digital payments vs digital currencies

[sleepfirefly]

digital payments vs digital currency
digital currencies like bitcoin has been an alternative choice for physical currencies over the past years a lot has said that digital currencies are far more convenient because its borderless but as technology advances the creation of digital payments with fiat currencies have emerged the question is do we not need digital currencies like bitcoin anymore if i can store my USD for example digitally now? the answer is still no

there are digital wallets that can be used for payment all across my country and one that uses my country’s local currency but i still don’t completely trust it why? the problem of DOUBLE SPENDING is not eliminated these digital wallets are not completely transparent or at least not as transparent as cryptocurrencies A person can tell you or even show you “proof” of their payment and you just have to believe their word because there’s no other way to check but with crypto since everything is logged in on the blockchain you can see if the transaction has really pushed through so conclusion is crypto remains superior

[JiiBs]

digital payments vs digital currency
digital currencies like bitcoin has been an alternative choice for physical currencies over the past years

It still is and is very much used by a lot of persons today. It’s not so popular as per finding merchants that does accept it for a means of payment for goods but, its constantly growing into the labour market and acceptance too. It’s now a common amongst many online based service lines and operations.

a lot has said that digital currencies are far more convenient because its borderless but as technology advances the creation of digital payments with fiat currencies have emerged the question is do we not need digital currencies like bitcoin anymore if i can store my USD for example digitally now? the answer is still no

Digital means of payment did exist even before the advent of cryptocurrencies. In that, there existed a key problem in which, cryptocurrencies did sort to prevent which was perfected in Bitcoin and that was, it being a centralized means of payment. It’s never p2p as it requires third parties which is the banks and a payment gateway to operate.

Bitcoin by passes all these in its operation and,
Bitcoin utilizes the blockchain in its operation, its completely decentralized and on like fiat where you don’t have total control, be it digital or otherwise, Bitcoin leaves you as the sole administrator of your assets.

[BlackBoss_]

digital payments vs digital currency

Digital is only one factor and you have it with bank transfers already while people have more interests in blockchain and cryptocurrency as such things can provide them decentralization, self-custodial without dependence on either central banks or commercial banks or in general centralized third party in control of their money and their transactions.

With blockchain and cryptocurrency, people can truly self-control their fund, and can broadcast their transactions from non custodial wallets anytime and with any amount they want.

Generally, if you don't have digital currency or any similar currecy, you can not have digital payment.

[ancafe]

digital payments vs digital currency
digital currencies like bitcoin has been an alternative choice for physical currencies over the past years a lot has said that digital currencies are far more convenient because its borderless but as technology advances the creation of digital payments with fiat currencies have emerged the question is do we not need digital currencies like bitcoin anymore if i can store my USD for example digitally now? the answer is still no

Digital payments through various bank and government products are quite dominant in my area because they make it easier for people to make transactions, and perhaps people in general no longer need to carry cash for transactions. Needs are very fortunate for each individual, and perhaps the availability of resources that can be utilized will provide an alternative. Some people view Bitcoin as an asset to be invested rather than used for transactions, so spending Bitcoin for transactions is not a consideration.

Apart from that, we also talk about regulations and most countries do not get permission to conduct transactions using bitcoin because there is a final ban and bitcoin is only intended as an investment step in accordance with applicable regulations so trying to use bitcoin for transactions is an option that needs to be avoided because it does not get permission from the local government regarding this activity.

[X-ray]

Crypto is vastly superior and it's cheap as well. The irreversible transaction is a good thing for merchant who are afraid of chargebacks, etc. Have you seen some cases where the buyers are doing fraud by charging back the payment? That will never happen to bitcoin.

Whenever crypto is available for payment option, I'd always choose crypto most of the time. It's convenient, seamless and just better. Good thing is many stores start accepting it.

[Loyang]

Currently, payments through digital currency are becoming popular. The reason for this is security. For example, payments can be made very easily without the hands of any third party and if a person keeps their money in digital currency, it will not be with a third party or in the hands of a second person, such as a bank.

Another aspect of digital currency payment is that there is no limit to transactions. Many times it is seen that our card has a limit of $ 500 and we can withdraw this amount of money in a day. But if a person makes a transaction through a wallet, then there is no such limit and transactions can be made easily.

[retreat]

I personally use both digital payments and Bitcoin. I see both as having their own advantages. Digital payments are for everyday transactions because they're accepted by more merchants. While Bitcoin can be treated as an investment and remittance, its fees are much lower than those of traditional international transfer methods, and it offers better control over your assets. For everyday needs, digital payments are more practical and stable, but in the long term and for cross-border transactions, Bitcoin is the best choice.

[Outhue]

digital payments vs digital currency
digital currencies like bitcoin has been an alternative choice for physical currencies over the past years a lot has said that digital currencies are far more convenient because its borderless but as technology advances the creation of digital payments with fiat currencies have emerged the question is do we not need digital currencies like bitcoin anymore if i can store my USD for example digitally now? the answer is still no

there are digital wallets that can be used for payment all across my country and one that uses my country’s local currency but i still don’t completely trust it why? the problem of DOUBLE SPENDING is not eliminated these digital wallets are not completely transparent or at least not as transparent as cryptocurrencies A person can tell you or even show you “proof” of their payment and you just have to believe their word because there’s no other way to check but with crypto since everything is logged in on the blockchain you can see if the transaction has really pushed through so conclusion is crypto remains superior

You don't just get it, digital wallets comes with rules and regulations, this is the disadvantages they have vs using crypto as payment solution, it takes nothing to use crypto was payment, there is no rules to follow and there is no need to pass any KYC, digital wallets are linked to banks on way or the other, they have details and information that they shouldn't have.

I spent some Bitcoin on newegg, and I shared no single information about my location or country, all I needed to do is make the payment and they sent my items to where I want them to, you can't or just stop comparing crypto as means of payment solution with digital wallets, they are not standalone, they works in conjunction with banks and centralised entities, you need to link ID and bank details and more.

[AVE5]

digital currencies like bitcoin has been an alternative choice for physical currencies over the past years a lot has said that digital currencies are far more convenient because its borderless but as technology advances the creation of digital payments with fiat currencies have emerged the question is do we not need digital currencies like bitcoin anymore if i can store my USD for example digitally now? the answer is still no

When they say alternative means to make payments aside the fiats is simply pointing at regulatory system whereas, the fiats are regulated while bitcoin is unregulated.
Bitcoin doesn't only serve as an ordinary currency like the USD, Euro and the rest of the traditional currencies but as a digital asset in the ramifications of metal assets like gold and silver with the potentials of hedging values against inflations.
Mobile banking system to send money across the countries has also not been a new technology but has been in trends even before bitcoin was introduced in the 2009 and that mobile technology could still not break the borderless barrier due to regulatory policies and geopolitical disputes amongst countries and you also can't receive funds abroad directly to your local bank account. So there's also where crypto blockchain plays the role with stablecoins where you have to exchange your bitcoin to your local currency.
Bitcoin is just more than the digital currency you think.

[yudi09]

digital payments vs digital currency
digital currencies like bitcoin has been an alternative choice for physical currencies over the past years a lot has said that digital currencies are far more convenient because its borderless but as technology advances the creation of digital payments with fiat currencies have emerged the question is do we not need digital currencies like bitcoin anymore if i can store my USD for example digitally now? the answer is still no

Not everyone can use digital currency. But everyone already enjoys digital payments. People enjoy many conveniences with digital payments, such as no longer needing to carry cash everywhere.

Yes. No. Because USD and other fiat currencies are fundamentally different in terms of their systems, and one of those differences is the level of control over their operations.
In short, I think it's quite clear why Bitcoin is still not legally operated by many countries in leveraging technological advancements.

[woez]

Crypto is vastly superior and it's cheap as well. The irreversible transaction is a good thing for merchant who are afraid of chargebacks, etc. Have you seen some cases where the buyers are doing fraud by charging back the payment? That will never happen to bitcoin.

Whenever crypto is available for payment option, I'd always choose crypto most of the time. It's convenient, seamless and just better. Good thing is many stores start accepting it.

That's what you need to pay attention to, not just because it's cheap and fast. But when we're not careful when sending, and typos often occur, copying and pasting the payment destination address, making sure you don't miss a single letter. If that happens, the merchant won't tolerate it, because the payment won't be credited to their account.

If something like that happens to $50 in BTC, it might be common and not a big deal, but if it's a large amount due to a typo, or if it's pasted into another wallet we've previously used, either by numbers or letters, it can be very annoying. It's a hassle.

I agree that it's practical and fast, and certainly secure because no one want to bother like at a bank, requires verification or a signature before sending or withdrawing money.

[jcojci]

Crypto will exist even if digital payments are available. Those who use crypto will not just use it for payment but also as an investment. We can choose what payment type we want. I don't use Bitcoin as the payments but still use fiat and sometimes use digital payments that integrate with my banks. There are digital wallets like Shopee Pay, Gopay, Link and others that we can use to pay when we buy something. Bitcoin is not used as a payment because the government does not allow it. We still use fiat as a currency although digital payments are available.

[joniboini]

A person can tell you or even show you “proof” of their payment and you just have to believe their word because there’s no other way to check

I'm all for making Bitcoin payments more popular, but in this case, that sounds like a dumb decision from the user instead. Do they agree to use an unknown payment processor that nobody uses, or what? I'm pretty sure most digital wallets will notify you if someone transfers new money, or if you use an escrow, they'll also offer a way for the seller to check the buyer's transaction. Heck, even bank apps will do this. Which app doesn't update users' balances in real time? Maybe I misunderstood this.

[Furball808]

Not sure exactly when payments through qr codes started, probably mid 2010s but it seemed to really have been useful during the pandemic in 2020. During a time where it was dangerous to be in contact with literally anyone else, qr codes saved our lives. The fact that we also can’t go out meant a lot of our payments had to be done through online.

Digital payments through various bank and government products are quite dominant in my area because they make it easier for people to make transactions, and perhaps people in general no longer need to carry cash for transactions.

[Joy_learns_crypto]

digital payments vs digital currency
digital currencies like bitcoin has been an alternative choice for physical currencies over the past years a lot has said that digital currencies are far more convenient because its borderless but as technology advances the creation of digital payments with fiat currencies have emerged the question is do we not need digital currencies like bitcoin anymore if i can store my USD for example digitally now? the answer is still no

You can store your USD digitally but you aren’t storing the USD by yourself without a centralized system the centralized system like banks are technically advancing and the digital payment of fiat is advancing too but digital transfers isn’t the key difference between digital payments using banks and Digital currencies.
The emancipation from the government and centralization is a value bitcoin a digital currency has over Fiat(digital payment)

[Obim34]

digital payments vs digital currency
digital currencies like bitcoin has been an alternative choice for physical currencies over the past years a lot has said that digital currencies are far more convenient because its borderless but as technology advances the creation of digital payments with fiat currencies have emerged the question is do we not need digital currencies like bitcoin anymore if i can store my USD for example digitally now? the answer is still no

Digital currencies like Bitcoin wasn't made to serve as alternative to physical currencies, it was focused on transactions that will go though central system like the banks, considering quickness of transactions, certain constraints with banking regulations, while all these can be bypassed by using Bitcoin as a payment option, fast, simple and decentralized.

The majority of people buying Bitcoin are using it for investment purposes rather than a payment option, in respect to borderless transaction, Bitcoin outsmarts digital wallets based on speed of confirmation, and convenience.

[Bobrox]

Crypto will exist even if digital payments are available. Those who use crypto will not just use it for payment but also as an investment. We can choose what payment type we want. I don't use Bitcoin as the payments but still use fiat and sometimes use digital payments that integrate with my banks. There are digital wallets like Shopee Pay, Gopay, Link and others that we can use to pay when we buy something. Bitcoin is not used as a payment because the government does not allow it. We still use fiat as a currency although digital payments are available.

Cryptocurrency have double function for us not only as digital payment but have benefit using cryptocurrency as investment assets, I think difference when using digital payment as function only and we can use it for investment assets in the future have inflation values. There are many digital wallet available in my country Indonesia nowadays but most of them can't use for investment assets and high risk with our assets saving in digital wallet, many kinds of digital wallet in my country has weakness security easily dispute about transaction.
Bitcoin use for payment still limited for several countries only like El Savador have make it legal but not allow in my country, we only use bitcoin for investment assets but some time as digital payment when transaction with other country to make transaction by sending or receiving its easily.

[macson]

-.-
there are digital wallets that can be used for payment all across my country and one that uses my country’s local currency but i still don’t completely trust it why? the problem of DOUBLE SPENDING is not eliminated these digital wallets are not completely transparent or at least not as transparent as cryptocurrencies A person can tell you or even show you “proof” of their payment and you just have to believe their word because there’s no other way to check but with crypto since everything is logged in on the blockchain you can see if the transaction has really pushed through so conclusion is crypto remains superior

Shouldn't there be a list of transactions you can view when someone sends you a payment? I don't know how your digital payment system works, but in my country, digital payment systems like e-wallets or mobile banking have a clear and detailed transaction history. When a transaction occurs, there's a notification or history you can view, so you can see whether the payment has been received or not, and it's all in real time. And I think that's how most digital payments work, so the chances of people cheating on their transactions are much lower.

For me he best thing about Bitcoin payments is that they're transparent and verifiable through the blockchain. So if you're a freelancer or want to receive international payments, you can receive them directly into your wallet, and there's no chance of tampering with transaction receipts since you can request the transaction ID and verify it's correct. You can then cash out quickly and easily via an exchange, instead of taking 1-2 days or more just to cash out.

[hellocasino]

Interesting discussion. I think both digital payments and digital currencies will continue to develop,
but the biggest difference is still decentralization.
Digital payments depend on banks and regulations, while crypto gives full control to the user.
Both systems will probably coexist, but the direction of innovation seems to favor crypto in the long term.

[X-ray]

That's what you need to pay attention to, not just because it's cheap and fast. But when we're not careful when sending, and typos often occur, copying and pasting the payment destination address, making sure you don't miss a single letter. If that happens, the merchant won't tolerate it, because the payment won't be credited to their account.

If something like that happens to $50 in BTC, it might be common and not a big deal, but if it's a large amount due to a typo, or if it's pasted into another wallet we've previously used, either by numbers or letters, it can be very annoying. It's a hassle.

I agree that it's practical and fast, and certainly secure because no one want to bother like at a bank, requires verification or a signature before sending or withdrawing money.

That can be solved by just pasting and never typing anything and be sure to copy the right thing.

FYI the last few characters of BTC address is checksum and if there's typo the address supposedly become invalid so I usually only check last few characters, but honestly for security always recheck the entire address just in case.