Cashless world - Reality or Myth ? Support your answers with facts. Pros & Cons

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_"Cashless world - Reality or Myth ? Support your answers with facts. Pros & Cons."_ I personally think that cashless world is a myth though I agree that plastic will slowly but surely penetrate the cash market. We might even reach a stage wh...
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I don't know whether the cashless world will evolve or not, but it is for sure that any transaction that is done with a receipt, is going to facilitate the tracking of money flow and will surely help in curbing parallel economy. Thus, cash is good if any transaction taking place is noted, which is case for plastic money transaction.

Talking about the world becoming cashless, it is possible dudes, today we give tip in hotels to the waiter via credit cards (that might invite service tax), slowly the system might make us go for only cashless transactions.

For local travelling, seeing the boom in wireless technology, we could be charged by machines accepting plastic money, not involving cash et al.

Thus as per my thoughts, cashless world is possible and good for all.

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When we replace cash with other forms of exchange such as Government Securities, Derivatives, Bonds, Stocks, Gold coins or other instruments like credit/debit cards there is nothing to believe that there would be drastic changes in the pattern of the economy. Initially there would be some upheavals until the time infrastructure to support the new form of exchange is firmly established and people move their assets in favour of the new system. But this short period of change would be followed by relative stability in the system. There would be cataclysms in the economy only when there occurs a drastic change in the mindset of the people ie as long as the majority of the people see money = power there would not be any long term changes to the current pattern of the economy.

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vahgar Says
Well..they are dead now are they not ? :wink:



*Sigh* yes indeed, they are dead. So are my ancestors who had cash 😞
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vahgar
@vahgar  ·  282 karma
limitlesssky Says
lol vaghar...that was a nice one and it explains why dinosaurs became extinct...they didn't have cash!! On the other hand, how did our ancestors survive on the barter system??


Well..they are dead now are they not ? :wink:
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money makes the world go around

money=cash

cash makes the world go around

if there is no cash, the world will not go around

hence 1 side of the earth will be in perma darkness--> loss of crops-->no food--> all of us die

in conclusion, cash has to be there for you to live.


lol vaghar...that was a nice one and it explains why dinosaurs became extinct...they didn't have cash!! On the other hand, how did our ancestors survive on the barter system??
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Neo2000 Says
One day the Gold Standard is going to crash. Then what?


Well then there will either be another standard, or more tweaking in the current standards. And if nothing else works, there is always the most simplest system of all...the one started by our ancestors...the barter system. Part of the reason why the world economy collapsed in the early 1900's was the change in the money system at that time. Hence people had tons of cash but that cash was suddenly useless. It wasnt worth the paper it was printed on 😃
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Today the real money is in the gold that our treasury has.


One day the Gold Standard is going to crash. Then what?
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vahgar
@vahgar  ·  282 karma

money makes the world go around

money=cash

cash makes the world go around

if there is no cash, the world will not go around

hence 1 side of the earth will be in perma darkness--> loss of crops-->no food--> all of us die

in conclusion, cash has to be there for you to live.

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RPJ
@RPJ  ·  0 karma

That was quite a thoughts guys. Indeepthought told it just right about global terrorism. Its my personal opinion too that in the cashless world its easy to track and curb the money movement and the people/group that fund the terrorist activities can be bought to book. Cashless world will help in decreasing corruption at lower level but it may result in an increase in fraud at higher level. We do keep hearing stories about cyber crimes - people swindling money in large amounts. As far as cashless world is considered, I have my own reservation - though theorotically possible I dont think that beggers will have swipe machines to collect alms. I know its a no-brainer that if they had that kind of money - they might not be as well called beggers. Morever unless the technology is integrated across and is readily and cheaply available to the smaller shops, cashless world might be limited to books and fictions. Thoughts are welcome.

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Cashless world - its not exactly impossible even in India! We can smirk at it today but the past has shown that almost anything is possible isnt it? Going to the moon, internet becoming a household thing...heck some decades back am sure people must have laughed over the concept of plastic money!

The reality is that cashless transactions are growing today. That is how the supply of money increases without increasing the actual paper money in the economy, the end benefit being more purchasing power and the end bad effect being a rise in inflation.

However to those who think that cashless transactions mean end of money - thats not exactly true. Money is not in the coins and paper currency that we exchange. Today the real money is in the gold that our treasury has. A government can print enough currency in accordance to its reserves in gold and SDR's, for in the end, gold is what we all transact in even when money fails. The example would be the collapse of the world economy in 1930's.

The world has come a long way from the barter system of previous centuries to the currency system of today. Who is to say that another system wont take over? It already has a strong hold. As the economy will eveolve the system might evolve as well, molding the the peculiarity of the particular economy and becomes accepted after decades of hard work.

Also cashless does not mean on credit card joy. We already have started seeing the use of debit cards...so who knows years from now your local grocery might have that debit card reading machine or even some other spiffier technology.

Regarding the argument that cashless would mean end of fraud...I would say that might be a little hard to do. New technologies are coming out daily and the technolgy that helps the good can also help the bad and the ugly. Thus, who is to say that new ways of fraud wont come out? It would just make work of accountants more interesting, I think I will definitly take up that course on forensic accounting! lol.

Just my rambling cashless 2 cents :wink:

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