Quote from: thymeow on June 22, 2017, 07:29:42 AM

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.

That's the whole point of Blockchain though, the whole anonymous payments is not going to work so much with Bitcoin unless they have an Altcoin though the transactions are usually recorded and someone could find the transaction if they have the timestamp's for the payments.

A cashless society is going to allow bankers and other companies that deal with money to make as much money as they want.