Topic: The pros and cons of going cashless (Read 1583 times)

This is my biggest fear as well. What if the government just decides to implement a new wealth tax, that takes away 1% of all your investment and savings. If we don't have any cash anymore then there is no way we can get around such things. The government will have full access to our funds whenever they want. I am really scared because this could lead to miss use of our money by the government. Also if money is only available digitally then the government could block the transfer of any funds abroad.

No system is perfect. Everything has its own advantages/disadvantages. While going cashless makes your life much more convenient, it's not the perfect solution when there's a natural disaster or major catastrophe. Digital payment systems are highly dependent on energy and Internet access. Without these two, you won't be able to participate in the digital economy. That's not the case with paper money these days. You can pay with physical banknotes regardless of a blackout or lack of Internet access. Yet, paper money has its own downsides including (but not limited to) lack of portability, and lack of eco-friendliness. You'd have to use both systems in order to balance between each other's respective advantages/disadvantages. Only then, you'll be able to achieve peace of mind no matter the situation you're facing. Just my thoughts

Going cashless is an inevitable action for the future. Digital currencies are being developed by some countries now. And the number of them will increase in time. We will start leaving fiat slowly and start using digital currencies. Pros and cons will always exist for any kind of money. Fiat is also not perfect. Maybe we won't ever have a perfect kind of money but it'll continue to be more practical to use as time goes on.

As long as physical currency can still be used by people for  buying, selling , holding etc. If only digital currencies controlled by centralized financial institutions are allowed, you will likely lose full control over your funds unless you use a decentralized currency system that gives you full power/control over your funds. And probably use some sort of decentralized Banks that let you plug your node/wallet to their wallets/nodes to benefit from better services like better interface, additional security, smartcontract services etc.
 

I feel that the biggest advantage of going cashless is the neat convenience and not cumbersome, but using coins the biggest disadvantage is that it is very easy to be stolen when someone is good at network programming.

the pros of going cashless transactions are:

1. fast and easy transaction
2. no limit purchases and remittance
3. safe and convenient especially during this time of pandemic

the cons of going cashless transactions are:
1. poor internet connection when doing transactions, might have difficulty and delay in sending
2. it can be used in some bad transactions such as money laundering, so we have to keepsafe our accounts..
3. might have problem in handling cash on hand
4. if you send remittance and your receiver doesnt know or not knowledgeable on online transactions

We just need to always have back up, not to depend on single system or platform since there are some problems or maintenance that may occurs like when the app is under maintenance or under attacked and we need to do transactions. I sometimes have experienced not being able to pay right away since the system is under maintenance but I needed to pay that time to get the items luckily I still have another bank to use.

If the majorities will adopt then cashless will push thru, we can't deny that fact that economic status also

affects the entire adoptions but things may proceed if more and more people will embrace this new digital

system, cashless may happened along the way.

For certain businesses it makes sense to jump into a cashless future today. After all only one in four bears cash on them and simply paying cashless means more efficiency reduced risk of theft and higher costs however it is not easy to have a cashless business not whether you should be cashless depends on your industry customers and how many transactions have already been made with a card. The target is to make the country's economy fully digital not in cash but in cards all transactions will be online.

I believe its just a matter of personal discipline. It could simply be solved in the future by having wallet functions like budgeting section where you can lock up your money for specific uses. I believe we're still in early stage but in the future, I can 100% predict that cashless is inevitable.

I understand your point but the fact is that not all merchants accept it according to the needs of each person. indeed all still on progress for digital payment adaptation, and sadly all people are not having the same status economy. like a poor or homeless.

Yes you may spend more with cashless and that is because you have access to your money at any time through your app. Your fingers gets inchy for buying something even if not needed the particular time but because you are a second away from your money, you open your app and transfer is made. On that point, if you were to get to your bank to facilitate withdrawal or transaction, you may not see the need for unnecessary spending. Looking at the instances, you understand it that you can spend more with an app than going to stand at the front of a cashier for transactions.

I disagree with this due to the fact that if world goes cashless and all would adopt with it, companies like PUNDIX and binance support cards which you could use for transactions with less fees involve. No hassle holding your money. Another thing is it is inevitable due to the fact that this pandemic helps a lot with digitalization and cashless transaction is a trend.

Me too, not all transactions can use cashless and it is more convenient to use money. In our country, with the complexity of the population, we do not fully use cashless, although in some cities we use cashless, but officially we still use money for payments. In rural areas, it is difficult to implement cashless because the infrastructure and the environment are not sufficient.

I see not benefit on going strictly cashless. I am kind of almost cash-less in the sense of not carrying coins nor notes around, but I am not willing to renounce the anonymity and convenience of using cash to pay, and I think most people d the same. Stop using government issued currencies at this moment is impossible, except in El Salvador. You can use crypto but it is anyway converted to cash on most transactions, so you are not really cashless in any case.

The first thing that comes to my mind when it is talking about cashless is the pros and cons of it in which there are really a lot of pros and cons that may list here, just for example The pros that may include is that having a cashless transaction will prevent the spreading of virus and another thing is that it is more comfortable for us when it is cashless because we don't need to bring money anymore but the cons here is that those who are not yet knowledgeable on cashless transactions just like for example those people who are aging around 50's and 60's they are not aware on cashless and it would be hard for them to adopt it.

Well I think it is nice to try it being cashless doing transaction online or going out with only your cards and phone
But it is hard right now or a bit more expensive than going out with cash,
Because only few accepts those kind of payment so you would end up using them if you want to try it so it would cost more.
And of course the problem of your phone being low battery would be a huge problem for you.

                          The pros and cons of going cashless.

1. Various Attractive VS Consumptive Promos

One of the most effective strategies to attract people's interest in using digital money is through promos.
A number of money services and digital wallets are competing to provide promos such as discounted prices to massive cashbacks.  Is this profitable?  Yes, if it is spent on a product that is really needed.
 But without realizing it, sometimes this makes people more consumptive which in the end only becomes an impulse purchase because they are tempted by discounts so that spending becomes out of control.

2.Fast Transaction VS Signal Problem

Large cash transactions generally take a long time because the money used for transactions must be calculated first.  Sometimes, small change is not available at the cashier.
With cashless transactions, the process becomes much easier and faster.  Just swipe the card to the EDC machine, tap, or scan the barcode via the application.
However, are there times when these machines or the user's smartphone have difficulty catching the signal needed for the transaction to take place?  Thus, without a good signal, payments cannot be made.

3.Safe From Conventional Theft VS Cyber ​​Attack Vulnerability

Security features have become mandatory for money services and digital wallets on smartphones.  Usually this security feature is in the form of a PIN, password, or fingerprint scan.
This is one of the advantages of cashless transactions because the transaction value is only known by the user and the merchant/tenant concerned, so it does not invite criminal action.

everyone has the freedom to choose, so there's really no need to complicate things like this.  because basically all have benefits.  The cash money system was formed because the community formed it, as well as the community currency system that formed it.  so we also have to participate according to the circumstances.  I actually feel wasteful when all my money is in electronic form, and I feel stingy if my money is in cash.

Less crime, but it becomes easier to commit a crime. When you steal physical money, at least you have to prepare mentally and physically to get them from your victim. But with digital money, it is a matter of one click to commit a crime.



I think it is opposite. Greater amount of money is being laundered as a digital money. With all this shady companies, off-shores, multiple accounts you can get through "laundry" millions. If you do same with cash, I think this is simply impossible. Nobody moves trucks full of cash nowadays. [/list]