Can money change completely to digital?

darewealth in #hive-167922 • 3 years ago

I have been thinking about the concept of money and how it has been moving in the digital direction. We all understand the money evolution and how the changes have been but can money go fully digital?

I was talking with one of my friends who is new to blockchain and cryptocurrency many months ago and said, he does not think money can do fully digital. What he meant is, can we go to a local market and tell an old woman selling on the roadside to accept Hive or other coins as payment? I replied I don't think that can happen on this side of the world even in 20 years.

Cryptocurrency adoption is different in every country. To some people, it is a threat and some people see it as the current and the future payment system. Currently in Nigeria, trading cryptocurrencies is not a crime but, it is limited. People still run adverts of bitcoin online and no one is killing them but the mind of our current leaders are limited and that is the main problem.

El Salvador accepts bitcoins and that means any market person can easily accept but I still believe not everyone in El Salvador would like to accept digital currencies. Factors could be because of the volatility and the common old concept of money. Many people still believe money should be paper and nothing else feels like money to them.

I think paper money will remain till the end of the world because of country policies but digital currencies will be more used.

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3 years ago in #hive-167922 by darewealth

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yintercept 3 years ago

Anything that holds value can be used as money. Digital money is simply a ledger recorded on a computer. Cryptocurrency uses a encrypted ledger maintained on a distributed network of computers.

Since anything can be used as money, I suspect the ideal economy is one people can use whatever they want to use as money.

The world has been using a form of electronic money for some time. The central banks make loans to member banks. These member banks then loan to the world.

This loan based system has the unfortunate habit of concentrating wealth in a ruling elite formed around the central banks.

The hope of crypto is that by creating a centralized currency, we might be able to turn around the process of centralization.

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esecholo 3 years ago

I don't think so... "Money" really is whatever we choose it to be.

We can use physical commodities as a form of money, like Gold/Silver.
Currency, these days, is typically used as money in the form of Fiat.
Cryptocurrency is a new form of currency, and it isn't commonly treated as money, but instead a commodity.

Money can be both digital and physical as we've already seen. We've had digital money already, but cryptocurrency is a somewhat new concept, at least in the way that its typically not controlled by one centralized organization.

If the internet ever collapses, it's very likely we'll return to physical notes, coins, or bricks of gold.

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