Topic: If everyone starts using electronic money - page 2. (Read 310 times)
This is not possible. Maybe electronic money is the new trend today but still fiat will always be the way of paying to most of people. Not all people can access the net. Its like if people need to enforce this way, all must have internet access or gadget that needed to access bitcoin. Not all people have the capabilities to do such thing. But if ever this will happen, the transaction might be easier and the high risk of hacking also might be present.
That is impossible as it is too complicated for most people (which can be solved over time ofcourse), but a large part of the world will never have the supplies to use electronic currency
If everyone starts using electronic money, infrastructure will also need to be developed proportionately. It will not take too much time for paper money to disappear from the market. At the present time, it is not yet clear whether financial institutions can adapt to that change in a timely manner.
It is possible but it takes a lot of time to get to the point that every person on the whole world is using digital currency. Imagine connecting the whole world to internet, that takes a serious job bro. So for me paper money cannot be dominated by digital currency unless like what I said, if and only if the whole world is connected to internet. And I think world bank wont also allowed to be dominated by digital and decentralized money after all.
If everyone start using electric then it's good, but there are also instances that internet and the system are not working properly like very slow internet or internet is not working or too much pending transaction cause of holiday seasons... then Fiat is still necessary.... And Can't not be replaced....
If it will be convinient becasue the transaction can be process easily with a lick of a button but there's always a ris of getting hacked or getting your identity stolen just to use your account
Maybe someday and of course will replace paper money is electronic, but it will not be soon. Despite the fact that if all electronic payments can be tracked, to record who pays for what and where, here cash is more profitable as a departure from the track.
Due to the rapid development of technology, almost all aspects of human life are also touched by the progress of our mind.
Inevitably bank products such as currency are now starting to transform into electronic money. Some of the advantages of the use of electronic money, among others, allow you to perform various transactions without carrying too much cash.
Inevitably bank products such as currency are now starting to transform into electronic money. Some of the advantages of the use of electronic money, among others, allow you to perform various transactions without carrying too much cash.
The world is increasingly sophisticated, and the digital world is the world's most powerful, but if to eliminate paper money, it is not recommended because the paper money is human money and it has been used since hundreds of years ago, this can be likened to rice, rice is the staple food in my country, if the staple food is removed and replaced, surely the inhabitants of my country will revolt, and no longer know what will happen to my country. If paper money is replaced with digital money, maybe only 0, blah blah blah ..% people will approve it.
If everyone starts using electronic money, infrastructure will also need to be developed proportionately. It will not take too much time for paper money to disappear from the market. At the present time, it is not yet clear whether financial institutions can adapt to that change in a timely manner.
Actually its not easy to do that. As we can see, there are con's in using digital currency or electronic money. Paper money on the other hand, is the most practical way to deal in the market. It would be hard to people to accept this kind of change.
If everyone starts using electronic money, infrastructure will also need to be developed proportionately. It will not take too much time for paper money to disappear from the market. At the present time, it is not yet clear whether financial institutions can adapt to that change in a timely manner.
i think government already did it, in my country everything can pay digitally. but still with fiat. like to pay toll, shopping, etc. but they still not accept digital currency like cryptocurrency 
I dont think we can replace fiat entirely. except the entire world have internet connection ofc, and a kindergarden student understand how to use this kind of money.
Replacing FIAT into electronic money will give too much headache for most people, electronic money doesn't just need electricity but the power of internet too, which is not stable as connection sometimes are down and no access, some country don't have internet access some have but real slow. as long as we don't have the solution to it FIAT will be the main currency and can't place anything even cryptocurrencies. But we must be ready for an upgrade as we all know that technology is really fast now. we just need to wait for a little longer.
the use of electronic money is quite helpful for people who buy things online. however, i think the need of a bill or coins (physical money) is irreplaceable.
I think the number of people using electronic money is only a small part, with different purposes. Currently, electronic money has not been developed so it is impossible to replace cash. Electronic money has many benefits in paying between countries, but to buy goods in the country will be difficult. For everyone to use electronic money, they must develop more types of machines to meet the needs of the people.
Not everyone is using electronic money, I hope you are trying to say crypto currencies. Based on survey from crypto wallet providers, there are are about 21 million blockchain wallet users as of december 2017 while world population was estimated to have reached 7.6 billion as of December 2017, not even close to a quarter. Given the fact, 21 million wallets is massive enough to sustain the growth of the crypto, just need to utilize those wallet rather than using it as a piggybank.
I think there will be a lot of adjustments to do. But if everyone starts using electronic money then all should know how to use cellphone or computer. Most of oldies don't know. Everyone should have internet access even the far places.
Crypto money is not meant for commodities like groceries, clothes etc. Replacing fiat money with electronic money is not a bad idea but it is not realistic and applicable to this generation. Yes, electronic money is now being recognized by several people worldwide but it is not wise to use it to purchase daily needs. Electronic money is best for business world. It is good only for investments. This is my opinion.
If everyone starts using electronic money, infrastructure will also need to be developed proportionately. It will not take too much time for paper money to disappear from the market. At the present time, it is not yet clear whether financial institutions can adapt to that change in a timely manner.
I think in the future replacing fiat into electronic money its not gonna happen. It easier to use fiat when it comes to payment. In addition, only few people in the world have appreciated electronic money or digital money. How can those who lived on the island have no internet and do not really appreciate a modern technology. The fiat is always in our daily lives. The electronic money or digital money is good for safety our money but when it comes to emergency you can not just used it especially the store does not have internet fiat is still good in everyday lives.
That concept is not impossible, but in our timeline, it may still be far off. Give it maybe 3 decades or something before we could reach the point of electronic money. It will also be easier for our generation to adapt that time because we are familiar and have been introduced about it. But you just can't replace fiat money in a flash, that's why if cryptocurrency were to replace hard cash, it would be gradually and I think the technology will cope up with that.
I think this is difficult because in some areas we still need banknotes without a network, and it will take some time for e-money to be recognized worldwide.
That will surely hppen in the future but for now based on our technological progress we are only in the first step of achieving it. Today not everyone has a phone or a online wallet that can let them do that. Only the people who can afford gadgets are the once who are allowed to use electronic money.
Using electronic money is a very good idea to have your transactions it will provide an ease of payment. The scary part is because it is computers who process it, it can also be hacked.
Using electronic money is a very good idea to have your transactions it will provide an ease of payment. The scary part is because it is computers who process it, it can also be hacked.
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