Imagine a situation in which your paper money is not accepted? For some it may be too futuristic and some might beleive it will never happen.

Actually it is highly likely that it will happen in sweden. Imagine a whole country were transactions are totally online? 99% of the transactions in sweden are online. Only a small amount of currency is in circulation,and in a few years they might be totally cashless. Consider Chinese cities where majority transactions are done using online mode. You can see that the tide is changing.

Now by cashless I am not talking about a complete takeover by cryptocurrency, cryptocurrency has its own merits and demerits.

They are now being rectified by the introduction of DeFi ,stable coins etc. But it is more likely that a cashless economy with fiat currency in digital form will be the predecessor of a complete crypto world.

Now the barriers for a cashless economy:

Unlike you and me who always carries a mobile phone or a device which enable us to perform electronic transactions on the go, there are a lot of people in several countries who does not have access to them.

Even if there is access, the old generation will not be accepting this change. Surveys shows that people are not that supportive of a completely cashless economy.

Now the network stability, the electronic payment methods greately depend on telecommunication networks. If your network fails you are literally loosing your wallet.

Now, hackers. No digital asset can be 100% secure. Hence a cashless economy will require more reserch in this feild.

But I sincerely believe their will be a total crypto takeover, this takeover will be after a cashless economy which is based on fiat currency itself.