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What are the advantages and disadvantages of having a cashless society?

#cashless #society
Digital transfers in society have become more popular in today's associations. Indeed, there are so many advantages which are associated with
this
 phenomenon;
however
, some problems
also
 need to be considered while implementing
this
 practice.
First
, digital currency is being circulated in most nations nowadays. It is an irrefutable fact that virtual payment is not only easy to carry everywhere but
this
 digital currency is
also
 expanded its own limits across the world.
In addition
, digital transactions are very easy to send money over the internet to anywhere in the world whereas it is not possible with paper-based funds indeed.
Moreover
, virtual bill transfers are very easy to control and have fewer chances of theft.
Furthermore
, most developed countries,
for instance
, the United States of America are encouraging a digital society in order to keep an eye on all virtual trade. Eventually, using
this
 digital business makes transparency in human civilization.
On the other hand
, it is an undeniable fact that using non-paper-based practice will make not only problems for individuals but
also
 makes issues for vendors, who do business on a small scale.
Firstly
, the virtual currency will be confined to only specific areas where internet service is available.
Moreover
, these digital transfers will not work out in remote places, which are far from the facilities.
For instance
, in countries like the West Indies,
cashless
 options are not at all possible due to the lack of technology which will support a
cashless
 culture.
Secondly
, there is a great chance of being hacked while using
this
 digital or
cashless
 commerce.
Furthermore
, a person, who does not have a piece of knowledge of technical trade, cannot be able to make transfer money. Despite the fewer disadvantages of using digital cash, there are many advantages which cannot be forgettable. To summarize, it has been proven that though there are many advantages which are associated with
cashless
 transactions still there is a place for paper-based money in today's society in my opinion.
Submitted by ravikrishna045 on

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  • to illustrate
  • take, for example

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