and make those CBDCs legal tender.

Some websites to track CBDC progress globally.
https://cbdctracker.org/
https://www.atlanticcouncil.org/cbdctracker/
https://cbdctalks.com/

With CBDCs, people will not be given private keys like they can easily have with a non custodial Bitcoin wallet.

CBDCs are inevitable, what I am really afraid of is if the government tries to pull the same shit that President Roosevelt did with the confiscation of gold nearly 100 years ago and replacing with fiat when he forced the public to turn in all of their gold coins and put a huge penalty for those who didn't abide. They would surely have a very hard time doing that because i'm sure a lot of people would say that they "lost" their coins or got "hacked" or something of that nature. I really hope that it doesn't come to that. I don't think a cashless society IMO would carry really any benefit, if anything it will grant less privacy, and ensure that you get taxed on everything.

A cashless society is likely to take place only when the new generations who were born on the crib of technology are the only people in the world. The old generations won't adapt to a cashless society after living decades of their lives dealing with paper money. A shift like that would be too traumatic. At same time, it doesn't mean many of us can't already live without cash. It's actually already possible, and I'm a example of that. I've been making all my transactions virtually without any prejudices. There are very few exceptions where I can't pay through digital means (I think once or twice in a year time period).

The point is that a cashless society isn't going to happen through Bitcoin, but through the digital fiat version... Bitcoin is just too volatile to allow a society to have a stable financial routine. Human beings seek for stability. Bitcoin would be too stressing for people to deal with as main currency.

Personally I believe we are heading towards a digital world but not just yet
I think it’ll take quite awhile for the world to embrace crypto currency’s  because there’s still so much room for crypto currency’s to grow which it hasn’t just yet like on security which people have come to understand that there are still some loopholes that causes distrusts in the global economy example transaction prices which really needs to be looked into at the rate it’s currently going it will drive most investors away knowing they’ll be charge so much for simple transaction that wouldn’t cost them half the price using cash I believe when some of these loopholes are dealt with we will see the whole world embrace digital currencies with ease there are still so many shit coins created for only fraudulent purposes and I don’t believe there’s a solution for that yet this is the type of security cash gives us you can mostly tell a fake note when you see one but how can tell if a coin is fake or real.

Without cash – they might just live in the depths of the jungle without ever seeing the beauty of the city. They don't need money or perhaps any means of payment - but there are only a few such primitive tribes in the world. While we are talking about the modern world - cash is something that is always available and everyone will always depend on cash even though technological advancements have changed the way people use their money.

Optimizing bitcoin adoption can be attempted - but people certainly need to consider transaction fees. LN has so far helped users get low transaction fees - but it will only be able to handle smaller transactions.

If one day governments are forced to adopt crypto as a means of payment, perhaps they will only use CBDC as a currency as a makes sense option compared to bitcoin which they think is too risky. To this day - governments have considered the idea, but not many countries have adopted it.