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Vancouver Off-Topic / Current Events The off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.

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Old 01-09-2016, 03:25 PM   #1
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will cash disappear in the future?

I was wondering about this.

Right now, only 4% of money in Canada is physical cash. (coins and bank notes)
The other 96% is all imaginary/intangible (data in the computer).

So I was wondering if that would ever happen in Canada and did some Google research.
I found this article Denmark is trying eliminate cash and make it all electronic data.
Denmark hopes to boost its economy by eliminating cash - Quartz

The 4% of Canadian dollar is physical cash, but it will very likely go down to 1% or even lower in the near future.

What do you think? Do you think we're gonna eliminate cash in the future and make it all data?
It will definitely be cheaper for the government because they spend enormous amount of money designing/engineer & printing/producing cash/coins.
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Old 01-09-2016, 03:31 PM   #2
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Implant a chip in my finger to start the car, open the house, pay for goods, check in for flights
Hate carrying keys and wallet timpo
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Old 01-09-2016, 03:33 PM   #3
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I don't think that's a good idea. It's good to at least have some physical change on you just in case. They should just leave it the way it is now. If you run out and there is no physical money (cash, coins, etc...) then you will have to BUY some in order to get more but you are going to be broke and now fucked. As I said earlier, just leave it the way it is or get rid of the stupid Bitcoin idea.
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Old 01-09-2016, 03:57 PM   #4
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Implant a chip in my finger to start the car, open the house, pay for goods, check in for flights
Hate carrying keys and wallet timpo
It's like you're purposely trying to invite CharlesinCharge to come in here and tell about his higgity biggity zippity government conspiracies!

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Old 01-09-2016, 04:36 PM   #5
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When everyone in the government can change a flat tire then I'll start worrying about them controlling my brain
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Old 01-09-2016, 06:12 PM   #6
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Physical cash is outdated in this new age of technology. I think eventually it'll all be electronic. Chip implant or finger print payment, credit card style. Criminals however will end up chopping your hand off or removing your implanted chip lol
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Old 01-09-2016, 06:16 PM   #7
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But then how will people pay for drugs? Because i it's digital based everything can be tracked.
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Old 01-09-2016, 06:19 PM   #8
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Will I think the future will be cashless? Yes
Do I personally want that to happen? No
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Old 01-09-2016, 06:26 PM   #9
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how can we avoid paying taxes then?
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Old 01-09-2016, 06:27 PM   #10
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It won't be a chip in your finger or arm it will be pay with your phone which we are already starting to see. That being said physical cash will always be around unless something drastic happens.
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Old 01-09-2016, 07:37 PM   #11
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But then how will people pay for drugs?
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Old 01-09-2016, 07:46 PM   #12
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I like things the way they are now. If I found a store shaddy I use cash. If I am traveling and don't want to get ding with fees I change my money in advance. Also a lot of shops and restaurant (mostly asians) only accept cash (BB Tea places for example).
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Old 01-09-2016, 10:15 PM   #13
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yeh cause easy to recover taxes if deals r done via credit.......
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Old 01-09-2016, 10:26 PM   #14
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It won't be a chip in your finger or arm it will be pay with your phone which we are already starting to see. That being said physical cash will always be around unless something drastic happens.
Some people already have RFID implants in there arm.
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Old 01-09-2016, 11:03 PM   #15
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how can we avoid paying taxes then?
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yeh cause easy to recover taxes if deals r done via credit.......
Tax evasion isn't the only way to obtain illegal money.

Hackers have been sending malware and viruses to attack banks and other creditors and agencies.
Do your Google research, sometimes they steal north of $100+ million, much higher than business owners not claiming their bubble tea sales to IRS/CRA.
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Old 01-10-2016, 10:37 AM   #16
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go to a developing country and ask the same question....will never happen outside of north american/europe
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Old 01-10-2016, 11:43 AM   #17
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No, we will always need something physical to represent our currency. I think the only way this would legitimately work is if the whole world converted to one select currency.
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Old 01-10-2016, 01:59 PM   #18
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Old 01-10-2016, 02:03 PM   #19
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go to a developing country and ask the same question....will never happen outside of north american/europe
In many developing countries a persons first phone is a cel phone skipping the land line all together. I could see a mobile phone to mobile phone payment transfer system working really well in these types of countries.
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Old 01-11-2016, 09:42 AM   #20
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In many developing countries a persons first phone is a cel phone skipping the land line all together. I could see a mobile phone to mobile phone payment transfer system working really well in these types of countries.
Apple Pay for instance.

Physical cash representing fiat currency is doomed.

Buying drugs will be a lot safer and easier when they're all legal

To be honest cash is less needed for drugs already as well.

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No, we will always need something physical to represent our currency. I think the only way this would legitimately work is if the whole world converted to one select currency.
Why? I've travelled the world with nothing but credit cards in my pocket. When the local market dealt in cash, I simply hit an ATM. As things progress, I can skip that ATM trip.

It's a win-win for the consumer and the retailer.
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Old 01-11-2016, 09:58 AM   #21
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Apple Pay for instance.

Physical cash representing fiat currency is doomed.

Buying drugs will be a lot safer and easier when they're all legal

To be honest cash is less needed for drugs already as well.



Why? I've travelled the world with nothing but credit cards in my pocket. When the local market dealt in cash, I simply hit an ATM. As things progress, I can skip that ATM trip.

It's a win-win for the consumer and the retailer.
I only use cash when traveling. Is like a trust issue for me. Try going to Mexico and use your credit card. Or China a lot of place only accept local credit card. International credit card can't be use.
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Old 01-11-2016, 10:08 AM   #22
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The only problem with a cashless society is when the network goes down and it does go down. After a major earthquake people without cash are going to be screwed.
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Old 01-11-2016, 10:11 AM   #23
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doubt it

higher chance we'll start using bottlecaps in the future as cash
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Old 01-11-2016, 10:17 AM   #24
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The only problem with a cashless society is when the network goes down and it does go down. After a major earthquake people without cash are going to be screwed.
I guess that's 96% of our money already.

Cash is just a currency to get things that actually have value. I guess those survivalist hoarders aren't totally crazy. In that situation, stockpiled food/water/shelter and gear will be far more valuable than cash on hand. Physical assets always win.

Cash is a token promising value but doesn't have any of its own.

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I only use cash when traveling. Is like a trust issue for me. Try going to Mexico and use your credit card. Or China a lot of place only accept local credit card. International credit card can't be use.
I do too, I just pick it up on-site usually by hitting an ATM. No problems in Guatemala, Thailand, Laos, or anywhere else.

I think soon a lot of those places will be as cashless as we are.
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Old 01-11-2016, 11:07 AM   #25
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^^ I think I use ATM once in China once I ran out of cash. And let's just say finding an ATM that accept either my credit card or debit card was near impossible. Most of their ATM don't have interac or Plus symbol. Finally found one ATM that have it, I was so happy lol.
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