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Author Topic: The future of the paper money  (Read 403589 times)
Jmild1
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July 06, 2016, 03:12:23 PM
 #1361

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?


 Banning is possible to first world countries but saying the word entirely would be possible.  Fiat currency will still be alive and controlled by the government and it will still exist to third world countries. This is not possible to happen to third world countries with very slow internet connect ion.
Why do they even ban the paper money? There's no reason for government to ban their own money that they most get benefit from it. If ever it will give them a bad reputation, they can just easily twist the story. That's how powerful they are.
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July 06, 2016, 04:36:16 PM
 #1362

Paper money is going to dissapear eventually (i'd say within the next 15 years). Everybody is using their credit/debit cards, you can get memberships to buy whatever you want with another card. I think is a matter of time until bitcoin becomes a currency that you can use freely with a card

Are you sure of this? Credit cards are just in another form but still it's a fiat. To pay for cards you need a fiat, a physical one. How can you funded your cards if you don't have paper money on hand? Auto transfer to salary is possible but how about those people who doesn't work but has lots of assets?

And besides, credit/debit cards have some fees when they are being swiped not in their respective terminals. Who wants to use this regularly if people are mostly avoiding fees?


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July 06, 2016, 06:29:14 PM
 #1363

And besides, credit/debit cards have some fees when they are being swiped not in their respective terminals. Who wants to use this regularly if people are mostly avoiding fees?

Not all cards (as well as banks, for that matter) are born equal. Some are more equal than others and don't debit fees even if slid in an "alien" ATM

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July 06, 2016, 07:56:32 PM
 #1364

And besides, credit/debit cards have some fees when they are being swiped not in their respective terminals. Who wants to use this regularly if people are mostly avoiding fees?

Not all cards (as well as banks, for that matter) are born equal. Some are more equal than others and don't debit fees even if slid in an "alien" ATM

Take note of my statement about fees applied, "when they are being swiped not in their respective terminals". Im talking with the fiat here.

Banks here has fees if you withdraw your ATM card from one bank to another. That's why there are lots of ATM machine here so that people will use only their ATM cards to their respective terminals.

Same goes for the credit cards. Is bank there not like that? If yes can you tell me where country you from and I will verify it to see the meaning of your "not all cards, as well as bank" statement.



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July 06, 2016, 08:02:56 PM
 #1365

And besides, credit/debit cards have some fees when they are being swiped not in their respective terminals. Who wants to use this regularly if people are mostly avoiding fees?

Not all cards (as well as banks, for that matter) are born equal. Some are more equal than others and don't debit fees even if slid in an "alien" ATM

Take note of my statement about fees applied, "when they are being swiped not in their respective terminals". Im talking with the fiat here

I meant to say that some cards of some banks allow to withdraw cash without fees from any terminal (ATM). Any means here that it may not belong to the card-issuing bank...

Did you mean something else?

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July 06, 2016, 08:37:00 PM
 #1366

paper money will have no future i think, bitcoins are going to grow a lot in the future and i think paper money will go extinct pretty soon as no one will be using it after a few decades, though thats just my wild guess

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July 06, 2016, 09:13:39 PM
 #1367

I believe that paper money will not dissaper soon, i really like physical things and money too, btw i think that i am not only one persone who also like paper money.

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July 06, 2016, 10:00:39 PM
 #1368

I believe that paper money will not dissaper soon, i really like physical things and money too, btw i think that i am not only one persone who also like paper money.
of course they will not just disappear soon, in my opinion people will have to adopt it really fast in order for bitcoin to replace paper money so it is nearly impossible to happen right now

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July 07, 2016, 01:20:19 AM
 #1369

I think the usage of paper money was decreasing in the future, many people now are using credit cards, debit cards etc., using electronics currency, and now we facing to the world of bitcoin as an  e- currency , you can buy a things using bitcoin and may be in the near future you can buy anything using bitcoin only.Of course, rarely do any of us walk into Starbucks with a $5 bill anymore. We walk in with a credit card, or a Starbucks gift card, or with an Apple Pay app on our iPhone. And that’s another way money has changed.
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July 07, 2016, 03:16:29 AM
 #1370

I think the usage of paper money was decreasing in the future, many people now are using credit cards, debit cards etc., using electronics currency, and now we facing to the world of bitcoin as an  e- currency , you can buy a things using bitcoin and may be in the near future you can buy anything using bitcoin only.Of course, rarely do any of us walk into Starbucks with a $5 bill anymore. We walk in with a credit card, or a Starbucks gift card, or with an Apple Pay app on our iPhone. And that’s another way money has changed.
Exactly, that is why the future is more on digital adoption because it is very easy to transact online and we can save the cost. However, since the total population in the world cannot adopt all as we also have countries that was not modernize yet so paper money will still exist.

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July 07, 2016, 03:49:29 AM
 #1371

And besides, credit/debit cards have some fees when they are being swiped not in their respective terminals. Who wants to use this regularly if people are mostly avoiding fees?

Not all cards (as well as banks, for that matter) are born equal. Some are more equal than others and don't debit fees even if slid in an "alien" ATM

Take note of my statement about fees applied, "when they are being swiped not in their respective terminals". Im talking with the fiat here

I meant to say that some cards of some banks allow to withdraw cash without fees from any terminal (ATM). Any means here that it may not belong to the card-issuing bank...

Did you mean something else?

That is not possible here and I can't wonder how it goes. Can you give me some example of that bank you are talking too and from what country. I'd like to check if that is true since I never heard of that since I worked in a banking industry. Maybe they are really exists.


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July 07, 2016, 04:31:03 AM
 #1372

And besides, credit/debit cards have some fees when they are being swiped not in their respective terminals. Who wants to use this regularly if people are mostly avoiding fees?

Not all cards (as well as banks, for that matter) are born equal. Some are more equal than others and don't debit fees even if slid in an "alien" ATM

Take note of my statement about fees applied, "when they are being swiped not in their respective terminals". Im talking with the fiat here

I meant to say that some cards of some banks allow to withdraw cash without fees from any terminal (ATM). Any means here that it may not belong to the card-issuing bank...

Did you mean something else?

That is not possible here and I can't wonder how it goes. Can you give me some example of that bank you are talking too and from what country. I'd like to check if that is true since I never heard of that since I worked in a banking industry. Maybe they are really exists.

Well that is also allowed here in my country and actually I have that card already. But of course if you want to deposit or add funds to it.
You need to go to the branch and deposit any amount that you want.



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July 07, 2016, 04:57:23 AM
 #1373

I doubt that paper money has any sort of future at all. I doubt it because it is not a sustainable system. It doesn't have any sort of protocol to limit the greediness of bankers.

But bitcoin does, which is why I think that bitcoin will succeed in the long run.


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tabas
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July 07, 2016, 05:22:17 AM
 #1374

I doubt that paper money has any sort of future at all. I doubt it because it is not a sustainable system. It doesn't have any sort of protocol to limit the greediness of bankers.

But bitcoin does, which is why I think that bitcoin will succeed in the long run.

The future of paper money is going to be the same. As we are using it today as real money and important to all of us.
That is going to happen also in the future.



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July 07, 2016, 06:00:05 AM
 #1375

I think the usage of paper money was decreasing in the future, many people now are using credit cards, debit cards etc., using electronics currency, and now we facing to the world of bitcoin as an  e- currency , you can buy a things using bitcoin and may be in the near future you can buy anything using bitcoin only.Of course, rarely do any of us walk into Starbucks with a $5 bill anymore. We walk in with a credit card, or a Starbucks gift card, or with an Apple Pay app on our iPhone. And that’s another way money has changed.

Decreasing is the right word but not totally erased. There are many things that cannot be done by electronics. What if everything is down, an electricity outage then what are we going to do to buy our stuff or our needs. That is why it is still needed.
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July 07, 2016, 06:13:09 AM
 #1376

Decreasing is the right word but not totally erased. There are many things that cannot be done by electronics. What if everything is down, an electricity outage then what are we going to do to buy our stuff or our needs. That is why it is still needed.
Yes, this is a powerful argument. What would have thought, but paper money will have to keep, just in case. Nobody is safe from various disasters that may deprive electricity. And the only way of payment will be the material of paper currency.
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July 07, 2016, 06:32:19 AM
 #1377

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?


Paper money can`t be banned entirely.99% of the people still need paper money.

If all the currencies become digital the whole financial system might become more centralized and vulnerable

to hacks and crashs.The risks are too big.

Bitcoins can be printed and used as paper money....



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July 07, 2016, 07:11:12 AM
 #1378

I meant to say that some cards of some banks allow to withdraw cash without fees from any terminal (ATM). Any means here that it may not belong to the card-issuing bank...

Did you mean something else?

That is not possible here and I can't wonder how it goes. Can you give me some example of that bank you are talking too and from what country. I'd like to check if that is true since I never heard of that since I worked in a banking industry. Maybe they are really exists.

I have such a card and I withdraw money from different ATMs on a regular basis without paying any fees. I don't care if you question that such banks and cards really exist, since in fact you are specifically questioning my honesty by the way you convey your doubts (and it doesn't feel quite right). Nevertheless, I find it rather strange that you pretend to have been working in a banking industry and never heard about that...

So, how much are you going to stake?

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July 07, 2016, 07:14:53 AM
 #1379

I think the usage of paper money was decreasing in the future, many people now are using credit cards, debit cards etc., using electronics currency, and now we facing to the world of bitcoin as an  e- currency , you can buy a things using bitcoin and may be in the near future you can buy anything using bitcoin only.Of course, rarely do any of us walk into Starbucks with a $5 bill anymore. We walk in with a credit card, or a Starbucks gift card, or with an Apple Pay app on our iPhone. And that’s another way money has changed.

Decreasing is the right word but not totally erased. There are many things that cannot be done by electronics. What if everything is down, an electricity outage then what are we going to do to buy our stuff or our needs. That is why it is still needed.

Yeah the usage of bitcoin will increase in future but it doesn't indicates that paper money will simply disappear in future, paper money is easy to use anywhere to buy anything.
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July 07, 2016, 07:30:20 AM
 #1380

I think the usage of paper money was decreasing in the future, many people now are using credit cards, debit cards etc., using electronics currency, and now we facing to the world of bitcoin as an  e- currency , you can buy a things using bitcoin and may be in the near future you can buy anything using bitcoin only.Of course, rarely do any of us walk into Starbucks with a $5 bill anymore. We walk in with a credit card, or a Starbucks gift card, or with an Apple Pay app on our iPhone. And that’s another way money has changed.

Decreasing is the right word but not totally erased. There are many things that cannot be done by electronics. What if everything is down, an electricity outage then what are we going to do to buy our stuff or our needs. That is why it is still needed.

Yeah the usage of bitcoin will increase in future but it doesn't indicates that paper money will simply disappear in future, paper money is easy to use anywhere to buy anything.
The paper money is going to continue to exist because there are so many currencies in the world and for them all to disappear is just impossible.
Somewhere in the future I know that everything is going to be digital but it is now way to soon for that.
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