How do we transition out of the traditional banking, brick and mortar, fiat worlds into a digital currency world?

I think there is a general lack of understanding about money, currency, and what it means and stands for. Fiat is controlled and maintained by a government and the value is agreed upon by parties in its exchange. That drives some a certain amount of predictability, familiarity, and trust. The digital currency us a means of exchange based on supply demand. The current environment, lack of understanding, volatility, etc. makes people unfamiliar pause in their tracks. To move forward with digital currency, redefining and acceptance some of the underlying concepts of digital currency are required. Explaining the advantages such monetary value retention, reduction in fees etc will help bring some awareness.

Anonymous Author
I think there is a general lack of understanding about money, currency, and what it means and stands for. Fiat is controlled and maintained by a government and the value is agreed upon by parties in its exchange. That drives some a certain amount of predictability, familiarity, and trust. The digital currency us a means of exchange based on supply demand. The current environment, lack of understanding, volatility, etc. makes people unfamiliar pause in their tracks. To move forward with digital currency, redefining and acceptance some of the underlying concepts of digital currency are required. Explaining the advantages such monetary value retention, reduction in fees etc will help bring some awareness.
1 upvotes
Anonymous Author
My specialty in the years have been around digital transformation and helping companies make that digital transformation. And so what holds them back from doing it is there's nothing really forcing them to do it, right. So, you know, you're a major bank and you're still making money and people tell you, you should digitally transform because there's a new generation coming up and they want to engage that way. But until they start losing money, they don't. And you think about it, there's such a culture built into these large institutions and there's fiefdoms and it's political power as to what line of business you're running. And so this idea that you're going to come and disrupt it, it's really, really hard to get people to react. What's happened in the past year with the pandemic is that consumer behavior actually has changed. There's been all these FinTechs nipping at their heels, right. In some cases they're kind of starting to say, you'll be our innovation factory, right? We'll change but we'll subsume you. But what we saw is like in the US, the usage of alternative payments and mobile payments is up in the past year. Now people have some other motivation, besides people who are on that early adopter curve who want to use a digital lifestyle. Now you're starting to get maybe people in an older demographic or who are a little less digitally savvy trying it for the first time saying, hey, I like this and making it part of their habit going forward. So I think that will accelerate, like everything else in the past year of digital transformation, this will help to accelerate that because now the consumers demand it and when the consumers go and vote with their feet and go somewhere else, then you start to see the real impact. The problem, I always tell the executives, so it's like, by the time you start realizing you need to do it, it's too late. You don't just digitally transform overnight.
1 upvotes