The shift to digital money changes everything!

[CTO114]

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.

[_act_]

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

How does the digital currencies change the discipline of individuals? I see this to be highly incorrect. People that will live a life of no prudent spending will still continue to live such a life regardless of what means they see available to spend their money. You posted also that digital currencies make transfers easy and fast. It makes people have access to their money easily and fast so that they can spend the money faster if they are not disciplined with prudent spending.

[Hatchy]

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

How does the digital currencies change the discipline of individuals? I see this to be highly incorrect. People that will live a life of no prudent spending will still continue to live such a life regardless of what means they see available to spend their money. You posted also that digital currencies make transfers easy and fast. It makes people have access to their money easily and fast so that they can spend the money faster if they are not disciplined with prudent spending.

It makes it much easier to carry out transactions so op might be wrong a bit because you can easily spend your funds from the comfort of your home. Indeed digital currency have brought about simplicity to the old form of money making it easier to transact.

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.

Digital money began to exist long ago, things like bitcoin only came to expose it to the world and much easier to use. Bitcoin also created the possibility where we don't have to depend on the government and banks for the safety of our funds. You can be your own bank simply by owning a wallet that you control.

[stadus]

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

I also want you to elaborate more on that part, what do you really mean by discipline? Because if I relate it to myself, I’d say I need to be more disciplined so I won’t be easily tempted to gamble, especially since with digital currency it’s very easy to transfer funds, and that could lead to addiction on my part.

[Fortify]

There is a future where digital money and central bank tokens become mainstream, but it is still in its relative infancy right now. Until we see a big country or trading bloc like the EU adopt this sort of system, it will not have the level of trust required to make it. Most of the current crypto, or at the very least bitcoin, struggle with network sizing issues - where they cannot handle anywhere near the required amount of transactions that need to take place each day in comparison to a payment network like visa. The transactions also need to settle instantly and at a cheaper fee or it does not make sense for most businesses to switch over.

[EarnOnVictor]

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.

What are they still trying to push? It's already there. Almost every transactions are done digitally, and even if any country would still be lagging behind today, it would be minimal, otherwise, transactions would be so inconvenient for them. I wonder how many cash would be printed by central banks these days to satisfy the overgrowing world's population. At the worst, I believe every country must have past 70% digital by now, except they are primitive.

[sergiorus]

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 have a question.
do you, OP, or anyone else in this thread, plan to profit off of that?
and if so, how exactly are you going to do that?

[Hewlet]

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.

The major challenge that comes with spending of digital money is the fact that you can spend so much within a short period of time and never know that so much as left you. Within few moments, $100 can just leave you and it wouldn't look like it's a big deal but at the same time, if such an amount is in fiat form, before it even leaves you, you will certainly know and in most instances, it's more deficult spending too much fiat than it is spending digital money.

Convenience is not entirely bad as it makes transaction to happen at a very fast rate but at the same time, if the spender isn't careful enough, what it takes years to accumulate can become easily transferred because of the convenience that Comes with digital money...

[Coyster]

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

When you're talking about digital money, do you mean spending fiat through online banking and other means of electronic transfer. It has to be, because it is not yet easy to spend crypto, due to the lack of merchants ready to accept it for goods and services. Now with that out of the way, back to the topic, i don't know how you came up with this, but online banking does not change anything about peoples spending habits. What are you even talking about, which is even slightly easier to spend: cash in hand or fiat in the bank?

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

Nope it does not. Just because you said so does not make it true, you know.

[Renampun]

Digital money makes it easier for people to make payments, but this has nothing to do with their spending habits, as it's about their ability to limit themselves from spending on unnecessary things. if they can manage their spending wisely, then it won't be a problem for them regardless of whether they use digital money or not, because they've already developed the habit of tracking their spending and are able to spend money wisely.

[Mhizlove]

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

How does the digital currencies change the discipline of individuals? I see this to be highly incorrect. People that will live a life of no prudent spending will still continue to live such a life regardless of what means they see available to spend their money. You posted also that digital currencies make transfers easy and fast. It makes people have access to their money easily and fast so that they can spend the money faster if they are not disciplined with prudent spending.

True I do agree that digital money isn't some magic that will suddenly give someone discipline and if someone don't know how to control how it spends before then fast transfers can even make it worse, one little thing is that digital currencies can help those who want to try like a better tracking of how they spend, alerts and wallet that you can separate from savings this don't change someone's character rather it will support a much better habit if the person has the intention or mindset already

[hugeblack]

Definitions of digital money vary. The current situation isn't bad, as you have the option to create a digital wallet or pay in cash, and you have the option to open a bank account or switch to another bank (although all of these are subject to the authority of the central bank). The problem will arise when CBDCs are mandatory, as governments can then control all your assets, and you won't be able to switch to another digital form.

[Fiatless]

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.

There are different types of digital money, so you have to be specific. Almost everything is going online, so it is not surprising that most households are embracing digital money. However, crypto is gaining much attention, but fiat is still at the top.

But your perception that using digital money improves discipline might not be correct. In fact, I have heard people say that the ease of transaction offered by digital money platforms could lead to financial recklessness.

[Richbased]

OP i was thinking that you will write a concise explanation of how digital money has helped the society but from what you said about digital money changing the discipline of individuals that is not true and i will go in contrary to that because in that aspect we can even consider it as a disadvantage because digital money has made us spend so much in the sense that at the comfort of our homes and place of work, we always access money and can make payment on things that are running through our minds. For the fact that digital money is accessible at all times doesn't mean that it entails discipline. Anything concerning money, whether digital or physical, it is the individual that can control themselves on how to manage it without being reckless.

[Dareo]

Digital currency increases spending this is true in many cases, because the money is not visible to the eye, so the spending seems light, although not for everyone. But at the same time it can also make us more aware of our spending. Now almost everything can be tracked and it is clear where and how much is being spent, In my opinion it is not the medium but the habit. Those who have control over themselves, whether cash or digital, can use both properly. And those who do not have discipline, will spend more in any medium, So the change is not entirely bad, but rather our use determines whether it will be good or bad for us.

[ZAINmalik75]

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.

You are right about the convenience it provides us. We could easily send, lend or borrow money using the digital banking and finance apps. This has its own pros and cons, so we can't really blame every shortcoming in us on digital finance. If we can't control ourselves, then we are to blame, not digital money.

If we need money, we quickly ask our friend to lend us some, sometimes we actually need money and we are very grateful to this system because we can be far away from our friends and relatives and still can recieve money from them in hard times, sometimes it becomes a headache for lenders because borrowers especially friends and families who have this bad habbit of asking for money again and again will keep asking you to send them. A lot of people uses one big excuse "I have hit my account limit" or "My account is blocked" 
But when it comes to spending, we must have control on our selves.

[Donk1]

Well your perspective is straightforward, but the fact is this the technology advancement is rapidly evolving or developing all around the world. I believe these changes are what makes our everyday life more convenient to us because basically you can't possibly be holding a big amount of money in your bag while walking on the street that's definitely unsafe to an individual.

​That said I believe that digital currency doesn't actually change anything not even our self discipline. If someone doesn't know how to manage their money then that's up to them to figure out. Basically, psychologically when you actually keep cash in hand you will often spend it more So yeah folks keep money digital to avoid spending or irrationally using their funds.even at that  There isn't less physical awareness of money because people actually make use of cash almost all the time. Transactions are highly compatible for any kind of payment both big and small but still people tend to collect charges when you do a transfer for them because they will have to still withdraw the money when they need it...​So for me I believe while digital money is good and convenient it doesn't mean that there is less physical awareness of paper money....

 Overall all money as a medium of exchange stands for different things most especially the word exchange. Because if you want to withdraw cash you will have to pay using your bank app or ATM and if you want to pay in you will also need cash to pay it.all this comes down to money being both digital and paper, and still that doesn't change anything In the world of a generally acceptable medium of exchange, value is always there in both.....

[Opiate32]

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

This digital money we're talking about really changes discipline because it exposes discipline of a person in such a way that it clearly provided us with tools that weren't possible before such as instant transfer, transaction history, automatic savings and alerts. And for someone that wants to be disciplined, there's more control now than the cash-based system.

Now, with the digital system discipline has become a skill that can be actively developed. So rather than lowering discipline, digital money has raised the standard for it like never before.

[Cryptomultiplier]

OP i was thinking that you will write a concise explanation of how digital money has helped the society but from what you said about digital money changing the discipline of individuals that is not true and i will go in contrary to that because in that aspect we can even consider it as a disadvantage because digital money has made us spend so much in the sense that at the comfort of our homes and place of work, we always access money and can make payment on things that are running through our minds. For the fact that digital money is accessible at all times doesn't mean that it entails discipline. Anything concerning money, whether digital or physical, it is the individual that can control themselves on how to manage it without being reckless.

I quite understand the point you are trying to make and sincerely I think digital currency would make spending much easier but harder to feel as though one is actually making any expense.
Those who would enjoy the efficient use of digital money are those who are exposed to digital devices, earn more frequently or have a better or more than one source of income stream, else, someone who does earn once in a while or have meager amounts as daily hustle, would find no apparent use for digital money when cash still remains their king.

[Botnake]

It is more convenient on our part making transactions with digital currency as it creates faster and more accurate transactions compared to cash transactions. And that also means easier spending on our part especially with online gambling deposits.

But I don't see the essence of changing the discipline of individuals. Because if you are real disciplined with regards to money, you set limits and boundaries on the amount of your expenses. You don't just spend because you wanted it to, but you spend only when its necessary. That's how discipline works for me, you focus more on the real importance of money, by not spending it if its not align with your plans and goals.