Electronic Money vs. Physical Money - page 41.

Opquar

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Quote from: dExplorer on October 25, 2017, 10:43:17 AM

Bitcoin is a digital currency and its just a representation of money online. Wherein you cannot have a chance to see or touch in real life. But its powerful enough to use as a transaction online and can also be use to buy in a store just like our paper money

I would not consider bitcoin to be a representation of money online. It is its own entity wiyh a certain value, and it is actually completely independent of paper money.

meliodas

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Quote from: Shendy23 on October 21, 2017, 12:06:22 PM

Hi guys, I just want to know your views and opinion about the difference in Electronic Money (Bitcoin and others) and the Physical Money. Many people now a days are still confuse about the existence of the Bitcoin and how it differ from our Physical Money that we are using to buy necessity. I hope we could share and learn from each other. Wink

The world adapted to many kinds of changes because of the evolution of technology. I believe that it is time to accept the change that electronic money should be implemented all over the world. I think it brings convenience.

pearlmen

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Quote from: tweetbit on October 26, 2017, 04:25:41 AM

Quote from: trplzr on October 25, 2017, 01:34:35 PM

Will physical money disappear? Yes.
Will we live to see this? That is the question Cheesy

That’s a good question and can be answer only at that time. Maybe I’m too old to even reply to this thread and answer your question. That’s funny and logical in a sense that it is a question we were looking forward to. And I do agree that physical/paper money will be available in due time only in museums for historical purposes.

The only place I see physical money disappear are in Hollywood movies that talks abuht the future but the reality of that is something I don't see happening in either this lifetime or in the future because its not possible to just eradicate physical cash and no matter how you try. The highest you can see is to reduce the use of it to the barest minimum and nothing else.

GoodLuck2

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Quote from: techte7 on October 25, 2017, 10:04:52 AM

Another differentiator between digital and virtual is that digital currencies are based on two digits 1’s and 0’s. However, virtual currencies are created through cryptographic algorithms, and that’s why they are also known as Cryptocurrencies.

Yes digital currency is made up of the digital logics and those who are still relaying on the physical money are wasting their time and skills over a piece of paper they must invest their money into the digital one this will multiply their money and return this in sort of profit whereas cash money can only be used for payment but this one is used for money making as well as the normal currency uses.

tweetbit

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Quote from: trplzr on October 25, 2017, 01:34:35 PM

Will physical money disappear? Yes.
Will we live to see this? That is the question Cheesy

That’s a good question and can be answer only at that time. Maybe I’m too old to even reply to this thread and answer your question. That’s funny and logical in a sense that it is a question we were looking forward to. And I do agree that physical/paper money will be available in due time only in museums for historical purposes.

ausbit

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Quote from: waynechong1995 on October 24, 2017, 09:52:24 AM

Physical money refers to solely cold hard cash only, your balance in credit card is a form of electronic money too. These days electronic money is certainly more flexible in payments as they are faster and less hassle to maintain, cryptocurrency is electronic money too except its value is built on community perception, could be generated only though mining means, has limited supply while the rest are printed, issued and legalized by their respective government agencies. Both has up and down sides but in the end holding cash is better in real life and there is nothing you couldn't buy by exchanging it.

For me digital currency is better in all aspect than flat one because there is no room of profit acquiring in this and flat money is just confined to one region where it is belonging whereas crypto currency is globally accessed and used and a lot of people are using it on daily basis for fulfilling their needs and it can be used as money as well as investment and that’s one of the best thing of the electrical money.

valisa

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I prefer to use electronic money from cash, because we have to follow the development of technology, because if not follow then we will be left behind from others

trplzr

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hello there

Will physical money disappear? Yes.
Will we live to see this? That is the question Cheesy

mostafijur

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It is known to all that electronic money gets very important now a days. But there is still using of physical money .I think that electronic money is the future when using of physical money will destroy . For that it is increasing using of electrical money day by day.

miltonpogi

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Well, according for my research when we say electronic money this are the cash that can transact and widely use for payments through the use of electronics materials, in short "online payment", while when we say physical money it pertains to the money that we are using today which we called paper money. In this time I will probably say that physical money is the best thing to use than electronic money, because paper money is very common to all and anyone can have it ,while electronic money are place on our gadgets that many individual could not afford, but in the near future I will choose electronic money because in that time technology is very progressive.

nomad1109

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I agree with the people saying digital currencies will co-exist with fiat. People always want their money back in the currency they use on a day to day basis, which is the currency of the government where they live. If you couldn't trade Bitcoin off into fiat then it would be worth a whole lot less, as it would require everyone to join a closed economy. There are examples of markets that have been closed off to the world, and then opened up. This created much growth in the market, as international investors were allowed in. Anyway, that might be a digression.

An upcoming ICO called Universa has a very clever way to handle this. They have managed to chain smart contracts together, and so they can make payments automatically go for the the digital currency equivalent of whatever fiat they want. For example a store wants to accept crypto as payment, but they don't want the exchange risk for it. Then these smart contracts can make it so every transaction equals their asking price at the time of payment.

dExplorer

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Bitcoin is a digital currency and its just a representation of money online. Wherein you cannot have a chance to see or touch in real life. But its powerful enough to use as a transaction online and can also be use to buy in a store just like our paper money

FrueGreads

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Quote from: techte7 on October 25, 2017, 10:04:52 AM

Another differentiator between digital and virtual is that digital currencies are based on two digits 1’s and 0’s. However, virtual currencies are created through cryptographic algorithms, and that’s why they are also known as Cryptocurrencies.

I think you are mixing the terms here. I think all virtual currencies are still digital, if you talk about 1' and 0'. They are run on a computer, so they have to be represented by that eventually. The main difference, at least for me, and I think I'm correct on this, is that virtual are not backed by fiat. And not talking just about crypto here, the currency you use in a game is also a virtual currency (and you can buy it with fiat as well in some games). So it's just not a crypto that is a virtual currency, but all of them are still digital.

You can however have digital cash, and that of course is digital money, but it truly represents fiat. You use digital money when you use a bank card, or paypal, or make a bank transfer, or all sort of things like that.

There are a lot of differences between crypto and fiat of course, but most of them have been mentioned already, so no point in repeating them, but don't say that crypto isn't digital.

imstillthebest

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Quote from: Yarsk on October 24, 2017, 01:58:31 AM

I think electronic money is the future of money and all financial transactions, bitcoin is safe and easy to use than paper money the stress of using paper money is some time much to switching to electronic money is the best and the safest thing.
Let think of how much is spent by the central banks of different states to created physical money compared to the amount spend in creating electronic money the gap is wide.

i think no because if that happens , many of people will struggle to use electronic money or digital curencies and mostly the poor countries will be affected on this and they cant probably catch up on the latest trend of the economy , so iguess fiat money are still important and willl not replace by bitcoins or any cryptocoins in any means.

techte7

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Another differentiator between digital and virtual is that digital currencies are based on two digits 1’s and 0’s. However, virtual currencies are created through cryptographic algorithms, and that’s why they are also known as Cryptocurrencies.

SirLancelot

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Quote from: the rise on October 24, 2017, 01:47:19 AM

Physical money will spend a lot of budget for its creation, eventually the world government will forget this and start switching to the e-money system, they will allocate the budget to the source of the currency-forming nature for other businesses. What the world needs now is efficiency so everyone will switch to consolidating e-fiat with cryptocurrency.

With the advancement in technology, things are changing quite rapidly. Since the time this concept of digital money has been introduced to this world, things are changing a lot. Physical money is only used for meeting your daily based needs. Otherwise, it is only electronic money which is gaining the attention of most of the investors as well as the traders sitting in the international market.

Al Amin

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Basically physical money / fiat and electronic money are the same. In the same sense can be used for buying and selling, but each of the money has weaknesses and shortcomings. Where in one side for example we buy our rice easier to use fiat. Many people use electronic money is when shopping in online figures there is an advantage we use electronic money / digital.

bitllionaire

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Quote from: Zero.X on October 24, 2017, 03:48:25 PM

Physical money is here to stay for a while. Unless you can convince others to give up their cash

Currently we do need for both the currencies. In fact bitcoin is still not so much mature and is not yet so much popular to be use throughout the world. i think we can expect that the popularity of bitcoin will be increasing from time to time and very soon we will be the most popular currency of the world people will even reduce the use of fiat currency, because bitcoin will be the only option through which they can fulfill all their needs and requirement but very honestly it will take some more time and therefore we also cannot ignore the importance of bitcoin.

McOdin

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I think the concept of differentiation that they need to understand is the idea of decentralization.

Yeah, you've told them about it being digital, but what about it?
It's better to tell the people that through Bitcoin, the power of the market is returned to the market.

Oilacris

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Quote from: SMSabuj on October 24, 2017, 02:06:00 PM

Personally, I like Electric money or Digital currency. Because electric money is so safe and flexible. I love Bitcoin too. Bitcoin is the most secure and safest currency all around the world. But unfortunately, Bitcoin is not legal in our country. For that reason, we can't use Bitcoin freely.

We do really love bitcoin but yet it does really have the limitation which is really sad to think off that we can spend or make use of it since its not still being considered worldwide for which we cant use it directly but yet we do still have the hopes for this thing to happen.Electronic money would surely happen if government would decide to convert into this new way monetary system but complete conversion would really takes time.

Topic: Electronic Money vs. Physical Money - page 41. (Read 9504 times)