Topic: The Future of Bitcoin in a Cashless Society - page 3. (Read 581 times)

LN.

It's possible but with constraints like what we're facing such as a $2 transaction fee, isn't really ideal from it. Well, you're right sir far from ideal as you say so.

Store of value I guess but on the off chain transactions and as for the exchanges, despite that they've got various cryptos there and if the merchant and customer agrees to do it there, that's one solution but many don't like to do that as it breaks through the actual purpose of it and you're right again sir, what's the point of it.

Yes, I've known people who are into Bitcoin but never heard of LN. They just buy and hold.

I agree and on a grander scale like it can cater bigger transactions.

The way I am seeing this latest acceptance and approval of this Gold to be use in the global arena, Bitcoin will be the international cashless coin for all the Nations in the world. Bitcoin will advance to the stage where all the countries will use it and there will be no fear to use the coin again. For now all the countries are trying to create their National Digital currency to link to the Bitcoin so that the transaction will be very easy for all to use. And when tht stage has come to the ecosystem then things will be okay for all in the world. Price of things will come down.

My current thought is only one after the ETF approval and my thought is that Bitcoin becomes an alternative currency that is free to use along with fiat currency. There is no prohibition if we use it in transactions to pay for any goods throughout the world and there is no ban on Bitcoin in all countries such as a strict ban which is strengthened by sanctions if found using it.
It is truly inconceivable if Bitcoin with such a great system is used like fiat currency.

the cashless system may be growing but there are still some bottlenecks on this route owed to the following considerations :
> some financial transactions still need hard cash
> some people will stick to the traditional payment method no matter what esp those living in remote areas
> some merchants especially small ones won't accept digital cash payments but on cash basis only
> it is not practical to use digital cash to pay for coffee or some vegies in a wet market


just one example that not all people are into total cashless society. even if we say we are already into crypto market, there are still some worries that we need to think about. that is true, if it is total cashless, the government can track all your financial movements. i don't think that's good for your privacy.

Bitcoin is already shining. and has a very bright future, expect a lot of adoption and money inflows after the recent Bitcoin ETF approval,
But How is that a cashless Society If Bitcoin becomes the Cash of that? Do you know what I mean? Bitcoin replaces fiat money, and grandma pays for Cookies with Bitcoin. then that would mean Bitcoin is our cash in that imaginary world..
I honestly would love to see that happen. which sounds too good to be true, but at least we can dream about that.
Even if that happens sometime in the future, that would take too many years. maybe after 20 or 50 years from now. but We as Bitcoin lovers are happy with any development and achievement by Bitcoin,

I don’t know, but it will be very hard to see that cash doesn’t exist again even in the future. I don’t know why some people still think bitcoin will replace the local currency we are using, and it’s accepted by any government in any country world-wide. However,  even if we later see a cashless society, I believe the government will find another alternative for citizens, and many governments will continue to go against bitcoin and crypto currencies.

Furthermore, let’s keep technological advancement aside. Do you think there will be a situation where there will be no cash flow in a country? Nah, man, I don’t think so. It will be hard, although sometimes cash doesn’t flow regularly in a country, but for it to stop existing and bitcoin to take over is what I always think will be hard.


And this is what I always think will happen because there will be no cashless society as long as the government is there. Even if we witness such a situation, the government will find an alternative for citizens and won’t allow bitcoin to regulate and make it legal for people to use. Remember that the government cannot have control over bitcoin even if they make it legal for people, and that is what the government doesn’t want. Furthermore, it will also affect the smooth running of bitcoin if there is no cash flow in a society.

There is no single cashless society and cashless societies form for a variety of reasons. Sometimes it's because of government regulations that ban large cash transactions, and sometimes it's because banks offer such convenient and lucrative options that it's more optimal to pay with them rather than with cash.

What this means for Bitcoin is that cashless society could be both good or bad for Bitcoin. If governments don't like cash, they would regulate Bitcoin payments for the same reasons. But if people are used to electronic payments, they would be more likely to try Bitcoin, especially if Bitcoin will have some sort of edge.

I'm a BTC enthusiast but I don't support a cashless society. This would give unimaginable control to the governments over the people. Watch out what you wish for. Cash is king. Never forget that. BTC and cash can co-exist together.

For investment, trading and payments where applicable or where it is being forced, Bitcoin would do well there. But for others, and to serve in place of a cashless society, I believe that Bitcoin will fail woefully, it is not well-structured that way to overcome the challenges it will face the way you want.

First, decentralization is an issue for Bitcoin in this regard, most countries of the world will not legalise it and this is a serious problem for the coin. Secondly, the unreliable Bitcoin fees are another discouragement, it can only be used when the person doesn't have the choice of an alternative, or else, Bitcoin will not be used in this regard as people will be ready to part ways with higher fees, and it could be as higher as over x100 of what local fiats would do. Don't think this is outrageous, it's what is happening in my country.

Also, the use of Bitcoin can be more online and cross-border payment is appreciated, not locally because the fiat has better structure, speed, reliability and fees than it. So I don't know how it will ever be a good use to dissuade people from using cash. Even huge fluctuations in the price of it are a discouragement as people will be afraid to hold the coin for long in most cases, especially the naive ones.

We will not see anything like this in our generation, perhaps in a generation of our grandchildren bitcoin will be implemented as global money, for this we need many, many years to change an entire culture.

The most important step has already been taken, the beginning of all this.

We have a little more than a decade of bitcoin and the results are already incredible. Although the price seems high, the benefits are things that no amount of money in the world can pay for.

Bitcoin is one of the greatest achievements ever made by humanity and I am very happy to be participating in this entire revolutionary movement.

I have thoughts about the problem that when scientific technology develops a lot, at some point cash may be replaced by some tool (possibly related to crypto) in the future. Because just looking back at the historical journey of humanity, how things that are tools in the economic transaction system have changed, from converting to using things like seashells, clam shells,... then come into contact with metal coins and paper money,... in general, society always has natural changes and we need to adapt to whatever context we are in. That change, because no material thing lasts forever in my thoughts. But in my opinion, that journey of change will be long enough to drive me and everyone here back to nature like dust particles.

Well I don't think society will ever be entirely cashless. There will always be some need for physical money, even if digital payments become 99%+ of what is used.

Anyway, bitcoin I expect will operate as an alternative to fiat currencies. Nations aren't gonna give up their national currencies, so bitcoin will only always be an alternative. Some nations, like El Salvador has done, will put bitcoin on par with whatever currency they use, and likely as in El Salvador's case this will mostly be done in countries that don't issue their own currency.

Once bitcoin use becomes widespread one nice thing that will be greatly streamlined will be traveling! No more worrying about exchanging currencies (except perhaps to have a little bit of physical cash on hand) and no more worrying about your credit card being charged big fees for using it in a different country (happened to me a year ago when I was in Mexico two credit card charges on my statement were mysteriously DOUBLE!! what I was charged in the store). In the somewhat distant future you'll be able to travel and just spend bitcoin without worrying about any of that!

Also I think many people (probably eventually billions of people) will save in bitcoin instead of cash in banks. Cuz why would you save in a currency that decreases in value when you can save in a currency that increases in value? People will still have some savings in the bank beyond what they need for the month, for safety of having that emergency fund in a "stable" currency, but savings beyond those fairly immediate needs will be in bitcoin.


Also it could be that international trade ends up getting done in Bitcoin. Even if on-chain fees are $100 or something in this fairly distant future, that's nothing if you're making a hundred million or billion dollar transaction. And with bitcoin you can move money directly and usually within 30-60 minutes to the other party so it makes more sense than going through the fiat system. Faster and cheaper with bitcoin.


I see a future, perhaps a couple decades from now, where paying online or in person with Bitcoin over the LN (or perhaps other L2 solutions) is not just as easy but also as commonplace as paying with credit card or mobile phone fiat wallets is today.

I look forward to the day when I can simply save in bitcoin and spend my bitcoin as readily as I use my credit card today. It is coming, though we'll just have to wait probably a couple decades until it is that pervasive.

We are already heading towards that side and bitcoin will become a digital currency and there won’t be a case of using a fiat currency like before. It will not totally replace fiat but will have a say when it comes to monetary system of payment. Bitcoin will survive through the cashless adventure and will stand out amongst the rest, I just hope something will not happen that will cause a huge change of thought towards bitcoin. Bitcoin is here to stay but could not be widely and easily accepted base on the consensus it is being forced to function on.

we are already seeing the signs everywhere

banks starting to charge management fee's just to have an account
https://www.investopedia.com/terms/b/bank-fees.asp

ETF's/spot trading normalising 0.x% -3% fee for getting/changing assets, normalising perceptions of expecting to pay high just to transfer/have value

bitcoin fee's increasing
https://github.com/bitcoin/bitcoin/pull/9615

heck even subnetwork fee's increasing
https://www.xapobank.com/resources/lightning-network-fees
0.00000000210000 (from $0.0001 currently)

other subnetwork services said(past tense) they would offer fees from 0.00000000000001 per payment
but it ends up as being on average: 0.00000000000054sat per sat spent plus 0.00000000750000 base fee.
and so spending 100,000sats about: 0.00000006150000 per payment

yes initially all new payment systems promote free/cheap fee's but eventually all of them increase the fee's, and that includes crypto


you would think with the deflationary nature of bitcoin where each sat becomes worth more fiat.. that the fee's in sat numbers should decrease..
like they did 2009-2015 each time the markets moved up a multiple.. but not now

Mobile banking, paypal, payoneer, credit/debit card, digital fiat etc, are we a joke to you?

If you only want to see a cashless society, it's already happen from few years ago, no need for Bitcoin to be accepted by the countries.

Even Bitcoin is accepted as legal tender in my country, I won't use it due to privacy concern.

Well, I agree of what the OP said about the potential growth or more advancements of bitcoin and its usability, but lets not forget other coins, although bitcoin will be the face, lets remember bitcoin is a crypto currency and using block chain technology so if the bitcoin is the future of the cashless society then the other crypto currency also will be used same as bitcoin but of course not as high price like bitcoin, and also the technology blockchain maybe in the future more things will be created related, divert or using block chain technology, you see this technology is a very good technology wherein we will see how much effort and time the creator of bitcoin spends on developing this project.

If bitcoin and any other cryptocurrency will be the future of society in terms of currency, then maybe before that, a more complex plan and preparation will be needed to implement this thing.

We are heading towards a world where cash is mostly gone, at least in the countries that are called now "developed". Cash is not replaced by crypto but by CBDC. Each CBDC transaction is monitored closely by automated systems as part of wide government efforts to control their citizens.

Crypto's role has been reduced to financial instruments like ETF and various derivatives that are used to trade under government control on heavily KYCed centralized exchanges. Movement of real crypto outside of the centralized exchanges is discouraged and can bring the user unwanted government attention in the form of various audits from the tax authorities and other government agencies. After all only criminals use crypto outside of the government-approved exchanges, so the moment their KYCed customer tries to move his crypto into a self-hosted wallet, the automated systems know that there is something fishy going on.

In most countries privacy coins have either been directly prohibited or usage of privacy coins is made impossible in more indirect fashion by special laws by requiring KYC for every transaction of privacy coins making their use pointless unless the user is willing to break the law.

That is the direction we are headed.

Yep it will not fade away its because its like a national symbol of the country so for sure this is well protected by government and maybe if there's digitalization will happen then it will exist in different form. Also as you said it will coexist with bitcoin if there's certain adoption will happen. Bitcoin cannot cooperate with regulators but rather the people use it especially those institution should push and present that bitcoin is good alternative currency since once these regulators will impress on the usage of bitcoin together with its potential for investment matters then provably they would allow bitcoin to became their legal tender just like what El Salvador did.

Bitcoin has really have potential and there are lots of institutions are now investing with it since they see how huge its marketcap also the supply is limited so if there's global adoption will happen then provably we can see bitcoin price to rise up.

What kind of payment in bitcoin for cookies can we talk about? You somehow quickly forgot what was happening with the bitcoin mempool just recently.

If this is technically possible at all on the BTC-network. It must be admitted that bitcoin is far from ideal.

Most likely it will be that no one will actually send bitcoin back and forth through the BTC-network and will be implemented through something similar to a shell, like the exchanges. But then what's the point of the bitcoin?

So, are you saying that many merchants (and users) know about bitcoin, but have never heard of LN? Sounds absurd.

A faster solution than LN may be needed.

It is outrageous to believe that the Fiat would somedays be whipped off the surface of currencies existence.
The global acceptability of Bitcoin is a potential to enforcement that everyone must deal with.
Besides, Bitcoin is just an alternative means of transactions otherwise investment means too. So the possibilities of Bitcoin to outshine the local fiats could be evitable while the world powerful Fiat currencies are not undermined.

I believe that there is already an existence of certain individuals including societies who has the possible running of cashless as a policy and they are certainly comfortable with it. So Bitcoin would only succeed this if it is a dominance and has suppressed the usefulness of the fiat and then mandatedly a compulsory that everyone must adopt and then, the possibility measures as maybe imagine cashless trending while Bitcoin transactions is emerged as the only possible means of transactions would not be twarted.

It would definitely be disasterous because not everyone who are used to the internets including the electronic mobile devices talking more of adoptions with the system of crytop currencies formulas of transactions.
I smile over this because making this a success is to call the world back to a unifyable educations whether they are interested or not leaving them to live at their own risk of handling the currency at such sceneros Bitcoin is made the only financial transactions options.