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Author Topic: The future of the paper money  (Read 403534 times)
MrsHash
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October 06, 2015, 08:34:38 PM

I think we should use both - digital and paper money. There is no need to give up on paper money, but digital currencies can really make some big purchases easy, and it's also can be a good investment too. Only imagine that we would have only digital money and one day the internet collapse, so what you gonna do then.?
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October 07, 2015, 02:25:34 PM

governments simply aren't interested in incorporating bitcoin. they can't deal with the fact that it is something they can't control. paper money will stay at least for another 10-20 years.

I also think that government is not interesting in incorporating Bitcoin. They are terrified by Bitcoin

These are exaggeration. Are only 8 the countries when bitcoin is banned but are to many and more many the others where it is used normally (with or without regulation). One of them is USA when it is even regulated. See all the info about this here: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country
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October 07, 2015, 03:12:46 PM


Yes it is true.

Most of the governments will like to control currency and want to track all the transactions who has done what to protect the system.
So as of now this is not possible in bitcoins because they can only trace the transactions but very difficult to find out who as done the transactions so paper or fiet money will be there 4 eva.

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October 07, 2015, 03:49:03 PM

Right now, at the current state of the finance sector, I'm seeing payment systems being digitally processed. Also, money would be kept and used digitally with those imaginary numbers but still inflation and other regulations imposed by the government would still be there to control the imaginary money supply. Bitcoin could pretty much perform well in this kind of world wherein everything is done digitally.

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October 07, 2015, 05:47:59 PM

Ooh please do not do this. You must be realistic, there is no danger to the future of paper money, sure for a replacement of paper governments can use plastic, if you think bitcoin would dominate paper money then my friend you are absolutely wrong.
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October 08, 2015, 04:21:58 AM

Ooh please do not do this. You must be realistic, there is no danger to the future of paper money, sure for a replacement of paper governments can use plastic, if you think bitcoin would dominate paper money then my friend you are absolutely wrong.
Paper money is going to be always the primary mode for transactions pertaining to day to day dealings.I think paper money has its own relevance all of which will never ever be lifeless. Despite the fact that every individuals are begun utilizing plastic cards, and other advanced electronic payment system, still I believe paper money will have it's significance.

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October 09, 2015, 01:21:49 PM

Yes it is true.

Most of the governments will like to control currency and want to track all the transactions who has done what to protect the system.
So as of now this is not possible in bitcoins because they can only trace the transactions but very difficult to find out who as done the transactions so paper or fiet money will be there 4 eva.

You must know that in any democratic country is not the Government which control the money but the Central Banks of the country. There is a big difference between the control of the money from the Government and the control of those from a Central Bank. Are two subjects (Authorities) completely different with each other.
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October 09, 2015, 02:18:35 PM

Paper money has a long story so it will continue as long as people sees value to it. In my country (PH) only a few percentage knows bitcoin/digital currency because most are used to paper money/coins.

Also digital currency has too many flaws in terms of security, anonymity, etc.

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October 09, 2015, 03:38:40 PM

Andrew Haldane said one solution would be for the Bank of England to issue a state-backed digital currency based on bitcoin. Supporting this initiative would be a negative interest rate levied on paper currency relative to the digital currency, with these measures do you think there is more possibilities that sometime:

Paper money will be banned entirely?
How long do you think that happens?
would it work?
What security and privacy risks would it raise?
And how would public and privately issued monies interact?


if they did this there will be a wide spread confusion about paper money and digital currency,
and it will have a huge negative effect on their economy,  it would take a long time for people
to adopt to the new digital currency completely.


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Anmol_Verma
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October 10, 2015, 02:03:59 AM

There is a lot of paper money in this world and they can't simply ban it so paper money will be same in the future also

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October 11, 2015, 04:20:34 AM

There is a lot of paper money in this world and they can't simply ban it so paper money will be same in the future also

Yes, they can.
Do you remember how the Euro was implemented?
Similarly, fiat paper money can be replaced by digital money, if the government has the will.

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October 11, 2015, 08:19:58 AM

In Greece now because of all the tax evasion and corruption that is rife, both among the people and the old government bodies, they are introducing plastic now to pay for a lot of services etc so I think this is a good way to go. Paper money has created too much under the table corruption so I hope that Bitcoin can be another way to generate income for the Government.  Smiley


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StevenLiang
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October 11, 2015, 08:25:54 AM


I think paper money will remain in future also but there are many chances that their use will be decreased.

Nowdays everyone is using plastic money like debit cards and credit cards so there is less use of traditional paper money.

People are also using more and more online methods for payments of bills and shopping and now due to the introduction of digital money there will be more decrease in the use of paper money but it will remain in the economy.
n2004al
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October 11, 2015, 01:51:35 PM


I think paper money will remain in future also but there are many chances that their use will be decreased.

Nowdays everyone is using plastic money like debit cards and credit cards so there is less use of traditional paper money.

People are also using more and more online methods for payments of bills and shopping and now due to the introduction of digital money there will be more decrease in the use of paper money but it will remain in the economy.


The decrease of the usage of paper money it is not matter of future. It is happening every day in our days. Especially in every developed country the paper money decreased more and more and are replaced with debit and credit cards. More developed is the country more is decreased the amount of paper money in circulation in that country.
StevenLiang
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October 11, 2015, 02:32:29 PM

Yes it is true.

Most of the governments will like to control currency and want to track all the transactions who has done what to protect the system.
So as of now this is not possible in bitcoins because they can only trace the transactions but very difficult to find out who as done the transactions so paper or fiet money will be there 4 eva.

You must know that in any democratic country is not the Government which control the money but the Central Banks of the country. There is a big difference between the control of the money from the Government and the control of those from a Central Bank. Are two subjects (Authorities) completely different with each other.

Goverments in here stand to all aspecs. All Bank or Central Bank surely will follow goverments rules.

We cannot see "goverments" really control currencies. But in "bold line", the one who make paper money and give it to all citizen (people) is the goverments itself, not from Central Bank.

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October 12, 2015, 12:23:05 PM

Yes it is true.

Most of the governments will like to control currency and want to track all the transactions who has done what to protect the system.
So as of now this is not possible in bitcoins because they can only trace the transactions but very difficult to find out who as done the transactions so paper or fiet money will be there 4 eva.

You must know that in any democratic country is not the Government which control the money but the Central Banks of the country. There is a big difference between the control of the money from the Government and the control of those from a Central Bank. Are two subjects (Authorities) completely different with each other.

Goverments in here stand to all aspecs. All Bank or Central Bank surely will follow goverments rules.

We cannot see "goverments" really control currencies. But in "bold line", the one who make paper money and give it to all citizen (people) is the goverments itself, not from Central Bank.

You are in big wrong. The Central Banks have the own rules make from they themselves. They are governed by a Supervisory Council which practically has the power of Government. They approve all the rules about all the "life" within the Central Bank and the rules regarding all the behavior of the commercial banks regarding the money. In few words: everything which has to do with the money of a country regulated and approved only by them.
aubert
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October 12, 2015, 12:44:34 PM

just my opinion, people nowadays still worried to use digital money / digital currency , cause of malware , they think digital money will be easily stolen but in fact if they can protect it with 2factor authentication or etc, it will be safe but still have chance to be stolen , and i think, papermoney will be still exist atleast next 30years

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October 13, 2015, 10:09:39 PM

If countries wants to ban paper money, people are smart enough to find a workaround solution for it. They can use small golden rings instead of coins and paper money for example, so they will have something phisically to own and they assign value to them in their minds. Gold won't be banned anytime, currencies may change and can be digitalized later on.

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October 15, 2015, 11:45:16 AM

If countries wants to ban paper money, people are smart enough to find a workaround solution for it. They can use small golden rings instead of coins and paper money for example, so they will have something phisically to own and they assign value to them in their minds. Gold won't be banned anytime, currencies may change and can be digitalized later on.

So you are telling that if I want to have money without end it is enough to take a piece of paper and draw something on it (for example a house or a tree) and then, give with my mind value to that piece of paper and that's it? I can give that piece of paper the value that I want (for example 100 000 us dollar) and with it in hand by a house?  Huh

Very good idea. I haven't thought about this. But I will use it firstly to buy my everyday bread. Then step by step will use it for all my expenses. At the end will put some from this money in a bank (no one know its future).  Cheesy
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October 16, 2015, 03:15:46 PM

Andrew Haldane said one solution would be for the Bank of England to issue a state-backed digital currency based on bitcoin. Supporting this initiative would be a negative interest rate levied on paper currency relative to the digital currency, with these measures do you think there is more possibilities that sometime:

Paper money will be banned entirely?
How long do you think that happens?
would it work?
What security and privacy risks would it raise?
And how would public and privately issued monies interact?


When gold was unpegged from the major fiat currencies, owning gold was made illegal by law and each person who had gold was required ot turn in their gold for it's cash equivalent, so I could easily see this happening with digital currencies

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