The pros and cons of going cashless - page 3.

suvo05

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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)

Quote from: skarais on February 20, 2021, 02:12:37 PM

Non-cash transaction are currently very popular with the public just because it make it easier for them. People no longer need to carry a lot of money in their pocket just to shop at supermarket or the like because they only need to use an ATM. It has become a modern payment system.
But when it come to bitcoin, I think it will still be difficult to implement in countries where the status of using bitcoin as a legal means of payment has not been legalized. Although bitcoin is much better than digital currency, its illegal status as a currency in some countries will hinder its adoption.

Non-cash transaction is no doubt good. I remember in my childhood there was an option to send money through the post using money order. This kind of procedure become simplified by NEFT, and now by UPI. I won't like to compare between fiat and crypto because they are so different. In crypto people are really independent of their own money. But as per the current situation people will rarely choose BTC, because of price volatility, even if it is legal.

skarais

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Non-cash transaction are currently very popular with the public just because it make it easier for them. People no longer need to carry a lot of money in their pocket just to shop at supermarket or the like because they only need to use an ATM. It has become a modern payment system.
But when it come to bitcoin, I think it will still be difficult to implement in countries where the status of using bitcoin as a legal means of payment has not been legalized. Although bitcoin is much better than digital currency, its illegal status as a currency in some countries will hinder its adoption.

just_Alice

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Quote from: Mauser on February 20, 2021, 03:25:22 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.

The money is spent faster when using a credit card, it really is true for a lot of people, myself included. However, I disagree with you about the tracking money part. With cash, it is not uncommon that you spend the money and then wonder "where did all the money go", simply because you can't remember all of your expenditures. On the other hand, a credit card allows you to actually see all the transactions, exact date and time, to whom the money was sent, and sometimes even specified what was the purpose of the transaction.

ven7net

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If you delve into the history of the emergence and development of money, you can see that each time the money changed, becoming a more convenient and simple way of payment. Were there opponents of such changes in those days? Of course, there was and in the end money changed and became the way we know it now. As for non-cash money, then of course they, like cash, have a number of positive aspects, as well as a number of negative ones. For example, losing money is easier than cash than non-cash, but both of them can steal money from you. But no matter how it was, with the development of the world, money will also change and we cannot get away from it.

Inkdatar

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Mostly people these days are into cashless because of the ease of use especially these days it's a big help to avoid spreading of virus. The convenience bring to people makes it easier to track records on how much you spend. The cons, cash can be easily lost. If we search the change there is an increase of usage of cashless. There is always an advantage and disadvantage of having cashless and not. As what others been saying it is how you adopt the situation.

DrBeer

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Benefits of non-cash monetary relations:
- Ease of use - available virtually everywhere, simple, convenient, functional
- Reducing the risk of loss of savings
- The ability to receive additional services and services

Disadvantages:
- centralized management of accounts, which in certain cases may lead to blocking of funds (judicial appeals, etc.)
- outside the country of fiat money, an exchange is required (provided that it is available)

Mauser

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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.

tygeade

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Quote from: ?? on ??

I believe that we are really talking primarily about the convenience of using cashless payments, because it makes no sense to talk about the lack of independence or increased state control over a person's income and expenses using cashless payments, since any funds pass through bank accounts before this money appears in your wallet. Even when cashing out cryptocurrency, the funds still go through the banking system.

When cashing our crypto there are multiple ways of saving taxes if one wants to by converting your funds into paypal and then spending from there and let me tell you there are countless paypal account sellers. The there are services that allow you to buy products from amazon or other shopping sites for your BTC by charging a minimal fees. I am not supporting these acts but neither can I deny that this happens very often.

Quote from: BITCOIN4X on February 14, 2021, 01:45:29 PM

I don't think the government will abolish the circulation of cash and replace it with a digital currency, cryptocurrency. Cash will still be needed even though for countries can possibly delete it.

It will happen slowly maybe because going from traditional cash payments to online transactions require education among the society because not everyone is habitual of doing transactions online and forcing them might lead to loss of money.

Janation

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Quote from: FlightyPouch on February 17, 2021, 07:58:54 PM

Quote from: SirLancelot on February 16, 2021, 12:41:00 PM

Quote from: FlightyPouch on February 14, 2021, 07:46:39 PM

Cash can be extremely private and untraceable. The fact that criminals are widely using fiat with their illegal activities or transactions means it has its convinience in that area. Also, transactions with bitcoin can still be tracked, all of the transactions can be seen on the blockchain so you can't say that it is extremely private.

If you want extreme privacy, there are a lot of other cryptos out there.

There are tons of mixers too if you believe someone is tracking your BTC address and the transactions you are making. In fact there are some mixers that can arrange fresh funds for you, which means the coins are never used before and are coins which have been mined by the miners.

I believe the only problem with cash is the risk of theft because imagine you are a millionaire but your wealth is in BTC and you don't have any risk of being robbed or anything like that. While if you have cash and people near you would notice that and the threat starts from there itself. Going cashless has a lot of problems of its own like lose of money in case you misplace the private key or online scams are there who can inject virus in your system and take everything.

I don't think these millionaires would keep their cash on theirselves at all times unless they are those ones that won the lottery and can't manage their money so well. We have ways now to take care of that huge lump of money and it will usually be the cards they have not the cash itself.

Each side has their own pros and cons and I think we should stick with what we have right now because there are a lot of things to consider before turning it to cashless.

I don't think they are that stupid.

Obviously, they have their money is kept in a bank or somewhere safe. With a lot of people getting attracted to a lot of money, obviously, they would keep those on fiats or cash, they would put it somewhere safe. This is one of the best pros of our world getting cashless although the technology that we have right now might not be enough to secure this cash or funds.

Another thing is that the government might still not be ready for this change.

FlightyPouch

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Quote from: SirLancelot on February 16, 2021, 12:41:00 PM

Quote from: FlightyPouch on February 14, 2021, 07:46:39 PM

Cash can be extremely private and untraceable. The fact that criminals are widely using fiat with their illegal activities or transactions means it has its convinience in that area. Also, transactions with bitcoin can still be tracked, all of the transactions can be seen on the blockchain so you can't say that it is extremely private.

If you want extreme privacy, there are a lot of other cryptos out there.

There are tons of mixers too if you believe someone is tracking your BTC address and the transactions you are making. In fact there are some mixers that can arrange fresh funds for you, which means the coins are never used before and are coins which have been mined by the miners.

I believe the only problem with cash is the risk of theft because imagine you are a millionaire but your wealth is in BTC and you don't have any risk of being robbed or anything like that. While if you have cash and people near you would notice that and the threat starts from there itself. Going cashless has a lot of problems of its own like lose of money in case you misplace the private key or online scams are there who can inject virus in your system and take everything.

I don't think these millionaires would keep their cash on theirselves at all times unless they are those ones that won the lottery and can't manage their money so well. We have ways now to take care of that huge lumo of money and it will usually be the cards they have not the cash itself.

Each side has their own pros and cons and I think we should stick with what we have right now because there are a lot of things to consider before turning it to cashless.

Wipeout2097

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In the event that we conversation almost current circumstance cashless makes a difference to maintain a strategic distance from spreading of infection additionally the reality that it is able to do it's work legitimately thru bitcoin or cryptocurrency.Eligible for have cash in terms of crypto to pay our bills and exchanges cash effortlessly and in a quicker way. In spite of the fact that it still have cons like in nations that as it were have moo Web scope or as it were few zones have Web and for a few expenses and security. Also cant ignore positive side of crypto because it made new history and attract many investors in short time.

SirLancelot

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Quote from: FlightyPouch on February 14, 2021, 07:46:39 PM

Cash can be extremely private and untraceable. The fact that criminals are widely using fiat with their illegal activities or transactions means it has its convinience in that area. Also, transactions with bitcoin can still be tracked, all of the transactions can be seen on the blockchain so you can't say that it is extremely private.

If you want extreme privacy, there are a lot of other cryptos out there.

There are tons of mixers too if you believe someone is tracking your BTC address and the transactions you are making. In fact there are some mixers that can arrange fresh funds for you, which means the coins are never used before and are coins which have been mined by the miners.

I believe the only problem with cash is the risk of theft because imagine you are a millionaire but your wealth is in BTC and you don't have any risk of being robbed or anything like that. While if you have cash and people near you would notice that and the threat starts from there itself. Going cashless has a lot of problems of its own like lose of money in case you misplace the private key or online scams are there who can inject virus in your system and take everything.

FlightyPouch

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Quote from: KEN O on January 28, 2021, 09:14:04 PM

The advantage of cash lies in its convenience and acceptability. ,
Its disadvantages lie in the possibility of damage, no income, and no transaction records.
As for Bitcoin, its decentralization makes it untraceable and extremely private.

Cash can be extremely private and untraceable. The fact that criminals are widely using fiat with their illegal activities or transactions means it has its convinience in that area. Also, transactions with bitcoin can still be tracked, all of the transactions can be seen on the blockchain so you can't say that it is extremely private.

If you want extreme privacy, there are a lot of other cryptos out there.

iamsheikhadil

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Quote from: KennyR on October 31, 2020, 05:34:56 AM

Going cashless these days is a common thing, because people are getting used to card transactions and other forms of digital payments through mobile. When you don't have cash in hand there is more chances of spending on unnecessary things. Even the small shops have started to provide QR code for payment. Through digital payments corruption is made easier. Whatever might be the pros and cons, if it is used for the bad it affects the reputation and same is when used for good.

Going cashless with fiat money is very fundamentally different from cashless with crypto-coins. It is true that when we go cashless, corruption is checked on a lot of levels but it also gives the government huge power over us by monitoring our transactions and placing heavy taxes on it. I think crypto is a win-win situation because it is cashless and hence it has all the benefits that being cashless has and it also removes the governmental regulations on common people and their money.

BITCOIN4X

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Cryptocurrency and cash are option that can be used by the world's population to pay, receive, and are legally recognized as a means of payment. If you are in the third world, you will probably find out how much interest people are in continuing to use cash as the main legal payment method. Bitcoin as a crypto currency is the third or fourth choice that we can use as a means of payment because its legality as a legal currency is still not legalized by the government. We need cash while we also really want to have the freedom to manage money without government interference or control.

I don't think the government will abolish the circulation of cash and replace it with a digital currency, cryptocurrency. Cash will still be needed even though for countries can possibly delete it.

TedMosby

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https://bitcointalk.org/index.php?topic=5274318.0

Quote from: palle11 on August 27, 2020, 10:52:23 AM

-snip-

These are the coins

You may spend more
-snip-

this is almost accurate for me.
I prefer cashless, but it really makes me spend more.
It's too easy to spend money digitally, almost no effort on spending those "digital numbers".

Fintech really made its hype in my country during this pandemic situation.
we already have many centralized digital wallets, and now they make those things connected to consumptive and productive things.
now I can allocate my "spending" power to some productive things like mutual funds and stocks.
every time I want to spend my money on consumptive things, I immediately allocate it and spend it for mutual funds and stocks.

in a nutshell, my crypto profits feed my mutual funds and stocks portfolio.

KEN O

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The advantage of cash lies in its convenience and acceptability. ,
Its disadvantages lie in the possibility of damage, no income, and no transaction records.
As for Bitcoin, its decentralization makes it untraceable and extremely private.

Yum Bravo

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Crypto and cash have their own benifits, I really hope crypto could replace the cash to use between people. This can help poor people in poor countries protect their assets

Rengga Jati

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Quote from: palle11 on August 27, 2020, 10:52:23 AM

-snip-

Being cashless in each country may also bring different impacts because it will depend on the condition of the country itself. Not all societies are ready with cashless and this commonly because of the habit and also condition of the society itself. Actually, chases during this pandemic are growing so fast and really help us to avoid and minimize being infected the virus. Moreover, if we have a certain transaction with money, it becomes one of the media of spreading this virus. And with cashless payment, can be one of the ways to minimize.

And regarding this situation, many people are also moving to have digital money or using an e-wallet.

However, can it be really implemented in all societies? Once again, maybe not all. But it can be a great option. However, if you are in a traditional market with some old people as sellers, we may still use cash or fiat paper money. This is a culture and probably will be difficult to change

Quidat

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Quote from: finaleshot2016 on January 28, 2021, 06:33:48 PM

I'm pretty sure that even we have the abiliy to make things cashless, we are still not ready for it. During the pandemic, most of the transactions occured in online and that's one of the key that we can go cashless and due to that, scam activity have increased in online. It's still very difficult on our situation since some part of the world doesn't have reliable internet that will sustain to make use online transaction daily. Cashless is a good idea but as of now, I can't see that it's possible.

Most of people gone to online but doesnt mean that it is one of the main factor that do affect scam numbers are in increase.Its understandable on the other hand though
but this wasn't the main problem but the other side you had mentioned is that not all is knowledgeable when we do switch to cashless.Not all parts of the world does have connection
which means they would prefer nor ending up on using those traditional fiat itself and even though lets say that almost part of the population does have connection but still
paper fiat will exist.Why? government is still existing and we know that it is heavily centralized which means fiat will really not vanish that easily.

Topic: The pros and cons of going cashless - page 3. (Read 1583 times)