Topic: Electronic Money vs. Physical Money - page 18. (Read 9521 times)

As physical money is not backed up by gold/any other valuable asset anymore, you just have to believe that the central bank won't do something like Zimbabwe did few years ago. Digital currencies are WAY more volatile. Nowadays ICOs are trying to get funded by investors in this area too, and investors will receive their tokens. And the free market decides how valuable it is, there might be scams too.

I hope we are witnessing only the beginning of the new era, where "investing" will be specialised even for average Joe's and they'll be on their own on this market.

Well firstly Physical money as the name goes “physical” is money that can be seen as we use it to buy daily goods and services, Electronic money on the other hand works with online goods and services , though that might change soon woth crypto cards coming out and the existence of Bitcoin is growing, as for me Electronic money is better as it is easy to travel and move around knowing your funds are secured online instead of carrying physical money all around, I believe with time Electronic money will take over Physical money 👌

Both are useful for the proper functioning of a society, one is not better than the other

each has its usefulness some

The electronic money is better than the physical money because the electronic money is the most secure one than the physical. Your physical money can be steal by the thieves easily while nobody can thief your electronic money. IN case some master hacker hack your account and steal the money then the responsible for this robbery is Bank or other services provider not you. Your money will be still safe and will provide on demand from the electronic services provider.

Everything is electronic now, so money must follow.

for me money is just digits in my bank account i rarely use cash since i think that debit cards is way better than regular cash and more secure, cryptos is just next level of digits in bank account

They total different because electronic money you can save it how long you can even use but physical money you easily to spend. For me I would like to choose is electronic money because of volatility and strength for the security while physical money will temporary use because it will spend at all time.

I think the point that you're giving isn't fit with the problem of OP. I think he's comparing the physical money that you can touch and electronic money is the number that showing up on the screen.

Fiat can be created by local governments and banks, thus deflating the economy while coins may have a set cap of coins. Fiat has to be converted for each country, while cryptos can be sent worldwide. Both have their advantages and disadvantages based on how you use them.

Yet you STILL need physical money. Even though electronic money is really promising there is no reason to choose between one of them cuz both of them have their own pros and cons. Look at post above you, he already described that well about these two type of currency.

If I choose between electronic money and physical money, I would to choose electronic money since money in electronic rises. Like in Coins.ph, if you convert your money to btc, it will gain a profit as time passes by.

Cryptocurrency/Digital Currency
Digital currency (digital money or electronic money or electronic currency) is distinct from physical (such as banknotes and coins). It exhibits properties similar to physical currencies, but allows for instantaneous transactions and borderless transfer-of-ownership. Examples include virtual currencies and cryptocurrencies. Like traditional money, these currencies may be used to buy physical goods and services, but may also be restricted to certain communities such as for use inside an on-line game or social network.

A good example of it is the bitcoin.

Advantages
* Can be used worldwide, wherever you are and whenever you want.
* Can be used by anyone.
* Global transaction.
* Fast transaction.
* The price changes from time to time.
* Low transaction fee.
* Easily earned online.

Disadvantages
* Can't be used in some of the country.
* The price may change.
* Local stores don't considered it.
* Can't be used to pay in local stores, restaurants, public transportation.

Fiat/Physical Money
Commonly known as the paper money or your local money it is currency that a government has declared to be legal tender, but it is not backed by a physical commodity. The value of fiat money is derived from the relationship between supply and demand rather than the value of the material that the money is made of. We have different kinds of money depending on where country you are for example in US they have Us Dollar.

Advantages
* It's legal.
* Can be used in local stores.
* Mostly known by everyone.

Disadvantages
* If you're going to use this to pay to other country it will took a lot of time.
* Fiat money always has the potential to drop to zero value. Since the paper has no value in itself, the paper can and inevitably will lose all value
* The unlimited ability of governments to “print” up money whenever they want. This gives the government the ability to steal resources from the people even when they refuse to be taxed

Electronic money does speed things up, just look at supermarkets, when people pay with a credit card you notice that is a lot faster, a lot of time when I pay with cash they do not have change and they need to ask for it from a supervisor and I lose several minutes there, imagine what it is going to happen when bitcoin gets the lightning network activated, you are only going to need a few seconds to send your payment.

Unlike physical money,  electronic money is easier to carry. We don't need to bring hardly a lot of money if we have electronic money, and we don't need to be afraid of being robbed on the way since it's stored in an electronic device which make the money safer.

These two concepts work at a same principle but they both are two separate system first of all ,let's talk about security electronic currencies provide maximum security possible by using encryption which are impossible to crack but not impossible to hack on the other hand banks do not keeps money in their Walt they just keep 10% of the money in the banks and they alone rest of the money to people. That means there is no chance for getting robbed or getting hacked. The most bad thing about physical money is government can print as much as money they want but with electrical money that was fixed.

It seems that the physical era of money soon disappear and soon replaced digital money, now we rarely see transactions using cash or physical money, and indeed this is what the government wants in order to control the money in circulation.

It helps to sort out online transactions  when we talk about Electronic Money which is also called Digital currency, as it help to reduce stress, time, and bank charges of changing Physical money of your own country to the type of currency of the person you are transacting business with. Physical money or cash require exchange, bank assistance for conversion for most of the online transactions and investments. Managing Electronic money such as cryptocurrency requires  your wallet through blockchain Technology,while physical money requires an account in the bank, with also an accountant who would render services attracts bank charges.

Electronic Money :-
You digital currency Like bitcoin and alt coins. You need a internet connection in order to access your coins.Not everyone aware about it we have to promote it other so people can start using it. Its virtual money with no  physical existence. Not acceptable on my sites like shopping, or buying any hosting or domain.An online wallet required to store your coins.
Physical Money :-
Like cash Money. Everyone can accept it . There's no internet required since its exist Physical.  Everyone aware about it. We don't need to understand other. Its not a virtual money. Every banks accept the money.

I think Ecash will replace physical cash one day. It's just more convenient and fast. In our Internet digital era, it's what we need

Money is money, weather it is physical or electrical, that doesn’t matter to me because both are performing the same job in the world. We shouldn’t compare one thing with another or the benefits or curses of one thing with another. Both the currencies holds equal importance in the society and both are a need of the people now and we should accept that.