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Author Topic: The future of the paper money  (Read 414692 times)
Miss Fortune
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September 22, 2015, 03:14:58 AM
 #21

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?


Some researchers had predicted that paper money will be replaced by electronic cash within a decade. What can I say we just go with the flow I believe it is much easier and more convenient in using it.
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September 22, 2015, 04:56:01 AM
 #22

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?


I think paper money wont be around for too long now, as I have observed that using electronic cash is very popular today people prefer to use it more than the traditional paper money because it is more convenient.
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September 22, 2015, 05:04:12 AM
 #23

Already morden world had burnt the paper money. Almost 15 years back itself, people had moved into Plastic money, that's cards. When debit or credit cards replaced your paper money when you transact any thing, at that time itself paper money started to decline. We are in the beginning of digital money from plastic money.
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September 22, 2015, 05:49:06 AM
 #24

Already morden world had burnt the paper money. Almost 15 years back itself, people had moved into Plastic money, that's cards. When debit or credit cards replaced your paper money when you transact any thing, at that time itself paper money started to decline. We are in the beginning of digital money from plastic money.

Yes we are in ear of paper money moving towards digital money. Plastic money does nit has any variations other than form of hold than paper money. Both are from central banks or governments. They control as well as steal our money often. But in the case of digital money every those problems were sorted out.

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September 22, 2015, 08:27:22 PM
 #25

I think Bitcoin is part of the natural evolution of money. Of course paper money will be still needed for certain transactions, but I believe that Bitcoin will eventually be as ubiquitous as credit or debit cards, it's just a matter of time for people to adapt.
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September 23, 2015, 12:31:27 AM
 #26

I think paper money will always exist. People are afraid of the security of bitcoin. Paper money has been reliable in the past and will continue to be in the future.

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September 23, 2015, 12:42:41 AM
 #27

Already morden world had burnt the paper money. Almost 15 years back itself, people had moved into Plastic money, that's cards. When debit or credit cards replaced your paper money when you transact any thing, at that time itself paper money started to decline. We are in the beginning of digital money from plastic money.

Yeah agree plastic money,how could i dont think about it?
we have to realize that people had moved into plastic money as knowing as credit or debit cards
people prefer using debit or credit card than using paper money,morover transaction with the large amount

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September 23, 2015, 01:03:33 AM
 #28

This current paper money is money that is popular in the real world, so it is likely that the bills will last a long time in the appeal of coins in the real world
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September 23, 2015, 01:18:42 AM
 #29

Holding paper money is the only way for normal people to defend against a negative interest environment. By removing paper money, banks can easily pressure people to spend their money by charge interest for their money in the bank account

And that's where bitcoin will take over

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September 23, 2015, 06:10:19 AM
 #30

I think paper money will always exist. People are afraid of the security of bitcoin. Paper money has been reliable in the past and will continue to be in the future.
Every money have their own time to exist, and at this decade, some people have began to leave paper money and prefer card to pay their stuffs. People always choose more practice and secure thing for their life, and I think paper money is not that thing for now.

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September 23, 2015, 12:40:19 PM
 #31

I think paper money will always exist. People are afraid of the security of bitcoin. Paper money has been reliable in the past and will continue to be in the future.
Every money have their own time to exist, and at this decade, some people have began to leave paper money and prefer card to pay their stuffs. People always choose more practice and secure thing for their life, and I think paper money is not that thing for now.

But the cards and stuff that you talk about is based off paper money.

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September 23, 2015, 01:20:24 PM
 #32

I think paper money have its own importance and will never dead. Though people are started using debit cards, credit cards and other digital currencies; there are some transaction which needs to be deal in traditional cash only. Paper money will be always the main mode of payment for day to day transactions.
Never is a long time, I wouldn't be so sure about it. I've got to say that I agree that paper money are here to stay and will be in our hands for the next 50 years or so imo. Digital money may be functioning parallel to standard paper money without problems for many many years.
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September 23, 2015, 01:47:20 PM
 #33

Just yesterday I had a conversation with a person who studied economy and finances at a University. He said that any Economic system to work propoerly needs some inflation. Since Bitcoin is a deflationary currency by design he said there's no way Bitcoin would replace all the money in the world.

Not necessarily. You just need to keep the amount of money in circulation balanced with the size of the economy. Fiat (credit) money serves this purpose the best, but its power is often abused by governments...

You can believe me too, I also studied economics and finances, lol

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September 24, 2015, 02:29:38 AM
 #34

Just yesterday I had a conversation with a person who studied economy and finances at a University. He said that any Economic system to work propoerly needs some inflation. Since Bitcoin is a deflationary currency by design he said there's no way Bitcoin would replace all the money in the world.

Good topic.  The modern monetary and financial systems are so baked into the heads of mainstream economists that they can't seem to envision a profoundly different and better world.

You have to ask why inflation is "necessary."  It's considered necessary because, otherwise, people would hoard money and drive prices and demand down until most people are unemployed.

But this entire narrative is based on the modern inequality and fragile demand (that is, a huge portion of economic activity being based directly or indirectly on serving the whims of the rich and moderately rich) that were created by centrally planned money in the first place.

With the central planning at the heart of the modern system, the elites use state power to prop up the values of the financial assets issued by states and banks.  This is really designed to give unearned power and wealth to the elites who issue these assets, but has the side effect that investors don't always trust the values of the assets, since they know the values are artificial.  If some event makes investors think the authorities are losing control, they will liquidate their assets and the economy will suffer.  Inflation is one of the many ways to nudge investors into staying invested in risky assets.

In a truly free market, lack of demand (deflation) is naturally self limiting.  As savers get older, richer, and prices get lower, at some point, it will make sense to consume.  Consumption will then drive investment.  The problem is that the modern economy is so addicted to asset inflation that it can't afford to wait for this process to take effect.

The economy needs inflation in the same way that a sick person needs to sleep 20 hours a day.  Better to cure the disease.
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September 24, 2015, 04:39:10 AM
 #35

Nah, paper money will stay forever. It's faster to buy some food or in a convenient store or in a market using paper money you'll just handed it. While bitcoin needs some process.

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September 24, 2015, 08:45:09 AM
 #36

In a truly free market, lack of demand (deflation) is naturally self limiting.  As savers get older, richer, and prices get lower, at some point, it will make sense to consume.  Consumption will then drive investment.  The problem is that the modern economy is so addicted to asset inflation that it can't afford to wait for this process to take effect.

With age people usually begin saving instead of spending, or just save more than they did before

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September 24, 2015, 09:18:43 AM
 #37

I think paper money have its own importance and will never dead. Though people are started using debit cards, credit cards and other digital currencies; there are some transaction which needs to be deal in traditional cash only. Paper money will be always the main mode of payment for day to day transactions.
Never is a long time, I wouldn't be so sure about it. I've got to say that I agree that paper money are here to stay and will be in our hands for the next 50 years or so imo. Digital money may be functioning parallel to standard paper money without problems for many many years.
I also agree with you
banknotes have an important role in the real world and the digital money as well as having an important role in cyberspace
each type of money has a very important role
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September 24, 2015, 11:38:17 AM
 #38

I think paper money will always exist. People are afraid of the security of bitcoin. Paper money has been reliable in the past and will continue to be in the future.
Every money have their own time to exist, and at this decade, some people have began to leave paper money and prefer card to pay their stuffs. People always choose more practice and secure thing for their life, and I think paper money is not that thing for now.

But the cards and stuff that you talk about is based off paper money.
I am talking about the form of the money. I can say those card also based of coin (yeah the metal thing to pay your beverages in vending machine) Smiley Anyway, those cards are really different with paper money, although both of them have similar function.

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September 24, 2015, 11:56:25 AM
 #39

I think paper money will always exist. People are afraid of the security of bitcoin. Paper money has been reliable in the past and will continue to be in the future.
Every money have their own time to exist, and at this decade, some people have began to leave paper money and prefer card to pay their stuffs. People always choose more practice and secure thing for their life, and I think paper money is not that thing for now.

But the cards and stuff that you talk about is based off paper money.
I am talking about the form of the money. I can say those card also based of coin (yeah the metal thing to pay your beverages in vending machine) Smiley Anyway, those cards are really different with paper money, although both of them have similar function.

Bank cards are essentially different from paper money only by their variable "denomination" (if we are talking about the form of money). In other words, a bank card is like a hypothetical banknote which changes its denomination on each transaction...

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September 24, 2015, 12:04:56 PM
 #40

I think paper money will always exist. People are afraid of the security of bitcoin. Paper money has been reliable in the past and will continue to be in the future.
Every money have their own time to exist, and at this decade, some people have began to leave paper money and prefer card to pay their stuffs. People always choose more practice and secure thing for their life, and I think paper money is not that thing for now.

But the cards and stuff that you talk about is based off paper money.
I am talking about the form of the money. I can say those card also based of coin (yeah the metal thing to pay your beverages in vending machine) Smiley Anyway, those cards are really different with paper money, although both of them have similar function.

Bank cards are essentially different from paper money only by their variable "denomination" (if we are talking about the form of money). In other words, a bank card is like a hypothetical banknote which changes its denomination on each transaction...

Yeah agree,bank cards and paper money are totally different, in fact people prefer paid their needs with their card (debit or credit) morover if the amount of payment is large.
this is one of the technology that helping people like bitcoin's did

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accepting MOZO TOKENS

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