The Emerging Revolution of Cryptocurrency

[Cryptomultiplier]

So many countries are beginning to adopt cryptocurrency in different forms for trade as legal tender, either as part of measures to curb inflation or aid unemployment. El Salvador, Singapore, Central African Republic, Nigeria, are examples of countries who have adopted this advancement in monetary systems. While others made trade or mining on Binance or other alt coins possible, an idea of digitizing the money in ones account was made available to ensure more possibilities to bring those unbanked into the digital economy of cryptocurrency.
The Nigerian Central Bank of Digital Currency, CBDC is a recent technology, in which it is predicted that the use of cash/fiat will be dissipate to zero as it becomes part of our lives.

Is it possible to dissipate completely the use of cash? What plans should be put in place to bring to speed our aging folks who have little or no orientation about the advent of the use of crypto currency? Is the emergence of crypto currency a revolution of cash/fiat?

[palle11]

What plans should be put in place to bring to speed our aging folks who have little or no orientation about the advent of the use of crypto currency? Is the emergence of crypto currency a revolution of cash/fiat?

You have answered your question by yourself , you are using the word aged and revolution don't belong to the aged but for the youth. The aged have passed their prime and have to stay at the back seat for their children to take over the lead and teach them the little that they can learn. Majority of the old people are those that doesn't believe in bitcoin because you have to believe in  Something for it to have effect on you. For them to learn they have to be taught especially the young parents and the old people should rely on their children to help them in transaction.

[dark1234]

Is it possible to dissipate completely the use of cash? What plans should be put in place to bring to speed our aging folks who have little or no orientation about the advent of the use of crypto currency? Is the emergence of crypto currency a revolution of cash/fiat?

from the emergence of cryptocurrency - as a digital money transaction tool - is a revolution of the world of transactions from fiat to digital, it's just that the possibility to make fiat zero, no longer used is impossible because in principle, in my personal opinion, digital cryptocurrencies come to complement the needs and demands of the community a world that is easier, faster and safer to transact than money, while for daily transactions we still need money

[Z-tight]

So many countries are beginning to adopt cryptocurrency in different forms for trade as legal tender, either as part of measures to curb inflation or aid unemployment.

Uh...bruh that is incorrect in my opinion, many countries are not adopting cryptocurrency yet, and there is no country that does its trade with cryptocurrency, they either use their fiat or USD. To curb inflation and unemployment countries have their different economic policies to aid them with that, crypto is not part of it anyway.

El Salvador, Singapore, Central African Republic, Nigeria, are examples of countries who have adopted this advancement in monetary systems.

El Salvador and C.A.R yes, bitcoin is a legal tender there, the other countries no, they have not adopted crypto. You see just two countries of the many in the world have adopted crypto as a legal tender.

Is it possible to dissipate completely the use of cash?

Nope, i don't feel it is possible.

[edgycorner]

It is possible that the use of cash could be completely dissipated, although it would likely take many years for this to happen. To bring our aging population up to speed with the use of crypto currency, educational campaigns could be launched to ensure that everyone is aware of this new technology.
The emergence of crypto currency could be seen as a revolution of cash, as it has the potential to provide a more efficient and secure way of conducting transactions 

[Hydrogen]

Is it possible to dissipate completely the use of cash? What plans should be put in place to bring to speed our aging folks who have little or no orientation about the advent of the use of crypto currency? Is the emergence of crypto currency a revolution of cash/fiat?

Cash is simply better suited for some roles in an economy.

Its impossible for crypto or digital currencies to replace the role of a paper bill for some things. A person can't take a dogecoin and physically insert it in the g-string of a stripper. The same can be said of CBDC. Cash will always be a better option and more expedient for tipping waiters and pizza deliverers. Cash is better suited for having garage sales and buying/selling 2nd hand items at flea markets. There are a wide array of areas where cash is king. And it does not appear that will change anytime soon.

Crypto might be labeled money of the people. There are many who feel excluded and ignored by recent economic and financial trends. They feel their voice is not being heard by their elected representatives. Crypto tokens and coins do appear to be listening, however. Many are turning to crypto and digital 3rd party payment as they feel those are better representing their interests and values.

[Zlantann]

So many countries are beginning to adopt cryptocurrency in different forms for trade as legal tender, either as part of measures to curb inflation or aid unemployment.

I think you are misunderstanding the concept of Bitcoin as a legal tender and Bitcoin as a currency. Bitcoin as a legal tender entails that the country has recognised and nationalized Bitcoin as an acceptable means of payment, thus Bitcoin has the same status like the country's currency.  But when Bitcoin is accepted as a currency it means that it can act as money which can be used as a medium of exchange like other currencies like USD. Only two countries have adopted Bitcoin as legal tender, while many countries accepts Bitcoin as a currency. 

Bitcoin adoption is not the total solution to a country's inflation but citizens can exchange their local currency for Bitcoin to shield or hedge against inflation during recession or currency depreciation. Bitcoin investments has the tendency of creating jobs but also these jobs might not lead to massive job employment. Infact, inflation and unemployment are some of the factors that can limit Bitcoin from striving in a country.

El Salvador, Singapore, Central African Republic, Nigeria, are examples of countries who have adopted this advancement in monetary systems.
While others made trade or mining on Binance or other alt coins possible, an idea of digitizing the money in ones account was made available to ensure more possibilities to bring those unbanked into the digital economy of cryptocurrency.

El Salvador and Central African Republic are in the same category because Bitcoin is a legal tender in these jurisdictions. Singapore is more friendly to Bitcoin than Nigeria where there are strict restrictions on Bitcoin transactions. Bitcoin is a very good tool to enable the unbank gain access to cheap and reliable financial transaction opportunities.

The Nigerian Central Bank of Digital Currency, CBDC is a recent technology, in which it is predicted that the use of cash/fiat will be dissipate to zero as it becomes part of our lives.

The Central Bank of Nigeria's issued Digital currency eNaira is not in the same class with Bitcoin. The currency was created to compete with Bitcoin. The CBN thought it could be used to discourage Nigerians from investing or using Bitcoin. But the eNaira attracted only 270,000 active wallets usera in one year compared to 33.4 million that have used Bitcoin in 6 months. The eNaira would only promote online transactions and make the economy cashless but don't also forget that it is just an online fiat .

Is it possible to dissipate completely the use of cash? What plans should be put in place to bring to speed our aging folks who have little or no orientation about the advent of the use of crypto currency? Is the emergence of crypto currency a revolution of cash/fiat?

There are so many factors that can speed up the adoption of Bitcoin. The spread of Bitcoin education, low illiteracy rate, reduction in the rate of poverty and infrastructural development would be positive to the growth of Bitcoin. People must be able to meet their basic needs, have access to electricity and internet facilities for the to be able to be interested in Bitcoin. Hence dissipating fiat might be fast in developing nations, while emerging economies might catch up later.

[Darker45]

No, it is not possible to completely eradicate hard cash from the economy, at least for now and in countries like Nigeria where poverty is a major problem.

Anyway, you've got it wrong on a couple of points.

1. It is false that many countries adopt Bitcoin as a legal tender. Until now, there are only two countries in the whole world that accept Bitcoin as a legal tender, El Salvador and the Central African Republic. Singapore, Nigeria, and the rest of the countries don't treat Bitcoin as a legal tender.

2. The Central Bank of Nigeria does not seek to completely eliminate the use of hard cash. It isn't a plan to implement the use of CBDC to fully replace paper bills and coins.

[mk4]

Is it possible to dissipate completely the use of cash?

If you're talking about physical cash, there are already a good number of countries that are almost totally cashless.

What plans should be put in place to bring to speed our aging folks who have little or no orientation about the advent of the use of crypto currency?

Developers and UI/UX designers either find a way to make things as simple as possible, or if unsuccessful, bitcoin/crypto is simply for the slightly more tech-literate generation.

Is the emergence of crypto currency a revolution of cash/fiat?

Potentially when talking about cryptobitcoin.

[amishmanish]

This was supposed to happen. It is a market trend that new technologies replace the old ones. We no longer use copper or gold coins.. bank notes replaced them. Now too much centralisation has own demerits, and decentralised system has own merits. many countries have realised those merits and world is now moving towards an new era of decentralised financial system.

[TravelMug]

Is it possible to dissipate completely the use of cash?

As much as we hate cash, I don't think it will just simply disappear because of crypto, on the other hand, why not we take advantage of both?

What plans should be put in place to bring to speed our aging folks who have little or no orientation about the advent of the use of crypto currency? Is the emergence of crypto currency a revolution of cash/fiat?

Well I don't have the data, but when the smartphone or at least mobile phone emerges, we thought that the old generation can't adapt. But right now, everyone has at least 1 phone, even maybe above 60++ years old. Did the young gen teach them how to used it? maybe, but for sure majority of them just really evolved. So this could happen if crypto will be the thing in the future. People are just going to adapt, simply as that. We don't need to 'teach' them. And it's better that they are one who is going to approach us, not the other way around.

[TheGreatPython]

It is possible that the use of cash could be completely dissipated, although it would likely take many years for this to happen. To bring our aging population up to speed with the use of crypto currency, educational campaigns could be launched to ensure that everyone is aware of this new technology.
The emergence of crypto currency could be seen as a revolution of cash, as it has the potential to provide a more efficient and secure way of conducting transactions  

Ccash won't dissipate because it is not the same as cryptos. One is digital and the other is physical, both are needed in different situations. Also not all have the ability to use a crypto. Educational campaigns are already been there before, the government provides it. We have public schools but still not all are willing to study. Same thing could be expected when there are crypto classes.

Crypto is an evolution of cash. It is invented so that we will have something to use online since people seen the importance of the internet. Crypto itself did also revolve through the years. Right now, we already have cbdc's but this is likely to be ignored due to its centralized properties.