Topic: transition FIAT to DIGITAL? - page 5. (Read 1819 times)

Yeah, fiats can’t fully be converted into digital currencies or like it is simply out of question that digital coins will ever replace fiat forever. Fiat and digital currencies, both are the need of time and systems will operate in a better way if they support both type of currencies. Digital ones are great options for international transactions.

The use of digital currency is another type of transaction method, this is useful for long distance transactions. Fiat is practical to be used for everyday needs. We are not experiencing a fiat to digital transition, the digital transaction method adds up to the present transaction methods, which is the use of fiat in order to lessen the hassle for the people.

Online shopping is a huge thing in our society and also the internet so people had to think of a way to use currencies online, i guess we just slowly adapted towards online currencies and now we have credit and debit cards which can both be used in real life and online. Looks like our society has really grown especially with the invention of the internet.

I hope bitcoin can evolve into being able to be used in real life also.

I still prefer cash because you don't have to use any device to buy something you want to buy. Unlike digital currencies, you have to use device to use it because digital currencies only depends on electronic device. That's the major problem the world will face once all currencies will go to digital. Power interruptions can cause a devastating effects for digital users. Government also have the control of your money because theres no way they are gonna let users not to pay their taxes. Also it's prone for hacking. Expect this when all money are going to be digitalized.

Agree, digital currency isn't just bitcoin but bank already issued their digital currency in form of cards.
Bitcoin created as an alternative currency but the difference is it's decentralized which makes it more interesting than any other centralized fiat currency. Doesn't mean fiat currency is bad at all but bitcoin is a better form of monetary system.
Bitcoin and fiat currency will be used in daily basis but it takes more time for bitcoin to achieve that goal.

They easily adapt the change from fiat to digital because bitcoin is so easy to use, because you just need a bitcoin wallet and then you just need to transfer it to another person by just having the unique bitcoin address and then it is also so easy because it just takes a few minutes before the receiver fully received the bitcoin that you sent.

It happens already for how many years already since bitcoin have existed there are people do already make some transitions from local fiat to digital currency until now because theres a high trust on this coin which people do really decide to switch into digital currency from local fiat but not completely because we do know bitcoin still isnt accepted worldwide and do have still limitation regarding on legalization but well its still good because we can use as it is.

There is a difference - credit cards and paypal managed to add convenience to the way we shop. Bitcoin doesn't do the same. Unless there are discounts offered for shopping with bitcoin, or some other tangible reason, people won't feel the need to change.

When the internet was made and people realised online shopping was cool and all, then we started to slowly transition over to credit card and all sorts of online payment options, such as paypal, etc.

With our growing society, the transition involved stores adding new payment methods. I think that maybe in a couple of years, bitcoin will be added to a lot of stores and we will be able to spend Bitcoin to buy stuff in real life.

The transition from fiat to Digital, I think it takes a process that is not fast, whatever the reason, people are still more interested in using fiat as a tool of transactions, especially for older people, I think they tend to think that fiat is easier for transactions , Because fiat does not have to use internet access. And for now I think fiat and digital money will go side by side. To the point where people really use the digital currency to do any kind of transaction.

Transiting from one point to the other has never been a problem for human beings because we have evolved at every point in time to the stage we are today. It might be slow, but what is sure is that we will get there. Also, the transition from Fiat to Digital is already on the way with the cashless policy several countries have put in place which if cash is totally erased, it then makes it easy to move to bitcoin since its also cashless but all this will happen in due time.

Its going to be slow. And i don't think there will be a complete change. Right now digital currencies are appreciated by a lot of people especially those who're more.into digital transactions. But a lot more would still be wanting to transact with fiat, which they've been doing ever since.

You know that will never happen. It’s not possible to transition fiat to digital, because there are some works that needs to be paid for in cash. Not everybody will be carrying their mobile/computer around, just because of digital money.

Take for example, you’re a plumber, and you finished working only to be told to go home that you will be sent the payment to your bitcoin wallet. You won’t agree to that, cause you need your money in cash.

I think that it is in evolution for that to happen. I mean, digital currency is the future. Like in many Sci-Fi movies, where we can see digital currency, i also do believe that something like that will happen in future. People will adapt to that too, like they adapted on credit and pay cards. At first they will be suspicious, but when they understand it better there will be nothing that will hold them from not accepting it.

What do you mean how? You did it. Well, maybe not a complete transition, but at least you started looking into Bitcoin. People will immediately start flocking to Bitcoin as soon as they can see that Bitcoin is providing them more benefits than fiat. At the moment that is not happening.

The main thing that people will consider when switching is practicality. I mean if you are switching a major portion or all of your funds to Bitcoin, you would obviously want to be able to use it for your grocery shopping and everyday activities. Since most vendors do not accept Bitcoin as payment this would be a deterrent to possible Bitcoin users. Another issue is price volatility. I can assure you that most people would not want to have their fiat funds into a volatile, barely usable, digital currency.

Moreover, in order for merchants to actually accept Bitcoin, it should be better than fiat. Lower or at least equal transaction fees, faster confirmation times and stability of price. These factors all need to be addressed before merchants even think about accepting Bitcoin as payment.

Furthermore, new innovative ideas – not only Bitcoin – need to be implemented. Take for example the coin that I am advertising for, Enjin coin. The team behind it plans to implement a gaming cryptocurrency into an already established gaming network, Enjin. This will definitely cause more people to become aware of cryptocurrencies and many will become using them. If you want to view information about Enjin coin and their endeavours, just click the signature under this post. 

All of these factors affect people opinions about Bitcoin. It is not that they don’t know about Bitcoin, it is just that they don’t see what the point is in switching what they already have. This is what we need to address. If that can be done, then people would easily change from fiat to cryptocurrency. After all, we are becoming more digital every day.

Transition to digital cash is easier and nowadays all around we see all stores accept digital cash but for bitcoin it isn't as famous as digital cash , plus many countries government have issues with bitcoin. It isn't as easy as it sounds no one owns bitcoin so if a payment doesn't work or the seller lies that he didn't get it can be a problem for the legal team

I agree with you. It will require at least a decade to replace paper money with digital permanently because many people are still against digital currencies. They find it scam and tough to be handled. I believe if we keep bitcoins supporting, one day they will replace paper money forever.

I think you are correct that governments want to control their own currencies and as long as the inflation isn't too bad, they probably will use their own system. However, just like gold, stocks, bonds, PayPal, credit cards, etc., Bitcoin can still exist along with government money.

Bitcoin can still have a niche along with other payment methods and other types of investments. And it can be global whereas a government currency is usually regional.

It will not be easy, but remember we adopted paper money in replacement of gold coins back then so it is not impossible. The thing is the human race is moving towards phasing out paper. That will likely include paper money in the future. Money will also be digital, but the question which one is it? Will it be bitcoin or other cryptocurrencies or will the governments create their own digital currency.

It will take much time before the world shifts toward mass use of a digital currency and Bitcoin will replace fiat money as a currency. Currently, many countries have recognized Bitcoin as a currency and I think that this is a great step towards it. For this to happen, I think that it should be first be made available to everyone. Everyone should have access to it, and technology should advance to allow convenience for every user.

It may take several years first before this may happen, but I think that a shift towards a cashless society and the use of digital currency would revolutionize society and its use of money.