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Author Topic: Paper money vs Digital currency  (Read 865 times)
xiboothrezi
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January 10, 2021, 11:02:19 PM
 #41

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. ~
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.

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January 11, 2021, 12:38:15 AM
 #42

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.
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January 11, 2021, 01:43:07 AM
 #43

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.

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January 11, 2021, 03:39:24 AM
Last edit: January 11, 2021, 04:53:46 AM by Sayeds56
 #44

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.

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.

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January 11, 2021, 07:02:45 AM
 #45

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.  

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January 11, 2021, 08:55:30 AM
 #46

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.

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January 11, 2021, 08:59:16 AM
 #47

I starting to prefer Digital currency over Handheld cash. It's becoming must more risks healthwise with the current condition of the world. If anything, current technologies and daily transactions should intergrate to using digital. I think it'll be much better.
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January 11, 2021, 09:07:20 AM
 #48

A large majority of peoples in the world believes on paper money. They think that this is used for buying or selling goods and services. A currency which has a physically appearance in the world.
what large majority ? you can just say large or majority of people .  and why will people think that paper money is use for buying and selling when paper money is really being used for that purpose . all people in the world knows that paper money has no other purpose except for buying and selling  .

Quote
But the upcoming world is the world of  digital currency. Because it is easy and reliable way for sending and receiving money at any place in the world. We can send or receive money within minutes.
But there is a huge difference between both these two types of currencies.
So, it is very difficult that Digital currency will be adopted worldwide. Because of the users are not aware of this new technology and they are not comfortable to use this mode of payment. Because they don't believe in this technology yet.
So, how we  convince the peoples to adopt digital currency?Huh
if there will be upcoming world , that would be newly discover planets . digital currencies arent world but it was only a phrase for calling them a world or world of crypto . if you think that crypto is hard for other people to understand then leave it . you dont need to force or stress yourself teaching them but they can teach them selves if they are willing or bored of their old lives and want to try new things  .

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January 11, 2021, 01:51:03 PM
 #49

If you look at the progress of today's era and technology, many people are already using digital currencies, be it by using credit card or with crypto cryptocurrency.
But for the use of crypto cryptocurrencies such as bitcoin, not everyone can use it, because most of them do not understand what crypto  cryptocurrency is.  Need awareness of themselves, and need real proof of someone  who has been  successful in the  crypto industry.  Usually they will be  interested in entering the crypto
industry, if they see someone who is already successful from crypto. Such abundant wealth results from investing in crypto.

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January 11, 2021, 02:02:46 PM
 #50

actually how to introduce digital money is quite easy, first teach people around the efficiency of digital money later when they understand that one day they will also introduce it to people around them and start spreading or can also make advertisements.
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January 11, 2021, 02:22:56 PM
 #51

I think you need not convince  to adopt digital currency . As per digital currency is full of risk and most of the people don't want to take risk . But  paper money has no risk.  It will not change its number whatever market situation is. But I personally like digital currency .

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January 11, 2021, 02:44:40 PM
 #52

A large majority of peoples in the world believes on paper money. They think that this is used for buying or selling goods and services. A currency which has a physically appearance in the world.
But the upcoming world is the world of  digital currency. Because it is easy and reliable way for sending and receiving money at any place in the world. We can send or receive money within minutes.
But there is a huge difference between both these two types of currencies.
So, it is very difficult that Digital currency will be adopted worldwide. Because of the users are not aware of this new technology and they are not comfortable to use this mode of payment. Because they don't believe in this technology yet.
So, how we  convince the peoples to adopt digital currency?Huh
It seems to me that countries won't switch to digital currency very soon. Until the old generation ceases to be so scared of new technologies and starts learning new things, then the process will begin. Currently we don't have enough technology to use digital currency in daily life. But I also think that replacing paper money with digital currency will have a bad effect on the economy.
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January 11, 2021, 03:06:56 PM
 #53

So, how we  convince the peoples to adopt digital currency?Huh

The adoption of Digital Currency would only be possible once the whole world or most countries would be able to give service to most citizens. It might be possible to a lot of countries with leading technologies like Japan BUT they decided to take it slowly because their country is a great tourist attraction and transitioning into digital currency might render some tourist weirded out in the way how to pay for their needs.

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January 11, 2021, 07:13:47 PM
 #54

Digital money can be called as electronic money too. Here money is transferred via computer or mobile phone. In this system money or currency doesn't have any physical existence. It's not controlled by any authority. On the other hand, paper money has physical existence. It's generally issued by financial authority of a country.
Nowadays, people are preferring digital money. It is said that digital currency is more safer than paper money. Paper money is most of the time inconvenience. On the other hand, digital currency works without any inconvenience. It's easy and time consuming to send digital currency. By using E-cards one can easily send money without wasting any time. But it takes a lot of time to transfer paper money. Digital currency ensure better security. But paper money can't ensure better and high security. It's very risky to carry paper money. But it's easy to carry an E-card. It's easy to know the information of a digital account but it's hard to keep better information about paper money.
But there are some disadvantages of digital currency too. Like: undeveloped and poor countries are not aware of digital currency. There are also some issues in service. Security is an issue too.
But if we compare paper money and digital currency we can say that digital money is far better than paper money. But we can't also stop using paper money.

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January 11, 2021, 09:35:21 PM
 #55

Actually fiat currency exist before creation or introduction of cryptocurrency more especially bitcoin in particular and it's obvious that bitcoin is a general currency which every country can adopt but due to lack of information and adoption of it in different countries people refused to adopt it as most accepted currency, from the basic awareness or impact bitcoin created recently even the least person in my own area is over interested in bitcoin, because the knowledge people adopt from crypto people have to preferred bitcoin more than fiat currency because bitcoin can be use to purchase anything across the countries.

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January 11, 2021, 09:54:17 PM
 #56

I think I can classify the money you send through your banking app as digital money. Most of us need to understand that digital money already exists; you pick up your phone and credit my bank account, that's a digital transfer of money, which is digital money. Bitcoin is no different. The two differences I'll reference are that Bitcoin cannot be withdrawn into physical cash(unlike fiat), and that Bitcoin is not controlled by a centralized system.

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January 11, 2021, 10:48:27 PM
 #57

The adoption of Digital Currency would only be possible once the whole world or most countries would be able to give service to most citizens. It might be possible to a lot of countries with leading technologies like Japan BUT they decided to take it slowly because their country is a great tourist attraction and transitioning into digital currency might render some tourist weirded out in the way how to pay for their needs.
Exactly, we cannot push them to adapt this technologies if they are not yet ready, we can say that maybe yes they are interested on it, but not all countries can afford to comply all the requirements to have internet connectivity that will allow them to buy and to sell digital currency, that is the first and hardest problem that every country should solved but I think we cannot Digitalize the whole world because it costs a lot of money and they have other priorities.
I do not think that at this stage it is necessary to introduce full digitalization of currencies in the economic life of an individual state, because the existing system of paper money has already proved its efficiency and viability. In real life, anything can happen, from natural disasters to man-made disasters, and disrupt the operation of technological equipment and paper money can help in such conditions.


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January 12, 2021, 03:12:30 AM
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 #58

Digital money can be called as electronic money too. Here money is transferred via computer or mobile phone. In this system money or currency doesn't have any physical existence. It's not controlled by any authority. On the other hand, paper money has physical existence. It's generally issued by financial authority of a country.
Nowadays, people are preferring digital money. It is said that digital currency is more safer than paper money. Paper money is most of the time inconvenience. On the other hand, digital currency works without any inconvenience. It's easy and time consuming to send digital currency. By using E-cards one can easily send money without wasting any time. But it takes a lot of time to transfer paper money. Digital currency ensure better security. But paper money can't ensure better and high security. It's very risky to carry paper money. But it's easy to carry an E-card. It's easy to know the information of a digital account but it's hard to keep better information about paper money.
But there are some disadvantages of digital currency too. Like: undeveloped and poor countries are not aware of digital currency. There are also some issues in service. Security is an issue too.
But if we compare paper money and digital currency we can say that digital money is far better than paper money. But we can't also stop using paper money.

But brother electronic money such as banks transfer, such as paypal, payoneer etc. These ways are centralized and that controlled by a central authority.
But it take huge time to converts whole world from paper money to electronic money. In this payment method, every thing have to be digitalized.
And it also a reliable, fast, convenient way for sending and receiving  money. But  this payment mode is very dangerous due to hackers in the world.

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Luthfiyaaa
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January 12, 2021, 03:53:32 AM
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So, how we  convince the peoples to adopt digital currency?Huh

It will be difficult to convince people to adopt digital currency, because there are many limitations to studying digital currency. for example, not all people understand about the internet and how to use it. it maybe easy for middle and upper class people who understand about the internet, and want to learn about digital currencies. but what about the middle and lower class people who are less knowledgeable about it. difficult. there must be an introduction to them before introducing digital currency directly. unless people in the world will change to a new generation, new generations are obliged to use digital currency for transactions, and begin to leave conventional currencies.

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January 12, 2021, 09:30:24 AM
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maybe in the future people will use more digital money. where every payment we only need to scan. the fact today developments point to that direction. and for paper money, I think it will still be there even though the demand for it in the future will decrease
the demand for the paper money to be used in the offline transaction will be the same although this time so many retails accepted the digital payment system it's not all of the places will be accepting it.
When we are talking about the battle between paper and digital money will never be ended.
If more retail will be supporting the digital payment system and that will make people will not try to hold the paper money and they will prefer to use digital currency. I have always been using digital payment in daily life consider it's much easier but again bitcoin is not good to be used as a daily payment system consider from its scalability and fees.
The demand for the paper money will depend on whether people will wanna move into the digital payment system or not.

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