The future of cash

[x65943]

People like to trade stuff. People figured out a long time ago it was easier to trade to get stuff you want than to collect or create everything yourself.

Now trading isn't super easy if it's 1:1. For instance if I make ketchup, no matter how much I make no one is gonna give me a car for it. No one needs a million ketchup packets.

That's where money comes in. I can sell my ketchup packets to lots of people for currency and then eventually use that to buy a car.

Currency changes over time. Early on people bartered with seashells, grain, salt you name it. Eventually gold came along, and that lasted a LONG time.

The chinese invented paper, and started to make paper money. This was a departure from gold because the paper really had little value, but what the heck it still worked as currency why not.

In today's world we now use a variety of currency. The dollar, bitcoin, gamestonk. But what's the future?

I have a feeling we will move to something digital, but it'll likely be more like a digital dollar. The value is still made up and it's blessed into existence by a bank.

Do you guys think we are gonna move to a fully cashless society? Do you think we are gonna move to a blockchain? Facebook's crappy fake money?

 

[IC_]

I think bank-controlled payment cards and other digital payment methods will just be used more and more and eventually you'll see more places that take card only than the places that take cash only. Some countries are probably already like this, I heard that cash is rarely used in Sweden for example. Really unfortunate and bad for me as someone who doesn't like to be tracked by some bank for every purchase I make, but I don't think there is anything I can do about it, a single dumb person like me cannot change the world.

 

[CallmeBerto]

paper and some kind of cryptocurrency. Then we will move 100% towards cryptocurrency in 200 years or so. Jus takes time for everyone to get use to it.

 

[linuxares]

I think bank-controlled payment cards and other digital payment methods will just be used more and more and eventually you'll see more places that take card only than the places that take cash only. Some countries are probably already like this, I heard that cash is rarely used in Sweden for example. Really unfortunate and bad for me as someone who doesn't like to be tracked by some bank for every purchase I make, but I don't think there is anything I can do about it, a single dumb person like me cannot change the world.

This is correct. They can see you did a transaction but they cannot see WHAT you bought.
I'm personally for the change to a cashless society. There risks might be high for example with a digital attack, but what can you do? It's not like cash register etc. would work either way here without internet.

I know a lot of countries in Europe don't take debit/creditcard. I were very confused when I visited Ireland that a lot of stores seem to be anti-card. I don't know if they heard about iZettle but it would help a lot of the smaller shops at least.

Also seen some YT "What you must know if you visit Japan" is that they're a really cashbased country. I'm surprised since they're like the nr.1 on high-tech. So it felt like a giant leap backwards.

 

[FAST6191]

Cashless means all tracked, all the time.

I would not be for the death of anonymous transactions.

 

[The Real Jdbye]

I think cryptocurrency has the potential to replace fiat currency, but the current governments and banks would never allow something like that to happen because they can't control it. Big change has to happen to the way the world is ran first.

 

[Cryoraptor]

As long as illegal transactions happen, paper money will continue to exist. Maybe in 50+ years time it will slowly decline and more illegal trade will move to cryptocurrency over time (which already happens; 1/3rd of bitcoin is used for silk road and if done properly it's hard to trace) as the older generation that doesn't understand the technology disappears, but cash will probably still be around in some form or another for a couple hundred years yet, especially in developing countries where the technology will take longer to establish, if it ever does. That's another discussion altogether though. I don't think it will be abolished as such, people will just stop using it over time as it becomes less convenient to use, and eventually businesses will just stop seeing the need to have the means to accept cash, and in the more distant future, governments will stop minting new cash because nobody needs it.

 

[BigOnYa]

I think one day in the future, everyone born will be tattoo-ed with a bar code, and that will be your bank account/birth certificate/social sercurity #/ etc. Kinda like in the movie Total Recall.

 

[IC_]

I think one day in furure, everyone born will be tattoo-ed with a bar code, and that will be your bank account/birth certificate/social sercurity #/ etc. Like in the movie Total Recall.

Not only tattoed, but also vaccinated with vaccines that have 5G-charged microchips

 

[BigOnYa]

Not only tattoed, but also vaccinated with vaccines that have 5G-charged microchips

Yea true, just microchipped instead of tattoo-ed.....that way our govt can track us also.

 

[Veho]

Cryptocurrency won't replace cash that soon because it's still too volatile to depend on. A market can't survive without some sort of guaranteed constant. The future of money, once most of the world adopts digital payments and transfer, will probably be some digital dollar or galactic credit or what have you, with physical money being phased out.

Regarding privacy and (un)tracability, I'm sure networks of token exchanges (think the pachinko parlor loophole in Japan) will emerge if we ever go completely digital, to serve as a cash replacement for the less savoury dealings.
Companies will have locations where they buy "used" tokens ᴄᴏʟʟᴇᴄᴛɪʙʟᴇ ɪᴛᴇᴍs for 99 cents, and "sell" "refurbished" tokens ᴄᴏʟʟᴇᴄᴛɪʙʟᴇ ɪᴛᴇᴍs for a dollar (they have to make a living somehow too).

The only problem is designing a token that will fit into a thong.

 

[notimp]

The issue with cryptocurrencies - when not sufficiently decentralized, is that they arent real. (Physically a thing - with no exchange rate attached.) Meaning you can easily introduce stuff like "negative interest rates", and f.e. exempt the first 1000 USD of peoples income from it.

By doing that you can 'technocrat' stabilize the system so well - no one will ever be able to do something that becomes a danger to it, even when all politics fail, and people sleep rough and hungry and...

Basically you can always adjust for stuff not working, without having to look into why stuff is not working.

You have more knobs to adjust.

Big data dreamworld. Nothing is real. Nothing exists. Nothing is certain. And so on and so forth.

So you can crash an economy, without having to admit that you crashed the economy, f.e. Just enough complexity, with removing any sphere of reference from people, so that a. they might not notice, or b. would have to rally behind an issue so abstract and complex - that you cant teach most people.

Oh, world is so much better, when people cant own stuff anymore. Not even their money. Well - rich people can, but of course.

Also - I'm not sure, if buying expensive whiskey bottles as 'tokens' (minimizing negative exchange rate fluctuations (as you wont solve alcohol or gambling addiction (patchinko balls))) would be a good enough solution for that.

 

[Flame]

but i like hiding my millions of cash under my bed. which the man doesnt know about...

 

[FAST6191]

but i like hiding my millions of cash under my bed. which the man doesnt know about...

The man saw your last video call and consequently under the bed. 4 million ZWL (Zimbabwe dollar) is barely enough for a mid range car.

 

[3duard]

I had been to Amsterdam and like 80% of the places there don't even accept cash, most coffeeshops I've been to don't take cash either

 

[Dark_Phoras]

Definitely a new currency is electronic money, but we still need to come to this, because as recent events show, this is not such a reliable way to conduct transactions.

What happened?

 

[Marc_LFD]

Definitely a new currency is electronic money, but we still need to come to this, because as recent events show, this is not such a reliable way to conduct transactions.

Electronic money? So tracked as it already is.