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Author Topic: The future of the paper money  (Read 403668 times)
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September 14, 2016, 05:00:46 PM
 #1781

Till we keep on selling our bitcoins and keep on converting it to fiat it will be used more, but if we are able to spend bitcoins directly everywhere then it will reduce the usage of fiat in future.
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September 14, 2016, 05:12:24 PM
 #1782

Till we keep on selling our bitcoins and keep on converting it to fiat it will be used more, but if we are able to spend bitcoins directly everywhere then it will reduce the usage of fiat in future.
I hope that our country will be the same as brazil that has 150 stores that can accept bitcoin as payment.
And i am sure that it will happen too in the future. if government accept it.


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September 15, 2016, 04:41:43 AM
 #1783

I think most transactions will be done digitally in the future. Everything will be recorded and all of those data will be available for public use. If somebody would scam someone, then even when he denies that he did such a thing, people can see the logs of the transactions and can prove the scam that has happened.

We should expect a significant decrease in the use of paper money while having a significant increase in the use of Bitcoin once people embrace the idea of digital trading.

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rickbig41
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September 15, 2016, 05:39:27 AM
 #1784

Till we keep on selling our bitcoins and keep on converting it to fiat it will be used more, but if we are able to spend bitcoins directly everywhere then it will reduce the usage of fiat in future.
I hope that our country will be the same as brazil that has 150 stores that can accept bitcoin as payment.
And i am sure that it will happen too in the future. if government accept it.

It is unstoppable, most of us here have the purpose to earn extra, and since fiat or paper money is easier to use we are selling it to use and benefit from our earnings here...

Speaking of Brazil, if it is 150 stores, that's big enough, but I think Brazil is a big country and those 150 stores would still be a small percentage of business establishments that are present in that country...  Smiley

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September 15, 2016, 05:53:00 AM
 #1785

Till we keep on selling our bitcoins and keep on converting it to fiat it will be used more, but if we are able to spend bitcoins directly everywhere then it will reduce the usage of fiat in future.
I hope that our country will be the same as brazil that has 150 stores that can accept bitcoin as payment.
And i am sure that it will happen too in the future. if government accept it.

It is unstoppable, most of us here have the purpose to earn extra, and since fiat or paper money is easier to use we are selling it to use and benefit from our earnings here...

Speaking of Brazil, if it is 150 stores, that's big enough, but I think Brazil is a big country and those 150 stores would still be a small percentage of business establishments that are present in that country...  Smiley
Definitely we are big already, the stores we have seen in brazil is a sign of progress that people are beginning to adopt with bitcoin and the good thing is we are not only progressive in a certain country but we are more progressive in the underworld (black market.).

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September 15, 2016, 08:07:16 AM
 #1786

In Germany the biggest bill (500€) is gonna get removed.
That speaks for itself.
Yeah that is the Euro, I think that paper money is going to keep existing for a while but eventually it is going to be all digital.
But they do not need to rush it because not every country is ready for such a big change.
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September 15, 2016, 08:16:03 AM
 #1787

In Germany the biggest bill (500€) is gonna get removed.
That speaks for itself.
Yeah that is the Euro, I think that paper money is going to keep existing for a while but eventually it is going to be all digital.
But they do not need to rush it because not every country is ready for such a big change.
The government dictates its people on what to use when it comes to currency and fiat has already take place and people are already comfortable in using it so why would they change if majority of them would get the best benefit in using bitcoin.



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Newcoins2020
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September 15, 2016, 08:59:46 AM
 #1788

I'm going to ask you the question in reverse. If I give you two choices : holding a fortune of 1 million dollars in paper money in your house, or 1 million dollars in gold in your house, what do you choose ? You can't invest or anything like that, just hold it.

Your dilemma is meaningless (like choosing an integer number between 2 and 3). Money is only a handy intermediary in the exchange of goods and services (one should never forget that). It doesn't have value of its own (digital money as the most extreme example), apart from the transactional utility only. So if I had to keep 1M dollars and couldn't spend it, that would be basically equal to having no money at all. The situation with gold is essentially the same, though (unless you are a gold bug or just like the shine of the metal, indeed). But if I could spend both the gold (sell it) and the money, I would indeed go for 1M dollars...

Since with money I can buy anything (including gold) while I would have to first sell gold to get the same 1M dollars as money

I didn't mean that you can never spend it, but let's say you need to hold it for 10 years. Do you think the dollar will be worth the same thing in 10 years ? With inflation at 2%, you would lose 18% of your holdings in dollars.

This doesn't add to your question any more meaning, since money is made to be spent, not to be saved, as I have already said. In fact, I don't know how much gold will cost in dollar terms in 10 years (and no one knows), so it may happen that it will cost even less than it does now. But it is ultimately irrelevant since your reasoning still doesn't allow to distinguish in any meaningful ("fundamental") way the paper money backed up by the merchants, which are ready to accept it as a means of payment, from the paper money allegedly backed up by gold, while in fact backed up by nothing but a promise of the state (since that was the original claim)...

Which the state can abandon just like that, without much ado and beating about the bush (as I have also shown)
All paper money is the currency of all nations. Each of them is interested in the high course of their money. And how do you imagine that they will give it all for the sake of bitcoin? Never.

This is what I keep saying. People always say bitcoin will kill fiat etc but the fact is nobody would allow it for fiat to run dry and die out.
The richest people on earth wouldn't suddenly switch to bitcoin and lose money they'd protect fiat.
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September 18, 2016, 06:21:29 PM
 #1789

I'm going to ask you the question in reverse. If I give you two choices : holding a fortune of 1 million dollars in paper money in your house, or 1 million dollars in gold in your house, what do you choose ? You can't invest or anything like that, just hold it.

Your dilemma is meaningless (like choosing an integer number between 2 and 3). Money is only a handy intermediary in the exchange of goods and services (one should never forget that). It doesn't have value of its own (digital money as the most extreme example), apart from the transactional utility only. So if I had to keep 1M dollars and couldn't spend it, that would be basically equal to having no money at all. The situation with gold is essentially the same, though (unless you are a gold bug or just like the shine of the metal, indeed). But if I could spend both the gold (sell it) and the money, I would indeed go for 1M dollars...

Since with money I can buy anything (including gold) while I would have to first sell gold to get the same 1M dollars as money

I didn't mean that you can never spend it, but let's say you need to hold it for 10 years. Do you think the dollar will be worth the same thing in 10 years ? With inflation at 2%, you would lose 18% of your holdings in dollars.

This doesn't add to your question any more meaning, since money is made to be spent, not to be saved, as I have already said. In fact, I don't know how much gold will cost in dollar terms in 10 years (and no one knows), so it may happen that it will cost even less than it does now. But it is ultimately irrelevant since your reasoning still doesn't allow to distinguish in any meaningful ("fundamental") way the paper money backed up by the merchants, which are ready to accept it as a means of payment, from the paper money allegedly backed up by gold, while in fact backed up by nothing but a promise of the state (since that was the original claim)...

Which the state can abandon just like that, without much ado and beating about the bush (as I have also shown)
All paper money is the currency of all nations. Each of them is interested in the high course of their money. And how do you imagine that they will give it all for the sake of bitcoin? Never.

This is what I keep saying. People always say bitcoin will kill fiat etc but the fact is nobody would allow it for fiat to run dry and die out.
The richest people on earth wouldn't suddenly switch to bitcoin and lose money they'd protect fiat.

The fiat will also evolve. The governments will change the fiat and make it adapt to the new investment enronment.

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September 18, 2016, 06:29:03 PM
 #1790

I'm going to ask you the question in reverse. If I give you two choices : holding a fortune of 1 million dollars in paper money in your house, or 1 million dollars in gold in your house, what do you choose ? You can't invest or anything like that, just hold it.

Your dilemma is meaningless (like choosing an integer number between 2 and 3). Money is only a handy intermediary in the exchange of goods and services (one should never forget that). It doesn't have value of its own (digital money as the most extreme example), apart from the transactional utility only. So if I had to keep 1M dollars and couldn't spend it, that would be basically equal to having no money at all. The situation with gold is essentially the same, though (unless you are a gold bug or just like the shine of the metal, indeed). But if I could spend both the gold (sell it) and the money, I would indeed go for 1M dollars...

Since with money I can buy anything (including gold) while I would have to first sell gold to get the same 1M dollars as money

I didn't mean that you can never spend it, but let's say you need to hold it for 10 years. Do you think the dollar will be worth the same thing in 10 years ? With inflation at 2%, you would lose 18% of your holdings in dollars.

This doesn't add to your question any more meaning, since money is made to be spent, not to be saved, as I have already said. In fact, I don't know how much gold will cost in dollar terms in 10 years (and no one knows), so it may happen that it will cost even less than it does now. But it is ultimately irrelevant since your reasoning still doesn't allow to distinguish in any meaningful ("fundamental") way the paper money backed up by the merchants, which are ready to accept it as a means of payment, from the paper money allegedly backed up by gold, while in fact backed up by nothing but a promise of the state (since that was the original claim)...

Which the state can abandon just like that, without much ado and beating about the bush (as I have also shown)
All paper money is the currency of all nations. Each of them is interested in the high course of their money. And how do you imagine that they will give it all for the sake of bitcoin? Never.

This is what I keep saying. People always say bitcoin will kill fiat etc but the fact is nobody would allow it for fiat to run dry and die out.
The richest people on earth wouldn't suddenly switch to bitcoin and lose money they'd protect fiat.
Fiat is a basic necessity of each and every individual either rich or poor, may be rich can divert to divert to bitcoins in future but we cannot expect that poor people will start using  bitcoins.
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September 19, 2016, 08:59:46 AM
 #1791

Paper money is going to keep existing for a while because it is going to be a whole process for countries to start make everything money related digital.
they still have a couple more years to go before they can finally be able to make reality of the situation.
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September 19, 2016, 09:12:20 AM
 #1792

Paper money is going to keep existing for a while because it is going to be a whole process for countries to start make everything money related digital.
they still have a couple more years to go before they can finally be able to make reality of the situation.

Till we are not able to spend bitcoins directly to buy anything, paper money will always exist, even at present if we have to spend our coins then we need to convert it to fiat first and then spend, in fact bitcoin is dependent on paper money.
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September 19, 2016, 09:30:26 PM
 #1793

Interesting thoughts, I think over  time the paper money will  become obsolete. The convenience of  electronic payment systems brings  great market opportunities ahead..
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September 20, 2016, 01:05:01 AM
 #1794

The paper money is  pioneer of the money, and well  known among the people, that is  why I think that it will  not disappear very soon..
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September 20, 2016, 01:19:26 AM
 #1795

The paper money is  pioneer of the money, and well  known among the people, that is  why I think that it will  not disappear very soon..

True. Paper money have been established for a long time but it doesnt mean that it will expire. There are certain things that cannot be deleted just like that. Actually for me it is almost like a tradition.

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September 20, 2016, 05:46:27 AM
 #1796

Interesting thoughts, I think over  time the paper money will  become obsolete. The convenience of  electronic payment systems brings  great market opportunities ahead..

I believe that is going to happen for the next generations. Because it all started with paypal, people can buy things all over the net without using cash.

And since we are already in the technology days, I do believe that there is going to be a cashless society in the future.

But I don't know when it is going to happen that paper money is going to become totally lose.

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September 20, 2016, 06:54:41 AM
 #1797

Interesting thoughts, I think over  time the paper money will  become obsolete. The convenience of  electronic payment systems brings  great market opportunities ahead..

I believe that is going to happen for the next generations. Because it all started with paypal, people can buy things all over the net without using cash.

And since we are already in the technology days, I do believe that there is going to be a cashless society in the future.

But I don't know when it is going to happen that paper money is going to become totally lose.
What you are talking is just a payment processor and it was not considered as legal tender, if we will not fund it with fiat that is worthless.

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romero121
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September 20, 2016, 07:02:39 AM
 #1798

Till we keep on selling our bitcoins and keep on converting it to fiat it will be used more, but if we are able to spend bitcoins directly everywhere then it will reduce the usage of fiat in future.

As quoted the fiat usage gets reduced when the direct bitcoin acceptance in physical and online stores gets increased. Possibly this happen when most of the population get to know about the existence of the digital currency. Now only a very small percentage is aware of digital currency.

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September 20, 2016, 07:05:23 AM
 #1799

What will the future bring for the papermoney i dont think it would change allot because everyone needs paper money it cant be gone because bitcoin is not everything im sorry to say that over here.
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September 20, 2016, 07:20:07 AM
 #1800

What will the future bring for the papermoney i dont think it would change allot because everyone needs paper money it cant be gone because bitcoin is not everything im sorry to say that over here.
It is true that there's no certainty that bitcoin can replace the paper money that we are using right now. But let's think more of the situation 100 years from now. Let's see how technology has gone and what it has done to the paper money. Would every transaction be done digitally by then? Would something better than bitcoin become the currency of future generations? That is for our descendants to find out.
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