The shift to digital money changes everything!

[Spaceman1000$]

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.

If you want to be meticulous with your spending, you can actually achieve it regardless of the fact that it is easy and fast while making some of these transfers. The reason why financial institutions are advocating for digital money is not necessary because of the fact that they just want to change from the norm to something new, but because of the efficiency that comes with digital transfer of cash, this is a new normal and for every human being that is in this era should be advised to fall along with the tide.

[Fortify]

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.

It's strange you mention digital money, because for a long time in many places like Europe it's possible to go entirely cashless and it has been that way for a long time. That is without having to use crypto currency, but rather with existing and widespread payment providers in coordination with banks. Central banks actually enjoy being able to control their currency, so they have to think carefully about any implementation which has the potential to remove this control like with coins that have a defined circulation - sometimes they want to expand or contract the money supply for different economic goals, which are not always nefarious unlike some people think. Most of the population is already completely digital so it's not exactly a new concept that requires adapting.

[Samlucky O]

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.

How does easy transfer means easy spending on digital money? Or isn't it thesame with fiat? I think you are getting it wrong mate. Digital transfer is not different from fiat transfer if you don't know. because it doesn't make use of physical Cash. Both are thesame thing because it is a cashless transaction, so tell me how it means fast spending? You still have to come up with more reasonable idea.

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

Like I said you should bring more prove to backup what you are saying, because all you are saying does no make sense to me. If digital money changes human psychology of spending then what happens to fiat transfer? Isn't it thesame thing. Do you want to tell me that everyone must go with physical Cash to maintain a good spending psychology? You really need to learn more.

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

Go and sit down friend, you don't know what you are saying. Your transaction is determined by your ability of spending and not digital money. Is there anything special in cash?

[imthegreat]

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 remember very well when the first plastic cards first appeared. It was amazing, and like many others, I was completely skeptical. And you can understand me at the time: I thought it was completely strange that I didn't have paper money in my hands, only a piece of plastic with a black ribbon. I can't imagine how happy the banks were with this transition, because they essentially hold our money until the client demands it. It's as if everyone had already made deposits, and they only keep them when their paychecks arrive. And they only take them when they want to withdraw them.

[gwapako]

That really changes everything. It will make transactions faster and also more traceable. With just one click in our phone, for instance, we can easy buy or sell anything. Cashless society is ideal.

However, digitalization may not be easy for boomers or even in third world countries. It causes digital divide thus, the marginalized group might be exposed to risk.

[Tmoonz]

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.

Already some people lack that discipline on how they spend their money so they shouldn't even shift such blame on the existence of digital money, to every discipline person even before money comes in the budgets has already been set out and nothing makes them go above their plans, it is wrong for people to be using the existence of digital money as an excuse for their extravagant life style and spending, digital money brings enough convenient which people don't have to abuse it's usage, every money you have should be used wisely common sense should taught us this.

[Y3shot]

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.

Let's use the case of Bitcoin. I think for some people who understand the value of Bitcoin, they don't really find it okay to spend their Bitcoin like the way they can spend their fiat. Bitcoin, being a valuable asset and one that yields more profit over time, leads them to adopt discipline just to gain from it.

I don't doubt that people claim digital assets like Bitcoin make them more disciplined because, for sure, if you are not disciplined in spending or in hodling Bitcoin for the long term, it is impossible to invest in Bitcoin and make success from it. So I agree with how discipline relates to Bitcoin.

[goldkingcoiner]

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.

As long as Bitcoin exists, we are safe.

Perhaps Satoshi Nakamoto saw this coming, and in order to protect everyone from dystopic financial utopia fantasy that power hungry politicians seem to always have, especially dictators, digital money would be the introduction of a different kind of fascism.

Money needs to be free and private. Screw "digital government money".

[Pablo-wood]

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.

Already some people lack that discipline on how they spend their money so they shouldn't even shift such blame on the existence of digital money, to every discipline person even before money comes in the budgets has already been set out and nothing makes them go above their plans, it is wrong for people to be using the existence of digital money as an excuse for their extravagant life style and spending, digital money brings enough convenient which people don't have to abuse it's usage, every money you have should be used wisely common sense should taught us this.

It's simple logic if the don't have the discipline to control their spending habits then they will eventually learn when they go bankrupt or run out of money in a time the need it most. Life has a way of teaching people on things they feel they can't control. It's either we enculcate the habit or situation will force it on us. Those who use digital assets to give excuses for their extravagant spending are only actively making those excuses because their cash flow is consistent and constant once there is a shortage or the money stops coming in as supposed they will be forced to adjust.

[o48o]

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.

If someone spends more because it's easier to spend more, that has nothing to do with discipline. It wasn't discipline to begin with if was just matter of accessibility.

Compare these situations:

1: Someone has an easy access to buy something and makes a choice if they buy it or not.
2: Someone has less access to buy something, so they can't make an instant buy.

Whom them you think is using more discipline?

But interestingly physical awareness of money is a good point. For some people it's easier to perceive how much money they got left when they can see it, and it's not just a number at the bank account. This sort of amount blindness happens to me as well, and only way to grasp how much i got is by doing a budget to see how much my expenses take, and how much i can use in 1 week.

[Franklyn-wood]

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.

Thanks that lots of countries are migrating into digital money which is helping them to risduce the risk of carrying cash around that in most case attract theives and robbers who wants to get information about people that people's transactions and collect there money
This also reduces the long que at the bank every now and then causing a lot of people heart attacks and stress, it also saves the high consumption of data to run the transaction and monitor is proper flow.

[sunsilk]

That really changes everything. It will make transactions faster and also more traceable. With just one click in our phone, for instance, we can easy buy or sell anything. Cashless society is ideal.

However, digitalization may not be easy for boomers or even in third world countries. It causes digital divide thus, the marginalized group might be exposed to risk.

Yes, it's the problem for the boomers. They have no awareness of the technology and that's why to adapt and solve their problem.

Merchants still accept cash because that helps them to accept payments that these people pay.

I don't think that there's any division for that. We just embrace the new technology while not leaving the old ones.

[programmer3666]

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.

That’s very factual that shift to digital money is really changing how people behave with money. When spending becomes too easy, people don’t think twice before using it. For example, tapping your phone or card to pay does not feel the same as handing over physical cash, so you might spend more without realizing it. Also with physical cash, you can actually see your money reducing, but with digital money it is just numbers on a screen, so the sense of control is lower.

[r_victory]

A digital financial life has been part of our daily lives for a long time; credit and debit cards, for example, could already be considered digital money, as there is no need to use physical banknotes to make a transaction. Today, digital payment methods have evolved, and we have more options; it's a trend that's here to stay. I believe that soon we won't have banknotes anymore; it's expensive to print and maintain them and to replace the old ones with new ones.

[viljy]

If digital money means CBDC, then it doesn't really change anything except for strengthening control over monetary transactions and simplifying the freezing of money. However, it depends on exactly how the system is implemented. If digital money means cryptocurrencies, then it should be noted that there are two varieties: cryptocurrencies (bitcoin and altcoins), which are actually commodities used primarily as a speculative asset; stablecoins (backed by dollar assets, for example, treasuries). So stablecoins are directly an alternative form of money.

Stablecoins, originally created to preserve value within the cryptocurrency trading system, played a very important role (which probably no one initially assumed). This role is a violation of the Fed's emission monopoly. That is, the emergence of a parallel dollar turnover system with other emission centers.

[shinratensei_]

I'm seeing it as a good change. Less carbon footprint and less trees to cut for a greener world.
On the contrary, I disagree wtih your statement about easy transfers causing fast spending and if what you mean by fast spending is a more consumptive behaviour.

I have a hard time managing cash than managing then money I have in the banks, cash is hard to keep track while I can monitor how much money I have with both bitcoin and bank accounts.

[Bigjoe33]

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.

Let's use the case of Bitcoin. I think for some people who understand the value of Bitcoin, they don't really find it okay to spend their Bitcoin like the way they can spend their fiat. Bitcoin, being a valuable asset and one that yields more profit over time, leads them to adopt discipline just to gain from it.

I don't doubt that people claim digital assets like Bitcoin make them more disciplined because, for sure, if you are not disciplined in spending or in hodling Bitcoin for the long term, it is impossible to invest in Bitcoin and make success from it. So I agree with how discipline relates to Bitcoin.

I quite agree with your points, because there will always be a limit to reckless spending when your money is in digital currency compared to when I'm fiat and within your reach immediately. We won't argue that there are some persons who no matter the form of the money are natural reckless spenders, and will lavish there money anyhow, yea. But I still feel that there is a high level or degree of holding back when in digital currency than fiat. So, there is a kind of discipline associated to it, and it's supper cool. Truth be said, you can easily tell someone or even yourself that you don't have money because your money is in Bitcoin or USDT, if that's not your local currency. At least, it takes sometimes to concert and trade, thus, saving you some spending immediately.

[bhadz]

I'm seeing it as a good change. Less carbon footprint and less trees to cut for a greener world.
On the contrary, I disagree wtih your statement about easy transfers causing fast spending and if what you mean by fast spending is a more consumptive behaviour.

I have a hard time managing cash than managing then money I have in the banks, cash is hard to keep track while I can monitor how much money I have with both bitcoin and bank accounts.

I agree about less carbon and paper trail because for receipts, it will consume paper which means more trees for its creation. If there will be a development that can create more paper without cutting trees and then recycling of materials, much better and that's just fine. Although the problem about this digital or cashless transactions is being connected to the internet when you do it. So, if someone is in area where there's not that much signal, and they're trying to pay it to the cashier, they might have a problem. I've experienced this despite that I am in an urban area and did the transaction, some times there will be disruptions in signals. That's why traditional cash is good as a back up and as well as the savings card.

[SquallLeonhart]

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?

Unfortunately that is very common in the crypto world, there are many people who think that they are right just because they said they are right. He is wrong, and while not only he is wrong, we are not even moving there neither, so all of this is just pure speculation and guess work nothing more.

We should be considering how this could be a problem for the long term and while we are dealing with any of this, we should be considering how this could be something that will take a while but could make it work one way or another. I feel like the best situation we should be considering right now would be that if we are dealing with this, then we should be looking at it very fine without much trouble as well. I understand things are not that easy, but digital money shift is not happening right now.

[slapper]

Electronic money doesn't just affect our spending patterns. It changes how we relate to the concept of having and not having.

Cash had this built-in honesty. You had it or you didn't. Show your wallet, count. There was no ambiguity. Online money brought this strange half-world in which you never know how much you have. You have transactions that are in transit, scheduled payments. And you may not remember the subscriptions you signed up for three months ago that are still charging your account. You don't know how much money you have at any time. This is a new era, we did not use to live like this.

Easy transfer also means easy extraction. Everything is designed to make it easy to get money from your account. One-click purchase. Save your card details. Auto-renew. These are not for YOUR benefit. They're designed to help convert by people who make their living by making it easier for you to do what you want.

The discipline part is the hardest. If you make it easy to spend money and you make it hard to save money, you've just set up the default to spend. People know this. They feel it. They just don't have the words for it. Or perhaps because they feel like they failed and no one likes to admit that.