Future of digital money depends on smart phone technology and people's knowledge

[lobat999]

All of us - the people present on this forum all know Bitcoin and all coin famous.
But I think the future development of digital currencies to replace banknotes or banks depends greatly on one of the following factors:
1. Qualifications and knowledge of the people. Because the majority of people today do not fully understand block-chain and technology. So if you want to use cryptocurrency like paper money today, all people have to know how to use technology
2. Smart phones - Must be integrated with technology to make it convenient for people to use
3. Simplification of cryptocurrency developers. How can people easily use like paper money.

And what do you think about my opinion? 

I think you forgot to emphasize the importance of achieving  merchant adoption first - which in essence, is a critical factor on achieving  total mass adoption and without it, usage of cryptocurrencies would only be restricted to a select few and will eventually falter.

As with the case in my country, assuming we could have at least 5 merchant adoptions everyday like convenience stores, groceries, gas stations, supermarkets, coffee shops, restaurants.etc. which, in a span of  2 years, it might produce a vibrant crypto economy allowing the crypto industry to further flourish.

[Ailmand]

In time people know about crypto without teaching the. We always adjust to what comes mainstream without even making an effort of studying what it is. If crypto would be part of our daily life and accepted in the near future. Most likely it will be part of the curriculum in univerisites and colleges. And if it will be part of some businesses and companies would require blockchain knowledgeable employees, people will be forced or it will be in demand to have knowledge about crypto and blockchain tech. So, I think, we will come to a point where crypto will be used every where.

[kryptqnick]

All of us - the people present on this forum all know Bitcoin and all coin famous.
But I think the future development of digital currencies to replace banknotes or banks depends greatly on one of the following factors:
1. Qualifications and knowledge of the people. Because the majority of people today do not fully understand block-chain and technology. So if you want to use cryptocurrency like paper money today, all people have to know how to use technology
2. Smart phones - Must be integrated with technology to make it convenient for people to use
3. Simplification of cryptocurrency developers. How can people easily use like paper money.

And what do you think about my opinion? 

In big and fairly developed countries people are already used to paying without paper money. They use their debit cards with PayPass or even apps on smartphones to perform payments. Both options are possible for cryptocurrencies. The integration of cryptos into smartphones is already a thing, and the payment system could be perfected to become useful for people. However, there are bigger issues when it comes to cryptocurrencies. These issues are related to a number of transactions the network can perform per second. With Bitcoin, this number is very low, which leads to time-consuming and expensive transactions. If we don't solve this in a user-friendly way, we can say "no" to worldwide adoption of cryptos.

[AverageGlabella]

Mobiles are only a part of the growth of crytocurrencies and digital currencies but I will admit that the easier Bitcoin becomes integrated with mobiles and having secure apps for that the more people we will attract to Bitcoin. At the moment Bitcoin is a little bit too complex for the majority of people out there especially the older generation. If we can correct this by developing easier to use software to access and store Bitcoin we should see growth in the amount of people using Bitcoin and apps should be at the forefront of the list.

[Youghoor]

All of us - the people present on this forum all know Bitcoin and all coin famous.
But I think the future development of digital currencies to replace banknotes or banks depends greatly on one of the following factors:
1. Qualifications and knowledge of the people. Because the majority of people today do not fully understand block-chain and technology. So if you want to use cryptocurrency like paper money today, all people have to know how to use technology
2. Smart phones - Must be integrated with technology to make it convenient for people to use
3. Simplification of cryptocurrency developers. How can people easily use like paper money.

And what do you think about my opinion? 

I don't think I agree with you on this to some point. If there is increase in knowledge and smart phone technology and the adoption of digital currency is poor, these will not have any relevant impact in the financial ecosystem. The future of digital currency (cryptocurrency) solely depends on how people adopt to the use of it... Adoption is the key and the determinant of the future of cryptocurrency......

[Expecto]

All of us - the people present on this forum all know Bitcoin and all coin famous.
But I think the future development of digital currencies to replace banknotes or banks depends greatly on one of the following factors:
1. Qualifications and knowledge of the people. Because the majority of people today do not fully understand block-chain and technology. So if you want to use cryptocurrency like paper money today, all people have to know how to use technology
2. Smart phones - Must be integrated with technology to make it convenient for people to use
3. Simplification of cryptocurrency developers. How can people easily use like paper money.

And what do you think about my opinion? 

I agree with your opinions. People should learn about Blockchain technology. I see some universities that try to educate students for Blockchain. Their number is increasing and that makes me very happy.

[lobat999]

All of us - the people present on this forum all know Bitcoin and all coin famous.
But I think the future development of digital currencies to replace banknotes or banks depends greatly on one of the following factors:
1. Qualifications and knowledge of the people. Because the majority of people today do not fully understand block-chain and technology. So if you want to use cryptocurrency like paper money today, all people have to know how to use technology
2. Smart phones - Must be integrated with technology to make it convenient for people to use
3. Simplification of cryptocurrency developers. How can people easily use like paper money.

And what do you think about my opinion? 

I think you forgot to emphasize the importance of achieving  merchant adoption first - which in essence, is a critical factor on achieving  total mass adoption and without it, usage of cryptocurrencies would only be restricted to a select few and will eventually falter.

As with the case in my country, assuming we could have at least 5 merchant adoptions everyday like convenience stores, groceries, gas stations, supermarkets, coffee shops, restaurants.etc. which, in a span of  2 years, it might produce a vibrant crypto economy allowing the crypto industry to further flourish.

Partnerships using banks as a third party will be needed. We all know that if we use digital money to buy goods in any shops we still need to convert it to fiat. It will be useless if crypto is a non-convertible asset to cash in this era. But if we get the full adoption in the cryptocurrency, having banks as the third party will not be needed anymore. We will be free to buy any goods using digital money.

For now such partnerships with banks and other fiat gateways couldn't be avoided since we still need cash but assuming we have achieved a full blown crypto mass adoption over a span of several years then there is no need to utilize fiat money as a medium of payment anymore and thus it would now become obsolete and useless.

[Reosta_]

All of us - the people present on this forum all know Bitcoin and all coin famous.
But I think the future development of digital currencies to replace banknotes or banks depends greatly on one of the following factors:
1. Qualifications and knowledge of the people. Because the majority of people today do not fully understand block-chain and technology. So if you want to use cryptocurrency like paper money today, all people have to know how to use technology
2. Smart phones - Must be integrated with technology to make it convenient for people to use
3. Simplification of cryptocurrency developers. How can people easily use like paper money.

And what do you think about my opinion? 

Smart phones really play a big role for this new technology. There are already some phones that is based on Blockchain technology and the number of this kind of phones will be more than now in the future.

[Kyraishi]

All of us - the people present on this forum all know Bitcoin and all coin famous.
But I think the future development of digital currencies to replace banknotes or banks depends greatly on one of the following factors:
1. Qualifications and knowledge of the people. Because the majority of people today do not fully understand block-chain and technology. So if you want to use cryptocurrency like paper money today, all people have to know how to use technology
2. Smart phones - Must be integrated with technology to make it convenient for people to use
3. Simplification of cryptocurrency developers. How can people easily use like paper money.

And what do you think about my opinion? 

I think you forgot to emphasize the importance of achieving  merchant adoption first - which in essence, is a critical factor on achieving  total mass adoption and without it, usage of cryptocurrencies would only be restricted to a select few and will eventually falter.

As with the case in my country, assuming we could have at least 5 merchant adoptions everyday like convenience stores, groceries, gas stations, supermarkets, coffee shops, restaurants.etc. which, in a span of  2 years, it might produce a vibrant crypto economy allowing the crypto industry to further flourish.

In my opinion, only after the first 2 points are achieved, can we get full-wide merchant adoption, right now, BTC is either too unstable or too new, or too hard to use for some merchants, and once that barrier gets eliminated, it'll be very easy for merchants to just pick up BTC as a payment adoption.

It is very important it does happen though, and we need to see more explanations and the older generation more interested in the currency and utilising it before we can ever hope for full adoption.

Great post OP, I liked that you mentioned smart-phones, I think they'll be very cruical for adoption, with how important they are t people.

[bering]

There are plenty of population people in the world who do not understand blockchain technology because they have limited source to learn and the worst too some of them do not understand how to use smartphone and OP says makes sense that useful technology cannot be optimize if people don't understand to use the technology itself so before develop it i think first of all we have to makes people aware and know for blockchain technology

[Genemind]

Rather than smart phones, the future of digital currencies will most likely to depend on the acceptance of the governments. If governments would accept digital currencies, there's a high possibility of it being taught in schools to give knowledge regarding blockchain technology. And with that, it'll cause additional recognition by the people that may lead for smart phone companies to innovate their product.

I agree with you. Things will get easy if the government would accept cryptocurrency. If the government would approve the adoption of Bitcoin, it would be easy to pursue its goal as a digital currency. People really need to be informed about the importance of digital currency and must have enough knowledge of how it really works. There's still a lot to go through for digital currency but I believe that as the technology grows each day, the blockchain technology will grow either.

[metallica101]

All of us - the people present on this forum all know Bitcoin and all coin famous.
But I think the future development of digital currencies to replace banknotes or banks depends greatly on one of the following factors:
1. Qualifications and knowledge of the people. Because the majority of people today do not fully understand block-chain and technology. So if you want to use cryptocurrency like paper money today, all people have to know how to use technology
2. Smart phones - Must be integrated with technology to make it convenient for people to use
3. Simplification of cryptocurrency developers. How can people easily use like paper money.

And what do you think about my opinion? 

Well, if you add simplification, that there is no real need to know advanced technology. Most people already know how to use a smartphone, and crypto will eventually get to the point where there are supporting features in every phone. The first step would be to regulate it, and work on tech simplification. There are already blockchain-based phones, but they did not do so well due to the lack of interest. With regulations, tech will be able to advance faster, and exposure would arrive as well. Not to mention that a lot of people know about crypto but hesitate to approach it due to the lack of regulation, which causes them to think it a scam.

[Anonylz]

you are not far from the truth at all, this factors you mention plays a vital role in the ability of people to use digital money, one major factor will be education, only those who are educated can be interested in knowing what crypto or digital money is all about, and how to take advantage of it, in a most remote areas where we have high population of uneducated people, this will be a big limitation, it is only when you can read that you will be able to use a smartphones, same applies to understanding a project simplicity.

[dessyhodin97]

yea,i agree. the future of currency has to be better than the former. ease of usage and easy understanding is a key a factor. thanks for bringing up this topic

[qwertyup23]

All of us - the people present on this forum all know Bitcoin and all coin famous.
But I think the future development of digital currencies to replace banknotes or banks depends greatly on one of the following factors:
1. Qualifications and knowledge of the people. Because the majority of people today do not fully understand block-chain and technology. So if you want to use cryptocurrency like paper money today, all people have to know how to use technology
2. Smart phones - Must be integrated with technology to make it convenient for people to use
3. Simplification of cryptocurrency developers. How can people easily use like paper money.

And what do you think about my opinion?  

I would like to add on your list some factors to consider before the world shifts the fiat system to digital currencies in the future:

• Acceptability - the world cannot just shift to a digital currency if the governments of some country do not accept it as the new medium of exchange;
• Adaptability - due to economic discrepancies among developed, developing, and underdeveloped countries, this would significantly prejudice countries who have different priorities regarding their current economic and financial state;
• Technology of the medium - if the world were to shift to a digital currency, it must agreed upon what kind of currency would they reproduce. Since everything that exists in the internet is subject to scams and hacks, the technology behind the currency must be absolute and unalterable for the convenience of everyone.
  

Contrary to what everyone is saying about bitcoin replacing the traditional fiat system, this will not happen anytime soon as the supply of bitcoin is only limited to 21 million. Meaning, people who own the majority of the coins can control and manipulate the price on the market.

[mitchr4]

The most important thing is that these people must have knowledge of today's technology, curiosity must always be there. It's useless to have a good smartphone but knowledge of digital money or digital economy is lacking. Without a smartphone we also can still access things related to digital money. I used to not have a smartphone or the like I just used a computer and laptop to upgrade my knowledge.

[lobat999]

All of us - the people present on this forum all know Bitcoin and all coin famous.
But I think the future development of digital currencies to replace banknotes or banks depends greatly on one of the following factors:
1. Qualifications and knowledge of the people. Because the majority of people today do not fully understand block-chain and technology. So if you want to use cryptocurrency like paper money today, all people have to know how to use technology
2. Smart phones - Must be integrated with technology to make it convenient for people to use
3. Simplification of cryptocurrency developers. How can people easily use like paper money.

And what do you think about my opinion?  

I think you forgot to emphasize the importance of achieving  merchant adoption first - which in essence, is a critical factor on achieving  total mass adoption and without it, usage of cryptocurrencies would only be restricted to a select few and will eventually falter.

As with the case in my country, assuming we could have at least 5 merchant adoptions everyday like convenience stores, groceries, gas stations, supermarkets, coffee shops, restaurants.etc. which, in a span of  2 years, it might produce a vibrant crypto economy allowing the crypto industry to further flourish.

In my opinion, only after the first 2 points are achieved, can we get full-wide merchant adoption, right now, BTC is either too unstable or too new, or too hard to use for some merchants, and once that barrier gets eliminated, it'll be very easy for merchants to just pick up BTC as a payment adoption.

You have a point but I think they can go side by side with merchant adoption and not be a prerequisite with one another. But of course, the first factor is the most important among the two, though I guess ordinary people doesn't really have to understand the inner workings of blockchain technology and its technicalities as this are mostly presented with abstraction with different technologies like web wallets and mobile wallets, block explorers, etc.,  -all of which are presented in a neat and comprehensible way to ordinary users with less technical know-how. Additionally, we don't really need to learn these technicalities on how blockchain works before we can use these apps.

I guess we all just need some basic understanding of blockchain technology and an intuitive and user friendly interfaces for these kinds of crypto applications. Moreover, without these abstractions, blockchain tech and cryptocurrency will have a very high degree of learning barrier, which I'm afraid, mass adoption is near to impossible but look at us now, the number of crypto enthusiasts are growing everyday, thanks to all the developers who had contributed so much in this industry.

[bounceback]

your opinion is actually good, I also think like you, but in my opinion not everyone can adapt well to cryptocurrency because some of them are illiterate, so those who are illiterate will not use cryptocurrency to transact because they do not understand the current technology. in fact, if a smartphone is integrated with shipping technology, it might be easier for us to transact with digital currencies compared to transacting paper currencies.

[manok jepang]

the greatest potential for change is likely to be in the human lifestyle, especially in terms of its socialization. The reason will increase activities that do not have to deal directly, because it can be done on the internet network. It's not enough to end there.
The confidentiality system (anonymous) that has been implemented in the world of cryptocurrency has the potential to have negative activities by unscrupulous elements.

[hotmom]

The second point is much more important than the technology on the smartphone