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Topic: The pros and cons of going cashless - page 6. (Read 1583 times)

hero member
Activity: 1694
Merit: 516
September 10, 2020, 06:17:18 AM

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.


The only problem I see with going completely cashless is the security of your deposits. The more money is stored at a bank, the higher the risk too lose money in case of bankruptcy. What if the bank is using all the deposit to buy risky assets and loses big time (like with Lehman brothers) in the end we would all hope for the government to guarantee the deposit of the average savings. Imagine all your cards stop working at the same time and you have no more cash left. Of course this is a very unlikely event, but with giving up our beloved cash completely we are also giving up some form of independence. I definitely hope that the regulation of financial firms and banks will be increased once we get completely rid of cash. Maybe a first step could be to not use coins anymore, and only work with bills. Stopping to use all sorts of cash all at once sounds a bit harsh.
jr. member
Activity: 112
Merit: 3
September 10, 2020, 01:25:19 AM
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.
hero member
Activity: 2884
Merit: 794
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September 09, 2020, 05:50:25 PM
That is without a doubt a challenge and it is one of the reasons why people indebt themselves so easily in this era, when you are holding cash it somehow feels more real and you are more apprehensive about spending your money but when that money is in the form of just a few numbers on a computer screen you are more tempted to spend that money, and this kind of attitude can be very dangerous especially now that thanks to the pandemic we must save every single penny that we can.

It is more on the person's attitude towards spending. Like in my experience, I had a credit card before and before I knew it, I was already accumulating debts. So what I did was cut my credit card usage and paid for the debts. And up until now, I haven't applied a new one. This is for me, to really watch out how I spend with things. I don't want to go back to the time that I have to pay for the interests accumulated. Really not worth it. Though there are a lot out there that are better in handling their finances. But for me, I will stick to debit card and cash right now.
Have you ever wondered why when you go to a physical casino you need to exchange your cash for chips and then do the reverse process once you need to get out of the casino? This is done by casinos to make you dissociate the idea that you are actually using money to bet and that you do not feel the same regret that you will feel if you saw money actually been lost, this is why the chips look like something you will find in any other board game, it is to make you feel you are not using real money, and the same trick is being used by banks when they give you credit cards, it is very easy to lose control of your spending with a credit card but it is way harder to do so if you are actually using cash.
sr. member
Activity: 1848
Merit: 370
September 06, 2020, 02:02:49 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.
Yeah, if you're just a normal person with nothing to hide even your privacy then you must not be afraid of being KYC-ed while other people secures their privacy and prioritize their security. If you do regularly taking KYC on whatever platform that requires it, you must not be surprise if one day there's a police knocking on your door for interrogation lol
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'm thinking of a less where we can still do KYC besides from taking a selfie or anything, I guess that's the most appropriate one.
hero member
Activity: 2492
Merit: 586
September 06, 2020, 01:54:35 PM
You still run both sides risks when you’re making use of both methods, it’s all about being very careful with what method you have chosen to go with. They are both good, there are some situations you will be in and cash would be the only option to go with because you can’t be making use of your payment app and wasting time when you can actually just dip hands in your pocket and drop some cash. That’s just it, there are situations where any one of the two methods can be better.

These days there are lots of websites to shop online like Amazon, eBay, and the rest, and when making use of these sites what you need is electronic payment methods.
legendary
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September 05, 2020, 02:10:18 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.
sr. member
Activity: 2324
Merit: 362
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September 05, 2020, 01:15:26 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.
It is true, China has been implementing cashless for a long time, even though it has not been 100% evenly applied in China...
Payments via the WeChat pay application are rife in Chinese society and the drawback is that if the cellphone is lost then the balance in it will also disappear, but the way to deal with it is easy, just filling in the balance in the application as needed, do not charge large balances.
legendary
Activity: 2618
Merit: 1103
September 05, 2020, 01:04:05 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.
legendary
Activity: 2044
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September 05, 2020, 12:18:40 PM
There will also be Cybersecurity issues and Price volatility and lack of inherent value.

Cybersecurity is probably the least of an issue for bitcoin. However I don’t see bitcoin ever overcoming price volatility. Lack of inherent value is arbitrary. 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.
copper member
Activity: 28
Merit: 0
September 05, 2020, 11:12:59 AM
There will also be Cybersecurity issues and Price volatility and lack of inherent value.
full member
Activity: 1904
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September 04, 2020, 06:35:25 PM
cashless is great for those who are budgetting wisely their money and savings..using cryptocurrency is the best way if you are an income generating and saving conscious minded person.

I don't think you understand how hard that is. If you have an ATM or a mobile wallet and most of your money are there, you tend to make transactions very often since you could do it even if you are just at home. Unless you have someone to manage your money. I guess this depends on the individuals but most of the people I know usually take advantage of this convenience.
That is without a doubt a challenge and it is one of the reasons why people indebt themselves so easily in this era, when you are holding cash it somehow feels more real and you are more apprehensive about spending your money but when that money is in the form of just a few numbers on a computer screen you are more tempted to spend that money, and this kind of attitude can be very dangerous especially now that thanks to the pandemic we must save every single penny that we can.

It is more on the person's attitude towards spending. Like in my experience, I had a credit card before and before I knew it, I was already accumulating debts. So what I did was cut my credit card usage and paid for the debts. And up until now, I haven't applied a new one. This is for me, to really watch out how I spend with things. I don't want to go back to the time that I have to pay for the interests accumulated. Really not worth it. Though there are a lot out there that are better in handling their finances. But for me, I will stick to debit card and cash right now.
sr. member
Activity: 1638
Merit: 300
September 04, 2020, 06:30:24 PM
I do not like cash for the reason that all paper money and coins in circulation are dirty, so I prefer only a non-cash payment method. But still, you should carry a couple of hundred dollars with you just in case, because there are unforeseen situations with payment terminals.

Did you buy now everything without cash in your hands or in your pocket? I think no because online payments, buying goods and services is still not enough. Also a cashless transaction has a limited user because all are using cash based on the their accustomed.

Not just accustomed to cash but also can't actually use digital currency or crypto currency because of the status they have. People already have mobile phones and laptops while some can't even afford a mobile phone. We still need time for this to happen and I think it still need years to be able to be applied.
hero member
Activity: 2884
Merit: 794
I am terrible at Fantasy Football!!!
September 04, 2020, 03:19:56 PM
#99
cashless is great for those who are budgetting wisely their money and savings..using cryptocurrency is the best way if you are an income generating and saving conscious minded person.

I don't think you understand how hard that is. If you have an ATM or a mobile wallet and most of your money are there, you tend to make transactions very often since you could do it even if you are just at home. Unless you have someone to manage your money. I guess this depends on the individuals but most of the people I know usually take advantage of this convenience.
That is without a doubt a challenge and it is one of the reasons why people indebt themselves so easily in this era, when you are holding cash it somehow feels more real and you are more apprehensive about spending your money but when that money is in the form of just a few numbers on a computer screen you are more tempted to spend that money, and this kind of attitude can be very dangerous especially now that thanks to the pandemic we must save every single penny that we can.
member
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September 04, 2020, 02:30:07 PM
#98
I do not like cash for the reason that all paper money and coins in circulation are dirty, so I prefer only a non-cash payment method. But still, you should carry a couple of hundred dollars with you just in case, because there are unforeseen situations with payment terminals.

Did you buy now everything without cash in your hands or in your pocket? I think no because online payments, buying goods and services is still not enough. Also a cashless transaction has a limited user because all are using cash based on the their accustomed.
hero member
Activity: 2310
Merit: 757
Bitcoin = Financial freedom
September 04, 2020, 01:34:11 PM
#97
Going cashless and going decentralized are not same, if we making more adoption towards the banking cashless transaction then there will be less protection to our funds and transaction history because you can buy credit card details on darknet if you want and in most of the countries, there is not much severe action for such crimes.
sr. member
Activity: 1820
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September 04, 2020, 09:41:06 AM
#96
Crypto users have more advantages than cash it is not right to look down on anyone. Everything is changing now with the improvement of the world. There will be a lot of change in the case of cash as well there are many places that have not yet been touched by technology so they are more concerned about cash. But it will take a long time for the whole world to change. Many times after the purchase of products need cash for sale businesses are ready to transform both ways.

There are advantages and disadvantages to having only one of them.
-Going cashless will mean being dependent on the network and device of payment, and we know no network is 100% dependable.
-Not going cashless will mean being depended only on the cash for payment.

In my opinion, it's better to use both.
full member
Activity: 2128
Merit: 180
September 04, 2020, 09:40:13 AM
#95
Going cashless in the modern world will make the division between the poor and the rich gigantic. I think some 50-100 years should pass to make the system fair.
It will be hard to become cashless on a remote area and I think there's a lot of things that need to be consider before doing this. Well, we have to define first the real meaning of poor because even those poor are have social media account so I think they still have the access on internet that can be use on going cash less. My concern here is that, the people who are still living on the forest and enjoying the life without using the modern technology.
hero member
Activity: 2520
Merit: 783
September 04, 2020, 09:30:38 AM
#94

Quote
Extra theft protection
You have options if a credit card is lost or stolen, or if an unauthorized person somehow accesses your online accounts. You can replace a card or cancel a payment. Credit card users are protected from fraud through the Fair Credit Billing Act.

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.

The above argument to me is not enough ground to be a pro because as much we lose our cash either to the wind, armed rubber, dropping from your pocket/pause to the floor or bank theft, we can also lose digital currency or coins without recovering.


Cryptocurrency is not the way I’d be seeking security of digital money. The biggest risk is the volatility of the asset itself. When you can’t be sure the value day to day, let alone for an extended period of time, there is tremendous risk in holding the asset. Bitcoin could be up or down 10% today. It could be up or down 50% by next week. These moves are also not uncommon in these time frames. That makes storing value for people who want safety untenable.

That's why we can't rely on for now since the volatility is a big traitor since we might gonna lose our money if something bad happen to the market so this is not really the best option for now. The current cashless system is good enough since it serves well to the people thru the years and might this is the first adopted by the people since the familiarity will win on this selection.
legendary
Activity: 2044
Merit: 1115
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September 04, 2020, 09:02:53 AM
#93

Quote
Extra theft protection
You have options if a credit card is lost or stolen, or if an unauthorized person somehow accesses your online accounts. You can replace a card or cancel a payment. Credit card users are protected from fraud through the Fair Credit Billing Act.

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.

The above argument to me is not enough ground to be a pro because as much we lose our cash either to the wind, armed rubber, dropping from your pocket/pause to the floor or bank theft, we can also lose digital currency or coins without recovering.


Cryptocurrency is not the way I’d be seeking security of digital money. The biggest risk is the volatility of the asset itself. When you can’t be sure the value day to day, let alone for an extended period of time, there is tremendous risk in holding the asset. Bitcoin could be up or down 10% today. It could be up or down 50% by next week. These moves are also not uncommon in these time frames. That makes storing value for people who want safety untenable.
full member
Activity: 1540
Merit: 219
September 04, 2020, 08:23:16 AM
#92
Going cashless in the modern world will make the division between the poor and the rich gigantic. I think some 50-100 years should pass to make the system fair.
Going cashless is all about the advancement in the day to day use of fiat. There is nothing to associate the cashless accessibility along with the economic situation prevailing with the people. There is nothing as, cashless system is for rich/poor. All levels of people can use it for the good. The system is fair, and the change is being felt now.

Cashless are really good in this kind of situation due to the risks of getting the Covid-19 disease.

On the other hand, there are still people who disagree in this new system of transaction due to not all people are into the use of modern technology.

But we need to adapt, we need to adjust so that we will not be outdated and become in to the use of new technology. Hopefully, this will be the proper way for people to see the essence of cryptocurrency in the market and economy. Digital currencies are appropriate right now due to much more safe, secured and easy transactions.
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