Topic: If everyone starts using electronic money - page 3. (Read 311 times)
I think in the future, banknotes may disappear, you can go to China to see, where the mobile payment is very advanced, you do not have to bring cash and credit card, as long as the phone is installed Alipay and WeChat, you can buy what you want.
This is hard to achieve if digital currency is to be replaced by the legal currency, which, after all, has been pushed by the government for thousands of years, dating back to the ancient Roman era, and now that it is hard for digital currency to replace legal tender in a short time, I Think that it takes hundreds of years, the current technology needs continuous changes, will be possible to achieve, of course, to achieve this idea is a very environmentally friendly measures!
To make it happen all take a long time, we see now there are still many people who have not been able to use technology. so this will hamper
and financial institutions are currently not responding well, maybe 5 or 10 more years, when the world community already understand the technology, fiat will only become the standard only. there will be no banknotes or coins, there is just crypto.
and financial institutions are currently not responding well, maybe 5 or 10 more years, when the world community already understand the technology, fiat will only become the standard only. there will be no banknotes or coins, there is just crypto.
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 will not take much time for paper money to disappear from the market...", this statement is quite presumptuous. We need to understand that it is very difficult to change a system that has been around for a long period of time and has been accepted by the majority. I'm not saying it's impossible to do such a thing, but i can only see such a thing to happen in the far future.
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.
Is not that a good thing? At least we should not be afraid of theft by bringing FIAT anywhere. With so many new companies trying to support the infrastructure and provide convenience for the users of electronic money.
But, I feel there will be some institutions that refuse the presence of electronic money. Most of them are unwilling to acknowledge the existence of electronic money.
I think this will not apply to everyone because a lot of people doesnt have an access to internet, but if this would happen..it is a big wow..Trading goods to different countries will be so easy, but as i have said its impossible. In US maybe it will happen but in African and asean countries it will not be.
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 reply again but in my opinion your point is not clear. You mention electronic money (what do you mean? Crypto?). You seem to make a big confusion with cash disappearing leading to more use of Bitcoin/Ether etc.. but there is no connexion between the two. A country could very well make cash totally disappear, and in the same time also ban all crypto-currencies. 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.
For now when the world population in every country is still people whose lives are still below the poverty line, then the design to maximize electronic money as an international currency that replaces local money will be very difficult to realize, because it will be difficult for them to access Bitcoin. I think it is impossible to remove fiat currency because most of the population is not yet aware of the digital currency.
This is irrelevant, I mean cash could very well disappear soon, but it does not mean crypto-currencies will dominate. Take the example of Sweden, there are more and more banks which no longer offer cash deposits, and no longer have cash (positive consequence of that is that robberies are declining in Sweden). But of course all payments are still made with Sweden Krona. This change of society has nothing to do with Bitcoin.
You do not think we can completely replace the fiat. unless the whole world has an internet connection.
I think it is impossible to remove fiat currency because most of the population is not yet aware of the digital currency.
It is entirely possible that this happens but I dont think fiat currency will stop existing any time soon. It may stop being physical and paper cash but I still think we will have the USD, EUR and other currencies. They have been around too long and are too stable to leave us this quickly. It will be at minimum 50 years before anything like that happens, even then it probably won't go to zero.
To make changes quickly is very difficult and we can not completely eliminate paper money because not all residents of society will understand and know the use of electronic money, maybe everything can go side by side without eliminating one of them.
I Think its a bad decision or not going to work if all of the people using electronic market. The olders cant use it not every people know about it how it works. In gadgets not all the people cant use it. What if the electronic money. We can say that most of the people can use electronic money. But saying that all of the people using electronic money is not possible.
Not everyone can use these kinds of money and if everyone starts then the value of e-money will drop and will not remain special.
Some people are too old to understand the newer technology that processes payments electronically.So not everyone can begin to use electronic payment systems.
Not everyone can use these kinds of money and if everyone starts then the value of e-money will drop and will not remain special.
It is not a black and white thing where it is all this or all that. There is sufficient time to change, just look at how long it has taken for cash to even have started to be replaced.
Also, there will be service providers that exchange cryptocurrencies for digital fiat money in an instant, which can run perfectly next to current fiat systems. This has been shown by multiple companies accepting bitcoin over the last years.
Also, there will be service providers that exchange cryptocurrencies for digital fiat money in an instant, which can run perfectly next to current fiat systems. This has been shown by multiple companies accepting bitcoin over the last years.
Replacing it would be very bad, but creating an alternative to FIAT is very good.
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.
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.
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