The pros and cons of going cashless - page 2.

Zoophytology

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Pros

Lower crime rates, because there's no tangible money to steal
Less money laundering, because there's always a digital paper trail
Less time and cost associated with handling, storing, and depositing paper money
Easier currency exchange while traveling internationally

Cons

Exposes your personal information to a possible data breach
Some may find it harder to control spending when they don't see physical cash leaving their hands
If technical issues exist, you don't have alternative source of money

angrynerd88

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It is true there are advantages and disadvantages of every technology.Same as cashless technology have merits and demerits as well.The government itself still employments notes and disseminates it to the public, so individuals can still utilize notes . But as we know, and numerous individuals said, there will be the advantage and drawbacks by utilizing the notes and cashless. But individuals still favor to utilize notes to use as medium of exchnage.Cashless technology helps you to save from lost of cash and use globally in any state but otherside demerit of cashless technology is you cant use it as emergency because most of vendors dont accept cashless.

conected

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Quote from: Kittygalore on June 07, 2021, 02:54:13 AM

Pros of going cashless is the convenience first and foremost and the fact that you have less physical contact when doing transactions and you will just have to wait for it to be delivered. Cons of going cashless is that we are at the mercy of electricity, one outage in a small town can cripple the economy since it relies mostly on electronic transactions.

While for you having less physical contact with money is a pro argument, for me it's a con argument. I noticed that I spend money much faster electronically than I spend it as cash in my wallet. For me it is easier to control my spending habits by actually touching money. Hopefully cash won't disappear any time soon.

- The chance of cash disappearing is very low when relatively small payments always require the efficiency and speed of cash while electronic and online payments have too many annoying points, processing and confirmation, account login, quite a lot of problems. In addition, the bank's system is not perfect, sometimes they also need maintenance periods to better serve, if we don't use cash, I don't know what we will do to process the payment in that time, cash has too few downsides to mention, an ideal product that fits and can't be eliminated

dmamigo

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Quote from: swiftbits on June 08, 2021, 08:14:32 AM

Quote from: Ucy on June 08, 2021, 05:08:18 AM

Another very Important one: With Physical currency you have reasonable control over your fund, I doubt you will get thesame level of control if use their centralized version in virtual/cashless form.
It's a bit shocking sometimes that the world/nations wanted/want cashless society based on centralized virtual currency. Who do they think controls a centralized currency system?
Humans too careless like drunkards.

Money seems non-existent when we put it in a centralized system; banks and institutions circulate it for their own gains.
It feels like we don't own it. We just let them decide what they want to do with it.
Bitcoin might fix this issue, but vulnerabilities are still present.

Usually, people put their money into a centralized system/bank in order to have liquid funds to save and spend. In order to increase our money, we can diversify to avoid putting the whole money into a centralized system/bank by investing them into various investment opportunities along with cryptos due to the vulnerabilities as you said.

Crypto like Bitcoin is a good option to gain some good profits and use it sometimes for a transaction but completely relying on Bitcoin or any crypto is a risk because of the price fluctuation which goes violet sometimes.
Centralized currency won't be replaced by any cryptos but the possibility of centralized crypto is quite imaginable. Hence, the price volatility will be always there and without it, Bitcoin won't be so popular either because maximum people put their money on Bitcoin to earn some profits.

swiftbits

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Quote from: Ucy on June 08, 2021, 05:08:18 AM

Another very Important one: With Physical currency you have reasonable control over your fund, I doubt you will get thesame level of control if use their centralized version in virtual/cashless form.
It's a bit shocking sometimes that the world/nations wanted/want cashless society based on centralized virtual currency. Who do they think controls a centralized currency system?
Humans too careless like drunkards.

Money seems non-existent when we put it in a centralized system; banks and institutions circulate it for their own gains.
It feels like we don't own it. We just let them decide what they want to do with it.
Bitcoin might fix this issue, but vulnerabilities are still present.

Ucy

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Quote from: Ucy on June 08, 2021, 05:08:18 AM

Another very Important one: With Physical currency you have reasonable control over your fund, I doubt you will get thesame level of control if use their centralized version in virtual/cashless form.
It's a bit shocking sometimes that the world/nations wanted/want cashless society based on centralized virtual currency. Who do they think controls a centralized currency system?
Humans too careless like drunkards.

Also depends on the real meaning of the word "Cashless".... Though I have seen and heard several articles/publications claiming it's about phasing out cash or physical currencies completely
Could also mean Less Cash in a given society or Cash-is-Less, rather than Zero Cash, No Cash at all etc. That's how I tend to see certain Words with "Less" attached to their ends

Ucy

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Another very Important one: With Physical currency you have reasonable control over your fund, I doubt you will get thesame level of control if use their centralized version in virtual/cashless form.
It's a bit shocking sometimes that the world/nations wanted/want cashless society based on centralized virtual currency. Who do they think controls a centralized currency system?
Humans too careless like drunkards.

btc78

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Quote from: Kittygalore on June 07, 2021, 02:54:13 AM

Pros of going cashless is the convenience first and foremost and the fact that you have less physical contact when doing transactions and you will just have to wait for it to be delivered. Cons of going cashless is that we are at the mercy of electricity, one outage in a small town can cripple the economy since it relies mostly on electronic transactions.

While for you having less physical contact with money is a pro argument, for me it's a con argument. I noticed that I spend money much faster electronically than I spend it as cash in my wallet. For me it is easier to control my spending habits by actually touching money. Hopefully cash won't disappear any time soon.

Agreed on this sentiment mate because Cash physically is easily to manage than Online as imagine we are allowable to send any amount(as long as we can see our available funds by eyes) than when we are feeling this physical form.
My wallet has a maintaining funds of 100$ permanently and once this was being lessen then i know that i must tighten my budgeting things that i can't apply in my electronic wallet.
so yes Fiat will never lose power but it will only blend in crypto money.

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Obviously, it has its own pros and cons. What might blur the line here is how this would cover people, consumers or producers etc. that doesn't even have access or is very limited to devices? This can be a possible form of society, cashless, but it is not recommended or viable for globalization. Classic, first-evers, and many forms of payment and currency that ran a very very long time ago since trading has began has its own characteristics and benefits that nothing, in any form, could be beaten in general. Cheesy

bakasabo

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Quote from: ?? on ??

While for you having less physical contact with money is a pro argument, for me it's a con argument. I noticed that I spend money much faster electronically than I spend it as cash in my wallet. For me it is easier to control my spending habits by actually touching money. Hopefully cash won't disappear any time soon.

For me the situation is completely opposite. When I have money on the card/bank account, I spend less, even though there a lot of temptations to spend. When I have cash (paper money) I spend them on something less useful. For example buy berries all the time, buy 0.5l bottle waters even though I'm not very thirsty. In other words - I buy different trifles. And when I get coins as a change, I try to get rid of that weight in my pocket/bag. In other words - spend more. Give 10 EUR for a bottle of water, get change as 5 eur bill and coins. Spend coins same day on something. In general - I've spend 5 unintentionally or things I wasnt even planning really to buy.

Kittygalore

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Quote from: Kittygalore on June 07, 2021, 02:54:13 AM

~

While for you having less physical contact with money is a pro argument, for me it's a con argument. I noticed that I spend money much faster electronically than I spend it as cash in my wallet. For me it is easier to control my spending habits by actually touching money. Hopefully cash won't disappear any time soon.

Yeah, I forgot about that psychology part of having electronic cash, if I have thought of it earlier, I wouldn't put it as a pros. I don't think that fiat would disappear in our lifetime so you don't have to worry about it as long as you live.

Kittygalore

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Pros of going cashless is the convenience first and foremost and the fact that you have less physical contact when doing transactions and you will just have to wait for it to be delivered. Cons of going cashless is that we are at the mercy of electricity, one outage in a small town can cripple the economy since it relies mostly on electronic transactions.

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Quote from: zanezane on June 06, 2021, 10:17:28 PM

Quote from: Flowzer on March 06, 2021, 01:52:43 PM

The most problem of using cryptocurrency as cashless payment processor in daily life is the country really afraid of their fiat become useless and loss its value. The another problem is the transaction hard to be tracked by them for tax issue. The one that i thing possible is digitalize the fiat like USDT and make it for cashless transaction.

It won't be useless if it is still the currency being used online and they want to coexist more than annihilate the other form of payment. The tax bureau can probably make up for the difference of lost tax if they raise it on commodities and such or they can proactively hunt for potential and active tax evaders.

I think for the tax sector, there seems to be no end to looking for loopholes to collect taxes. Of course, if crypto is allowed by the government, then taxes are unavoidable. even for now, exchangers who have legal entities, of course they are taxed, and every transaction will be easily known to determine the amount of tax

zanezane

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Quote from: Flowzer on March 06, 2021, 01:52:43 PM

The most problem of using cryptocurrency as cashless payment processor in daily life is the country really afraid of their fiat become useless and loss its value. The another problem is the transaction hard to be tracked by them for tax issue. The one that i thing possible is digitalize the fiat like USDT and make it for cashless transaction.

It won't be useless if it is still the currency being used online and they want to coexist more than annihilate the other form of payment. The tax bureau can probably make up for the difference of lost tax if they raise it on commodities and such or they can proactively hunt for potential and active tax evaders.

STT

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Quote from: suvo05 on February 20, 2021, 02:06:47 PM

The only cons I find in the cashless is you need the internet and the entire world is still not connected totally with it.( even electricity is one of the major problems)

They use mobile phones in areas without electricity in some African nations I think, its possible to exchange but the confirmation of the transaction is probably not the best in these remote situations. Still I believe even if imperfect its of worth to the, perhaps to clear a tab then absolute payment. I hear of women in Afghanistan using Bitcoin and gaining new found freedom from the ability to retain wealth and value to their livelihood that was never possible before with physical currency only and the constant violent threat they live under. Whenever there is a utility and gain, commerce enabled by the operation of a blockchain or any exchange of value then it becomes justified and more likely to continue in its value long term.
Ultimately FIAT betrays all who have trusted in it as its raw background of being bound to politics and all that weakness rather then trade and security of value wil become apparent, by the time its obvious it will be over at that point so its a good thing BTC is already here as a possibility to anyone who wants it.

Coroline

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Usually non-cash payment platforms provide many promos which are a strategy to attract people to enjoy all cashless services.

This digital money and wallet service is always competing to provide promos such as discounts to large cashbacks for every product purchase.

The bad impact if you realize it, you will indirectly become consumptive and wasteful, because you are tempted by various promos and discounts. So that financial management becomes unstable.

Flowzer

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The most problem of using cryptocurrency as cashless payment processor in daily life is the country really afraid of their fiat become useless and loss its value. The another problem is the transaction hard to be tracked by them for tax issue. The one that i thing possible is digitalize the fiat like USDT and make it for cashless transaction.

Arkann

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At least today, non-cash payments primarily provide the user with convenience for any payments, including utilities, buying goods via the Internet while at home, as well as the absence of any problems when buying any product in a store where the seller has a -that moment there will be no opportunity to give change from a large bill. That is, I passed the card through the terminal, and the required amount was withdrawn. That's all.

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Quote from: iamsheikhadil on February 20, 2021, 02:44:27 PM

Quote from: Mauser on February 20, 2021, 02:25:22 AM

The biggest con for me for going cashless is that you lose a bit of oversight. It is much easier to keep track of the money in your wallet than it is with a credit card. Not all payments are directly collected there is always some delay involved. While with your wallet you have actually to touch the money to spend. I also find that you spend money faster if everything is done online. Maybe I just need to get more used to being cashless.

I agree with you completely, while going cashless has many advantages, like convenience to pay from anywhere anytime, the money actually gets spent real fast than what we can spend it if it was in form of physical cash because for then, we have to move our lazy legs to the store and buy something, while if the money sits online in bank, spending it is just a click away from our phone or computer! So savings is much convenient if it's done through cash.

Indeed and credit cards were introduced to make shopping easier but the hidden moto was to make the average person spend more than he would because of the credit system and paying it back slowly. It is often said, spend only what your pocket allows and the only method they found to enlarge that pocket was to fill it with virtual cash which sounds good but ultimate you have to pay it.

The problem with going cashless are not one but many, bad internet connection might lead to cancelled transaction and confusion (I am talking of centralized wallet transactions, not bitcoins or blockchain based payments), then there is a big risk of theft as scammers can access your device if you are novice and there are risk of lack of understanding about technology because despite the best efforts there will be doubts for some and it will affect their business. Fake receipts are easily edited/generated and sellers might be tricked.

iamsheikhadil

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Quote from: Mauser on February 20, 2021, 02:25:22 AM

The biggest con for me for going cashless is that you lose a bit of oversight. It is much easier to keep track of the money in your wallet than it is with a credit card. Not all payments are directly collected there is always some delay involved. While with your wallet you have actually to touch the money to spend. I also find that you spend money faster if everything is done online. Maybe I just need to get more used to being cashless.

I agree with you completely, while going cashless has many advantages, like convenience to pay from anywhere anytime, the money actually gets spent real fast than what we can spend it if it was in form of physical cash because for then, we have to move our lazy legs to the store and buy something, while if the money sits online in bank, spending it is just a click away from our phone or computer! So savings is much convenient if it's done through cash.

Topic: The pros and cons of going cashless - page 2. (Read 1616 times)