Quote from: 0t3p0t on September 30, 2020, 12:57:33 PM

Quote from: Abiky on July 11, 2020, 01:58:04 AM

As we enter the digital realm due to the effects of COVID-19, the process of central banks phasing out physical cash from existence might take place soon. Before the outbreak, we've been accustomed in using credit/debit cards and contactless payments greatly eliminating the need for physical cash. Now that we're in a "COVID Era", things have accelerated quite a bit. Banks and governments are in talks of adopting CBDCs which could completely eliminate the need to pay for things with physical cash.

Now the real question is, how long will it take banks to start the transition from physical to digital cash (CBDC)? Do you think that physical cash will still be used right after governments adopt CBDCs in their entirety? Or will it take decades before every single person in the world stops transacting with physical cash, paving the way for a full-fledged cashless society? Your input will be greatly appreciated.

For me, I think governments will not stop printing physical money because that is where people are educated or started it is too hard for them to adopt digital cash because I know majority of these people prefer the use of fiat because that is where they find themselves convenient most especially in buying/paying small quantities of goods or services. On the other hand governments are now trying to introduce digital dollar or any other local fiat curreny into the digital assets and for sure it will take too much time for them to fully operate and implement this what we called cashless society.

We can't really phase out or get rid of the physical money when there is still people who don't even know how to use a device to manage their cryptocurrencies unless the government find a way to make it easier like having a crypto card for everyone but i doubt that this event will happen soon, physical fiat will be here in the world for atleast a century, let us think about the indigenous people who are clueless about these things, if we go cashless without thinking them how will they adopt to us and same thing goes with poor families