Would you use a digital currency?

Question

Nigeria recently launched her digital currency, is this a blockchain tech?Stumbled upon a report, that says -"In first 12 days of Central Bank of Nigeria Crypto currency eNaira nearly 400,000 new wallets were registered in dozens of countries and customers made 12,500 transactions worth 46.3m naira ($113,000)".One of the reasons, why we are building RT Opensquare (anomaly detection for companies) is to help businesses gain more revenue, accelerate decision making all automated.Learn more on the eNaira here.https://reisparanalyticsacademy.medium.com/enaira-the-nigerian-digital-currency-4e831f1918d4What do you think?

FranksTV · Accepted Answer

I already do. When I go to the grocery store and tap my phone and dollars are transferred digitally from my bank account to the grocery store's bank account.I've taken cash out of an ATM once in the last year, for my nephew's birthday.

muzani · Answer

Somehow a number in a database is more reliable than something tangible like crypto.
What if the server gets nuked? Well, it's still verified by several other servers, I suppose.
Trust? I've had this situation once where a check just disappeared. The bank that wrote the check saw no evidence of it. The bank that I gave the check too also couldn't verify it existed. It later bounced and someone called me to tell me to pick it up at a bank branch. The person writing the check wrote another one. That one suddenly went in twice but I didn't call customer support for that for some reason.
So I don't trust banks at all and currently keep my digital money in 6 different accounts, not including crypto.

yashg · Answer

Total money in the world is about $60T, out of which only $6T is in the form of bank notes and coins. (Source - Sapiens). Most of our money exists only as numbers in the databases of the world's banks. So our currency is already digital and we are using it day in and day out.
When I get paid by my employer, I get a few numbers added in my bank account. When I pay for things, I see those numbers decreasing. It's all digital. Every now and then I do remove some physical money from an ATM, but that makes up a very small fraction of my currency usage.
As far as eNaira goes, it's on a private blockchain. Which is just a fancy name for a database.

gus_massa · Answer

Why is it better that the app of my bank that can be used for exactly the same things? There is a list of features, but the app of my bank has almost all of them.9) I get some monthly interest, like US$0.01, not too much.

drawqrtz · Answer

I would definitely try it out but be very cautious.

Would you use a digital currency?

I already do. When I go to the grocery store and tap my phone and dollars are transferred digitally from my bank account to the grocery store's bank account.
I've taken cash out of an ATM once in the last year, for my nephew's birthday.

Why is it better that the app of my bank that can be used for exactly the same things? There is a list of features, but the app of my bank has almost all of them.
9) I get some monthly interest, like US$0.01, not too much.

I would definitely try it out but be very cautious.