Topic: The pros and cons of going cashless - page 8. (Read 1616 times)

Assuming that the use of crypto doesn't have any loopholes then that's for sure. You know, people love the concept of advance society and a cashless transaction part of it. I'm sure most of us will be willing to dump the old fsshion way for the hi-tech one by that time because mandkind naturally strives for the better.
Yup but it won't happen once we discovered a source of energy hundreds of times powerful and sustainable than coal and renewable resources — like Tesseract (or other snergy sources we see from sci fi movies lol). Well, that's another "what if" story.

That is the reason this is still imperfect.

There are a lot of things to consider and obviously power is one of those, some provinces here in our country can't even have a stable electric source since most of them are still having blackouts(brownout) every now and then. I don't think they consider EMP but I know that electricity is also a concern. Still, we don't need to think about this now since we still have a lot of time before this is implemented.

If the all the cons could be resolved then the chances that a cashless will become a thing earlier than we could expect. The problem with going cashless though is the possibility of total collapse, now what I mean by the total collapse is when all of us are doing cashless transactions, what would happen if the power grid is down? EMP grid down kind of situation? I do not know the right answer but if my deduction is correct maybe a total chaos/shit hit the fan situation will happen.

I agree but I think it is still early for Bitcoin.

Maybe other cryptocurrencies could be used in this scenarios or maybe in the future, maybe Doge. Even before we talk about Doge and other cryptocurrencies, I think we will walk through Cards and these online wallets like PayPal and maybe PayMaya. Cryptocurrencies might not be that good for some people and I think it still needs more time.

This is an interesting topic.  Personally I believe that we will not have a completely cashless society at least for another 2-3 decades or so.  I think that cash, cold hard cash, has been so ingrained in our societies that it will take quite a bit of time to move away from.

That being said, I think we are clearly on our way to a cashless society.  I don't think you can even argue against this.  Bitcoin and the blockchain have paved the way to this cashless based society, even more so that credit cards did in my opinion. 

Cashless payment's are very common these days. There are many platforms which allow us to perform digital transactions very easily and at very cheap rate's. By cashless transactions, I mean the transactions made by using card's such as credit card's,debit card's,Master card's etc. We can also include bitcoin or any other cryptocurrency but their usage is still very limited. Some of  the benefit's that I am personally enjoying by going cashless are-:

• In this pandemic, cashless payments is the finest way of payment because no physical contact is involved.
• No need for me to carry a large amount. Swiping a card will be enough.  
• No need  for me to remember the transaction details,as they get automatically recorded by the platform I am  using.
• If somehow I lost my card,no one can use it without the pin and I can also get it blocked very easily.
• Various platform's provides with various cashbacks and offers.
• It improves my credit score.

The only problem that I face is that sometimes my internet speed is low due to which I am not able to complete my transaction. The risk of losing my personal details or card details is also there because with a lot of benefits  cashless systems opens the door for many cyber frauds also.

There is no significant correlation between cashless and "budgeting wisely money and savings". The term cashless refers to not using physical money in daily transactions. Cashless can turn into a disaster when there is network disruption that causes no connection or total blackout for a long time, how will humans make transactions? In addition, a cashless society can be applied if the distribution and absorption of basic technology is evenly distributed and easily accessible to all parties. So that the generation before the millennial generation can easily access.

The important question is when. There will be more than thousands of years ahead and you cant presume a future like that. I do believe that crypto will be the next generation of money but there will be many years ahead before people fully adopted bitcoin or other forms of digital money. First of all, many places are still lacking of facilities and infrastructures in order to use bitcoin appropriately. Secondly, not many people are aware that digital money is way better than cash.

The technology has brought many thing for human being, as of now there is no one who doesn't know about internet and didn't how to operate smartphone or another electronic device. Based on that, I bet there will be many thing that can be offered by some parties to make an easier someone's life.

Especially for their basic need, they can buy anything through the smartphone and that's really help them. And this thing has been done by most people in this world, and yeah sooner most merchant will just open for they who just have a smartphone or buying their stuff through the electronic device. Which mean, if they do that most people in this world will not use the money paper anymore.

Everything has pros and cons, but nevertheless we are going towards cashless, whether you like or not. Crypto is just the next generation of money, we are going cashless, and we are going crypto, it's my vision of the future economy and money.
For privacy and anonymity people will use privacy coins, some of them are already popular among crypto people, in the future more will be interested in them and it's why I believe that investing in some privacy coins for long run can be very good.

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.

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 would say there will always be situations when you will need cash, cash is still the king in the world and I wouldn't really do any business without having a bit of cash in my pocket, I wouldn't even go outside for a smoke without money in my pocket just in case, what if I do not have my lighter with me or it is done?

I would need to buy one more, do you think debit card or credit card or god knows crypto is the way to buy a simple half a dollar lighter? That is not the way to go unfortunately.

When people talk about how easy it is to transact money with bitcoin, they are not talking about going to a shop and buying a muffin, you are going to pay as much as the muffin for the fee and you are going to wait half an hour for it to be confirmed. It is the 10 million dollars from USA to china that is much faster.

Going cashless has been pushed and widely talked about. There are a lot of things to consider for this one since like everything else, it has its advantages and disadvantages.

One of the advantages of being cashless is conveniency. You can put your money in a bank or cash applications and you can use it anytime and almost anywhere. You can buy groceries at supermarkets, dine in to some fancy restaurants, buy some stuff at department stores, etc. by using credit/debit cards. Just one swipe and you’re good to go. You can always pay the exact amount. No more hassle on counting bills and coins and accepting the change.

Next thing is you can always spend it globally. You can exchange it through any currency online and there’s no hassle of having to go to a bank or money exchangers.

There would be less money laundering and tax evasion. Since there’s a record of transactions, illegal activities would be easily traced and people would always be taxed rightfully depending on the amount.

Another would be not being prone to stealing (hold-up). Since with being cashless, you can always disable and cancel the payment and transactions made if ever someone stole your credit/debit card and used it.

And lastly, cashless being cost-efficient. Since going cashless meaning there’s no need to print and produce pills and coins. It would lessen the money spending of a country.

Although it has its beneficial uses, it also has some disadvantages. One of it is if ever the particular store doesn’t accept card payment. You have no choice, but to find another store that offers digital and online transactions. Most of these stores that doesn’t offer such are local stores and vendors at the small supermarkets. You won’t be able to support local since most of them are cash to cash basis only.

Next disadvantage would be, your personal transactions would be recorded. They would have a copy of what you brought and when you bought it. Your privacy about how you spent your money and where you gave it will be at stake. Your information and transaction history will be stored by the company and if misfortune happens, it can land to malicious hands.

Another thing is, it is prone to hacking. During this time, technology is continuous developing and so are the skills of the hackers and robbers. They could steal from your bank account and use your cards with just a few codes and clicks. Scams and phishing are also widely known in electronic money.

Next disadvantage would be, glitch, power interruptions and internet connection can cause you trouble from making a payment. A software malfunction saying the app doesn’t work can be a lot of headache. So are power interruption and poor internet connection. Without electricity and Internet at the area you are located, it’ll be impossible for you to use your cards and e-money.

And this one i think would be the struggle of majority for going cashless - the older generations and the lower bracket would have a hard time adapting to it. Since not everyone is tech-y kind of people and not everyone is privileged, this would be difficult for them. The technology and the knowledge it requires seems a lot for these people.

In general, i think going cashless should depend to the person himself. Sure, cashless society have a lot to offer, but it can never replace cold-cash. It can be a great alternative for  the convenience it offers, but it has its risks as well. You can always opt to go cashless depending on the situation and location. Just know the two sides before deciding to save yourself from unfortunate events.

your right bro  .  on the times that we are living now , we cannot say that people outside are totally cashless  or dont use machines but they are ,  like for example when we are going to pay in the cashier  . they use electronics and those devices can get faulty too sometimes but not all times we use them because we can be able to use physical cash on small stores but on cryptos, small or big transactions . all of them are online  

I also like the idea of being cashless society but there are also benefits on using cash.
It is true that online payments are good but it wouldn't be always good for everyone and cash is easier to use.
Just like in losing your cash you could also lose your phones or the gadget that you are using to pay online.

Every systems has its imperfections.

You can't add this to cons since this should be the description of the system. Every system has its imperfections, obviously, this will not be different. Even before we consider cryptocurrencies to be used, or if it will be, we should also consider these mobile wallets or these ATM cards that are already used by the people. The government are developing these cards to lessen frauds and those people being robbed of their cards.

Going cashless has a convenience especially to us who often deal online.

But we cant go full time for many reasons, one of that is not all people are familiar to the new technology or cant afford to buy a gadgets to use for online transactions.

We can use a cashless system to those who prefer it and fiat for people who used to it because its the traditional way for them to transact especially for small amount.

In my country we are living with little cash. I practically live with cashless due to high inflation and less issuance of paper money.
What consequences does it cause us?
The circulation of other paper money such as the US dollar that not all of us are paid with that currency.
Incoherence in the prices of consumer goods.
What does it mean?
That goods and services paid for in cash or US dollars are cheaper than electronic money.
There is a madness of prices that disadvantages the poorest people.
From this perspective I could say that cash should exist or continue to circulate to protect those who cannot access electronic money.

So much agree in this. With a lot of conviniences happening, you will tend to do transactions more often. But I don't think we should add this because this is a problem to people themselves and not in the system.



Online wallets should be really secure but I think as long as people find vulnerabilities they would be in risk of being compromised. This will all depend on how a company will create their wallet and how will they make it more secure.