The shift to digital money changes everything!

[Swordsoffreedom]

Like we're now starting to see; governments, financial institutions, and even households are pushing or accepting the possibility of a very high percentage shift to digital money.

Although it has its many advantages as one would, it completely changes everything about human discipline.

Firstly, digital money comes with the flexibility of easy transfers, and easy transfers mean easy and fast spending.

Secondly, there's less physical awareness of money. What this does is changing the spending psychology of individuals.

The shift to digital currency doesn't just change transactions, it changes the discipline of individuals.

No, the change you described happened with the shift from cash to card accounts. And that process has been going on for over 20 years.
The cryptocurrency monetary system is about something a little different. It’s about anonymity, decentralization, and independence from the whims of the central bank.
But... to my HUGE regret, we’re still a long way from that.

As far as I know, internet banking originated in 1990, and the trend of cashless payment has been implemented in developed countries since 2000. Then, with the advent of mobile banking and paypal, people habits gradually changed. You are right, the shift to digital money has been going on for quite some time now, it is nothing new

Regarding crypto, it is too early to say anything. We do not even know if it can survive and thrive in the next few decades, let alone change the world.

[michellee]

Since Covid attacked, everything changed and the situation was not the same. The government sounding to reducing the use of the cash to their citizen to reducing physical contact and that makes cashless slogan increases among the people. The effects is digital money takes their position and winning the people by giving an easiness to use that. The shift to digital currency grow and we may not see cash in the future so that changes everything. The young generations already use digital money as we can see in many stores that they just need to scan the code to pay the products.

[brother brother]

Change is inevitable, we are in scientific world, so the use of technology and science is active!. I don't hold that the shift to digital currency change everything. One could be financially discipline or not financially disciplined with digital or not digital currency!.

[DrBeer]

Like we're now starting to see; governments, financial institutions, and even households are pushing or accepting the possibility of a very high percentage shift to digital money.

Although it has its many advantages as one would, it completely changes everything about human discipline.

Firstly, digital money comes with the flexibility of easy transfers, and easy transfers mean easy and fast spending.

Secondly, there's less physical awareness of money. What this does is changing the spending psychology of individuals.

The shift to digital currency doesn't just change transactions, it changes the discipline of individuals.

No, the change you described happened with the shift from cash to card accounts. And that process has been going on for over 20 years.
The cryptocurrency monetary system is about something a little different. It’s about anonymity, decentralization, and independence from the whims of the central bank.
But... to my HUGE regret, we’re still a long way from that.

As far as I know, internet banking originated in 1990, and the trend of cashless payment has been implemented in developed countries since 2000. Then, with the advent of mobile banking and paypal, people habits gradually changed. You are right, the shift to digital money has been going on for quite some time now, it is nothing new

Regarding crypto, it is too early to say anything. We do not even know if it can survive and thrive in the next few decades, let alone change the world.

That is precisely the problem-in today’s world, given the actions taken by governments and institutions aimed at restricting the use of cryptocurrencies, cryptocurrencies could become a “financial outcast.” The problem is that CONTROLLED finance is the foundation of POWER. Decentralized monetary systems (cryptocurrencies) pose a direct threat to such systems.

[Nanga Parbat]

It's a good start to get rid of receipts because we're all dumping it to the trash after receiving it. While with transaction receipts that are online, we get to receive and keep it without having the paper copy which is more convenient IMO.

There is no need to keep wallet in your pocket. Now world is moving towards cashless transaction. Where there is no need to keep records of every transaction in your file. Every thing is now available on record. Need is just to cope  with this new updates because it is in real in our own interest. More interesting thing is that it is completely secure with your strong password. But yes few scam is registered  in the transaction but it is not the fault of the system. We can not put blame of our negligence on the transparency of this system.There is need of some education regarding how to keep in secret your password or your personal details. The system is greatly appreciated because of its convenient and because of its speed of transferring the money.

[bhadz]

It's a good start to get rid of receipts because we're all dumping it to the trash after receiving it. While with transaction receipts that are online, we get to receive and keep it without having the paper copy which is more convenient IMO.

There is no need to keep wallet in your pocket. Now world is moving towards cashless transaction. Where there is no need to keep records of every transaction in your file. Every thing is now available on record. Need is just to cope  with this new updates because it is in real in our own interest. More interesting thing is that it is completely secure with your strong password. But yes few scam is registered  in the transaction but it is not the fault of the system. We can not put blame of our negligence on the transparency of this system.There is need of some education regarding how to keep in secret your password or your personal details. The system is greatly appreciated because of its convenient and because of its speed of transferring the money.

There are still a lot of merchants that are issuing receipts and that's why it's still important for me to keep some of those for a few days. But I dispose them, I just think of it that it's a real waste when they issue it when they can simple make things digital. The less production of paper receipts is going to help the world in a little way that we can. That's why when I also withdraw from from the ATMs, I am not printing the receipts anymore. So that little gesture means a lot already to the environment and we can contribute in that way.

[hyudien]

The shift to digital currency doesn't just change transactions, it changes the discipline of individuals.

For others perhaps yes, but for me it's the opposite. Digital money makes me spend more extravagantly, especially since everything can now be purchased online, and you can find anything. Conversely, when I hold physical cash, I can still control my spending, but one thing I've noticed is that this is probably because I rarely leave the house. In essence, it's true that digital money changes people's discipline. Honestly, I still have to adapt even though I've been using digital money for years.
Importantly, this behavior doesn't apply to Bitcoin, as I still consider it an asset.

[Bitcoin_people]

Yes, currently we can see that most of the government and private institutions are paying the most attention to digital currency. By using digital currency, people are going towards their complete discipline and making their life easier. We can currently see that payments and transactions are accepted in digital currency online, digital currency is also being used in government institutions, education, and medical fields. Currently, the use of money is decreasing, the use of digital currency is increasing, people now do not want to use paper currency very much, but they prefer digital currency more. Moreover, currently we can see that many people complete their transactions with Bitcoin and there are many benefits in it, which can be easily transacted with Bitcoin in the corners of the world. People of the current generation are more trustworthy through Bitcoin and currently most people trust Bitcoin.

[iBaba]

As far as I know, internet banking originated in 1990, and the trend of cashless payment has been implemented in developed countries since 2000. Then, with the advent of mobile banking and paypal, people habits gradually changed. You are right, the shift to digital money has been going on for quite some time now, it is nothing new

Regarding crypto, it is too early to say anything. We do not even know if it can survive and thrive in the next few decades, let alone change the world.

In fact with what you have just mentioned or described now, I am even more hopeful that crypto will do more in performance than most of these solutions offered earlier. I have envisioned the future of cryptocurrency especially bitcoin from the past and present performance of them and based on that I think bitcoin will stay for a very long time surviving different financial models and technologies that are emerging.

The cashless society is the new market right now and it comes with a system that gives you ownership and control you a large extent and that is one single thing that many of us have not seen since the coming of the cash and even cashless payments.

[Swordsoffreedom]

As far as I know, internet banking originated in 1990, and the trend of cashless payment has been implemented in developed countries since 2000. Then, with the advent of mobile banking and paypal, people habits gradually changed. You are right, the shift to digital money has been going on for quite some time now, it is nothing new

Regarding crypto, it is too early to say anything. We do not even know if it can survive and thrive in the next few decades, let alone change the world.

In fact with what you have just mentioned or described now, I am even more hopeful that crypto will do more in performance than most of these solutions offered earlier. I have envisioned the future of cryptocurrency especially bitcoin from the past and present performance of them and based on that I think bitcoin will stay for a very long time surviving different financial models and technologies that are emerging.

The cashless society is the new market right now and it comes with a system that gives you ownership and control you a large extent and that is one single thing that many of us have not seen since the coming of the cash and even cashless payments.

In theory, cryptocurrency could be considered the most effective solution to date. But as DrBeer stated above, control is the foundation of power, and government will never relinquish or allow anything that undermines this power. Therefore, Bitcoin may have the potential to last a long time, but we cannot rely solely on Bitcoin performance and achievement, or assume that just because it is good, it will easily replace the current system. A system that the government is currently protecting at all costs.

I do not know what system will replace the current one.  But I'm sure it will be a government controlled system, not a decentralized one as many people are thinking.

[Emitdama]

My psychology changed when I adapted to digital money that's true, but otherwise I'm much more wasteful using cash than digital, I see the digits in my account and wallet always look a little bit so I'm not easy to spend using digital money and makes me less wasteful, but when using cash (paper) it's much easier because I feel I have a lot of money and spend it slowly every time I travel out and feel that I still have a lot of money if.

Some people have reverse psychology they feel more wasteful using digital money than cash itself.

There is a very valid and reasonable psychology behind it. Because when you are using lets say USD, you know that in 5 years that USD will worth a lot less, and if you are living in a hyperinflation nation then you are going to spend as much as you can, even make a debt, because you know that everything will worth more later on if you do not buy it right now.

Whereas, if you do spend BTC on anything, that means you are spending something that will worth more later on, so if you spend 10 dollars now, you are spending 20 dollars of the future, and just like that pizza guy who spent 10k bitcoins on 2 large pizzas, you fear regretting that decision. So most people, if ever spends their btc, they end up buying as much again just in case.

[DrBeer]

It's a good start to get rid of receipts because we're all dumping it to the trash after receiving it. While with transaction receipts that are online, we get to receive and keep it without having the paper copy which is more convenient IMO.

There is no need to keep wallet in your pocket. Now world is moving towards cashless transaction. Where there is no need to keep records of every transaction in your file. Every thing is now available on record. Need is just to cope  with this new updates because it is in real in our own interest. More interesting thing is that it is completely secure with your strong password. But yes few scam is registered  in the transaction but it is not the fault of the system. We can not put blame of our negligence on the transparency of this system.There is need of some education regarding how to keep in secret your password or your personal details. The system is greatly appreciated because of its convenient and because of its speed of transferring the money.

There are always two sides to every coin. Switching to cryptocurrencies is a good idea in theory, but it also has many drawbacks.
For example, older people, not all of whom can use bank cards. Do you want to offer them a crypto wallet?
The second problem is that stolen funds or a lost private key are irreversible, unlike the situation with stolen fiat funds, where the chances of recovery are neither 100% nor 0%. There are other nuances as well... In short, you need to take these “nuances” into account.

[junder]

There are still a lot of merchants that are issuing receipts and that's why it's still important for me to keep some of those for a few days. But I dispose them, I just think of it that it's a real waste when they issue it when they can simple make things digital. The less production of paper receipts is going to help the world in a little way that we can. That's why when I also withdraw from from the ATMs, I am not printing the receipts anymore. So that little gesture means a lot already to the environment and we can contribute in that way.

Switching to digital receipts is a great idea. While it might seem like a minor thing, if we actually make the switch to digital the impact could be significant. I often see receipts scattered all over the floor in stores and while we usually dismiss this as a minor issue, if there’s a way to improve the process switching to digital is one approach worth trying though perhaps not all companies have considered this option.

[alastantiger]

The shift to digital currency doesn't just change transactions, it changes the discipline of individuals.

Gold was hard to spend and cash was also hard because they were all physical and with time we had physical attachment to them but digital money are easy to spend. A lot of people get to spend the digital money they have from their wallet without knowing that they have spent money because they have no connection to the money and they think that they can earn the money easily hence they spend it easily too. The world is becoming digital and this makes spending very easy and a lot of people are so undisciplined with the way they spend money, they treat money like it is nothing and money does not like to be treated uncontrollably. Digital money made us to become less aware of our expenses and the government also knows this that is why they are trying to digitalize everything with an excuse that they are trying to make the world more global.

[bitcoindusts]

Like we're now starting to see; governments, financial institutions, and even households are pushing or accepting the possibility of a very high percentage shift to digital money.

Although it has its many advantages as one would, it completely changes everything about human discipline.

Firstly, digital money comes with the flexibility of easy transfers, and easy transfers mean easy and fast spending.

It is the form of money that changes not the person.  I do not know how you come to conclusion that these changes in money being digital had affected thrifty people or those people who knows how to manage their finances.

I think you only observe people who are naturally a spender shifting from spending physical money to spending digital money.

Secondly, there's less physical awareness of money. What this does is changing the spending psychology of individuals.

The shift to digital currency doesn't just change transactions, it changes the discipline of individuals.

People who had learn how to manage finances will not automatically change because money transition from physical to digital.  It is still viewed as money and the valuation of people who understand the terms money will be the same whether it is in physical form or digital form.

[DrBeer]

There are still a lot of merchants that are issuing receipts and that's why it's still important for me to keep some of those for a few days. But I dispose them, I just think of it that it's a real waste when they issue it when they can simple make things digital. The less production of paper receipts is going to help the world in a little way that we can. That's why when I also withdraw from from the ATMs, I am not printing the receipts anymore. So that little gesture means a lot already to the environment and we can contribute in that way.

Switching to digital receipts is a great idea. While it might seem like a minor thing, if we actually make the switch to digital the impact could be significant. I often see receipts scattered all over the floor in stores and while we usually dismiss this as a minor issue, if there’s a way to improve the process switching to digital is one approach worth trying though perhaps not all companies have considered this option.

Are you talking about the paper receipts you receive at the cashier after payment?
In my opinion, wherever payments are made using a payment card, the bank retains a record of the transaction. True, it contains only the amount and the payee. Or are you referring to a full-fledged receipt containing all the purchase details (name, quantity, price, discounts, point of sale...)?
If so-for example, in my country, all major chains have been issuing digital receipts for a long time now, provided you’ve installed their app and registered in the system; without that, it’s impossible-they need to identify you somehow. And all online payments have long been generating virtual receipts that you can receive via email.

[Unknown Op]

Yes, currently we can see that most of the government and private institutions are paying the most attention to digital currency. By using digital currency, people are going towards their complete discipline and making their life easier. We can currently see that payments and transactions are accepted in digital currency online, digital currency is also being used in government institutions, education, and medical fields. Currently, the use of money is decreasing, the use of digital currency is increasing, people now do not want to use paper currency very much, but they prefer digital currency more. Moreover, currently we can see that many people complete their transactions with Bitcoin and there are many benefits in it, which can be easily transacted with Bitcoin in the corners of the world. People of the current generation are more trustworthy through Bitcoin and currently most people trust Bitcoin.

Today's world is moving toward the digital money and creating a cashless environment that is a huge change as compared to the past where people use to carry cash. Moving toward cashless times is making or wallets getting lighter which is making us to stop and think before spending. Having phone and spending money by a single tap feels like doing nothing and spending our hard earned money without thinking for a second. Digital money is considered as invisible money which is making it easy for us to spend more and more without having proper intention or without noticing that we are spending way too much money . To survive this digital shift we have to be more disciplined in our spending and we have to track our cash ensuring that we are paying for the things we need and saving our money.

[justdimin]

Gold was hard to spend and cash was also hard because they were all physical and with time we had physical attachment to them but digital money are easy to spend. A lot of people get to spend the digital money they have from their wallet without knowing that they have spent money because they have no connection to the money and they think that they can earn the money easily hence they spend it easily too. The world is becoming digital and this makes spending very easy and a lot of people are so undisciplined with the way they spend money, they treat money like it is nothing and money does not like to be treated uncontrollably. Digital money made us to become less aware of our expenses and the government also knows this that is why they are trying to digitalize everything with an excuse that they are trying to make the world more global.

I don't agree with you on the point that spending digitally makes us more irresponsible about how we are spending our money, because that should have nothing to do with how you are spending the money, it depends on how much control you have over yourself and how good you are at managing your expenses. I have used both methods, spending cash and spending money through digital channels, and believe me, they are both the same, in fact, when you have cash, you tend to spend more money, at least that is what I have experienced, because you have it available on you at all times, and you feel you have money so you think of ways to spend it.

So I think that someone who is generally a patient spender and has good management skills, they won't have any issues whether their funds are online or in cash, they will still spend the funds in the same way and will be able to save money if they have that goal, or they will simply distribute their funds according to the budget they have created. Someone who isn't good at managing finances will also spend more even if they have gold on them.

[HONDACD125]

Like we're now starting to see; governments, financial institutions, and even households are pushing or accepting the possibility of a very high percentage shift to digital money.

Although it has its many advantages as one would, it completely changes everything about human discipline.

Firstly, digital money comes with the flexibility of easy transfers, and easy transfers mean easy and fast spending.

Secondly, there's less physical awareness of money. What this does is changing the spending psychology of individuals.

The shift to digital currency doesn't just change transactions, it changes the discipline of individuals.

I don't agree with anything you just said. Easy transfers mean easy spending, but it doesn't necessarily promote fast spending, it's not like only because you are able to make transactions quickly, you are going to spend your money quickly. The pace at which you spend your money would still depend on how you spend it normally, the digital payment systems or channels only make the transactions faster, and it doesn't contribute in any irregularities in your spendings. If you as a person are good with your finances in general, digitalization of payments shouldn't disrupt that at all.

What do you mean by physical awareness of money and a change in the spending psychology of individuals? Physical awareness of money is not an important thing, it's not like fiat currencies in physical form will vanish all of a sudden, or won't have any existence, and even if they don't, they will still be preserved in terms of digital data such as images and videos, and individuals of the future can still be able to know how they used to look if that's what you mean.

[FanEagle]

Doesn't really change a thing for us, because we already grew up with no cash, and we are just moving towards a world where digital changes, it's one form of digital to another form of digital but it's the same. Ever since I started working, I had debit card, and while I did use cash, it wasn't that much a lot, and most often I would just use that debit card instead, and then I had to get a credit card, and now I am doing that instead.

So let's be real, we are talking about a situation where we are dealing with something that is not that easy because if that moved to something else, we wouldn't really care and it would all be the same for us. I would assume that the best thing to handle right now would be just making sure it's different case.