Post
Topic
Board Economics
Re: Imagine a cashless society
by
jaysabi
on 30/04/2018, 20:01:13 UTC
Just by using your phone, you could purchase almost anything. No need to withdraw on an atm. No more heavy coins on your pocket. Paying bills, and purchasing tickets without standing on a line. Very convenient and less time consuming. I know we're already using credit cards right now, but using a single currency like bitcoin world wide could really help on transaction, having less error than the normal and faster transfer and of course the security. Do you guys think this could happen in the future of bitcoin?

I think this will happen regardless of Bitcoin. The US economy (to pick one example) is a lot closer to being a cashless society than it is to being a Bitcoin society. Most transactions are already electronic. People get paid electronically, pay bills electronically, and can already access all their accounts on their phone. Just about every merchant takes all major forms of electronic payment: credit cards, ACH, debit, PayPal, etc. Bitcoin is nowhere near being widely adopted. It's likely the advancements in electronic payments in the traditional banking sector are a bigger threat to Bitcoin than anyone realizes. Bitcoin doesn't offer any improvement over traditional electronic payments.