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 Replies: 24 / Views: 4,293 |
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Pillar of the Community
United Kingdom
837 Posts |
Good point Libertad about the power !  Another thing is what if the servers and other infrastructure for electronic money crash or get hacked   I think what will simply happen is: we will eventually reach an equilibrium were a good chunk of transactions will electronic and some will still use regular currency - governemnts will simply mint less coins and as has been stated earlier lower denomination coins will be scrapped ..... A more reasonable prediction is that in the future the majority of transactions will be electronic and a smaller number will be cash . Cash still has its place in a lot of sectors..... |
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New Member
42 Posts |
For to mr Swift, my friend there from the China, can you please get those guys to be stop send over all the faker stuff to here   |
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Valued Member
Canada
75 Posts |
Personally I can see a cashless Canada within 20 years.
Sweden is almost entirely cashless already.
In a localized power outage, transfer money on your phone.
If its a widespread outage and phones are out you probably have bigger problems.
A lot of people make the argument that as long as electronic transfers and such cost money that there will be cash. What is there to stop a bank from charging a fee to withdraw cash? Especially if it is a tiny minority of their business.
My bank already charges a fee for business accounts to withdraw rolled coin for Pete's sake. They also charge to deposit nickel dollars and 50c pcs "Because they have to pay to ship it back to the mint"
This coming from the perspective of a 22 year old who grew up in a largely technological world, and can count on one hand the personal cheques I've written ;)
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Pillar of the Community
Canada
3692 Posts |
After Y2K, a man in Germany magically had a few billion marks more in his bank account. Electronic anything can be hacked easier than an analog device (e.g. I can cut the brakes on your car but you would instantly suspect something was up if I wounded your horse). You will never convince me that digital currency is not about power and control. It's not about the environment or cost to print or coin money. At an instant there can be no money or "infinite" money and there's nothing to protect you from that type of inflation.
@spence: If a bank charged me ridiculous fees like that I wouldn't be their customer and I would never leave anything on deposit. It doesn't even make sense to wire your monies to another bank to withdraw; just close your account because it's not working out. Anyone who charges me to access my hard earned money is just a thief, plain and simple.
BTW, I'm sure coins don't get returned to the mint, but to the treasury. I could be dead wrong on this one.
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Valued Member
China
171 Posts |
Quote:
For to mr Swift, my friend there from the China, can you please get those guys to be stop send over all the faker stuff to here Oh, there are lots of things over here I wish I could stop. Imagine every stereotype of Chinese drivers coming true on a massive scale. That darn spitting, especially in restaurants. Smoking in elevators. Fake coins are low on my list. I saw some obviously fake Morgan dollars once at an antique store. Wish I had bought some. |
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Valued Member
Canada
118 Posts |
PayPal makes it easy for criminals to transfer funds now for "goods" or "services". If someone wants to avoid a trail of transactions to themselves personally, they just have to develop a network of "friends" who send or receive the funds for them. Paper currency is unnecessary for them now.
And there are other options to PayPal as well, as most of you know.
Given fees etc. it's clear banks want to avoid customers coming to the branches now. Electronic transactions are immediate as opposed to checks, for instance, which saves the institutions time and labour. It will become harder and harder to do much of anything on a cash basis.
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Valued Member
Canada
75 Posts |
@Libertad, the fees don't affect me because I simply don't use the same bank for my business account. I do find them a little silly but hey maybe they just don't want to deal with businesses.
As far as a means for criminals to transfer large sums of money, Paypal is a corporation, and reports a lot to governments.
Bitcoin on the other hand is entirely crowdsourced and decentralized. No one knows about any transfers other than the sender and the recipient, and there is no permanent record of any transaction. What governments are trying to do is to track exchanges that exchange bitcoins for dollars, but as long as a person can buy things with bitcoin (which is more and more every day) there's less need to exchange.
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Valued Member
Canada
220 Posts |
Lets not forget about the cryptocurrencies. Bitcoin, litecoin, etc. These are much more difficult to track the transactions than any other digital payment method and are becoming quite popular with the underground markets. They are decentralized so there is no control over them like banks have with money. Will they take over, who knows.
Sorry cspence, I was typing while you were posting...you got this one.
Edited by Ningcumpoop
11/16/2013 6:29 pm
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Pillar of the Community
Canada
1700 Posts |
In my opinion, it really depends on the country and the ressources that the given country has to support those transactions.
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Replies: 24 / Views: 4,293 |
First Page
Posted 11/15/2013 4:40 pm
