Total removal of fiat from the society will do more harm than good.
No matter the level of technological development, not everyone will be able to embrace cashless transactions. And also, most services need to be paid in cash.
Indeed, removal of fiat will lead every economic states into harmful situation than being logically successful with it. Fiat has been one of the contributor of the efficient work of transactions and I think it will not help every community without fiat since it serves as medium payment and several successful transaction was done with this. I will not support any cashless society topic since loss will name after every forum user.
This is not possible.Fiat money cannot become extinct.The common man does not even know about cryptocurrencies and how they are operated.Digital money is easier for literates but for others it is cash.Many people have no access to internet so it is impossibe for them to go cashless and do their day to day transactions digitally.
I agree to what you've said because fiat money cannot be extinct in a reason that money is been using it generation by generation and other reason is that how about the poor or in a low class society with no access of internet . so it was difficult to think to go in cashless than using digitally in their daily needs.
Not only that it would really takes ages for people to adopt such new way payment system if it would be already approved or adopted. Cash wont really be extinct because government wont really allow such thing to happen and as you speak not all people on the society would really capable or even know how to use up digital things.
But once everyone is able to have access to internet, wouldn't be possible to have a cashless society?
This is something for evolved countries where everything works fine, but until all the countries evolve to the same level it will take ages... We don't have internet everywhere yet, what would be the first step. For now cash extinction is just a dream that technology enthusiasts have. It's really too far from happening.
There are a lot of people who are working on making internet access available to everyone on this planet. And yes, a cashless society is largely inevitable. The newer generations will be so used to their smartphones (or whatever the new version of smartphones in the future will be), that they won't even want to think about counting change manually. People don't even want to read news articles anymore and only pay attention to the headlines. It's pretty clear that convenience will win over any sentimental value that cash may hold for some in the long run.