Bitcoin Forum

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 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.

Replacing it would be very bad, but creating an alternative to FIAT is very good.

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.

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.

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.

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.

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.

I think it is impossible to remove fiat currency because most of the population is not yet aware of the digital currency.

You do not think we can completely replace the fiat. unless the whole world has an internet connection.

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.

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 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.

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.

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.

"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.

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.

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!

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.

That will surely hppen in the future but for now based on our technological progress we are only in the first step of achieving it. Today not everyone has a phone or a online wallet that can let them do that. Only the people who can afford gadgets are the once who are allowed to use electronic money.
Using electronic money is a very good idea to have your transactions it will provide an ease of payment. The scary part is because it is computers who process it, it can also be hacked.

I think this is difficult because in some areas we still need banknotes without a network, and it will take some time for e-money to be recognized worldwide.

That concept is not impossible, but in our timeline, it may still be far off. Give it maybe 3 decades or something before we could reach the point of electronic money. It will also be easier for our generation to adapt that time because we are familiar and have been introduced about it. But you just can't replace fiat money in a flash, that's why if cryptocurrency were to replace hard cash, it would be gradually and I think the technology will cope up with that.

I think in the future replacing fiat into electronic money its not gonna happen. It easier to use fiat when it comes to payment. In addition, only few people in the world have appreciated electronic money or digital money. How can those who lived on the island have no internet and do not really appreciate a modern technology. The fiat is always in our daily lives. The electronic money or digital money is good for safety our money but when it comes to emergency you can not just used it especially the store does not have internet fiat is still good in everyday lives.

Crypto money is not meant for commodities like groceries, clothes etc. Replacing fiat money with electronic money is not a bad idea but it is not realistic and applicable to this generation. Yes, electronic money is now being recognized by several people worldwide but it is not wise to use it to purchase daily needs. Electronic money is best for business world. It is good only for investments. This is my opinion.

I think there will be a lot of adjustments to do. But if everyone starts using electronic money then all should know how to use cellphone or computer. Most of oldies don't know. Everyone should have internet access even the far places.

Not everyone is using electronic money, I hope you are trying to say crypto currencies. Based on survey from crypto wallet providers, there are are about 21 million blockchain wallet users as of december 2017 while world population was estimated to have reached 7.6 billion as of December 2017, not even close to a quarter. Given the fact, 21 million wallets is massive enough to sustain the growth of the crypto, just need to utilize those wallet rather than using it as a piggybank.

I think the number of people using electronic money is only a small part, with different purposes. Currently, electronic money has not been developed so it is impossible to replace cash. Electronic money has many benefits in paying between countries, but to buy goods in the country will be difficult. For everyone to use electronic money, they must develop more types of machines to meet the needs of the people.

the use of electronic money is quite helpful for people who buy things online. however, i think the need of a bill or coins (physical money) is irreplaceable.

Replacing FIAT into electronic money will give too much headache for most people, electronic money doesn't just need electricity but the power of internet too, which is not stable as connection sometimes are down and no access, some country don't have internet access some have but real slow. as long as we don't have the solution to it FIAT will be the main currency and can't place anything even cryptocurrencies. But we must be ready for an upgrade as we all know that technology is really fast now. we just need to wait for a little longer.

i think government already did it, in my country everything can pay digitally. but still with fiat. like to pay toll, shopping, etc. but they still not accept digital currency like cryptocurrency

Actually its not easy to do that. As we can see, there are con's in using digital currency or electronic money. Paper money on the other hand, is the most practical way to deal in the market. It would be hard to people to accept this kind of change.

The world is increasingly sophisticated, and the digital world is the world's most powerful, but if to eliminate paper money, it is not recommended because the paper money is human money and it has been used since hundreds of years ago, this can be likened to rice, rice is the staple food in my country, if the staple food is removed and replaced, surely the inhabitants of my country will revolt, and no longer know what will happen to my country. If paper money is replaced with digital money, maybe only 0, blah blah blah ..% people will approve it.

Due to the rapid development of technology, almost all aspects of human life are also touched by the progress of our mind.
Inevitably bank products such as currency are now starting to transform into electronic money. Some of the advantages of the use of electronic money, among others, allow you to perform various transactions without carrying too much cash.

Maybe someday and of course will replace paper money is electronic, but it will not be soon. Despite the fact that if all electronic payments can be tracked, to record who pays for what and where, here cash is more profitable as a departure from the track.

If it will be convinient becasue the transaction can be process easily with a lick of a button but there's always a ris of getting hacked or getting your identity stolen just to use your account

If everyone start using electric then it's good, but there are also instances that internet and the system are not working properly like very slow internet or internet is not working or too much pending transaction cause of holiday seasons...  then Fiat is still necessary.... And Can't not be replaced....

It is possible but it takes a lot of time to get to the point that every person on the whole world is using digital currency. Imagine connecting the whole world to internet, that takes a serious job bro. So for me paper money cannot be dominated by digital currency unless like what I said, if and only if the whole world is connected to internet. And I think world bank wont also allowed to be dominated by digital and decentralized money after all. :)

That is impossible as it is too complicated for most people (which can be solved over time ofcourse), but a large part of the world will never have the supplies to use electronic currency

This is not possible. Maybe electronic money is the new trend today but still fiat will always be the way of paying to most of people. Not all people can access the net. Its like if people need to enforce this way, all must have internet access or gadget that needed to access bitcoin. Not all people have the capabilities to do such thing. But if ever this will happen, the transaction might be easier and the high risk of hacking also might be present.

No paper money will still be needed by many people there are still a lot of micro payments that electronic money cant handle. Only the rich country can have this electronic money while majority of the world are still in need of paper money like to one who live in Africa


If there was an adaption to take place it might be how the blockchain works, it might help them to connect with foreign investor more easy rather than having to go places and conduct meetings which cause them to make expenses.

it will need time before the paper money to disappear from the market because to prepare the infrastructure need big funds and time to launch besides that, the government will need to test so it will work properly. until that time, the paper money will still be used by the people and we can only wait until it's ready to be used. the government still learn about blockchain technology and I think they still test it for their development in the future and there will be a time for them to announce to the public.

about this, there will be much debate. until now we still need paper money to deal with and fulfill our life every day. does not rule out, in the future later electronic currency will adopt all transactions in the world. but it will not happen in the near future, because to get there. there is always a world revolution that changes it. and I think it will make a polemic and a long debate.

I could not agree more if the crypto currencies got more accepted as form of payment it world not take much time for the fiat to stop being used and the New financial system starts to take over seriously when people how fast and comfortable to make a deposit or withdrew using the crypto currencies rather than wasting so much time on making a deposit or a withdrew  in  a bank they will come to see the truth

The promise is that banning cash would end black markets, but for honest citizens, the end of paper cash brings many unsettling downsides. Besides that credit card transactions are already trackable, and electronic cash could bring that lack of anonymity to every single transaction you make.It has a possibility that government will lose more tax pay.

There is electronic money means cryptocurrency or credit cards like visa ?
If crypto we see what happened, blockchains speed going to zero, and fees going to infinite.
For me nothing better than cash, cash is anonymous also

People prefer like to use credit card rather than cash but using credit card us not so good for us because we actually still use fiat. But if we use cryptocurrency then there is no decreasing price because of inflation.

Life would be a lot more convenient for us, but all of us must have these kinds of gadgets to access it.

if you consider "electronic" money also debit/credit card or paypal for example, i have already almost replaced paper money.
Where i live everyone accept cards, i can even pay a shopping bag with my card!
Different story with crypto, only few shops are accepting it and we even have 2 ATMs in the center of the city which is nice but replacing paper will not happen in a long while.
I don't see the urge to stop using paper, digital payment are more efficient but every now and then you must have paper money otherwise you wont be able to pay anything.

Well if everyone use digital currency it would be two kinds of result the good one is the transaction of money will be faster and reliable while the bad one is because of fastest transaction of money it could be use it dealing with drugs or anything.

When you talk about electronic money, it is not only bitcoin that can be regarded as electronic money even the money in your bank account is an electronic money, or the gift card you have, or the voucher, AliPay and a host of other things that can function as money. Whether financial institutions can adapt to that change is not a subject of discussion because they are even the one promoting it. They charge you when you want to withdraw via the counter, they dont even want you to come to the bank everything you want to do, there are online platforms, phone applications, USSD codes, financial service providers etc. because they have keyed into that dream already.

What should be the discussion is whether they are ready for digital money and I would say the answer is yes because a lot of these banks have experts working for them, updating their software and ready to roll into a new financial world but what I will say is the laws guiding their activities which if it allows them, it wont be long before everything fall in line

If this happens, fiat money will be useless and its value will deflate. But, the government will not accept this kind of situation and they will make amends to prevent it.

if you say electronic money which mean bitcoin is not including it because cryptocurrencies is digital not an electronic money however until whenever fiat or paper money will never lack of interest although the growing of electronic money or digital money rapidly increase but most people will still consider use fiat because it's more easy even not just like electronic money use fiat not necessary to use internet connection for every transactions and fiat already exist since hundreds of years ago so not an easy task to changing habits use paper money

I think it will not be necessary to cash your money or transfer it to a bank account. You can directly pay for your needs by e-currency.

I don't think it's possible to replace fiat money with digital money!
Since the issuance of legal tender has led to the development of many industries, if the country does not issue legal tender, many industries will be closed and many people will be unemployed, all these social problems should be considered!
It's also true that many don't use digital money!

it is more convenience for me to use electronic money, less hustle, no hard time and no waste of time. if all people use this e-money as a regular activity daily, more of us are ease from such problem mentioning above. it is more secure than to carry fiat money to spend, but to replace fiat by this e-money, it is impossible to implement yet. because 70% people around the world has a high usage of fiat than digital money/e-money, so meaning the world of e-money community is very far to happened.

It would be really awesome if all people in this world are using electronic money or digital money such as bitcoin. By this, no country will ban bitcoin or any other cryptocurrency existing in their country.

I think it is user friendly for everyone, by the idea of electronic money but the thing in here is the transfer fee.

If everyone starts using electronic money it can be easily to us to process  and transact  for paying payment and others important things we can do.but we need to be sure if thats are convinient to do.

link" between electronic money and real-life goods has been broken with the arrival of digital technologies.




Check out the New Marketplace for Freelance :

https://www.fieldengineer.com/engineers/telecom-jobs/data-center-technician-jobs/ (https://www.fieldengineer.com/engineers/telecom-jobs/data-center-technician-jobs/)

If everyone starts using electronic money, I think there will be more burglaries, as there are many hackers in the world, but there are still few wallets.