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Author Topic: The future of the paper money  (Read 403604 times)
Mastsetad
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January 17, 2017, 05:01:30 PM
 #2601

From where I stand, I am sure that the future of paper money is still as strong as we have now and if it will be threatened it will only lose some portion to e-money but still Fiat and not in any way threatened by digital currency at least not bitcoin but if my country will now have its known digital currency then I see a shift because all forms of support will be given to force it down all citizens throat and in the long-run I see it taking over from paper currency but I didnt see that happening anytime soon...

No one can say if when this will happen but for sure paper money will get replaced one day and digital currencies will take its place. No one can also say that the existing digital currencies will be used because governments can make their own currencies as well, for example every government can make their own currencies digital.
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January 17, 2017, 06:52:38 PM
 #2602

From where I stand, I am sure that the future of paper money is still as strong as we have now and if it will be threatened it will only lose some portion to e-money but still Fiat and not in any way threatened by digital currency at least not bitcoin but if my country will now have its known digital currency then I see a shift because all forms of support will be given to force it down all citizens throat and in the long-run I see it taking over from paper currency but I didnt see that happening anytime soon...
Replacing fiat by another currency is not an easy thing. The condition of fiat is directly affect the country enonomy. Fiat power is depend on the country power. Most of countries were use USD as international currency because they think that USA is strong country for a long time. But saving fiat is have a risk too, the inflation makes tha value decrease. I think those countries will replace fiat in the future, then replaced by something better such as gold or bitcoin.
actually still majority of people and specially people from the backward countries do not have good knowledge about bitcoin and the reason is that they do not know about compute and internet, because their states cannot provides such facilities to their people therefore i they will continue with their fiat for a long time.
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January 17, 2017, 07:02:22 PM
 #2603

Paper money is only limited by earth's supply of trees Smiley

At least digital currency is "backed" by the mining's ever-soaring level of difficulty. This built-in scarcity model prevents deflation of bitcoin value, raises the miners' bar for return on investment, and thereby guarantees a steady climb in price. Each transaction buyer wants to hold for a later price rise, and so on down the line. Not every trader can outwait their own need for their own fiat currency, so naturally there are trades at a loss. Whoever has the most patience and greatest wealth can end up with a large hoard of bitcoins.
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January 17, 2017, 07:44:30 PM
 #2604

Paper money will long exist. This is not just a means to pay for goods or services. It is a habit and an indicator of prestige
I think true of paper money not only to pay for an item, although in the future will all be completely online or digital, but the currency symbol will definitely be in the form of paper money
I think we will not catch this future where all financial transactions would be provided online. I believe that it's our future and the future of paper money to be shown in a museum, but not so soon.
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January 17, 2017, 08:33:45 PM
 #2605

Paper money is only limited by earth's supply of trees Smiley

At least digital currency is "backed" by the mining's ever-soaring level of difficulty. This built-in scarcity model prevents deflation of bitcoin value, raises the miners' bar for return on investment, and thereby guarantees a steady climb in price. Each transaction buyer wants to hold for a later price rise, and so on down the line. Not every trader can outwait their own need for their own fiat currency, so naturally there are trades at a loss. Whoever has the most patience and greatest wealth can end up with a large hoard of bitcoins

Good paper money is made from cotton, it is more durable overall

Other than that, no digital currency (Bitcoin or whatever) is backed up by the mining difficulty. It is equal to saying that Bitcoin (for example) is backed up by miners' cost of mining. This is as alluring an approach as it is misleading. Value of anything is backed up by its usefulness alone (otherwise known as utility), and if Bitcoin loses its utility (whatever it might be, speculative or transactional), mining costs will quickly become irrelevant (and ironically, mining difficulty will decrease soon thereafter)

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January 17, 2017, 10:58:23 PM
 #2606

Paper money will long exist. This is not just a means to pay for goods or services. It is a habit and an indicator of prestige
I think true of paper money not only to pay for an item, although in the future will all be completely online or digital, but the currency symbol will definitely be in the form of paper money
I think we will not catch this future where all financial transactions would be provided online. I believe that it's our future and the future of paper money to be shown in a museum, but not so soon.
although the actual current now online transactions are preferred. using a credit car  or other online currency, is now more attractive, you can see people when buying goods in the mall. most of them use a debit card or credit card it is a sign of the beginning

   
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January 18, 2017, 07:46:46 AM
 #2607

Paper money will long exist. This is not just a means to pay for goods or services. It is a habit and an indicator of prestige
I think true of paper money not only to pay for an item, although in the future will all be completely online or digital, but the currency symbol will definitely be in the form of paper money
I think we will not catch this future where all financial transactions would be provided online. I believe that it's our future and the future of paper money to be shown in a museum, but not so soon.
although the actual current now online transactions are preferred. using a credit car  or other online currency, is now more attractive, you can see people when buying goods in the mall. most of them use a debit card or credit card it is a sign of the beginning
It's for our convenient, but you are only looking in one portion of this world. Most of the users of credit and debit cards are only those who have a decent income and they can afford to live a comfortable life. However on the other side of this world, poverty is still a very big problem and this people has no opportunity to use this facilities as all they know is to use paper money to buy their needs since it's very simple.

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January 18, 2017, 08:01:15 AM
 #2608

The thing is we dont have the power to force bitcoin to be a new currency. Also, why change now when everyone got used to fiat and I think it is doing great. We all want something new but that might hurt the economy on the long run.

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January 18, 2017, 07:50:52 PM
 #2609

Other than that, no digital currency (Bitcoin or whatever) is backed up by the mining difficulty. It is equal to saying that Bitcoin (for example) is backed up by miners' cost of mining. This is as alluring an approach as it is misleading. Value of anything is backed up by its usefulness alone (otherwise known as utility), and if Bitcoin loses its utility (whatever it might be, speculative or transactional), mining costs will quickly become irrelevant (and ironically, mining difficulty will decrease soon thereafter)

I think this deserves additional thought. If you could purchase a mining rig for $10 that could crank out 1 BTC/day, would it not be safe to say the value of bitcoin would be lower than today? I think this is the case.

Let's now approximate what it would cost to buy such a set of ASIC systems today. Maybe $75,000? $100,000? More?

And if that's the case, would I be foolish to sell the BTC it produces for less than $100,000/that number of bitcoins? That would be below my break even point once you factor in electricity costs.

I think there's no escaping the fact that miners control the supply, and therefore have a very big say in what we pay for BTC.
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January 18, 2017, 08:39:11 PM
 #2610

Paper money is only limited by earth's supply of trees Smiley

***

I guess if FED and ECB will continue printing at this rate in 2 decades we will have no trees to cover it with paper money.
Adding digital 0 i always something and cost them 0 to borrow it into existence.
So suture of paper is digital paper but with unlimited printing possibility at some point it will be so much that we would not imagine it in real life example .

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January 18, 2017, 08:46:53 PM
 #2611

The paper money will disappear on some point, I'm pretty sure of it because the fact is that paper money is not the future anymore.
The world is getting more digital by day so this is why its all gonna change.
i doubt that paper money will go completely extinct because some people will still want to use it and decide not to go with bitcoins

though i think that popularity of it will decrease significantly as people will start using it less and less because of adopting bitcoin

I think you are right my friend.  In my opinion, the paper money will exist in the near future. Apart from bitcoin, there are so many people who don't use even a credit card. For some people, it is not easy to adapt the novelty or the innovation. Especially, as you can estimate "old people".

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January 19, 2017, 09:09:55 AM
 #2612

The future of the paper money will end i think, the technology is rising we can create money digital or online, we can always inovate anything. Plus using paper money consumes resources like trees and copper or what so ever. Making money as digital will help preserce our nature

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January 19, 2017, 09:13:24 AM
 #2613

The future of the paper money will end i think, the technology is rising we can create money digital or online, we can always inovate anything. Plus using paper money consumes resources like trees and copper or what so ever. Making money as digital will help preserce our nature

Well that's right, we will conserve our resources if we won't be using them in the future. However, I don't think that those who produce money will stop producing them. As long as there is a demand from the government, they will always produce fiat. It will never end, it is a business. Though digital money's era is inevitable, still, fiat will exist and just probably will be reduced.

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January 19, 2017, 12:05:54 PM
 #2614

The future of the paper money will end i think, the technology is rising we can create money digital or online, we can always inovate anything. Plus using paper money consumes resources like trees and copper or what so ever. Making money as digital will help preserce our nature
That's not going to happen if the technologies of digital currency still have a hole and really vulnerable to cyber attack. I myself honestly would consider using the safest option even if it's traditional method or whatsoever. And I guess I'm not the one who thinks that way.
But the development of technology always growing up, just expecting the security at its finest when it comes to the future digital currencies

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January 19, 2017, 03:25:57 PM
 #2615

The future of the paper money will end i think, the technology is rising we can create money digital or online, we can always inovate anything. Plus using paper money consumes resources like trees and copper or what so ever. Making money as digital will help preserce our nature
yes the world is moving toward online currency, as the new generation is giving preference to online shopping and trading which is reducing the use of paper money, but i think it will still take a lot of time, may be more than 50 years so that fiat is totally replace by fiat currency.

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hawkins
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January 19, 2017, 04:10:42 PM
 #2616

The future of the paper money will end i think, the technology is rising we can create money digital or online, we can always inovate anything. Plus using paper money consumes resources like trees and copper or what so ever. Making money as digital will help preserce our nature
yes the world is moving toward online currency, as the new generation is giving preference to online shopping and trading which is reducing the use of paper money, but i think it will still take a lot of time, may be more than 50 years so that fiat is totally replace by fiat currency.
although this time the world started moving online currency, but I believe that Fiat will still be used, even paper money. I think you also feel that the use of paper money is the best way of using money as a means of transaction. besides, paper money provides so many benefits, and the use is simple.

Arvydas77
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January 19, 2017, 04:17:20 PM
 #2617

I see things a little bit different. I think that paper money will stay with as for 20-30 years. The problem is not a paper money as technology will blow it. The problem is that governements have full control over money. So, I expect in the future that communities of people, businesses and cities can use their private money not controlled by government. Only this could stop deflation and everyday loss of value. If you will look at history books, you'll see that history of money is full of defrauds and losses made by governments over their own people. 

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Wandering Soul~
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January 19, 2017, 05:15:55 PM
 #2618

The future of the paper money will end i think, the technology is rising we can create money digital or online, we can always inovate anything. Plus using paper money consumes resources like trees and copper or what so ever. Making money as digital will help preserce our nature
yes the world is moving toward online currency, as the new generation is giving preference to online shopping and trading which is reducing the use of paper money, but i think it will still take a lot of time, may be more than 50 years so that fiat is totally replace by fiat currency.
although this time the world started moving online currency, but I believe that Fiat will still be used, even paper money. I think you also feel that the use of paper money is the best way of using money as a means of transaction. besides, paper money provides so many benefits, and the use is simple.

Yeah but before online currency to happen . All countries must be internet covered first unless we find a way to do a transaction offline . Humanity needs to advance its technology more further for that to happen . I don't think 50 years is enough for this cause many countries stills have other problems that they must prioritize first like poverty, environment problems etc. Maybe more than a hundred years either way no one knows the exact date but we all hope that we are still alive when that happens .


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Babayega31
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January 19, 2017, 07:28:38 PM
 #2619

The future of the paper money will end i think, the technology is rising we can create money digital or online, we can always inovate anything. Plus using paper money consumes resources like trees and copper or what so ever. Making money as digital will help preserce our nature

I don't agree with your statement future of paper money will end because if you let whole world adopt bitcoin in all money transactions that would be costly to government implementation due to computer installation of public places, and even local markets like selling at wet markets goods they will be adopting computers which is not a practical one. Paper money will still be popular in the future because it can an optional way particularly with local businesses that doesn't needed to transact payments using PC via online web.


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January 19, 2017, 10:17:55 PM
 #2620

should I say that both are not safe for the possibility of any crimes can be committed regardless on how you are tight in securing yourself with it.

Let's just use both for whatever good purpose that we can. Because it depends on the individual users on they are convenient with it.

And I'm convenient on using them both and I can adopt whether the future of paper money will be obsolete or will remain.
Using bitcoin might seem safer because you are hidden from any control by banks or governments and it is a good thing because hackers can’t get to you and steal your bank account but it is also a bad thing.

Using bitcoin made the life of drug dealers and hackers a much easier way to sell their illegal services on the internet without being tracked down, but as you said it depends on how the user uses either bitcoin or paper money. 

Just like what I had said, that both are not safe whether it is paper money or bitcoin because it can be both used with filthy crimes.

But I do understand that paper money will remain as it is the one that is being supported by the government and they total control for it.

Unlike with bitcoin, they don't have.
Even governments don't have full control over paper money, since there is counterfeiting and tracking the use of cash is really difficult unlike credit cards or online payments that is why criminals use mostly cash for their transactions.



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