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 Replies: 24 / Views: 4,288 |
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Valued Member
Canada
210 Posts |
In the near future, the world will go cashless. Coins will only be made for collectors to purchase. Coin collecting, will I`m sure always be one of the most popular hobbies though, just a thought.
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Pillar of the Community
Canada
2781 Posts |
governments will continue to create digital currency until they crash the entire monetary system.
we will then be reverted back to the coppper, nickel, silver and gold standard.
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Pillar of the Community
Canada
610 Posts |
in the near future,the world will go cashless. nuemistmaan you may not realize how true that statement is. It will happen. Guaranteed. Just when.That is the question  |
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Bedrock of the Community
Australia
21788 Posts |
Nope!
Coins WILL remain for small transactions, at least for 50 years.
Most countries will just demonetise the lower value denominations and introduce larger denominations to replace the lower value notes.
Under developed countries will find it much harder to introduce the electronic infrastructure needed to support a cashless economy.
In remote mountain villages, where there are no connecting roads, such as in Papua New Guinea, I cannot see how a cashless society CAN work.
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Pillar of the Community
Canada
1554 Posts |
Are we not cashless now? I can't remember the last time I carried actual money with me, I only leave my residence with a credit/debit card. Soon I won't need those either, I can pay by scanning my cell phone! Glenn  |
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Pillar of the Community
 Canada
9864 Posts |
Desperately poor people around the world have lived in a cashless society since before money was used.I hope that's not the kind of cashless society that's in our future.
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Pillar of the Community
Canada
3692 Posts |
glenzy if I cut your grass I would never accept your payment of waving your cell phone at me. You would have to pay me in motor oil and trash bags plus a few potatoes for my efforts.
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Pillar of the Community
United States
1454 Posts |
glenzy1, I'm with you. I get change back from using my debit card, which goes right into my savings account, which I ultimately move back into checking when the amount is large enough. In three years, since they introduced the program, I've amassed well over $1000 of free money using this method. I'm not crazy about my bank but they get little to nothing from me and I get to rake them over the coals with every purchase.  |
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Valued Member
 Canada
210 Posts |
Yes, but the big banks ,can shut down services for any length of time, even just one day, and make billions!
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Bedrock of the Community
Australia
21788 Posts |
We will NEVER go cashless!
How on Earth will the illegal drug dealers survive?
That also means the Taliban can't survive, either!
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Valued Member
China
171 Posts |
I live in China, which is not a cashless society at all. The only place where you can use cards are in modern hotels and fancy restaurants. As a result, since everything is in cash, corruption is easy. My friend failed his vehicle emission exam. 500 RMB and suddenly he passes. If it was electronic, this kind of thing could not happen but when the corruption is at the very top, nobody but the ones at the bottom have any reason to get rid of it.
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Valued Member
Canada
475 Posts |
Heck I thought we were already cashless..................haven't a twoonie for a week ! LOL
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Bedrock of the Community
Australia
21788 Posts |
Corruption would be harder in a cashless economy, but far from impossible.
Credit card fraud is reasonably common right now.
One wonders how much the GFC was initiated by corruption, and how much by financial ineptitude at the highest level.
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Pillar of the Community
Canada
2366 Posts |
Only if the transactions are centralized and monitored. If they are just done peer-to-peer than it won't be any different than handing over a $20 bill.
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Valued Member
Canada
210 Posts |
Try to imagine you live, or have been projected 1000 years into the future,and if current trends continue to their end conclusions,it would cost $1000.00 for a loaf of bread,a basic model of car:$1000.000.00+ and if your one of the lucky elites, with the states permission, of coarse, you can purchase a limited amount of ancient coinage,like a 1991P nickel, in vg for under$5000.00!! Just trying to comprehend what in heck they would use for trade purposes. Perhaps a wink of an eye would complete the transaction,because the mandatory chip implant at birth would automatically register and pay,psycho-electronically, all you wants needs, and purchases. It would even be able to project predictions of future possible purchases for you to consider,but you KNOW it already knows exactly what you want , anyway,so,you probably don`t even have to think,at all in the future.I`m guessing that, in the distant future ALL metals ,including coinage will be prohibited by the state, as unsafe for human contact,due to environmental contamination,or perhaps consumed ,long ago as a natural resource. Just a thought.
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Pillar of the Community
Canada
3692 Posts |
How would you record transactions where there is no power?
Pen and paper? You still need cash for emergencies.
There's this stigma that mostly criminals use cash. So why use something legal (legal tender) for criminal purposes? It seems like a paradox but it's for liquidity and to remain under the radar because they still need to be able to spend the money and live. Once cash is "officially" gone (not legal tender) there will always be an underground economy at work (not to mention the corruption possible in the computer hacking world). Look at prisons, where cigarettes are money - they don't write each other IOUs. So even amongst criminals there has to be an asset-based currency. Money is essentially useless without the consent of everybody - it's just promises and paper/coins. Cash isn't going anywhere, it'll just be represented by something else and by the people that use and accept it.
@muemistman: In Nunavut prices for everyday stuff like milk and bread goes for crazy money (like $20). It's not because of inflation. I think it has to do with the remoteness of the area. And you can't prohibit anything. Google prohibition; it makes the situation worse.
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Replies: 24 / Views: 4,288 |
Posted 04/28/2012 08:35 am
