Topic: Paper money vs Digital currency - page 5. (Read 1315 times)

The government will eventually adopt digital currencies where we can just use our phones to pay for anything we can buy while we go places. It's already happening. WE still use paypal to pay online transactions, this is just one of the methods that we can still consider digital currency. 

That one that is the most awaited that will truly change things is the CBDC where government back digital currency is on our phones. 

There is no way to convince the public about digital currency, only governments and certain countries have the authority.

However, that will not happen because the coins are currently being traded in the paper currency of each country, no one has created physical coins for trading yet.
Although currently the majority of people are familiar with coins in the crypto market, they are not the same as gold etc.

In my opinion, I would say people are comfortable and so friendly in cryptocurrency. This is actually a piece of good news that crypto is very friendly. In Asia and there is much good sign we see for the last few years. A couple of days ago I saw the news about India they are Launch ATM. This is really a positive change and I thought that digital currency will be a future asset and this is really going On a good track.

Convincing the majority of people does not happen in a short period. It takes a lot of time, effort influencing, and knowledge before they can understand and start to accept the digital currency. However, time still does not guarantee to convince everyone because even with its advantages compared to paper money, digital currency also has its own cons, and the lack of technological advancement and literacy are big factors to be considered.

It is difficult to convince people to accept digital currency. Where I came from, parking payments switched to using e-money, many people objected. Especially if we are forced to accept digital currency. But I think it can be do in stages, starting from the introduction, requiring home bill payments to use digital currency, and requiring important payments to use digital currency, especially state tax payments, which must use digital currency. Maybe if little by little it is applied to our lives, people will be able to accept digital currency and start leaving conventional currencies.

Or probably "Two Forms of Currencies" (this is in regards to the bolded part)

I think currencies can exist in both physical and digital/virtual forms without problems. Cryptocurrencies should easily and safely exist in both forms if users choose to.  By the way, Users with Full Nodes should be able to safely verify the authenticity of the numbers/keys on a physical crypto model before accepting them.
So, I think you could allow the physical crypto version aswell for those who find the digital version weird or undesirable. When they need to verify the physical one, they can always use their easy-to-use/run nodes

the demand for the paper money to be used in the offline transaction will be the same although this time so many retails accepted the digital payment system it's not all of the places will be accepting it.
When we are talking about the battle between paper and digital money will never be ended.
If more retail will be supporting the digital payment system and that will make people will not try to hold the paper money and they will prefer to use digital currency. I have always been using digital payment in daily life consider it's much easier but again bitcoin is not good to be used as a daily payment system consider from its scalability and fees.
The demand for the paper money will depend on whether people will wanna move into the digital payment system or not.

It will be difficult to convince people to adopt digital currency, because there are many limitations to studying digital currency. for example, not all people understand about the internet and how to use it. it maybe easy for middle and upper class people who understand about the internet, and want to learn about digital currencies. but what about the middle and lower class people who are less knowledgeable about it. difficult. there must be an introduction to them before introducing digital currency directly. unless people in the world will change to a new generation, new generations are obliged to use digital currency for transactions, and begin to leave conventional currencies.

But brother electronic money such as banks transfer, such as paypal, payoneer etc. These ways are centralized and that controlled by a central authority.
But it take huge time to converts whole world from paper money to electronic money. In this payment method, every thing have to be digitalized.
And it also a reliable, fast, convenient way for sending and receiving  money. But  this payment mode is very dangerous due to hackers in the world.

I do not think that at this stage it is necessary to introduce full digitalization of currencies in the economic life of an individual state, because the existing system of paper money has already proved its efficiency and viability. In real life, anything can happen, from natural disasters to man-made disasters, and disrupt the operation of technological equipment and paper money can help in such conditions.

I think I can classify the money you send through your banking app as digital money. Most of us need to understand that digital money already exists; you pick up your phone and credit my bank account, that's a digital transfer of money, which is digital money. Bitcoin is no different. The two differences I'll reference are that Bitcoin cannot be withdrawn into physical cash(unlike fiat), and that Bitcoin is not controlled by a centralized system.

Actually fiat currency exist before creation or introduction of cryptocurrency more especially bitcoin in particular and it's obvious that bitcoin is a general currency which every country can adopt but due to lack of information and adoption of it in different countries people refused to adopt it as most accepted currency, from the basic awareness or impact bitcoin created recently even the least person in my own area is over interested in bitcoin, because the knowledge people adopt from crypto people have to preferred bitcoin more than fiat currency because bitcoin can be use to purchase anything across the countries.

Digital money can be called as electronic money too. Here money is transferred via computer or mobile phone. In this system money or currency doesn't have any physical existence. It's not controlled by any authority. On the other hand, paper money has physical existence. It's generally issued by financial authority of a country.
Nowadays, people are preferring digital money. It is said that digital currency is more safer than paper money. Paper money is most of the time inconvenience. On the other hand, digital currency works without any inconvenience. It's easy and time consuming to send digital currency. By using E-cards one can easily send money without wasting any time. But it takes a lot of time to transfer paper money. Digital currency ensure better security. But paper money can't ensure better and high security. It's very risky to carry paper money. But it's easy to carry an E-card. It's easy to know the information of a digital account but it's hard to keep better information about paper money.
But there are some disadvantages of digital currency too. Like: undeveloped and poor countries are not aware of digital currency. There are also some issues in service. Security is an issue too.
But if we compare paper money and digital currency we can say that digital money is far better than paper money. But we can't also stop using paper money.

The adoption of Digital Currency would only be possible once the whole world or most countries would be able to give service to most citizens. It might be possible to a lot of countries with leading technologies like Japan BUT they decided to take it slowly because their country is a great tourist attraction and transitioning into digital currency might render some tourist weirded out in the way how to pay for their needs.

It seems to me that countries won't switch to digital currency very soon. Until the old generation ceases to be so scared of new technologies and starts learning new things, then the process will begin. Currently we don't have enough technology to use digital currency in daily life. But I also think that replacing paper money with digital currency will have a bad effect on the economy.

I think you need not convince  to adopt digital currency . As per digital currency is full of risk and most of the people don't want to take risk . But  paper money has no risk.  It will not change its number whatever market situation is. But I personally like digital currency .

actually how to introduce digital money is quite easy, first teach people around the efficiency of digital money later when they understand that one day they will also introduce it to people around them and start spreading or can also make advertisements.

If you look at the progress of today's era and technology, many people are already using digital currencies, be it by using credit card or with crypto cryptocurrency.
But for the use of crypto cryptocurrencies such as bitcoin, not everyone can use it, because most of them do not understand what crypto  cryptocurrency is.  Need awareness of themselves, and need real proof of someone  who has been  successful in the  crypto industry.  Usually they will be  interested in entering the crypto
industry, if they see someone who is already successful from crypto. Such abundant wealth results from investing in crypto.

what large majority ? you can just say large or majority of people .  and why will people think that paper money is use for buying and selling when paper money is really being used for that purpose . all people in the world knows that paper money has no other purpose except for buying and selling  .

if there will be upcoming world , that would be newly discover planets . digital currencies arent world but it was only a phrase for calling them a world or world of crypto . if you think that crypto is hard for other people to understand then leave it . you dont need to force or stress yourself teaching them but they can teach them selves if they are willing or bored of their old lives and want to try new things  .

I starting to prefer Digital currency over Handheld cash. It's becoming must more risks healthwise with the current condition of the world. If anything, current technologies and daily transactions should intergrate to using digital. I think it'll be much better.