Bitcoin Forum

If there was an alternative currency (paper money) unregulated by the Government would you use it?

Does this mean that this paper money will actually be either private or issued by any business structures? And what will they be provided with and what is the guarantee that the individuals or legal entities who issued them will not go bankrupt in the future? No, I think that such money will not have value and will not be in demand. In any case, I would never use them.

Most money works on the basis that there is something or someone guaranteeing its future value. Mostly holding a currency is an investment in to the government of the country it belongs to, or more specifically the future prosperity of their economy and the demand for their currency. If there was an unregulated paper money it would be hard to guarantee some sort of real value (much like bitcoin), the value would then come from utility, in this case crypto as a digital money is far superior to paper money in many ways and so there would be no incentive to choose this new paper money over cryptocurrency.

Is there something like that? It would be fake if there is unregulated paper money circulating in the community. Such question is not a deal to begin with and cannot be true due to the government not allowing such currency.

probably not. it sounds like "wildcat banking" in america during the 1800s. since there was no federal regulation of banks, there were lots of questionably backed bank notes issued by state chartered banks. as the story goes, these wildcat notes rarely fetched their face value when trying to negotiate them in other states.

anyway, i'm not a fan of private currency. they're essentially debt notes---it's basically like holding USDT and things like that. money shouldn't entail worrying about whether the issuer can really back the notes.

i much prefer decentralized currency, where i can verify for myself against a protocol whether the money is really there.

Yes there is, for example Bristol, England - they do have their own currency which is accepted in many shops. Another city, Hull, was going to run their own cryptocurrency but I don't know how successful they are. Some cities popular with tourists also run their own currencies e.g. Polish Łeba. 

Interesting article: Local UK currencies (https://www.telegraph.co.uk/business/2017/07/27/liverpool-east-london-local-currencies-making-comeback/)

Why does this give me the impression of play money? Also, if this is going to come to fruition, there will be a lot of people printing their own fake bills. I'd rather stick with bitcoins. At least it's got some value.

Bitcoin was called play money in beginning, it was also called ponzi scheme, scam, fraud etc.

And what about vouchers, would you call a voucher play money?

Also, if there will ever be an alternative paper money that is unregulated by the government, it won't last because aside from bitcoin, it will have a greater competition with the regulated paper money that everyone else is already using. Why would people switch to something that doesn't have value to begin with?

Nope. Because "unregulated" and "by the government" are opposite, contradicting things that are impossible to exist side by side. What you describe can only be a scam in its implementation.

   I am not comfortable to agree with the above topic as stated, No government will have such an alternative paper money out for circulation besides the authorized government money under regulation by its Central Bank of each Government. No control for such alternative money out for circulation.

If we have crypto in paper form and every where it has some departments where this will issue and we can exchange it there and in every country there would some banks for it then the popularity and it's use will be more often than now if this available in paper form then it would be more attractive currency.

I remember a few years ago seeing these gold and silver based bills that came in small packs - you would rip each one out like from a checkbook. I've never been able to find the video since, but this is a similar product (if not the same that's been changed) - https://www.peakprosperity.com/podcast/84359/new-way-hold-gold

Gold and/or silver in a papery-like bill would be an excellent alternative currency.

The Cyberius team.

Unregulated means its not approved and not advised to used by the government so if this happens I think no one will use that said fiat money paper money are only controlled by one country and only the government has the right to create and release it no private entity can make another one. 

of course, it would be very difficult for the public to accept if the money was not regulated by the government, especially if the government that made it would cause a lot of counterfeit money and make the money hit by inflation that in a long time will be very worthless, and from the start it will be very difficult if it is because the public trust will be very minimal on money that has nothing to do with the government. I personally might not use it at all because it will have a very high risk

This is not even possible, it means government will have no say or control in the flow of cash. Yes! I will spend such currency though, I think the likes Mfchain innovations working to provide instant fiat to crypto conversion and so many more features bringing about mass adoption of cryptocurrency, creating a border-less economy should be supported. Government currency not contolled is just illusive, no government will create such currency when the have nothing to gain form it.

Why would I use it? what's going to be the purpose?

The government determines the value of a currency and if that is not regulated by them, who's going to predict the value of that currency? Let's except crypto's on this but every currency that exists that didn't came from the government can still be regulated even if it was created or produced by a company.

If it is decentralized then we can use it just like the crypto currencies or if someone backed up that currency than government then it has lot of negativities than the paper currency regulated by the governments.But it is impossible to make such kind of money in paper format because it will be harder to maintain due to the liquidity of the coin.But why we need another new one when we already have cryptos?

Yes, I would use this currency, but if it was supported by some value, such as gold or diamonds.

Its mostly seen as illegal to use undefined or self issued currency not minted by the government of that nation.   I've heard of a few cases where people just turn out plain metal discs and have gotten into trouble because it was seen as a kind of counterfeiting operation that undermined the tax regime.

If you want to use currency outside of your own countries, its better to take up the established currency of a sovereign nation.    In some cases you can hold a gold or silver coin that is still widely traded and accepted as valid.     I realise some will argue its perfectly fine in theory but in practise it raises eyebrows and some alarm.    Just carrying around large amounts of cash can cause forfeiture for example which is not exactly fair but common as an offfence because of the drugs trade unfortunately

Yes if it is being accepted in the form of payment. All things will be considered even if it is an alternative money for it could be use a medium of exchange. And this is how bitcoin is being compared with where some of the establishment are accepting bitcoin as a means of payment.

i just look to above my post seems unregulated paper money is exist but i was never seen such as this before and i personally will never use that because unregulated paper money means this currency is illegal to use because the government only admitted official currency which is the physical is paper money and if there is i think it is risky to be used

That is how I actually see it myself and it would really be irrelevant in the end. First of, the idea is not something that is plausible, and secondly, I guess there would just be too much money to have to spend in a single country alone, guessing the idea that people coming up with their own alternative currency will be surplus and I cannot imagine how that would have turned out. Although, in the area of rendering services however, it can work, but there would be too much turmoil  I guess.

If we have uses of it why not. There are few of them in my country, merchants accept it (usually the bakery, butcher, local bar...) There is even the mayor of a city who is fully paid with one of this currency.
You can use apples as a currency, I pay your tomatoes with apples, then you buy fishes with apples etc. We don't need to get the apples regulated by the government. In the old time, the sugar was the only currency, then gold, then coins, then paper.

Don't forget about salt blocks. It's still being used as currency in some regions of Africa I think.

https://i.pinimg.com/originals/e6/d7/d7/e6d7d7499c9b00b6f1a7df16f7f6e293.jpg

Yes.When the bitcoin replace the paper currency fully,I would start to use of bitcoin and cryptocurrency alone. Even now the acceptance of bitcoin and altcoin is not a legal one in some countries.Only in some countries , bitcoin is illegal.Even their,the people use to inverse their money in cryptocurrency.

The notion of value is completely subjective.

If other parties within my immediate area are able to accept this as a form of payment, then sure, given that the authority who issues it isn't just some random guy with a printer but actually has enforceability in making the currency legal tender or at least, accepted.

However, if it's just paper money issued by another entity without any backing, then I definitely would not use it to store wealth. I'd much rather stick to my decentralised assets for that.

If government issuing alternative currency, it must be regulated. If government issuing new currency, i think most people in the country will use it because money is about trust to government

Well yeah and if we take it literally it's funny. And if there will be one I'm sure that government won't permit this to be in the circulation since it can be use in illegal activities and yeah I'm sure it will be worthless.

Anything that our government didn't acknowledge won't have a value while the cryptos is another story since it's decentralized on its own.

Will the money have a value? Or will the money have a function with properly?

Actually, if cryptocurrency, especially bitcoin only has a function as a payment system, just like fiat money, l less confident bitcoin will survive until now.

Moreover, cryptocurrency has a digital form so any government that will stop the growth of cryptocurrency will find many difficulties. They cant destroy cryptocurrency, just pale to giving regulations on what they accept or prohibit.

Can you imagine, if there is a money paper as an alternative currency, can everyone use it without having to feel worried? Most likely the money will not run well and even everyone will consider it to be counterfeit money.

https://en.wikipedia.org/wiki/Private_currency

Private currency is rare due to regulations severely restricting it.

But loyalty programs and gift cards are in a way forms of private alternative currency.

Gift card codes can often be exchanges for Crypto currency. Some of the first crypto exchanges did that.

Hmm. That is actually something interesting and I have not actually gotten to hear something like that before and apparently with this kind of thing, that is because it was generally accepted by the people within one specific niche if I may say just like you mentioned with the tourists in popular cities. Nonetheless, i feel it is still something that would not really fly that much.

In that case, you should imagine the number of currencies that would actually be available in a single country and if you have to travel globally, how do you think people will be able to relate with themselves to even know what you are holding is a thing worth some value?

There are numerous occasions in which such money issued and of course we use them  because we all love having fun. I'm talking about toy money, or play money, if you prefer, for various table games we all like to play with our relatives and friends. There is also a kind of toy money for parties which you receive for performing a dance routine, singing a song, reciting a poem etc. Although you can't go to a normal store with that kind of money, you can buy a lot of things with them at the party, like drinks, snacks and sometimes even kisses of a beautiful woman.  ;) But apart from for fun, I would never use paper money which wasn't backed by any government. I mean I wouldn't sell a thing for them to a stranger because there could be no guarantee that you will be able to buy something with them tomorrow.

If its going to paper money than there is no need to really use it since it can't be unregulated. The reason why bitcoin and all other crypto is so great is the trust system it has with blockchain backing it, paper money can't be backed by blockchain hence I think it will be "too unregulated", I need to have that regulation come from people and not government and if something is unregulated by governments than that's fine but if its unregulated by the people as well than that creates a problem. That is why there has been digital currencies before bitcoin but none actually took off like bitcoin did.

I don't think so bitcoin can vanish paper currency. Paper currency are still use at many place for different uses. In bitcoin is a digital currency and in order to run it their is need electricity and Internet but in many place these things are not available, so in those place paper money is only one alternative to use. Another thing is bitcoin is not a legally accepted everywhere. In many place it is ban. Where as paper currency are legal everywhere. Many people don't know how bitcoin work and it is an complex thing to understand but paper coin are simple to use.

If it has not been approved by the government, I will not use it, but if I have received approval from the government, then I will use it as a payment instrument.

Have you been to altcoin exchange lately?  ;D
There could be some universal currency like bitcoin... maybe bitcoin itself.
Also, these local currencies are created by locals and for locals to avoid e.g. unfair rules associated with government printed money. I don't think they care that much about global acceptance.   

    I think it is impossible to have alternative currency like paper money which is unregulated by tge government. If there is i am sure government will collect it,ban it or find a way to regulate it,like what government  want to do in cryptocurrency now.

No, because it would be illegal, and I don't want to risk getting caught simply for using a currency. Besides, any paper currency is inherently centralized, so its users would risk getting scammed by those who emit this currency if they will decide to just print more. Bitcoin has no such drawbacks, so there no point in unregulated paper money. If someone really wants an alternative physical currency, they should use gold or other commodities.

I doubt if there is any way that would have happened when it comes to the paper money. The question you need to ask yourself first is that who is printing it and how is it distributed? It does not sound like anything plausible to ears which is why I see no reason why we should even be trying to think if it is going to be used or not.

Moreover, in this kind of scenario when there is no regulation at all, just like we are having in the crypto space today, apparently, everyone will want to be coming up with their own notes for some reason, and how do you think that would have actually turned out considering it is a paper currency.

I probably would not use it. What makes money "money" is not about whether its printed or electronic its because its being accepted as a medium of exchange and attached value. Remove those from it, its just a worthless piece of paper.

And again, the term government goes beyond an elected body at the national or states level or any constituted authority. A mere coming together of some people to control something is a form of government on its own because they would be deciding for others. As it relates to paper currency, it cannot be unregulated as some people would have to be ensure its printed, its secure, the value does not drop, its relatively scarce, its in various units, it does not leads to inflation and all of that is regulations.

Unregulated paper money? I would even be charged of doing something against the law so I won't bite the trap.

Like what everyone says that will be illegal and you will be fined or worst be in jail for doing that when caught.

The money I do not think that will be in demand, either within a community or company. They have no way to the world arena.

Cryptocurrency are highly use cryptocurrency in this time. And i don't think so that cryptocurrency fully take over paper currency. Cryptocurrency are digital in nature so in order to access it you must need Internet but in some place Internet not present so in this area paper currency are highly used. Paper currency are less volatile where as cryptocurrency are highly volatile and because of this paper currency are highly used. And papers currency are easy to use and trusted.

It makes no sense to use paper money issued by someone. Paper money is, as a rule, the obligation of a country to redeem a paper note at its face value from you if you have problems selling it. Paper money is also provided with the material goods of this country.
Such paper money will be absolutely useless and will not be in demand. In addition, surely they will have very low protection against fakes.

paper money? then who would print them? an independent and incorruptible organization? I think it's utopia.

I will not use it, because if there are currencies (banknotes) whose circulation is not regulated by the government then it can be said to be counterfeit money and the punishment for dealers and users is quite heavy, transactions with banknotes are not the same as transactions on online markets, transactions with physical money is easier to recognize if there are irregularities in the paper money we use

Of course I will use the money if it can indeed be made an alternative other than the money supported by the central government, because that is the same as using crypto currency as a medium of exchange other than money, except that the difference is that crypto currency does not have a real form, anyone can make something that can replace money, but only one question remains, whether the item can replace money as a medium of exchange, if yes, so why not

Would you use it?
You didn't even specify if there is a value. It could just be a fake money.

The question have no sense here. Perhaps this will be deleted after this message.
Next time be as specific as possible and also share your thoughts about it.
Maybe we could answer it correctly if the question is also done in a way that we understood it.

Nope, fiat as it is is crazy easy to launder depending on the country. Unregulated ones will just throw a huge wrench on the current system and just crap on all of us. Besides, the execution of an unregulated paper currency is ridiculous. Monitoring it would be a night mare and imagine distribution of it too?

Alternative money not regulated by the government ?

Ofcourse not! I will not use it. It would be fake because the money should be regulated and supported by the government. You can be put in jail if you use that alternative currency.

even if the digital currency is legalized by state, of course what policies will be made by government. especially paper currency, like today, i think it will be difficult to be decentralized, i can't imagine that

I don't think so if that digital money has been already legalized by the state as far as I know still that digital money(crypto) were not legalized and also not having regulation about this. Aside from other countries that until now they are still banning this kind of digital currency. Probably, the digital currency has the potential to be an alternative currency of paper money but as of now, we can't conclude.

If there is a certain amount of money that can replace the paper money, the biggest possibility is bitcoin. Because it can now be compared to paper money in the market but for that to happen, there are a lot of adjustments in bitcoin.

This is true in some underdeveloped countries as well as in making currency in these countries become irrelevant, and they have to use valuable items as intermediaries in the delivery. Translate. This is really bad, and they should use Crypto or any other solution for these about bad things.

Paper money is used only when it is provided with gold or, in general, material assets of a certain state and is guaranteed by this state for the obligatory acceptance on the territory of that state by all institutions and organizations.
What can guarantee paper money, issued by someone unknown and, apparently, not supported by anything? It is unlikely that anyone will accept such papers as money.

I will not use it, paper currency that is not regulated by the government so it is no more like ordinary paper that has no value.

I wont use it that paper money. We use fiat paper money because we trust on our government. No authorities can issue paper money without approvement from government

I think there is no alternative paper money to be use , the only paper money that is being issued by the government is the fiat money. If the government issued any alternative money that is the start of the so called future because that is when money has many sources like cashless and digital payments.

Very funny, even bitcoin with blockchain technology that is very innovative, many people are contra because it has not been regulated. let alone paper money which is an outdated and unregulated payment method? lol. if you want to make it like that, no one will want to use it Pal. because nowadays many developers are competing to create platforms such as fiat wallets for payment methods..

I think there is no such thing as alternative and unregulated paper money and only virtual currencies can be unregulated or decentralized. Any paper money or fiat that not issued by the government would be illegal and government will not even create any alternative money that beyond their control. In the older times, they used gold, silvers, porcelain and other goods in the barter trades because they have values even without government approval.

As long as I can use it and has a value then why not, of course I will use it if it has a value especially if I can use it for shopping. LOL.

A pretty interesting question. To your question, the answer is the current bitcoin. Many people in the world are using and investing in it. However, it is currently not recognized by most countries in the world.

As long as it even comes to that, it becomes illegal pretty fast and there is no way government will even allow that.
In that vein, who is controlling it ? Just someone from somewhere who could just get greedy ? No way! The main reason why paper money has been the way it is till date is that the government issued it and anything outside that is even unacceptable.

The reason we are having digital money in place now is because it is accepted by people and unfortunately government were not the ones who came up with the idea in the first place, otherwise, they would have managed to keep it under their own control.

No. I don't understand how an unregulated paper money could work. Who will have the authority to print the money? How to prevent forgery? Isn't the central authority would be just the same as government?

If I had to choose between this and digitalized fiat, I'd rather choose digital fiat over this. Paper and any other physical money is way too outdated by now.

Yeah, but bitcoin derives its value from its community, I guess that's whats makes crypto special. Money has evolved from barter, cowries, coins to notes. People still argue that bitcoin is a ponzi scheme and so forth, try paying them with your coins  ;D.

It took a while for paper money to catch on, but unregulated paper money is a stretch. However, I wouldn't be surprised if it happens at some point in time, and someone manages to hoodwink people. Would it be any different from the tokens all them scammy icos sell? For now the closest to paper money are paper wallets.

Every law issued by the government or not issued by the local government in our country of residence, of course we must carry out or use it with the condition not to blame the law, as well as alternative paper money, which is not regulated by the government. the important thing can be for buying and selling transactions and selling on the market.

I will not use it, because paper money is usually issued by a country, and the country that issued money guarantees that the money has value, if the paper money you mean is not issued by a particular country then the money will not be worth

I am not interested in using paper money as you mean, because I think it's too stocky because the money might be illegal, I'm more interested in using money that already exists today like usd or euro

Its an interesting question, it will depend on how was it created, the reason it was being created and who is the one that created, if the person got a hidden agenda about creating this currency then I won't used it, to be surre maybe I will see how other people reacted to this currency, the currency will have value if there is a supply and demand

Of course not, if the paper money is not through regulations or permits from the government then the money is like toy money, paper money becomes valuable after obtaining permission and through various regulations and government words paper money issued by the state is backed up with gold.

basically the currency will be valuable if there is a transaction, it means there is a need and someone offers. thus there will be an active market circulation so that the trade can run

Agree, someone must see the creator of the money paper. Most of the money fiat/money paper will be regulated by the government and if someone tries to make a money paper on their own in that country, I am sure that it is an illegal act, the government will immediately pick up someone to be tried. And I am sure, a money paper made by someone without a valid legal basis will have no value and no one will use it as a transaction system.

The question ultimately is if that aforementioned alternative currency could be used in exchange for goods and services of could be used as a sort of investment to be exchanged for a currency that could be used to exchange goods and services. If not then there is no point in using it or having it.

Of course no, who will print it??? Who will make sure that there is no counterfeit of it. Bitcoin maximum amount is limited and people know  amd sure about it because this is publicly viewable. Why paper money?? It can easily counterfeited, burned, ripped, and bring many germ. Why I would choose conventional than the modern one??

alternatives to banknotes or payment instruments are actually quite a lot, even in some places the exchange of goods still exists. well, but it all depends on the people involved. we also can still use gold, or other items.

Currently I am using that currency, which is crypto. The government can not control my money. I can earn money from it and they have not promulgated the law on this. When the government did not intervene, I've made more money. ;D

Of course not. It would be useless paper. The whole power of paper bills is that they are issued by states and their circulation is mandatory for use on the territory of the state, guaranteed by the state and supported by the material values of this state and its gold and currency reserves. If such bills are guaranteed by individual business structures, these will actually be their shares, these forms already exist, and for this, nothing extra need be invented. Everything has long been thought out and works.

Alternative paper banknotes that is unregulated by the government sounds like just counterfeit money.

I mean I wouldn't say I won't use it but it would need to become very popular. For example, back in my childhood McDonald started a new campaign and they were giving out paper money for their business, it wasn't actually "money" but just coupons to be spent there, there was some menu options where you give the ticket and they give you menu and there were just plain of "this much amount" type tickets as well.

If there was a bigger version of this than I would totally use it too. There was a huge gift card company that went bankrupt here but their gift cards were capable of using anywhere you go and you can buy anything you want with it. People started to give gift cards to each other as presents so that person could go to any shop they want and get anything they like. So there are similar ideas.

In bitcoin world,  Alternate currencies are the "Altcoins" and not the Fiat. Fiat is already there and we are getting rid of Paper money in order to use digital currency which has much more benefits than the old paper notes.

independent paper currency without interference from institutions and government, I will not use it because the people are not clear about the potential, the value given and the market resistance provided, the most important thing is that the security of the money will also bother me

right, in the world of cryptocurrency there are coins and altcoins, and to replace fiat currency into digital currency is not easy, although later I'm sure it will happen too. but maybe a generation after us

I will not use it because what I know is that a currency is a legitimate transaction tool issued and regulated by the government if there is a currency that is not regulated by the government so it cannot be said as currency but it is only a medium of exchange, and I will not use it because it was worried that it would be problematic with some parties because the value of the transaction was not regulated by the government

Of course not. Why should I? Legal currency that is regulated by government already there, bitcoin comes as the alternative in different from that is digital. It means bitcoin is as valued as fiat (even though  it hasn't been accepted widely), but bitcoin has value just like fiat. If there's paper money unregulated, it is not legal then, that automatically has no value.

If that alternative currency is paper money and not regulated by government, i will not use it. I am prefer using government currency because its more acceptable in many merchant and we can use for transaction more easily.

that illegal money and we would not use it in any transaction.no one would use it because no protection from our government.maybe we called it black market currency.