The pros and cons of going cashless - page 5.

milewilda

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Quote from: Fortify on October 28, 2020, 01:47:22 PM

The biggest con I see from having no cash is it becomes so much harder for the least fortunate in society - namely the homeless, to make a living on the streets. There are many desperate people who have very few options and when the one source of money from kind strangers passing by is taken away, it is going to be absolutely devastating for them. I think going cashless is ultimately going to be a good thing for society, but a safety net needs to be set up and these people need to be given the tools to survive without bank notes.

Yeah its also one of the cons but does it really matter not to make out some transition just because on minding for those homeless people? Innovation is on the move and
there would be really be affected.Not to be cold-hearted on this one but i dont see for this kind of reason on stopping if there would be plans on a society to be come cashless.
Pro's do outweighs its con's and i do much prefer even though some people wont able to grasp out such transition then its up to them if they would really find ways
to learn on it.

We do even been using it for a while with our credit/debit cards but i dont believe that it will really just be on a short time for such switching.

Fortify

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The biggest con I see from having no cash is it becomes so much harder for the least fortunate in society - namely the homeless, to make a living on the streets. There are many desperate people who have very few options and when the one source of money from kind strangers passing by is taken away, it is going to be absolutely devastating for them. I think going cashless is ultimately going to be a good thing for society, but a safety net needs to be set up and these people need to be given the tools to survive without bank notes.

mezzaluna

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

The discuss have been on for many years about the possibility of a cashless society. Especially with the current wave of the use of cryptocurrency.

Many have favoured it while others have not.

These are the pros

Extra theft protection
Complete transaction records
Benefits and bonuses
Convenience

These are the coins

You may spend more
Data can be compromised
Privacy concerns are another consideration
Small transactions get tricky
Electronic methods aren’t perfect

Meanwhile, we’ve all lost cash at some point in our lives—and with no paper trail (or e-trail), missing cash can be tough to get back.

Its quite true that most of these cons are currently why Cashless transactions are hard to develop. Most users are not trusting these transactions since they do not know knowledge regarding about it thus lacking transparency. They are not getting any tangible evidence that they are payed even though some systems can give receipts, its not yet available to most systems like Cryptocurrencies. Data cannot be compromised since the only thing that they can see when you transact is the name and that is actually good.

Darkelf11

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Quote from: Chrystora123 on October 14, 2020, 12:39:27 PM

currently, there is no country that is 100% cashless but based on the information I see, the weaknesses of cashless that have been implemented are;

Quote

the use of digital payments eliminates one's privacy. This is because all transactions are recorded and can be seen. This data will not be leaked by the application, but what if there is damage or negligence so that the data comes out by itself?

Furthermore, online payments are also prone to hacking. This has happened several times and is detrimental to consumers. Hacking can take place and take all the money in it. Digital theft is more difficult to catch than conventional.

currently, only crypto wallets can provide strong security to users such as personal data and access. I never believed in the security of the digital wallet platforms out there. Personal data, balance data, transaction data, and recent shopping data are still the privacy of many people (not for publication). I think this be tough homework for the government in the future because a cashless society is a future..

Even in the traditional mode of payment is still associated with privacy risks. Not all transactions we made online or even in personal are safe. Our records of information are prone to deterioration, loss, etc. but digital world is more prone to problems like hacking, identity theft, etc. because if we compare the process of the traditional and the digital way of transacting.. the digital mode is more instant in collecting data from individuals.

onecall123

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Quote from: Darkelf11 on October 14, 2020, 10:26:43 AM

~snip~
Using cashless transaction is a great help especially that we are still in the middle of pandemic but risking our identity for small transaction may cause a lot of trouble.

Government doesn't understand mathematics so, they label it as a danger. Their obviously some reason why crypto doesn’t look good for them! They can't control the blockchain that's what I meant. Government tag it as weird scam investment services. But, It's only futures others issue doesn't make sense thought literally everything has risk and could go to zero.

Chrystora123

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currently, there is no country that is 100% cashless but based on the information I see, the weaknesses of cashless that have been implemented are;

Quote

the use of digital payments eliminates one's privacy. This is because all transactions are recorded and can be seen. This data will not be leaked by the application, but what if there is damage or negligence so that the data comes out by itself?

Furthermore, online payments are also prone to hacking. This has happened several times and is detrimental to consumers. Hacking can take place and take all the money in it. Digital theft is more difficult to catch than conventional.

currently, only crypto wallets can provide strong security to users such as personal data and access. I never believed in the security of the digital wallet platforms out there. Personal data, balance data, transaction data, and recent shopping data are still the privacy of many people (not for publication). I think this be tough homework for the government in the future because a cashless society is a future..

Darkelf11

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Quote from: sabbir2world on September 01, 2020, 11:06:00 PM

Well Only corrupted people would worry about their privacy lol Apart from that, I don't think the crypto has reached its target yet. It will go through stages of improvements. But I see this is our future!

No, you are wrong about that. People like me doesn't want my identity to be accessed by some corporations. We are just making sure that private information like name, country, etc. will be safe and protected from people who have bad intentions. Whenever there is a KYC requirement in any campaign, site or what, I do not engage myself with that because I am well aware of Identity theft and I value my identity. I do not want anyone to stole information from me.

Using cashless transaction is a great help especially that we are still in the middle of pandemic but risking our identity for small transaction may cause a lot of trouble.

South Park

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Quote from: semobo on September 12, 2020, 04:39:09 AM

Already we are living in the cashless fiat economy where fiats are generated in the numbers only not as physical paper.Most of the transactions are happening via banks and other online payment modes but the the development of these technology the security of our funds also getting lesser since internet is full of scammers and hacker so we have to educate the people about being safe while using their bank related details while paying online.

It is known the majority of the transactions already happen online however we can still use our cash to buy things, however we need to consider if it is such a good thing to be in a completely cashless society and in which the money supply is completely controlled by the government, in such a case an authoritarian government could destroy their political opponents by blocking their access to their money without any justification, this already happened in China and I will not be surprised if this begins to happen all over the world, which is why we need something like bitcoin so we can make transactions without government intervention.

Maroons

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Quote from: geyayy on September 12, 2020, 11:30:15 PM

Quote from: coolcoinz on September 05, 2020, 01:04:05 PM

Quote from: sabbir2world on September 01, 2020, 11:06:00 PM

Well Only corrupted people would worry about their privacy lol Apart from that, I don't think the crypto has reached its target yet. It will go through stages of improvements. But I see this is our future!

This means that I have to be corrupt because I avoid KYC and don't want my private data to be used by corporations.
I guess you do KYC wherever you can and send them videos and selfies of yourself just to prove how honest and transparent you are.

I agree with you, sir. I don't usually use KYC, I don't want my information to be leaked nor used by corporations. This may be our future, but I guess it will take a lot of time before this happens. There are a lot of things needed to be considered before it will be pushed through and adapted. Whenever it will happen, I am hoping that the system will be stable.

I also dont use KYC and in order for us to be cashless and to be able to reach the convenience of having a cashless society everyone should be in favor of that which will be hard because not all of us have devices, if we will do it without considering the others it will make the society chaotic for everyone doesn't have the same opportunity, and just like you're hoping that it will be stable, im sure not, it will take years even after it was stablish to be stable.

geyayy

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Quote from: coolcoinz on September 05, 2020, 01:04:05 PM

Quote from: sabbir2world on September 01, 2020, 11:06:00 PM

Well Only corrupted people would worry about their privacy lol Apart from that, I don't think the crypto has reached its target yet. It will go through stages of improvements. But I see this is our future!

This means that I have to be corrupt because I avoid KYC and don't want my private data to be used by corporations.
I guess you do KYC wherever you can and send them videos and selfies of yourself just to prove how honest and transparent you are.

I agree with you, sir. I don't usually use KYC, I don't want my information to be leaked nor used by corporations. This may be our future, but I guess it will take a lot of time before this happens. There are a lot of things needed to be considered before it will be pushed through and adapted. Whenever it will happen, I am hoping that the system will be stable.

GDragon

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Quote from: Argoo on September 12, 2020, 02:40:22 AM

Quote from: Kasabus on September 10, 2020, 10:45:07 AM

Quote from: Leviathan.007 on September 10, 2020, 06:40:09 AM

I think nothing can replace the money. because considering the transaction fee, you can't pay little amount of money with bitcoin or other crypto also imagine you have no internet for a few days due to technical issue then you can't use any crypto currency. but in the other hand for large amount of money crypto is the best way to go. generally, money will go it own way and crypto will go the other way both are us full depending on usage. thanks to the OP you can easily compare them.

Cashless transactions may have more advantages rather than its consequences but i believe majority of the users are not yet prepared for it so it would be best if fiat transactions will still be here and paying through cashless payments will only serve as an option. Through this way, people are free to choose which they feel more convenient and at ease.

Cashless payments should exist alongside paper money, since each type has its own advantages and disadvantages. Non-cash payments are now gradually replacing paper money, but this should be up to a certain level.
Cashless payments are bad because they require certain technical devices, maintain communication with banks and allow the government to fully control the financial activities of each person.

Agree with you, as of now I'm comfortable with using both. It's true that cashless is less hassle especially when you are ordering online, however, there are a lot of scams and you are prone to scam when you've paid using credit cards or debit card. Cause you can't really check the item first before you pay. So I always choose cash on delivery. And some stores here, I mean small stores, can't accept credit cards and debit cards anyway. Try buying street foods or shop through sidewalk stores in your place. We are not really the one who should decide, if the world around us switch to be cashless friendly, then we are all going to use cashless eventually. Its just an example of why I feel it should co-exist. Its the same when it comes to cryptocurrency, pr bitcoin.

Axelseseclevz

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Quote from: JuSayCo on September 10, 2020, 01:25:19 AM

Quote from: batang_bitcoin on August 27, 2020, 05:15:59 PM

I agree with the argument that if you have lost your cash, it's lost forever. Like if your wallet has been long gone, it will never be returned to you. Unlike with cashless or credit cards or online wallets, you can always retrieve it as long as you have the recovery information that you have to answer. And that's easy on your end because you're the actual owner of it. China has been long implemented cashless and soon, most of the developing countries will start to have it.

Exactly. Implementing cashless payments and transactions are great, less hassle and less hand on hand contact. For me, its just a matter of practice and proper teaching to everyone, so they will learn and understand how convenient and safe it is. Here in my country, there is already few cities that implemented this cashless payment system especially in the market where most people and vendors used to do the traditional ways of transactions, but are now slowly adopting this digital method and they were grateful that they learned and taught about it for its been safe and convenient according to them. So, its really possible in wherever place we are in, as long as there is internet and signal and a smart gadget of course, it can be made easily.

Yes cashless payments are less hassle and easy to make transaction ,also we can avoid virus from a paper bills or coins. But I think this is just easy for those at the middle and and higher class. Old people in the remote area need to educate first regarding on how to use it if ever.

ArIMy11

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I am not against to cashless society. It is one of the best solution to prevent the spreading of virus. But my concern is how we can be so sure the safety and protection of our transaction or our accounts online? We all know that number of scammers as well as hackers, increases during this time of pandemic wherein most transactions, schools, and work becomes online. Another, simple people who does not know how to use touchscreen phones cannot deal with it. Jeepney drivers, market vendors, parents. Technology grows, it is not impossible that cashless will takes place. New generations will be more advance.

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Quote from: abhiseshakana on September 05, 2020, 02:10:18 PM

Quote from: jaysabi on September 05, 2020, 12:18:40 PM

That risk is with the US dollar as much as bitcoin. Both only have value because everyone agrees they do. Value stability is the most important aspect of a currency, so unless we enter hyperinflation in the US, the dollar is always going to be a superior currency.

The winner takes all. Through dollars, the real money owner wants to make his wealth last. Through the dollar, they built a system from telex to swift which caused acute dependence on the dollar. Even if in the end the dollar loses value due to hyperinflation, even though it is impossible because even though the dollar is printed out of thin air, America's gold reserves are still the largest in the world. So to shift, the domination of the American currency, is only false wishful thinking, because America wants to keep the system running the way they want it forever.

There's a good bit of inertia behind the dollar being the world's reserve currency. It will take a lot to displace it due to this. But one of the things that can certainly do that is rapid inflation, or at least losing value faster than the alternatives. The US monetary policy has a lot at stake because it has to protect the reserve currency status of the dollar.

semobo

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Already we are living in the cashless fiat economy where fiats are generated in the numbers only not as physical paper.Most of the transactions are happening via banks and other online payment modes but the the development of these technology the security of our funds also getting lesser since internet is full of scammers and hacker so we have to educate the people about being safe while using their bank related details while paying online.

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Quote from: Kasabus on September 10, 2020, 10:45:07 AM

Quote from: Leviathan.007 on September 10, 2020, 06:40:09 AM

I think nothing can replace the money. because considering the transaction fee, you can't pay little amount of money with bitcoin or other crypto also imagine you have no internet for a few days due to technical issue then you can't use any crypto currency. but in the other hand for large amount of money crypto is the best way to go. generally, money will go it own way and crypto will go the other way both are us full depending on usage. thanks to the OP you can easily compare them.

Cashless transactions may have more advantages rather than its consequences but i believe majority of the users are not yet prepared for it so it would be best if fiat transactions will still be here and paying through cashless payments will only serve as an option. Through this way, people are free to choose which they feel more convenient and at ease.

Cashless payments should exist alongside paper money, since each type has its own advantages and disadvantages. Non-cash payments are now gradually replacing paper money, but this should be up to a certain level.
Cashless payments are bad because they require certain technical devices, maintain communication with banks and allow the government to fully control the financial activities of each person.

goldade

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Surely, there's always the advantages and disadvantages to a thing. It is only logical to weigh it out to see if it can be done. As it stands, the world is not ready for a complete cashless policy. The disadvantages that have been listed out outweigh the advantages.
In developing countries especially in Africa, there'll be a lot of measures needed to be put in place for such policy to work.
I however do believe that with time, cashless policy eventually take over as the world is constantly moving forward digitally.

Kasabus

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Quote from: Leviathan.007 on September 10, 2020, 06:40:09 AM

I think nothing can replace the money. because considering the transaction fee, you can't pay little amount of money with bitcoin or other crypto also imagine you have no internet for a few days due to technical issue then you can't use any crypto currency. but in the other hand for large amount of money crypto is the best way to go. generally, money will go it own way and crypto will go the other way both are us full depending on usage. thanks to the OP you can easily compare them.

Cashless transactions may have more advantages rather than its consequences but i believe majority of the users are not yet prepared for it so it would be best if fiat transactions will still be here and paying through cashless payments will only serve as an option. Through this way, people are free to choose which they feel more convenient and at ease.

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Pros of going cashless

In case of shopping there is no need to run for change and get chocolate instead of change
In making budgets it'll help in easy calculation
Ease in usage than traditional fiat
As none can make use of our wallet without private key, it is more secure

Cons of going cashless

Technical knowledge is must
If there is connectivity issue, the transaction gets interrupted
Transaction charges on sum up make a big value
Can't be used on remote locations

Leviathan.007

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I think nothing can replace the money. because considering the transaction fee, you can't pay little amount of money with bitcoin or other crypto also imagine you have no internet for a few days due to technical issue then you can't use any crypto currency. but in the other hand for large amount of money crypto is the best way to go. generally, money will go it own way and crypto will go the other way both are us full depending on usage. thanks to the OP you can easily compare them.

Topic: The pros and cons of going cashless - page 5. (Read 1583 times)