Welcome to the 21st Century America!

[mervyn]

Digital currency is the same as paper currency but exist in digital format, it is not a crypto or payment currency. instead of having a black plastic bag filled with coins and paper money, it just shows on the smart phone, it can transact offline.

Remind you before the smart phone era, there were payments made in cellphone text in Africa.

Thing will go ahead with or without your approval, it is what it is.

But if your phone is out of juice, you are out of luck.

https://cointelegraph.com/news/cbdc...fline-payments-for-digital-yuan-via-sim-cards

https://www.fpri.org/article/2023/06/china-is-doubling-down-on-its-digital-currency/#:~:text=China's digital yuan is a,digitized version of physical RMB.

 

[murray t turtle]

Digital currency is the same as paper currency but exist in digital format, it is not a crypto or payment currency. instead of having a black plastic bag filled with coins and paper money, it just shows on the smart phone, it can transact offline.
But if your phone is out of juice, you are out of luck.

https://cointelegraph.com/news/cbdc...fline-payments-for-digital-yuan-via-sim-cards

https://www.fpri.org/article/2023/06/china-is-doubling-down-on-its-digital-currency/#:~:text=China's digital yuan is a,digitized version of physical RMB.

%%
Good points;
''if phone is out of juice, you are out......''
REALLY as your point proves mervyn \NOT the same @ all.
Coins + FED Note$ require no computer, no smart phone, no plastic card, no electric juice.
Chicom control freak dictator dream.
Fed notes are more fragile than sliver ,gold, copper, cooper coins , buckskins[aka ''bucks''';
but sure are convenient. I dont want to back an armoured truck up with silver coins every time i buy Real Estate LOL

 

[VicBee]

I realize some want to hang on to their paper and coin currencies as long as they can, but reality is that we are well on our way to dematerialization. There are many more good reasons to do this than not, and there's no reason that democracies should hold off because of 5he further control dictatorships will have on their population.

Dematerialized currency is already mostly adopted in Europe and parts of Northern and Southeast Asia, for example. For my part, I like the transition because it will be far more difficult for dark money to circulate unnoticed, such as drugs, weapons, fraud, etc. Traceability is key and, again, can be both used for good and bad.

 

[virtusa]

But if your phone is out of juice, you are out of luck.

No, not always. Depends on what transaction you wish to do.
In Europe we can pay with our bankcard (with NFC chip) contactless in any shop, restaurant,fuel station, etc. We don't need our phone at all.
Only if you wish to send money to someone else, or pay an invoice with QR code, you need your phone.

Example: when my car was for maintenance in the dealership, I received an invoice. I could pay with my bankcard contactless when still in the dealership. Or I could go home, receive the invoice by mail, and scan the Qr code to make the payment with my phone.

We also have Itsme.
https://www.itsme-id.com/en-LU
For almost all websites belonging to banks, hospitals and the government, we can log in without username and password. So forget all these horrible passwords. Just use your phone, log in on Itsme (without any password or username), give your phonenumber and a 5 digit code and that's all.
Any website can connect to this system and can stop using usernames and passwords. To hack you, the criminal needs your mobile phone physically and the 5 digit code.

 

[mervyn]

No, not always. Depends on what transaction you wish to do.
In Europe we can pay with our bankcard (with NFC chip) contactless in any shop, restaurant,fuel station, etc. We don't need our phone at all.
Only if you wish to send money to someone else, or pay an invoice with QR code, you need your phone.

Example: when my car was for maintenance in the dealership, I received an invoice. I could pay with my bankcard contactless when still in the dealership. Or I could go home, receive the invoice by mail, and scan the Qr code to make the payment with my phone.

We also have Itsme.
https://www.itsme-id.com/en-LU
For almost all websites belonging to banks, hospitals and the government, we can log in without username and password. So forget all these horrible passwords. Just use your phone, log in on Itsme (without any password or username), give your phonenumber and a 5 digit code and that's all.
Any website can connect to this system and can stop using usernames and passwords. To hack you, the criminal needs your mobile phone physically and the 5 digit code.

that’s just the digital payment, not digital currency. my understanding is that the yuan exists only in this central bank app, not with any commercial banks, etc. hence it is the wallet. of course you can process the nfc or bar code scan when transact, but otherwise it is a cash in digital form.

 

[TheDawn]

Digital currency is the same as paper currency but exist in digital format, it is not a crypto or payment currency. instead of having a black plastic bag filled with coins and paper money, it just shows on the smart phone, it can transact offline.

Remind you before the smart phone era, there were payments made in cellphone text in Africa.

Thing will go ahead with or without your approval, it is what it is.

But if your phone is out of juice, you are out of luck.

https://cointelegraph.com/news/cbdc...fline-payments-for-digital-yuan-via-sim-cards

https://www.fpri.org/article/2023/06/china-is-doubling-down-on-its-digital-currency/#:~:text=China's digital yuan is a,digitized version of physical RMB.

We know what digital currency is. LOL The difference is that digital currency leaves a permanent paper trail in the system that exposes the security and privacy of the currency holder that leaves no choice for the currency holder. That's not the same as physical currency. And physical currency has no payment facility issues. It does not require a smartphone or a machine to transact. I can go into a store to buy a pack of gum and pay with cash. Whether my smartphone is working or not is irrelevant. To create an elaborate digital currency to just eliminate the problem of inability to pay due to cellphones running out of battery is rather comical imo.

 

[TheDawn]

that’s just the digital payment, not digital currency. my understanding is that the yuan exists only in this central bank app, not with any commercial banks, etc. hence it is the wallet. of course you can process the nfc or bar code scan when transact, but otherwise it is a cash in digital form.

If it's just cash, why doesn't China leave both forms in existence, cash in physical paper bills AND in digital form? So the people who still want to use cash in physical paper bills can still do so and those who prefer to use the digital currency can also opt to do so? WHY does China eventually want to eliminate cash in the physical paper bill form and convert it to digital form exclusively?

 

[mervyn]

If it's just cash, why doesn't China leaves both forms in existence, cash in physical paper bills AND in digital form? So the people who still want to use cash in physical paper bills can still do so and those who prefer to use the digital currency can also opt to do so? WHY does China eventually want to eliminate cash in the physical paper bill form and convert it to digital form exclusively?

you have to ask them, eventually we are all die.

 

[TheDawn]

you have to ask them, eventually we are all die.

What does this have anything to do with death? So just because we are all going to die, it's ok that the government kills us? LOL I am really confused on this one.

 

[mervyn]

What does this have anything to do with death? So just because we are all going to die, it's ok that the government kills us? LOL I am really confused on this one.

you bring up eventuality, who cares, until then, you can use cash.