Topic: Paper money vs Digital currency - page 3. (Read 1315 times)
Actually it is tough to convince people to use digital currency because they are using paper money from the beginning. They are not used to buy sell with digital currency. Time and situation will handle it. We should teach them about digital currency in basic level now.
A large majority of peoples in the world believes on paper money. They think that this is used for buying or selling goods and services. A currency which has a physically appearance in the world.
But the upcoming world is the world of digital currency. Because it is easy and reliable way for sending and receiving money at any place in the world. We can send or receive money within minutes.
But there is a huge difference between both these two types of currencies.
So, it is very difficult that Digital currency will be adopted worldwide. Because of the users are not aware of this new technology and they are not comfortable to use this mode of payment. Because they don't believe in this technology yet.
So, how we convince the peoples to adopt digital currency?
True to paper money and digital money has different. Money has a stable value and users can rest assured to use paper money to exchange all activities in life. This is not available in digital money. The value of electronic money changes constantly depends on the market. Electronic money is not uncommon in everyone so it has not been used as paper money. An interesting difference is that only new electronic money brings great profits to users. Gradually Bitcoin will master. But the upcoming world is the world of digital currency. Because it is easy and reliable way for sending and receiving money at any place in the world. We can send or receive money within minutes.
But there is a huge difference between both these two types of currencies.
So, it is very difficult that Digital currency will be adopted worldwide. Because of the users are not aware of this new technology and they are not comfortable to use this mode of payment. Because they don't believe in this technology yet.
So, how we convince the peoples to adopt digital currency?
Already today, both the banking system and the government are urging people to abandon paper money, completely switching to non-cash payments. But their plans will lead to the results they least want. I believe that this trend will lead to the fact that fiat funds will gradually survive from use and cryptocurrencies will take their place.
I always prefer digital money first. Because, If you need to transfer money to long distance, You have to use digital money for sending money fast. Digital money is problem solver for sending long distance money.
Absolutely right. Digital money is transferred faster and no third party is involved that is why transaction fee is much less than transfer through Traditional banking system. Digital money specially Bitcoin is Anti inflationary because its supply is limited unlike Fiat money that can be printed as much as the Central Banks want. Mass adaption is taking place worldwide specially developed economies. developing countries will also adapt it gradually.
I always prefer digital money first. Because, If you need to transfer money to long distance, You have to use digital money for sending money fast. Digital money is problem solver for sending long distance money.
Many people that used to paper money see it as the best money someone can use to invest and make something good from the investment. There are some country don't need digital currency in their country because they are not the one controlling the digital currency in the country.
Many investors are now prefer to use bitcoin to invest than paper money because during the pandemic many paper money loosed value in the exchange market where bitcoin was pumping massively through out the season.
Many investors are now prefer to use bitcoin to invest than paper money because during the pandemic many paper money loosed value in the exchange market where bitcoin was pumping massively through out the season.
The advantage of banknotes is that it is direct immediately with a variety of denominations for all types of goods and does not cost anything to pay. For items with small denominations, it is difficult to return the change and normally if shopping in the store, the employee will pay you some candy worth the extra money they cannot pay. with paper money. Banknotes have value in existence and anonymity. The holder of the banknote has immediate and unaffected power over the fiat money in the bank account. Banknotes need to be properly stored and they will lose value if you damage them.
For large transactions up to tens of millions of dollars, billions of dollars in cash transactions will be more difficult to execute.
Cryptocurrencies can pay for any item of value up to billions of dollars. Cryptocurrencies can be as small as a few digits after the decimal. Cryptocurrencies may or may not be anonymous depending on the currency you use. Appropriate electronic equipment is required for use and storage. Cryptocurrency transactions will incur a certain cost. Cryptocurrencies are secured on the blockchain so there will be no fraudulent operations.
For large transactions up to tens of millions of dollars, billions of dollars in cash transactions will be more difficult to execute.
Cryptocurrencies can pay for any item of value up to billions of dollars. Cryptocurrencies can be as small as a few digits after the decimal. Cryptocurrencies may or may not be anonymous depending on the currency you use. Appropriate electronic equipment is required for use and storage. Cryptocurrency transactions will incur a certain cost. Cryptocurrencies are secured on the blockchain so there will be no fraudulent operations.
Both fiat currency and cryptocurrency are good, they are both used for different purposes. Almost all of the people are using fiat currency because this is the standard one and no one can live without it because they are using it to sustain their daily needs and wants while cryptocurrency is still new for the eyes and ears of many people because it is used on the internet and some are not familiar with using the internet and some are now having a stable internet connection. When talking about daily expenses then we should still go for fiat currency as we can use it for buying things in just a moment without any transaction fee and time for confirmation.
fiat money has been the major currency of humankind for centuries and it will not be replaced anytime soon. but definitely, we are already in the digital age and use of digital currencies is one of the accompanying developments in this age. however, even people who are into digital currencies or crypto are still using fiat in their major financial dealings. let's accept that we dont need to compare the paper money vs digital currency, as they can co-exist with each other.
whichever is convenient for the user, at least he has alternative options now.
Actualizing the global use of digital currency all of the worlds will take a whole lot of years before it comes to existence. The majority still believe in paper money than digital money more especially the aged ones. They prefer using paper money due to they can feel and have easy access to it without using their gadgets.
Both fiat currency and cryptocurrency are good, they are both used for different purposes. Almost all of the people are using fiat currency because this is the standard one and no one can live without it because they are using it to sustain their daily needs and wants while cryptocurrency is still new for the eyes and ears of many people because it is used on the internet and some are not familiar with using the internet and some are now having a stable internet connection. When talking about daily expenses then we should still go for fiat currency as we can use it for buying things in just a moment without any transaction fee and time for confirmation.
That’s why people need to be educated and use simple terms for them to understand the digital currency. Not everyone are able to understand using the crypto currencies and I’ve experienced that when I tried to explain it to a friend of mine, like she basically did not understand every term I used and so I think it’ll be better if we educated them and explain it to them like teaching a 5 year old kid. And I think it did work on my end because she is now trading using Coinbase and has invested and traded a certain amount of her savings.
Yeah, it is a big challenge for us to change their mindset and we can't force them to appreciate Bitcoin. But anyway, this not a race where we need to push the market into abrupt change, this innovation takes time to develop and it needs people with more awareness in order to build trust. Maybe the new generation could easy to teach but for the oldies, that be hopeless. So this time, we do not guarantee the fullest adoption of Bitcoin. We only could tell the true success of its adoption when the majority of the online transaction is accepting crypto. But for now, doubts still be found and people are still questioning the capability of Bitcoin.
After the Covid 20109 situation arise, many of the things have now started accepting the digital payment. Also, mostly now whatever I shop is being paid via digitally. So from that perspective things are changing and less and less physical cash is being involved. Though it will take decades atleast for many of them to start accepting as in rural areas where even the electricity still is a problem that will take a long journey to get it resolved.
That’s why people need to be educated and use simple terms for them to understand the digital currency. Not everyone are able to understand using the crypto currencies and I’ve experienced that when I tried to explain it to a friend of mine, like she basically did not understand every term I used and so I think it’ll be better if we educated them and explain it to them like teaching a 5 year old kid. And I think it did work on my end because she is now trading using Coinbase and has invested and traded a certain amount of her savings.
The industry has been good at adopting digital technology so far, but they shouldn't stop there. Adaptation is needed from society to accept new realities and be able to adapt. The best adaptation process is with accommodative policies and cross-border cooperation. Resolving problems through international organizations is increasingly important considering the adaptation process of technology is different in each region and even country. The different rates of adaptation reflect different economic structures and social preferences. The digital revolution that affects the country's economy which serves as a hub. However, if adopted properly, this technology can be very useful for humans. The blockchain system can be adopted by banks to make every transaction more stable and faster. So, do you know a way to convince the public to accept Digital Currency? The point is cooperation between users in the introduction and understanding of Digital Currency.
Technology is rapidly changing every day, so in an instant, everybody might be using digital currency over paper money. We all know that it is much convenient to use digital currency than physical money because we don't have to wait for our change and count our coins to pay. But I think there will still be people who will use paper money because digital money is vulnerable to hacking that no technology is perfect when it comes to security.
Yes it will kinda hard to convince people to believe and use the things we are using, yes our technology is fast paced, some countries doesn't even have internet connection, some area in my country still don't know it because they don't have electricity and internet connection although most of the people here are into crypto currency already still we can't convince everyone. Let them be, if they want to learn then teach them if they don't want it's their choice not our responsibility anymore. You are right that this isnt our responsibility but if we do have chance to share it up then that would be great yet even telling to others about its usage and benefits
will really be always counted that will add up on overall adoption. For paper money and digital currency then its basic to say on what are the differences
and its similarities.
Adoption is on the move though but good thing for those who had been able to set themselves into this market on earlier basis
but well theres no need for you to be first or to be the last.
Technology is rapidly changing every day, so in an instant, everybody might be using digital currency over paper money. We all know that it is much convenient to use digital currency than physical money because we don't have to wait for our change and count our coins to pay. But I think there will still be people who will use paper money because digital money is vulnerable to hacking that no technology is perfect when it comes to security.
Yes it will kinda hard to convince people to believe and use the things we are using, yes our technology is fast paced, some countries doesn't even have internet connection, some area in my country still don't know it because they don't have electricity and internet connection although most of the people here are into crypto currency already still we can't convince everyone. Let them be, if they want to learn then teach them if they don't want it's their choice not our responsibility anymore.
Gradually, people are starting to use digital money more and more often. From personal experience, I learned that over the past 5 years, on average, digital money payments have increased by 1.5 or even 2 times. This payment method greatly simplifies the process of buying a product. I myself used to only use cash before, but after using the digital payment method, I realized all its advantages.
Paper money is recognized by people as the main currency for every transaction thats why its hard to break what they believe as the only currency that exist. On the other side digital currency will just co-exist with paper money but completely replacing what people used to? It will not happen atleast for now. We know many people are still not aware of crypto existence and dont have access to internet to know the current trend circulating online.
Thus I think we cant really force anyone to engage themselves on the new technology we are in because we have our own way of thinking on different matter. People will only adopt digital currency if they see the importance and convenience of using it.
Thus I think we cant really force anyone to engage themselves on the new technology we are in because we have our own way of thinking on different matter. People will only adopt digital currency if they see the importance and convenience of using it.
Technology is rapidly changing every day, so in an instant, everybody might be using digital currency over paper money. We all know that it is much convenient to use digital currency than physical money because we don't have to wait for our change and count our coins to pay. But I think there will still be people who will use paper money because digital money is vulnerable to hacking that no technology is perfect when it comes to security.
It's not all so clear-cut in my opinion! Digital currencies are a so-called "digital collar," where people can be easily controlled... I do not think that the state will recognize bitcoin as a national currency, but it will create its own... After that, all your transactions will be clearly tracked...
Fiat is the best private currency!
Fiat is the best private currency!
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