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Author Topic: Electronic Money vs. Physical Money  (Read 9031 times)
Shendy23
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October 21, 2017, 04:06:22 PM
 #1

Hi guys, I just want to know your views and opinion about the difference in Electronic Money (Bitcoin and others) and the Physical Money. Many people now a days are still confuse about the existence of the Bitcoin and how it differ from our Physical Money that we are using to buy necessity. I hope we could share and learn from each other.  Wink Smiley

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October 21, 2017, 04:09:53 PM
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Better invest in crypto. They at least requires some work. In a case of fiat, they can be drawen easely.
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October 21, 2017, 04:14:10 PM
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Actually it's totally different,
even though its name was Cryptocurrency,we can not compare it to actual money aka Fiat.
if we want it to be considered as a 'real currency' we should have a physical form.
right now the best word to describe it is 'Electronic Payment' not 'Electronic Money'.
'Electronic payment' was a tool for people to help them send their money across the world,
it's just a tool and will never replace the real 'money' itself.

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October 21, 2017, 04:25:56 PM
 #4

Hi guys, I just want to know your views and opinion about the difference in Electronic Money (Bitcoin and others) and the Physical Money. Many people now a days are still confuse about the existence of the Bitcoin and how it differ from our Physical Money that we are using to buy necessity. I hope we could share and learn from each other.  Wink Smiley
Bitcoin is just a digital currency and it is completely different from cash, it's not material, it's pure virtual money so no one can tamper with it or eat it. It was. Most people mistake it because they do not really know it and do not know the nature of it, they are happy with the money they are using, it is cash.

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October 21, 2017, 04:32:11 PM
 #5

There's a lot of distinct differences that could be drawn between the two.

1. Fiat can be created from thin air; cryptocurrencies has a set amount of coins to be mined/acquired.
2. Inflationary (fiat) vs Deflationary (cryptocurrency)
3. Region-restricted purchases (fiat); shopping with no borders (cryptocurrency)
4. Requires an intermediary to store money (fiat); you're your own bank (crypto)

These are some of the things that differ crypto from fiat. There's a lot more aside from those things but that's just what I thought off the top of my head.

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October 21, 2017, 04:43:14 PM
 #6

There are some differences between Electronic Money and physical Money. at first, I want to say that Electronic Money is totally dependent on the internet connection, on the other hand, Physical Money is not dependent on anything. Secondly, Electronic money is secure than physical money, because Electronic money is fully protected with your password. and Finally, Electronic Money is not available everywhere but physical Money is everywhere available. That's all the major difference between these two form of money.


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October 21, 2017, 04:47:41 PM
 #7

There are a lot of things that can be compared, this comparison is very important because it is used in our daily life. In comparisons, we can never avoid the advantages and disadvantages of the things being compared.

If we talk about electronic money, which is also cryptocurrency. Cryptocurrency is very secure and only a few reports of it that it is hacked or it is a fraud. Cryptocurrency is very easy to use because it is on the internet and we can use it in transactions in the internet. Bitcoin is one of the famous cryptocurrency and one of the easiest to use cryptocurrency due to its high value and demand of the users. Cryptocurrency has also a wide variant of how we can get it for a specific time span. If we want a higher value of cryptocurrency, it will take a lot of time before we get the value we want and we should work for it so that we can get the value we want. One disadvantage of cryptocurrency is that, you should spend lot of time in the internet if you want to receive the payment you worked for.

Physical money is very useful because it is what we need in our daily necessities. We can buy food, water and clothing with these. Physical money can be earned twice a month or once a month or it also depends on the manager/agency we are working for. There are reports that physical money this days can be cloned which is bad because it is hard to distinguish which is a fake one and which is real money. Physical money can also be robbed by bad people and life can be the value they want to exchange for it.

So i guess, we need to be extra careful on how we use this money both electronic and physical.

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October 21, 2017, 04:59:32 PM
 #8

Hi guys, I just want to know your views and opinion about the difference in Electronic Money (Bitcoin and others) and the Physical Money. Many people now a days are still confuse about the existence of the Bitcoin and how it differ from our Physical Money that we are using to buy necessity. I hope we could share and learn from each other.  Wink Smiley

Agreed, there's a lot of misunderstanding.

I think part of it starts with how you're articulating "electronic money".

Fiat money is physical and electronic. In fact while studies say most of the money supply for the Dollar (for example) is physical (paper, coin), most of the transactions are electronic (i.e., debit card, credit card, ACH transfers).

There are different types of currency which are created by different entities, used in different geographic locations, and have different amounts of buying power (and therefore value compared to other currencies). Each currency can be transacted via electronic or physical means.

Ok, that make sense? If not let's talk.

More specific to your question: what's the difference between Bitcoin and Fiat currencies?

Fiat currencies are controlled by a central entity (i.e., government or bank). This central entity then controls the amount of their currency that's in existence and up to this point that system fiat system has followed the principle of creating more money when it's needed. This creation of more money supply reduces the value and spending power of the existing supply of money. Can you see how these characteristics may be harmful for the public?

Crypto-currencies (e.g., Bitcoin) are not controlled by a central entity, and money supply is finite. This allows the money unit to increase it's spending power as demand increases and supply stays (relatively) constant. They "crypto" part refers to the cryptology used to secure transactions. This is why it's nearly impossible to hack a wallet's private key unless the hacker finds the actual private key or finds your account password.

Ok. I'll stop there...what questions do you have?

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October 21, 2017, 05:06:37 PM
 #9

I use more electronic currency than physical currency. I find more and more often I use electronic form of currency in the form of debt cards. I prefer the ease of cards to cash hopefully we will get to the point where more and more crypto currency are accepted the same way.

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October 21, 2017, 05:13:33 PM
 #10

I'm prefer electronic currency. we just need smartphone for transaction and easy to use but don't forget electronic currency have a bad thing when you are far away from the signal range and no atm in there it will difficulty for transaction.
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October 21, 2017, 05:18:15 PM
 #11

In third world countries where "Cash is King", electronic money still has a long way to go before it becomes the norm.
But putting bitcoin, stock market and foreign exchange in the school curriculum would be a good start.

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October 21, 2017, 05:22:10 PM
 #12

Electronic or digital money is not always synonymous to cryptocurrencies - in fact, most of the fiat money in circulation has no physical form.
It is unwise to think that there is paper money, cash and then every other form of currency which can be transferred digitally can be called 'electronic money'.
Cryptocurrency is a new breed of the money, evolved decentralized, sovereign. BTC or other cryptos have little in common in 'digital' fiat money people store on their bank accounts.
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October 21, 2017, 05:34:04 PM
 #13

Actually it's totally different,
even though its name was Cryptocurrency,we can not compare it to actual money aka Fiat.
if we want it to be considered as a 'real currency' we should have a physical form.
right now the best word to describe it is 'Electronic Payment' not 'Electronic Money'.
'Electronic payment' was a tool for people to help them send their money across the world,
it's just a tool and will never replace the real 'money' itself.


It's not different it's the same thing. Please stop using the phrase"real money". Are you saying bitcoin is not real? What exactly are you trying to say because money is just something of value that someone wants to use because it's easier then trading directly for what you want so you keep something of common value instead. It doesn't matter what it is it is irrelevant in what form it comes. You should understand this by now friend.


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October 21, 2017, 05:46:20 PM
 #14

Bitcoin which we call the electronic money is totally virtual stored in digital wallets. Physical money is totally different from it.
Physical money can be generated more but cryptocurrency is limited. It cannot be generated more. What we have at present will remain the same. And it can be only transferred from one account to other. We cannot hold it. And I think electronic money is more safer and easy to use nowadays.


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October 21, 2017, 05:51:41 PM
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I'm prefer electronic currency. we just need smartphone for transaction and easy to use but don't forget electronic currency have a bad thing when you are far away from the signal range and no atm in there it will difficulty for transaction.
Yes people trend is now turning toward electronic money. in fact  in modern time the importance of electronic money is increasing from time to time. It is more easy to use electronic money as compare to physical money, you can even use it while setting at your home and no need visit a offline shope for shopping.
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October 21, 2017, 05:58:58 PM
 #16

Hi guys, I just want to know your views and opinion about the difference in Electronic Money (Bitcoin and others) and the Physical Money. Many people now a days are still confuse about the existence of the Bitcoin and how it differ from our Physical Money that we are using to buy necessity. I hope we could share and learn from each other.  Wink Smiley

Im assuming by physical money you mean specie and fiat. Cryptos arent the only "digital monies" in existence; there were centralized options without a block chain in play long before blockchains were even a thing. Consider PayPal, Obolpay and even E Gold (it died a very bad and protracted death). E monies require electricity,as per the name. For the convenience they provide, it is completely overshadowed by the fact that electricity just isnt everywhere. I want to be able to buy with no restrictions. Having to be connected, or powered is a hell of a restriction Wink
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October 21, 2017, 06:09:09 PM
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There's a lot of distinct differences that could be drawn between the two.

1. Fiat can be created from thin air; cryptocurrencies has a set amount of coins to be mined/acquired.
2. Inflationary (fiat) vs Deflationary (cryptocurrency)
3. Region-restricted purchases (fiat); shopping with no borders (cryptocurrency)
4. Requires an intermediary to store money (fiat); you're your own bank (crypto)

These are some of the things that differ crypto from fiat. There's a lot more aside from those things but that's just what I thought off the top of my head.

Nice said. But on important fact for me is the point number 1. A lot of bad things happens when you print money and this creates inflation and everyone is doomed. With crypto you have to mine to create more and with the invention of blockchain you can watch what "they" are doing. If a Government creates a crypto-coin you will be able to detect easily if they are creating more and if they needed more (the initial setup is a fixed number of coins) they have to update the blockchain (create a hardfork). So more control and transparency for all.
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October 21, 2017, 06:14:13 PM
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Both very different tbh. Our physical money is based on the gold standard while crypto is based on demand and some other factors. in order for countries to adopt crypto, they have to figure out what to do with gold. It's still a rare metal tbh.
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October 21, 2017, 06:40:26 PM
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Hi guys, I just want to know your views and opinion about the difference in Electronic Money (Bitcoin and others) and the Physical Money. Many people now a days are still confuse about the existence of the Bitcoin and how it differ from our Physical Money that we are using to buy necessity. I hope we could share and learn from each other.  Wink Smiley
its not that bitcoin is electronic and fiat is physical, in fact most of our money today in fiat isnt made of paper, its all digital and stored as numbers; i believe the actual number was over 90% iirc (as digital). fact is, bitcoin is inherently different from fiat money; cryptography, decentralization, and the inherent need for cybersecurity to name a few. in addition, bitcoin is not backed by anything; the united states treasury was backed by gold at one point (though not anymore), but bitcoin, as an inherently digital asset, cannot be deemed to be worth anything of equal value in the real world except by what its value relative to a currency is determined to be.
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October 21, 2017, 06:41:18 PM
 #20

The only downside currently for electronic based currencies is that it requires internet access to transfer the funds.
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