Topic: The pros and cons of going cashless - page 7. (Read 1616 times)

   Ayiranorea you are right about everything you said! Cashless system is not for rich or poor people, it will be the system for all!
How much balance you have will depend on many other factors, like your salary, or you have some private business, inheritance.
When country adopt cashless system everyone will have to oblige to use that cashless system, no matter which class they belong.
   I believe that cashless society is the future, we can like it or hate it, but we will have to adopt to that.

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.

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.

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!

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.

I assume it will take more than a couple years for world to transform its financial system to that point where crypto will be applicable by most of merchants.
However, I thrive to see this day at least in this decade

I don't understand.

You said that it is dirty but you still use it? I don't dislike the idea of being cashless but this is the problem. We can't just act this like it is that easy. We are not even at the part where we can fully use our technologies since there is still those population that is not literate when it comes to these. They can't even use a phone, let alone pay online using it. It will not always be the matter of the money being dirty, the security and privacy, it is the matter of that country being ready to that kind of system.

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.

The biggest pro for me would be to never having to work with banks. I hate banks, and I hate them more than you can imagine, ever since I was a little kid I hated them, whenever possible I do not put my crypto into my bank account, I just hate them so much that if I can remove them from the world I totally would, however I need them for payment stuff and to turn my crypto into fiat since exchange sends fiat to bank and not cash.

However when the world becomes a lot more crypto, I am sure we will have to use banks less and less, it is not even an option right now and we all use it, but in the future it will all be available to your own picking, if you do not want to use banks you will not use them and when that happens I can guarantee you that some banks will bankrupt because if you give people to not use banks, A LOT OF people will stop using them.

Were not going anywhere wether we like it or not, soon our financial system will transform to the new system bit by bit. Pretty sure that it will undergo a long debate, we must prepare for this or these changes will just occur unnoticeable.

I think this topic is discussed pretty often and OP, to be fair, we can't just write it's pros and cons so shortly cause it needs a huge explanations.

Cashless society - before we move on it, humanity have to have access on internet, computers and smartphones, on all of them. According to statista, 59 percent of population has access on internet but it doesn't mean that each person in each certain countries have access on internet. We need at least decade to become cashless society. At the same time not everyone wants to move on this system because of it's pros and cons.

Cashless society doesn't automatically mean that we will move on bitcoin/blockchain and everything will be perfect as others think. Cashless society at the same time means that banks and governments will have much higher advantage on control of money than they have right now and they would be easily able to manipulate numbers the way they wish. We don't want to get tracked, right? Cash is the simple answer here for everyone.

Pros can be that we don't have to keep coins and papers in our wallet and worry whether we have 10 cent or if our paper gets wet/damaged. It's far more flexible and comfortable. You get card and pay with it contactless, just in seconds. Did you lost your card? No problem, login via smartphone on your bank's account and just freeze it, so no problem.

That's just what I wanted to say shortly, will be interested if we have debate over it. If anyone wants to argue with me, no problem, you are welcome.

How does extra theft protection work in cryptocurrency? In cryptocurrency you’re in the one on charge of your money and if you make any mistake, or maybe someone else eventually manages to gain access to your wallet, then you should be saying goodbye to your money because I don’t think there is anything like theft protection, so why is it added to the pros? And what do you mean by benefits and bonuses, what benefits are you referring to exactly?

There is convenience in making use of cryptocurrency, maybe that’s the benefit you’re referring to, and you already mentioned it. Something else you didn’t add to the list is the fact that making inter-transactions will be fast and cheap.

There are a lot of pros and cons with the use of cashless

Pros.
Less hassle
No interaction with other people
Can be internationally made a transaction.
Can trace the transaction id

Cons
Still prone to hackers
Can be used to scam

Most of the country will adopt this kind of changes are the rich countries because they don't worry about the physical money or the paper money they want to have more convenient and faster transactions.

To those poor countries, they still stick to the physical money.

You can see the country if they were rich or not on their paper money if they have a lot of coins with a large amount they are now struggling with their country.

That's why it needs reform since this cashless society will never gonna happen once there are countries that cannot follow the track of the other countries, but sad to say its really hard for poor countries to follow since they are left behind interms financially and in technology.

Maybe in future once those said countries will progress and the only thing needed to make this thing happen is to choose a country leader which have great vision on how his country to became a financial competitive country.

even How hard you wanted to have cashless Living But your country is not allowed to Use the Currency you supposed to Deal then nothing will happen still.
I understand all your Eagerness to Use crypto for even Buying foods online but it is the reality
That government of many countries Don't allow us still to Pay using Bitcoin or other crypto that we owned.Maybe another long wait will do
after this pandemic Living will back to normal and people will again engaged in Fiat payment though at least there is
a knowledge installed in their Mind that there is a crypto that can be an option for all their Payments method.

If a person is income generating and conscious minded then he won't need to have cryptocurrencies at his disposal as he can turn coal into gem with his skills and hard-working nature, cryptocurrencies would be great for those who are usually transacting in between places that are far off from each other and require a lot of fees while sending money or maybe there is a danger of theft or when the seller and the user want to be anonymous, or maybe in the case of pandemics like Covid where people are afraid to touch banknotes as they can transmit the infection.

Unfortunately, some people are unable not only to pay for Internet services, 13% of the world's population (about one billion people) don't even have access to electricity. We are talking about the inhabitants of some countries in Africa, Central and South Asia. Also, it is believed that the lower the income level of the population, the more often they use cash when paying for goods and services.

Engaging cashless now would be a more convenience because it can help lessen contamination of the virus and less contacts with people outside as a safety precautions as well. Other than that, it's fast, economical, secured, traceable and less fees for sure. The implementation only would be the trouble of it and adoption is still far ahead from expectation because most people still using fiat currency to buy goods. Nonetheless, it would be a dream to achieve those innovations and i am optimistic it will be a something to look forward into the future of cashless society.

Actually, several countries have tried to popularize cashless payments from before the COVID19 pandemic occurred.
But there are some obstacles, such as not everyone can afford a mobile phone and not all the place can be covered
by the internet network. The sad thing is there are some countries where the population cannot afford to pay internet
bills.Therefore, fully cashless cannot be realized, if there are still obstacles as I have mentioned before. In other words,
cash money is still needed.

I agree with that opinion. Cashless transactions are better and have more offers, but at the same time, we have also provided personal data to card issuers. If your personal information is not so important then it is recommended to use transactions via cards and mobile applications.