Electronic Money vs. Physical Money - page 42.

maku

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Quote from: dothebeats on October 21, 2017, 12:32:11 PM

There's a lot of distinct differences that could be drawn between the two.

1. Fiat can be created from thin air; cryptocurrencies has a set amount of coins to be mined/acquired.
2. Inflationary (fiat) vs Deflationary (cryptocurrency)
3. Region-restricted purchases (fiat); shopping with no borders (cryptocurrency)
4. Requires an intermediary to store money (fiat); you're your own bank (crypto)

These are some of the things that differ crypto from fiat. There's a lot more aside from those things but that's just what I thought off the top of my head.

1. I know that you can't add more coins to existing coin cap but still, new cryptocurrency can be created out of thin air as well, look at the amount of new altcoin created every day.
2. At this point it is hard to say how bitcoin or other cryptos will scale, we have not entered the phase of deflation as new coins are still being mined.
3. Pretty much I agree with you here, the minor problem is really limited selection of merchants/services accepting BTC payment.
4. Not exactly, you can store your cash on your own, but yes banks are kinda obsolete and harmful entities IMO.

Zero.X

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

SMSabuj

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I am a professional Web Designer and Developer

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.

catapult

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The using of the cryptocurrencies in the world is increasing day by day, but I think the era of the physical money will never end. Despite the many easiness of the cryptocurrencies, I think many people will continue to use the physical money. And I think its the strongest reason will be the lackness of technology.

waynechong1995

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swing!

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.

olubams

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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

If you are looking at the medium of exchange aspect of bitcoin, then I don't see any difference between it and the physical money because they are used to purchased basic items. But the difference here is that while the physical can be spent directly, the case of bitcoin needs to still be converted to fiat and the reason is just because of bitcoin not accepted as the legal tender yet. On the confusion of people about bitcoin, its because of the lack of knowledge which is what is creating the gap as there is no confusion at all.

zarados

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electronic money and physical money certainly have its own shortcomings and advantages. I often see the discourse in this forum that says that one day, every country will make its own crypto currency. And that's pretty reasonable. Both of these need resources for their production. But the type of resources they need was very different. Electronic money requires internet access, databases etc. are for physical money, need materials such as metal papers etc. Of course there are still many people who don't recognize electronic money, let alone people in the interior who still use the barter system for everyday life. I think the physical money will still be used for the next few decades, before everything becomes digital.

Nathland

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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

Talking about electronic money vs physical money, I will prefer physical money, as for money or for financial purposese a person can more depends on the physical money. As electronic money is dependent on the availability of electricity and Internet, but there are still some areas in the world where people don't have neither Internet nor electricity. So those people have to depend on physical money. And I believe that if a person forgets about his her password of his her account he she will not be able than to access their accounts. And if we depend on electronic money there are chances of forgery and theft to become more active. Hackers can hack the people accounts and they can steal their money even without their knowledge. Bitcoin like cryptocurreny are rising but still they have their drawbacks too.. I think physical money is better than electronic money.

Chyton

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The pros of having electronic money is that they are indestructible to some degree, while physical money could be destroyed fairly easily.
Also electronic money is super easy to carry anywhere, while physical money (you guessed it) is hard to carry around.

richkellj

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Quote from: Usafstar on October 22, 2017, 09:47:41 AM

Quote from: EcoChavCrypto on October 21, 2017, 07:26:16 PM

Physical money is very attractive, i prefer to hold the money on fiat like Usd or Euros, because they are pretty and everybody likes them instead of my local money.
But everybody knows that earning money through electronic money or cryptocurrencies is being very easy at the moment, because they are being very volatile and that is why almost everyone is buying bitcoin, only to make more money because it is easy.

yes you are true as i prefer the physically existed money but the electronic money is also important for us . for us both forms of money are very important we used both forms like their are countries where we can use the fiat money and there are advanced countries where most of the people are using electronic money for transactions and people are ready to accept the crypto currencies and these are very popular in the world.

Future will be all about the digital currency and there will be no use of this cash money in future its importance is limited till the digital currency system is not implemented as it gets implemented then there will be electric money everywhere because crypto has a lot of advantages as compared to the money we are sing now holding the crypto also gives benefits whereas holding cash doesn’t give penny.

KingdomHearts

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Quote from: TrueCryptonaire on October 22, 2017, 08:56:37 PM

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

I think that both forms are money are now revolving in society but talking about future, which one will take over the economy is bit impossible because both have their pros and cons..physical currency is where give the more acceptance in society. But the electronic money is also coming with ace. People now prefer more and more electronic money than physical money. Electronic money has multiple benefits they come with. Electronic money has so many advantages like easy transaction and there is no involvement of third person. Easy transfer of money and you don't need to carry your purse you just need to remember your password.

At present, fiat is highly used or you can say it is used in all imaginable financial matters. As compare to this, bitcoin and other digital coins are not acceptable everywhere. The top reason behind this is public unawareness of crypto currencies. Considering the future of money, it will be juts digital currencies as the world is turning into a whole digital planet.

By watching the progress in field of AI, we can imagine how desperately people want easiness in all matters only crypto coins can ease our buying and selling.

Yarsk

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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.

the rise

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SecureShift.io | Crypto-Exchange

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.

planfox

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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

I'm for physical, since childhood I did not like the development of all sorts of technologies, realizing that this is all unreliable, and the Internet was not so fast and stable at that time. All the same, physical money warms the pocket anywhere at any time, and so it is also necessary to look for the exchanger, if it exists at all.

Nahl

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i will see from the different side for between both of them that for bitcoin you can consider this as the future asset and very potential to grow in the future which mean there is possibility to increase your wealth but physical money if you save it at your bank account for long term i think the value will not increase significant such as you save bitcoin but regarding the common used between them i think physical money will always be one step ahead than bitcoin because most people still support them

Swopon

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Gamdom

It's totally different.
If we consider that there are two side we can say that electronic money is on one side and physical money is on another side.We can feel physical money by our hand and we can only see the amount of electronic money.Also electronic money or crypto currency is very fast and easiest online money that could be transfort.So for me electronic money is better that physical money

tengek37

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At such a sophisticated era as it is today, everything is completely electronic and internet technology included in the transaction of a sale, many companies can only accept payments using virtual money and not many are still using cash in cash. These two things still seem to have the same strength because in some countries there are still many who use the payment in cash because the means that have not met if using the payment virtually.

Dudeperfect

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Well, if you are transacting the fiat currencies using the net banking feature then even it called as electronic money. Just because you are transferring the monetary values using the internet, doesn't make it crypto transactions. On the other hand, if you are transacting the monetary values using the Blockchain based technology having cryptographic encryption then it is called a cryptocurrency and we might see some governments might introduce their own cryptocurrencies.

The fundamental difference between the cryptocurrency and physical (fiat currencies) is the creation and maintenance of it. Fiat currencies are created and maintained by the governments whereas cryptocurrencies are created and maintained by its users.

Protected101

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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

Electronic money or digital currency is fastest and easy online money that we can transact and it is more profitable due to it we can earned a lot of money here through job online .
While physical money are high value of price ,we can use it anywhere by buying what we want in any shopping store and supermarket.But we cannot earn a lot in physical money comparing in digital currency.

Best Dreams

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Quote from: EcoChavCrypto on October 21, 2017, 07:26:16 PM

Physical money is very attractive, i prefer to hold the money on fiat like Usd or Euros, because they are pretty and everybody likes them instead of my local money.
But everybody knows that earning money through electronic money or cryptocurrencies is being very easy at the moment, because they are being very volatile and that is why almost everyone is buying bitcoin, only to make more money because it is easy.

Yes it’s true that physical money is very attractive but the use of both are same both of them are money and you can use it for buying things but electronic currency is Batter than cash because bitcoin price is high then any another currency and it have a credit as well in some countries you can also learn a lot of things here and it’s a very good to for investment as well.

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