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When people deposit money to the bank they just give them a number, it is just an illusion and they called it digital money. Though the central bank and the govt print money by their own wish by ignoring the reserved commodity but still all banks of the world will be bankrupt if the users wanted to cash out their money at a time.
Banks know very well how to play with public sentiment, they know all people will never come to cash out money together.

Bitcoin is also digital money but Conventional Digital money and Bitcoin are not the same things. I strongly believe decentralized Bitcoin will replace the govt regulated conventional digital money.