Topic: Why we should fear a cashless world - page 26. (Read 9827 times)

"In a world without cash, every payment you make will be traceable." - this is half-true. For instance, via btc wallets every transaction is traceable but, as nobody knows the owners of wallets, malicious governments can do nothing about it.
"Cash, on the other hand, empowers its users." - Well, this is quite true, because when you have the money for real - you know you can use it any time you'd like, whereas some bank or currency might end up crashed. Fiat also crashed sometimes, though.
I think we shouldn't fear the cashless world, because there will never be one. There are too many people who like to keep it old-school and they won't allow fiat to disappear. On the other hand, I guess the same article could be written about fearing the world with cash in barter times. Real fruit, milk and cows empower people. They know they can use it to eat + they are likely to exchange it with something else like flour. As for cash, the government controls it and at any moment you can end up having tons of worthless paper.

poor people will actually need cash to do transactions but we cannot remaining in that level if humanity most advanced in it journey of life. Cash courses inflation and most of the people suffered from the infect of inflation are poor people. Cash most be destroyed for us to progress.

Cashless society is actually a good idea thought it has its advantages and disadvantages obviously - one benefit of cashless economy is that it is easier to track the black money and illegal transactions because if cash is used directly for doing transactions than it is not easy to track the transactions as the money does not come into the banking system however in case of digital transactions it is easy to track the transaction as all records are there with the banks which result in more transparent transactions which in turn leads to fall in corruption in the economy of the country. Another advantage of cashless economy is that since all transactions will be done through organized channel that is through banks and financial institutions it results in increase in tax revenue for the government as all cash transactions which were done illegally come into banking system which in turn helps the government in tracking all transactions and levying tax on them which in turn can be used by the government for betterment of economy of the country. Disadvantage of the cashless economy is that although it easy to do digital transactions but at the same time it is very risky as compared to cash related transactions. Hence people having half knowledge of digital payments are exposed to cyber fraud and losing their hard earned money to online scam and hacking of bank accounts and hence it is better to do cash transactions rather than doing digital transactions if one is not fully aware of the online medium of transactions.

Cashless world is not good for everyone, the reason we have variety of choices as a tool for our transaction is because the government will have to serve all the interest of the people. It's a big population and divided with different level of education, some maybe comfortable with transacting online but it's a headache for some and I'm sure the majority of people.

There are pros and cons of a cashless world.  I believe that one of its positive side is, wherever you go and whatever country you will visit, you don't have to look for a money changer because you can do whatever transaction and pay the bills via online.  On the other hand, poor people will not be benefited.  Many people around the world is still ignorant on how to use technology as part of their daily lives, there are still many people that cannot afford to buy laptop, computers and the like gadgets and do not even know how to use it, so how they can do transaction via online if they do not even know what online means?.  Without cash, It is possible that many people will use the ancient way of exchanging goods "barter" as a way of transactions.  The problem with this is the exact value of goods cannot be determined and that is one thing that we should fear of.  

You don't get what the topic is, cashless does not mean no money it means everything will be done through online transaction
and bitcoin could be the leading currency for online transaction. The means to transact is always important so it will not be eliminated
whatever it is.

If there is no money in the world.
Then there is nothing rich and poor.
And if in the world there is no money mankind will be lazy to pursue his dreams

I would love to see cashless world. But I fear that what governments, politicians and economists are cooking or us won't be that great.

First we need to understand that it most likely will be digital version of current FIAT - cyber USD, cyber EURO etc.

Therefore every transaction will be monitored, audited, stored in database. Privacy and anonymity will be gone.

Authorities - or whoever will get access to that info - as I imagine hackers will exploit this as well.

Will learn about your everything: where you eat, what you buy, what you drink - a total invigilation will be possible.

It will be like PRISM 2.0

I really agree with the fact that surveillance will increase within a cashless society. It'll pave way for Governments and Bankers to monitor transactions since everything will have to go through their radar. A cashless world with Bitcoin though would not be the same case, the is if people take the necessary steps to not relate themselves with the transactions that they make.

That depends!
A cashless world with digital money issued by the banks and government only, we are srewed!
This would be an orwellian nightmare.
I guess this is something nobody of us wants to become reality.
Decentralized crypto currencies, such as Bitcoin and the fiat currencies will exist side by side for a very long time imo before fiat money will vanish.This is a process of several decades and won't happen over night.
The main reason for this is that the incumbents will never ever give up control over the money and it's supply without fighting!

We should not feat the cashless world because it is the safest world to live when we go full cashless, on that matter I would love to see bitcoin is being recognize and being all globally.

Because I think it's more safe when we're speding our money personally than doing it on the internet. So, basically it's not possible to have a cashless world like you're saying cause we must not only rely on the virtual money and so on since it's not that kind of stable right now.

I don't even trust the cashless payment systems our bank are currently using, when they get hacked multiple millions are always lost and that just adds to more fees so the bank can keep their profit margins.

But to be poor and relying on what little cash you have to feed your family each night, i wouldn't let it out of my sight.
Only problem with the cash system in a lot of these countries is that there can be just so much corruption that inflation gets out of control and then all of a sudden what feed your family last week wont even feed just you this week.

People who live in poor countries do not trust the cashless payment system. They reliably handle paper money. People once to think about where to invest money, they think what they feed their family. The rich get richer and the poor get poorer.

It just the same as your bitcoin wallet, no one sees what you’re buying or selling, only your wallet provider but even they don’t even bother unless some transactions issues or other matters.

If everything is going to be digital then black money is going to disappear and I am sure that there are some people that will not be happy about that.
With everything digital the government is going to have to much control if you ask me.

True your smartphones would make a great tracking tool for the government agencies and they do use them as Snowden has shown us but if you still do all your transaction via hand to hand cash then they can't track your finances as much as they would like to.

I'm happy to have a cashless society as long as i get to choose what method i want to use to transact my money, i don't want it if all transactions have to go through one of the big banks, or even a small one for that matter.

A cashless society should not be feared but nurtured.
I thought about how it would be if everybody carried cards instead of cash since 25 years ago.
It can now be possible with bitcoin.
So I was waiting for that day when we all are using a card but now it can be accomplished with our good way of using BTC instead.

Did you know that banks provide online banking for a reason, and there is privacy that the government isn’t involved in the matter

Hey bro in future There is possibility to adopt digital currencies around the world So then there is possibility for cashless and overall and Google initializing the loons project give the free Internet with their search engine to all the major cities around the world.