Topic: Paper money vs Digital currency - page 6. (Read 1317 times)

Yes they are different in all ways but serves same purpose, that is, where fiat is used, Bitcoin can also be used so far the seller accepts it. Also, the reason why it will take time for Bitcoin to be used by a lot of people is because there are people who still finds it hard to understand it and how secure it is, this challenge can be attributed to lack of information and some other Ponzi schemes which now runs with Bitcoin and other cryptocurrencies (you see this everywhere in the internet), thus giving the wrong type of information to people who are meant to use Bitcoin. Another challenge is that, there are still some countries that are yet to adopt it or rather have stricter rules regrading Bitcoin, this also contributes in reducing the awareness and usage of Bitcoin. Therefore considering all these challenges and factors, I believe the best way to get people to use Bitcoin or crypto is by passing the right knowledge at every given time, when you hear someone speaks ill of Bitcoin, you take out time to explain what it entails, through that way, the knowledge will spread faster. Lastly, with the attention Bitcoin got late last year through this year so far, more people will join up, because the awareness is now growing further, so on one hand, we can spread the right knowledge through face to face encounter and on the other, we can do so through the internet; in addition, you don't need to convince anyone, the growth of Bitcoin, and the adoption by different platforms is enough to convince them.

IMHO, I believe that time will come and these awareness issues will be solved through Internet usage because cryptocurrencies are the product of a revolutionized network called the Internet that's why people's awareness will rely on internet usage too, to advertise the cryptocurrency use and its importance. that's what I believe and it was already happening now.  

You have made very good point that adoption of crypto currencies in developing countries is difficult while comparing with developed world. If we look at history of any new Technology adoption including internet, earlier adopters were countries in the Western world but now the whole world is using Internet for all Business purposes including Ecommerce. I am confident, Crypto as mode of payment for day to needs of buying/selling goods and services will be adopted gradually worldwide including developing countries. It is just matter of time and how quickly awareness about Block chain Technology is created.

In my opinion, from the differences between each, there are advantages and disadvantages, in terms of use, it is clear that digital money is superior because it is easy and can be used anywhere and from a security point of view, I think paper money is superior because it can be stored in a bank.

We can use them both and it depends because in some places they still require paper money when purchasing like where i live. We can't push anyone to use cryptocurrency because there are still places needs improvement in things like internet connection and knowledge on how to use it, maybe it is possible in counties were fully developed.

then the wise choice is that we use both as needed. however, paper money is recognized by the state and everyone from any circle knows and can use it. while cryptocurrency is a new technology, its adaptation is still limited, and not everyone understands this. so use both as needed, no need to be confused about which one to choose because both have their respective functions.
maximize the benefits of cryptocurrency as a trading commodity and investment tool, but pay attention to the risks. as millennials, we must follow technological developments and use them wisely.

Traditionally, paper money has been around for a long time and has gained the trust and confidence of a large number of people. Moreover, many people are reluctant to use digital currency as it requires technical knowledge. Moreover, the introduction of a new method or technology is initially fraught with various obstacles and many do not want to accept it. With the advent of new technology, people are gradually getting used to it and it is slowly gaining popularity among the people due to its convenience and ease of use. There are many advantages to using digital currency and it is very easy and time-consuming to transact. On the other hand, although paper money has been a common medium of exchange for a long time, it has some disadvantages that can be overcome by using digital currency. It is hoped that in the near future the use of digital currency will gain worldwide popularity and people will be enthusiastic about using it.

Now many countries peoples feel comfortable to use debit and credit card.So, i think in future people will defenately khow all about benefits use of digital currency then they will avoid paper money.

Individuals would in the long run get a handle on the focal points of advanced money that's why they'll able to utilize it within the long run. Comfort is the most reason why it draws in them to receive cryptocurrency.People will utilize bitcoin or other coins for the individual reason, similar to with gambling and installment choices like bills, transportation and other spending related to cash. You'll be able utilize it freely and carry it on your versatile phones at your possess opportunity.

The adoption is not that strong or very gradual in the countries which are under developed and developing. I guess this digital stuff is only applicable for the developed countries with nice infrastructure. The infra which I am taking about is IT and educated people who loves the modernisation of their assets. I think in third world things are very bad and people are not that educated to accept this kind of change at all. They will still keep using the paper money because they feel safe with it and more comfortable while paying from their wallet with physical notes.

People are much used to the traditional paper money. Now if you directly insist on the usage of digital currencies, it'll be something different for them. Importantly certain group of people will understand it whereas majority just suffer to use. Everything has got its transition period.

Earlier people moved from cash to digital payment in terms of online transaction and usage of credit/debit cards. Further the transition was towards mobile wallets. Maybe then onwards we can expect cryptocurrency wallets development in an affordable manner providing cent percent assurance on security.

I think people adopted digital 'money' longtime ago in the form of credit/debit cards. I didn't have any cash in my wallet for 6+ months due to the coronavirus.

In 2021, Sweden introduces its own cryptocurrency. In 2023, it becomes the world's first cashless society: https://interestingengineering.com/sweden-how-to-live-in-the-worlds-first-cashless-society

If you want people to adopt Bitcoin to this level, you must make it as easy as a debit/credit card.

The transition to digital currency is a very long process. It will take more than one year and probably more than one decade. Plus, I don't think paper money will ever disappear completely. A certain part of people will refuse to use digital money or, for various reasons, will not be able to do it. In addition, natural disasters are increasingly occurring on our planet, and therefore it is not worth relying entirely on electronic and digital money. Physical money is also needed. People should have a choice under what conditions what money to use. There is no need to rush in this matter.

That's true a lot of people are already established when it comes to fiat money or fiat currency and compared to the digital currency which is kinda new to them.

Also, digital currency is just not adapted in their country and they are not used to that kind of technology, most of the people would only trust the currency that the government is circulating like fiat money.

Something like crypto is just more like a scam thing to them and most of the people including me thinks that it's so much vulnerable to scam or hacks if it is an online thing so I always convert to fiat whenever I earn a good amount.

I don't think it is going to be that hard to convince people anymore. We live in unprecedented times of change and technologic advancement. Many people who are alive never went through a pandemic like this one and yet they HAD to adapt. Same will happen with Bitcoin. The ones who adapt slower won't reap the same benefits as those who adapt earlier, but won't also bear the same risks.

I have figured out that skeptic people usually get convinced when the proof is in front of their eyes. Show them how easy and hassle-free is a bitcoin payment and they'll follow you. Show them how they lose value by holding fiat vs hodling BTC and so on.

Yep. Actually, same thoughts here. Upon reading the title, many of us are actually using digital currency already. If you can see it on the screen, I think that's already digital, right?

But anyway, I know your talking about crypto here. So on my end, we don't really have to convince them. As I've said, many of us are already using digital currency. Sooner or later, they'll discover crypto as well. Speaking of digital, we're now gearing towards a more digitalized age. So let's just be patient, let's just do our thing and before we know it, those people who don't know crypto before will surely utilize it in the future.

Agree with you, digital money definitely offers obvious cost Advantages. Hundreds of millionaires have already invested in BTC because of the curiosity like you every technology has planned already we need to get use to it.

In my opinion nearly 30-40% people have already started to payment in digital also the upcoming generation will start using this technology for sure but paper money will always be a part of our life.

We live in a new generation with new technology that we can use like computer, gadgets and digital currency which can help us for fast and convenient transaction. But the fact is not all the people all over the world is open minded and ready to adopt this new technology. They are familiar with the paper money very well than the new digital currency that's why they prefer to use it rather than this digital currency. One more thing, government is also the one that don't want to accept digital currency because they can control it.

Remember this: even the paper money is needed to compliment the digital money. There are those who thoughts different on this digital currency as demonic in nature, someone once said to me that; digital currencies are symbols of the antichrist, but was later agreed on my teaching that the world is changing and that there are possibility that the paper money will go into extinction someday. Believe me, this digital currency won't just get itself engulf with newbies one day but gradually they will find themself loving this digital currencies in time to come without any constraint from anyone.

Technological progress is indeed very fast, because with digital currency financial transactions are getting easier and faster. Even financial
transactions from different countries can be done instantly with digital currency, but humans have taken too long and are too comfortable
using paper money. So it takes a long process for people to adopt digital currency.

So there is no need to rush to convince everyone to switch to using digital currency. Especially people who are old and do not understand
technology, it is very difficult to accept anything new. But I am sure that in the next few years everyone will choose to use digital currency
when making financial transactions.