Topic: The Future of Bitcoin in a Cashless Society (Read 581 times)

I see what you mean. High fees are a problem that need to be solved if developers want people to use BTC as digital cash. Luckily, the Lightning Network (although still experimental) makes our life easier by providing cheaper fees and near-instant settlement times without compromising Bitcoin's security/decentralization. It's a short-term solution for those hesistant to leave their BTC in favor of another cryptocurrency.

With increasing adoption for BTC worldwide, it's very likely it will be used alongside CBDCs in the future. That's assuming it stays decentralized and censorship-resistant. These are uncertain times we're living into, so lets hope for the best.

It gradually adapted as a payment option, yet it took many years for its realization. For now, we are just at the beginning of its journey. Whether we like it or not, adoption never comes easily but be on the hard way due to some factors affecting it. Even using fiat money before has also come that way and much more in this cashless mode of payment.
Well, I guess we don't need to hurry because what we need is to have well-prepared individuals (elderly and young generations)and the legality of Bitcoin in the country.

We are heading there for sure but the road can be bumpy and there will be many distractions along they way which again am sure can make grandma a little bit dizzy so maybe I would prefer to deal with grandpa here. Now, seriously, being a payment system in a cashless society is one of the big vision for Bitcoin in a P2P setting but we know that for now there can be hiccups for this scenario to fully be effective. So am still so happy that am using BTC as a store of value because I am selfish and greedy too just like grandma...I would like to be rich and BTC can be the tool for me towards that direction. By the way, are you my grandson?

It's unreal to believe and persuade people that the world will automatically swipe into a situation like that.Bitcoin is serving as an alternative to the fait system,whereby also creating an opportunity for users to access and operate in a comfortable manner.The world is digitalizing everyday around the future of digital currencies and financial technology.
  Bitcoin is accessible to everyone as it ensures a good and transparent network for its users that's why it will always remain a better financial choice.

Be realistic. Do you believe Bitcoin would help build a cashless society? Was it a Bitcoin goal? I don't think so. Because Bitcoin fees have become higher, and most likely, they will continue. For a long time, transaction fees have become unrealistic. We thought it would become normal after a few days, but it seems like nothing. Its true worls are moving to a cashless future, and many MFS services are helping with that. Bitcoin has become an investment opportunity. If transaction fees become lower, then Bitcoin would keep playing a role in making a cashless world.

That's a gradually process, because Bitcoin usage deal with educated people, which the young once in the society are growing big, while few of the elder once are getting old as the case may be, in which the young society we enjoyed the new policy in the near future of cashless and almost every body will be used to Bitcoin calculation based on the country exchange rate conversion as a means of payment, in which Bitcoin is also created as means of goods and services.

Companies "ruined" BTC, the same way they "ruined" the Internet. What started as a decentralized system, turned out to become centralized due to huge economic interests from the government and corporate sector. We can never expect BTC to become the cornerstone of a "cashless society" this way. Especially when it's often viewed by many as a store of value than a real currency.

I believe CBDCs will be the ones that will "rule the world". Once governments roll out their agenda of a "global reset", paper money will be gone for good. Who knows what the future holds for our society?

Couldn't agree more. People today are happy that governments and institutions are supporting Bitcoin and cryptocurrencies which is why they are creating ETFs and getting them approved but they don't realize that it's all a part of a bigger plan that we aren't able to see and understand just yet but when time comes, we will realize that it wasn't done for us or our benefit nor was it done to push the adoption level but it was all done to make us believe that they are supporting it.

When it's time, they will enforce their CBDCs on us by saying that they have supported cryptocurrencies because of us, and now we will have to use the CBDCs as well and that is when it will all begin, and then even if we move towards a cashless world, the currencies used won't be cryptocurrencies but CBDCs.

Bitcoin will not have any part to play in the future cashless society that it's not already playing in today's some-cash society.

Bitcoin is not a currency in the sense of being a medium that can be used for ubiquitous transfers of value: transactions are far too slow and expensive for that purpose. World-wide credit card volume alone peaks in the millions of transactions per second which no blockchain architecture--even a centralized one--could ever come close to achieving.

(If you want to see what an actual technical solution looks like for this sort of volume, check out the Haypenny whitepaper).

I believe that physical cash will be eradicated from our society within 20 years or less, but cryptocurrency will have nothing to do with that.

OMG... everything I think is contained in your writing. If I keep it simple, paper money will disappear replaced by digital culture or cashlesh. Bitcoin has a chance to compete with digital FIAT, but ETFs limit Bitcoin's flexibility as a decentralized asset. What I see is that it is difficult for Bitcoin to reach the top as the king of currencies, it will never happen as long as there are still many centralized agencies interfering in the international currency industry.

Even though the world needs cryptocurrencies, CBDC will be the first to become the choice of the global elite. My hope is that Bitcoin should remain decentralized forever.

BTC
Bitcoin's future is uncertain. It could either become the cornerstone of a cashless society or become a failed experiment in the long run. "Wall Street" now owns Bitcoin, so it's likely big investment companies will destroy its true value proposition in the future. I'm talking about Bitcoin becoming a centralized cryptocurrency manipulated by the "Elite" and mainstream governments. Perhaps, it will become the "One World Currency" many were talking about. If it doesn't, then CBDCs (Central Bank Digital Currencies) will be the ones that will "rule the world".

I'm certain a cashless society will happen one way or another. After all, the world is transitioning to the digital era at a very fast pace. The COVID-19 pandemic just accelerated digital payments adoption worldwide. Who uses cash (paper money) these days? I'd be surprised if 10-20 years from now, our society hasn't fully transitioned to a cashless one. Hopefully, BTC stays decentralized for as long as it lives. Just my thoughts

We have now entered a largely castleless world. At present, many people have entered the cashless mode, which facilitates transactions through fiat money cards and online apps.
However, Bitcoin can take us to a completely cashless world. Because having wealth in it means owning your own bank. However, we cannot go to a completely cashless society so easily. Moreover, much depends on how much you value privacy over national security and safety.

My guess is that in a few years it will be quite expensive to use bitcoin on chain, and the majority of people will end up using some sort of custodial solution, using BTC only on second or third layers

bitcoin will not possibly give birth to coins or other new tokens to be accepted in a cashless society lol anyways bitcoin is better to stay as it is now.
With the emergence of Bitcoin, the real cashless era has just begun, apart from that there are many benefits that can be gained if cashless is adopted, wood for printing money will no longer be used, automatically the environment will continue to be protected.
Apart from that, it is important to adopt Bitcoin in the future, the goal is so that all transactions occur transparently and are not covered up.

         -   Here in our country, apart from credit cards and other ATM cards, we also have local wallets that we can use to pay for groceries and other merchants that accept them. But when it comes to cashless cryptocurrency or decentralized, it's not that obvious yet.

Maybe it will take a few more years before it happens that most business establishments will accept Bitcoin or digital payment like we are in this industry field.

Due to technological development we are moving towards a cashless society day by day. As currently fiat money can be carried through various banks and apps. No need to carry cash. Also, carrying a large amount of cash with you is very unsafe as it may get lost or stolen at any time. But there is no problem if you move with money in digital system. Perhaps in the future we will see Bitcoin give birth to a universally accepted digital currency cashless society.

If you think this will happen sooner or later then surprising how people still use bitcoin for transaction purpose so this should not be something new cause I have actually seen people pay with bitcoin, even with this idea it doesn't necessary mean people should abandon using fiat cause a lot of bitcoin enthusiasts choose to hold bitcoin for investment purpose etc. Op, your idea is great but you should deviate this idea to something else not fiat and bitcoin, there's no comparison so let's not make a big deal from this.
I will prefer to store my bitcoin rather than using it for transaction purpose to buy food stuffs, I read a similar topic here and the op was criticizing a tenant who used bitcoin as means of paying rent instead of storing it, to be sincere in as much as we need the adoption of bitcoin to increase this is not the right way to do such. Don't even dream of a cashless society cause a lot of people will find other alternative.

In the society you live in, you will find people who will be critical of Bitcoin and those who will say something positive about Bitcoin. Those who criticize are not only criticizing Bitcoin but all good works are being criticized. Do you think such a popular digital currency as Bitcoin will not be popular with some critics? Those who criticize such thinking are wrong, they have been criticizing before, but they did not stand in the way of Bitcoin's progress. Ever since it came into the Bitcoin market people are adopting it and day by day the popularity of Bitcoin is increasing and new users are getting aware of Bitcoin and getting involved with Bitcoin. 
Various major companies are now buying bitcoins and many companies are also facilitating the use of bitcoins to buy and sell their products. These factors are definitely positive for Bitcoin and these positive aspects will continue to increase in the future and this coin will become more popular in the future.

A lot of countries want to develop their own digital currency because currency from paper is already outdated, I think Bitcoin will be most known as digital gold rather than payment because Bitcoin is very volatile. I saw lots of cases where many people complained about the huge fees when sending Bitcoin to other wallet, Bitcoin should have low fees to make it become handy as a payment. I hope everyone can have some Bitcoin/satoshi to keep as their future investment, we just going to see the fourth halving and now the Bitcoin price is around $40k, I can' imagine what price Bitcoin when we touch the tenth halving thought.   

Yes in time coming btc will virtually be used for every online transaction. We would go cashless but not %100 maybe %70 because illiteracy will be a barrier to many people.

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.

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.

i don't agree with the analogy you said that bitcoin is digital gold, bitcoin is different compared to digital gold because bitcoin is an innovative and decentralized payment system introduced by satoshi. meanwhile, digital gold is a centralized product issued by several companies for easy investment in gold.

and discussing the use of bitcoin in today's society, adoption has begun to increase, but people are still reluctant to use it for daily transactions because the fees are quite high. even though there is a way to overcome this by using the lightning network, people still believe in using the main bitcoin network.

moreover, government regulations hinder the adoption of bitcoin in society, which makes the adoption of bitcoin in society not as massive as banking products.

Maybe in the future, we might have a situation in which Bitcoin will be used to pay for goods and services in every part of the world. But currently, it has not been used as a currency because the majority of people see it as an investment opportunity. The high transaction fees and the lack of requisite skills to set up a lighting network are also roadblocks to the use of Bitcoin for the payment of goods and services. Unfavorable government policies will also hinder this lofty dream of making Bitcoin widely used as a currency. I assume that Bitcoin still has a long way to go in its quest to become a widely used currency for financial transactions.


Many developed nations are moving towards a cashless society because they are technologically and educationally advanced. These nations have a high literacy rate and the requisite infrastructure to support a cashless policy. However, cash still dominates the financial system of developing nations. So we might see a gradual transcending from cash to a cashless society in many countries because for now, they are not ready to become cashless.

Paying with Bitcoin with cookies, coffees and other those types of same prices are possible through Lightning Network. But I am hoping that someday that it's gonna be actually possible for the actual Bitcoin network to process these transactions for having low fees. Other than that, I hate to say it but off chain transactions are going to be prevailed with these transactions if the owner of the shops have the exchanges account and you want to pay them with that method.

It's an ease for the payor if the payee is allowing transactions like that. But as long the fees are dropping down these days, I know and believe that someday we're going to see it back that transaction fees are going to be centavos again or even less than that. Right now, LN is the solution for these transactions but sadly, there are many merchants that don't know it yet and even payors or users, many of them aren't aware of it.

I believe that traditional currencies will not fade away anytime soon; they will continue to coexist with cryptocurrencies in the future of the mainstream financial payment system. The transition to a cashless society won't be a smooth ride. Bitcoin will need to cooperate with regulators, despite being one of the wildest ideas and theories. However, I am optimistic that Bitcoin, our beloved digital gold, has the potential to shine even brighter due to its unique advantages, such as transparency and security, which traditional banking systems struggle to match.
Will Bitcoin survive? It will undoubtedly leave its mark, regardless. Even if it doesn't become the undisputed king of cashless transactions, it will pave the way for a new financial landscape. While heading towards a cashless society, there are hurdles to overcome. Bitcoin needs to address scalability issues, transaction speed, and energy consumption. Regulatory clarity and widespread acceptance are crucial for Bitcoin to become a mainstream payment method. Who knows, it might happen or get closer to reality after a decade.
The speculation about the future of Bitcoin is uncertain; it could experience a significant surge to success, moon-shot to Mars, or face a drastic decline, crash landing in the Mariana Trench.

It’s already happening in countries where people are free to use Bitcoin. I have read several articles about shops accepting bitcoin as payment, this revealation also inspired me to accept Bitcoin in my store. The challenge is not businesses accepting Bitcoin as payment, but rather customers prefer to pay with fiat than spend their bitcoins. 


If this happens, then we will face a bigger centralization problem than we have ever seen. The government is not going to become pro-bitcoin, so if cash no longer exists, people will be forced to accept CBDCs.

It will be similar situation like what we have with books and newspaper. We can have them in a traditional paper format or in other modern formats like e-book, e-newspaper, digital file like pdf ...

There are people who love to read things on paper, not on a digital screen so companies will remain those paper products for customers. Surely they will get income and profit by selling products to customers.

With money, we have cash, digital currency transfer, Bitcoin, altcoins and even will have CBDCs in future but I believe the world will have all those currencies co-exist in future. There will be no cashless world.

First of all, I don't think the world is moving toward a cashless society. Some countries certainly are, but many are very far from it, and some are actively resisting it. So it's not just a matter of technological advancement. Countries like Italy are advanced enough, but just don't want to get rid of cash, and there is a similar situation with Germany.
But let's imagine all the obstacles are gone, and we are moving toward a cashless society. The way I see it, there are two different ways of getting there. One is cashless, but dominated by centralized structures like banks and corporations. In that case, Bitcoin doesn't play a major role. Another is cashless and decentralized, in which case Bitcoin can play a major role. It all depends on how much humanity will value privacy over national safety, security.

Bitcoin and bitcoin users definitely have an edge already when time comes that society becomes a cashless one using bitcoin will definitely have its advantages however right now it does not seem possible to adapt bitcoin as an everyday currency seeing that transaction fees are expensive and it is quite slow to get things processed because of the mempool being congested

If those issues were to be addressed then bitcoin will definitely shine in times where society would be using cashless systems

 Hey, fellow Bitcointalkers! 🚀 Let's hop on the crypto rollercoaster and talk about the future of Bitcoin in a cashless society. 💸 Will our favorite digital gold shine even brighter, or will it face some turbulence? Strap in, no financial advice here – just enthusiasts sharing thoughts. Imagine a world where your grandma pays for cookies with BTC - wild, right? 🍪 Are we heading there or hitching a ride to a different destination? Dive into your crypto crystal ball and let's speculate on the fate of Bitcoin in this cashless adventure. What's your take on its survival skills in a world where cash is as ancient as floppy disks? Share your wild, unfiltered ideas! 🌐✨