digital payments vs digital currencies

[osasshem]

Digital payment has been before the existence of Digital currency/currencies, where digital payment will only work through a third part platform between the Marchant and the purchaser, of which it is all tied to centralised process. Bitcoin's introduction brought total decentralisation and a public proof of transactions where there is no third party control or intervention.

One challenge I have with digital payment is the fear of having one's transactions hanging on air due to poor internet connectivity which most times when reversed takes days before returning to your account, while that of Bitcoin is different from such, except you use a lower transaction fee, which means, you manually makes a reset to it

[ancafe]

One challenge I have with digital payment is the fear of having one's transactions hanging on air due to poor internet connectivity which most times when reversed takes days before returning to your account, while that of Bitcoin is different from such, except you use a lower transaction fee, which means, you manually makes a reset to it

This is true, especially if you are faced with a complete blackout position so that the internet network process will be disrupted, which can affect the transaction process using digital payments, as is currently happening in several supermarkets in my area. Transactions in bitcoin can also incur large costs when there is heavy traffic on the network so sometimes we have to incur additional costs even though that doesn't happen all the time. There are positive and negative sides to both transactions so their potential really depends on the use made by most people.

In my own area, the use of payments using digital transactions is still not very widespread due to inadequate resource availability, but several supermarkets in the capital city have so far used digital payments and it may make it a little easier for people to make transactions when they want to shop.

[cxtreenal]

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

Before that, you need to know what Bitcoin investment is and why you should stop saving fiat for the future and accumulation Bitcoin. The digital form of fiat is the transaction of fiat with the help of a centralized banking system. You can also make digital transactions through fiat in the case of goods and services. This system may not have been introduced in some underdeveloped countries, but an alternative reflection of digital assets is being seen through this cashless system for financial transactions.

Fiat is depreciating every fiscal year due to the effect of inflation. The sole dominance of the global dollar is threatened in 2025 because the dollar has depreciated alarmingly. Digital storage of the dollar can be more dangerous for investors because this dollar will fall in the future. Fiat is losing value due to the effect of inflation, investors are becoming competitive in storing alternative digital assets especially Bitcoin.

[nakamura12]

I don't know why you said that you cannot prove if the person have sent the payment. I think there should be a transaction record in the all that the person is using to send the fiat digitally. In my country, we ask for screenshot of the receipt that it is sent and also check the account if you have received it in your account. I think I know why you don't trust the fiat digital banking or app since it is linked to your identity unlike Bitcoin. Anyway, It's not easy to find a merchant that accept Bitcoin as payment especially in a country where using bitcoin is prohibited.

[Orpichukwu]

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.

Not all crypto gives total control and permission to users, as only a few cryptos are entirely decentralised; the rest are as centralised as the banking system can be. We love to use crypto for payment, as its fee is cheaper for running international transactions depending on the network you are using and the payment method you also want to use in terms of digital payment, which is not crypto.

[Oluwa-btc]

Anyone can use digital payments and digital currency at the same time.Digital payments change how we pay and digital currency change what we use to pay.They're very similar though but have different meaning while their difference lies in their role in the financial system.Digital currency is a powerful innovation that benefits many people, irrespective of financial differences.It offers global,fast and smooth payments.

[HONDACD125]

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

First things first, there is a difference between cryptocurrencies and normal digital currencies, because a normal digital currency is basically a currency that physically exists, but there is also a digital version of it that you can use through wallets and bank accounts, etc. Cryptocurrencies, on the other hand, use cryptography and blockchain technology, and they exist in that way without any physical existence. So even though cryptocurrencies are digital currencies since they exist digitally, they are actually different than normal digital currencies that we have.

Talking about cross-border payments and then the records or reversal of payments, the reason why digital currencies that we use for payments have no available records for us is because there are third-parties between us and the payments, also, not all digital currencies can be used for cross-border payments, but cryptocurrencies can be easily used for that, and as you mentioned, the payments will be non-reversible and the records will be saved forever in the blockchain for everyone to see and access, unlike normal digital payments where the records are only available forever to the banking channels and not the general public.

[Patikno]

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

What I like most is Bitcoin's superiority, which allows anyone to make transactions anytime, and anywhere (borderless), and this is very different from digital payments. I doubt that any digital payment can be done in every country in the world.

Furthermore, I think digital payments have a privacy disadvantage, which means that every transaction is likely to be traced to the sender, or recipient. This is very different from what exists with Bitcoin, where the sender, and recipient of Bitcoin cannot be traced, as long as they do not reveal their identity publicly. In my country, various digital payments still have loopholes, and various cases of errors by centralized parties can be found in several local media. Even some time ago, one of my friends experienced a similar thing. In essence, something centralized still has so many loopholes. Recently, there was a similar case, as one of the news references, here : medan.tribunnews.com - The Truth Behind the Case of the Lost IDR 200 Million of Customer's Money, Finally, Peace was Reached, the Bank Reimbursed the Loss (need translation to read it)

[Gentle_Soul]

Digital currency and digital payment both have something in common but are different concepts if I should say . Digital payments that has to  do witoh known currencies that are already in use and existing this currencies may include pounds, dollar etc.
While digital currency has to do with crypto currencies that  represents values  online this currencies may include Bitcoin , etherium they are usually for peer to peer transactions.
Personally I look forward to digital currency taking over the world transaction market I feel like it's gonna make transition a lot easier simpler and faster

[AmoreJaz]

Digital currency and digital payment both have something in common but are different concepts if I should say . Digital payments that has to  do witoh known currencies that are already in use and existing this currencies may include pounds, dollar etc.
While digital currency has to do with crypto currencies that  represents values  online this currencies may include Bitcoin , etherium they are usually for peer to peer transactions.
Personally I look forward to digital currency taking over the world transaction market I feel like it's gonna make transition a lot easier simpler and faster

Digital payments is just like using fiat money but in digital form. Nowadays, this type of payment is getting popular because of the technology that we have. As more people are having smartphones, it is just paving the way to more digitalization of things and so with payment options. Digital currencies like crypto is not yet in the mainstream as payment method because of its high volatilitt, other than the fact that most crypto holders are clinging to the idea of high profit for holding such currency.

[TastyChillySauce00]

Digital payments is just like using fiat money but in digital form. Nowadays, this type of payment is getting popular because of the technology that we have. As more people are having smartphones, it is just paving the way to more digitalization of things and so with payment options. Digital currencies like crypto is not yet in the mainstream as payment method because of its high volatilitt, other than the fact that most crypto holders are clinging to the idea of high profit for holding such currency.

I heard bitcoin is mainstream payment method in a country with more fragile and volatile currency. I was pretty doubtful about the statement of volatility because there are currencies out there that's just more volatile and hugely inflationary being used for payment method and people seem to have no problem.

I'm leaning more about explanation of bitcoin being deflationary so people are hesitant to spend because it gives capital gain. If we talk about fee on the other hand, bitcoin's fee has gotten pretty cheap.

[Pablo-wood]

I heard bitcoin is mainstream payment method in a country with more fragile and volatile currency. I was pretty doubtful about the statement of volatility because there are currencies out there that's just more volatile and hugely inflationary being used for payment method and people seem to have no problem.

I'm leaning more about explanation of bitcoin being deflationary so people are hesitant to spend because it gives capital gain. If we talk about fee on the other hand, bitcoin's fee has gotten pretty cheap.

People complain about local currencies that gets highly inflationary, the only difference is the do theirs within their country space and most times the information gets limited to their region. I believe most of them channel their assets towards bitcoin as hedge towards inflation.

Of what use is spending when the capital gain is like a protective measure against highly inflationary currencies. As for fees they are relatively low now making bitcoin even a better choice than the regular fiat.

[Shineup]

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.

What could be more than the libration of a financial freedom from digital currency by the nature of it's decentralization, sending and receiving money without a middle man, highest level of privacy and freedom, what the government does is to promise security and take away freedom, digital currency will always have upper level over digital payment ( fiat) in operation because of the increasing adoption through it's usefulness and important to the advancement of the world.

[Rgram]

Digital payment has been before the existence of Digital currency/currencies, where digital payment will only work through a third part platform between the Marchant and the purchaser, of which it is all tied to centralised process.

I think there is a misconception here as, there cannot be a digital payment system without some form of currency in use.

I think, what you meant to say is, “digital payment did exists before the advent of cryptocurrencies”, that would be more understandable as cryptocurrencies is a form of currency in itself.

I'm leaning more about explanation of bitcoin being deflationary so people are hesitant to spend because it gives capital gain. If we talk about fee on the other hand, bitcoin's fee has gotten pretty cheap.

You wouldn’t be motivated or be drawn to spending or taking more profits because, you understand that every coin you hold is a potential asset and could be valued even more in the near future.

[Guccho]

Digital payment has been before the existence of Digital currency/currencies, where digital payment will only work through a third part platform between the Marchant and the purchaser, of which it is all tied to centralised process. Bitcoin's introduction brought total decentralisation and a public proof of transactions where there is no third party control or intervention.

One challenge I have with digital payment is the fear of having one's transactions hanging on air due to poor internet connectivity which most times when reversed takes days before returning to your account, while that of Bitcoin is different from such, except you use a lower transaction fee, which means, you manually makes a reset to it

Digital payments are convenient, because everyone can use them easily but the problem is that if the network is bad or the system is disrupted the money gets stuck. It's really annoying. With Bitcoin there is no one in the middle hence this transaction is more independent although it takes time to pay less money. I think both have their advantages some will use digital payments for convenience and some will go to Bitcoin for control and freedom that's why I think in the future people will use both but those who need convenience will stay with digital payments and those who need freedom and control will choose crypto. Both both are important in their own right.

[tbct_mt2]

Digital payments are convenient, because everyone can use them easily but the problem is that if the network is bad or the system is disrupted the money gets stuck. It's really annoying. With Bitcoin there is no one in the middle hence this transaction is more independent although it takes time to pay less money. I think both have their advantages some will use digital payments for convenience and some will go to Bitcoin for control and freedom that's why I think in the future people will use both but those who need convenience will stay with digital payments and those who need freedom and control will choose crypto. Both both are important in their own right.

Digital is something very widely applicable and digital payments include blockchain payments too. It's accurate to say like this but traditional digital payments via traditional systems like bank systems are different but less convenient than modern digital payments through blockchains.

Payments through blockchains are seemlessly and are very convenient and accessible for people who are either unbanked, underbanked. It's biggest advantage of blockchain industry compares to traditional financial systems even already are digitalized.

Blockchains for the unbanked.
The role of Blockchain technology in enhancing
financial inclusion.

[bounceback]

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.

Digital payments are indeed more practical when we make daily transactions such as paying electricity bills or paying for other purchases, but so far many people often complain when making payments with digital money because transaction fees are much more expensive and the digital money payment system has many certain limitations that are limited by the payment service provider, unlike bitcoin where we can make transactions freely without having limitations and the transaction costs are also cheaper because when making transactions with bitcoin the costs depend on the network itself, not determined by the service provider like in digital money payments.

[Zigabel]

The decentralisation of payments and custody keeps Bitcoin and a few other cryptocurrency separate from the traditional digital means of payments. You will get to discover that these other digital forms of payments are mostly gateways and tokens which mostly involves third parties but with Cryptocurrency especially Bitcoin, you are sure to not have involvement with third parties and the security of your assets is higher except for some cases of loose end compromise, with all these other digital payments forms, you may have some reasons to nurse some doubts at some point because I believe some of them does have hidden rules and terms which are deduceable from their actual terms, so basically, a lot more is associated with other online and digital payments channels than as with Bitcoin.

[dunfida]

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.

Digital payments are indeed more practical when we make daily transactions such as paying electricity bills or paying for other purchases, but so far many people often complain when making payments with digital money because transaction fees are much more expensive and the digital money payment system has many certain limitations that are limited by the payment service provider, unlike bitcoin where we can make transactions freely without having limitations and the transaction costs are also cheaper because when making transactions with bitcoin the costs depend on the network itself, not determined by the service provider like in digital money payments.

Digital payments work nicely for daily life because they’re fast and accepted almost everywhere which makes them convenient for bills groceries rides and anything routine but they come with limits set by the payment provider and the fees can stack up especially when people transfer money between different platforms or countries.

Bitcoin feels different because the user controls the asset directly and the network decides the fee not some company adding extra charges and that freedom makes it useful for saving remittance and long term movement of money across borders. people like that they aren’t restricted by banking hours regional rules or middlemen who slow everything down. For everyday transactions digital payments still take the lead since they’re simple stable and familiar yet when someone wants long term value or wants to move money without friction Bitcoin becomes the stronger option because it avoids the limitations and cost structure that come with traditional digital payment systems.

[henry_of_skalitz]

The decentralisation of payments and custody keeps Bitcoin and a few other cryptocurrency separate from the traditional digital means of payments. You will get to discover that these other digital forms of payments are mostly gateways and tokens which mostly involves third parties but with Cryptocurrency especially Bitcoin, you are sure to not have involvement with third parties and the security of your assets is higher except for some cases of loose end compromise, with all these other digital payments forms, you may have some reasons to nurse some doubts at some point because I believe some of them does have hidden rules and terms which are deduceable from their actual terms, so basically, a lot more is associated with other online and digital payments channels than as with Bitcoin.

The difference will arise if you go away from centralized entities that offer you (mostly) the most convenient ways of paying up for services / etc.

There, no matter with what you pay, you are still under their watch, but security is still there.