KOMMONSENTSJANE – QUORA – HOW DOES A BANK CONVERT PHYSICAL CASH INTO A DIGITAL CURRENCY?
July 31, 2020
It is time to talk about our money, now.
Gold/cash, in my opinion, would be a better alternative.
The left radicals like digital because:
Digital is easy to steal and manipulate. Remember the Governor/congressman in the east who was running an investment company and over night all the investors money disappeared and still hasn’t been found. People lost their money.
No, hard cash is the way to continue. What is happening – the governments want to control the people’s money and in return control the people. They have over-spent and now want the savings of the people. Plain and simple.
This must be voted on by the people to see if they want the change. Not just the liberal revolutionary idiots wanting more control.
Jeff Lee, Truth Seeker
Answered July 17, 2019
There is no conversion. I do not understand how intelligent people lose all common sense when they talk about banks and money.
Money is money. The deposit is recorded as your right to your money. The next day, you can get 100% of it back in cash, or ask that it be wired to another bank, or leave it for another day, or have the bank pay another person 100% of it, or pay 50% to someone and you still have 50%. And, any of those transactions can be done with a wire or with currency, it does not matter.
What am I missing? Do you have a different question than the one you used words to express?
There is a lot of information on the net about digital money. Do people really trust those sites that have this money on paper with nothing tangible except numbers on a piece of paper?
By JAKE FRANKENFIELD
Reviewed By SOMER ANDERSON
Updated Jun 27, 2020
What Is Digital Currency?
Digital currency is a form of currency that is available only in digital or electronic form, and not in physical form. It is also called digital money, electronic money, electronic currency, or cyber cash.
Digital currencies are currencies that are only accessible with computers or mobile phones, as they only exist in electronic form.
Since digital currencies require no intermediary, they are often the cheapest method to trade currencies.
All cryptocurrencies are digital currencies, but not all digital currencies are crypto.
Digital currencies are stable and are traded with the markets, whereas cryptocurrencies are traded via consumer sentiment and psychological triggers in price movement.
Understanding Digital Currency
Digital currencies are intangible and can only be owned and transacted in by using computers or electronic wallets connected to the Internet or the designated networks. In contrast, physical currencies, like banknotes and minted coins, are tangible and transactions are possible only by their holders who have their physical ownership.
Like any standard fiat currency, digital currencies can be used to purchase goods as well as to pay for services, though they can also find restricted use among certain online communities, like gaming sites, gambling portals, or social networks.
Digital currencies have all intrinsic properties like physical currency, and they allow for instantaneous transactions that can be seamlessly executed for making payments across borders when connected to supported devices and networks.
For instance, it is possible for an American to make payments in digital currency to a distant counterparty residing in Singapore, provided that they both are connected to the same network required for transacting in the digital currency.
Digital currencies offer numerous advantages. As payments in digital currencies are made directly between the transacting parties without the need of any intermediaries, the transactions are usually instantaneous and low-cost. This fares better compared to traditional payment methods that involve banks or clearing houses. Digital currency-based electronic transactions also bring in the necessary record keeping and transparency in dealings.
Difference between Digital, Virtual, and Crypto Currencies
Since they exist in a lot of variants, digital currencies can be considered a superset of virtual currencies and cryptocurrencies.
If issued by a central bank of a country in a regulated form, it is called the “Central Bank Digital Currency (CBDC).” While the CBDC only exists in conceptual form, England, Sweden, and Uruguay are a few of the nations that have considered plans to launch a digital version of their native fiat currencies.
Along with the regulated CBDC, a digital currency can also exist in an unregulated form. In the latter case, it qualifies for being called a virtual currency and may be under the control of the currency developer(s), the founding organization, or the defined network protocol, instead of being controlled by a centralized regulator. Examples of such virtual currencies include cryptocurrencies, and coupon- or rewards-linked monetary systems.
Since cryptocurrencies are unregulated, they are also considered to be virtual currencies.
A cryptocurrency is another form of digital currency which uses cryptography to secure and verify transactions and to manage and control the creation of new currency units. Bitcoin and ethereum are the most popular cryptocurrencies.
Essentially, both virtual currencies and cryptocurrencies are considered forms of digital currencies.
Digital Currencies Virtual Currencies Cryptocurrencies
Following are experiences of companies who lost their digital money?
GE, Ford and other major players poured $1.3 trillion into transformation initiatives, 70% of which — or $900 billion —was wasted on failed programs.
Losing that much money to an experiment is bad for the stock holders. The CEO should be fired – is the money in his pocket? Someone has to have it?
So, the moral to the story is – if there is no formula for it working without failing – you have to keep trying to find the path for – where did it go wrong – for it to work and at this time it isn’t working – people continue to lose their money – sooner than later.
That is the governments road to success and that is to make all people POOR by stealing their CASH.
Plain and simple.