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Author Topic: The future of the paper money  (Read 403634 times)
rchstr
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January 24, 2017, 02:29:20 AM

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.

maybe in the near future when the developers of bitcoin and the governemnt from other nations has an approval that make the bitcoin official to their country then why not? maybe not every other nation will not approved that the bitcoin is now an official for others, but maybe some countries will make it as an official and alternative for paper moneys.

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January 24, 2017, 02:35:56 AM

Although by "paper" you probably refer to "what the paper represents" and not the actual paper itself...recall the United States destroys tons of paper bills every year because it physically gets worn out. In fact, didn't Canada experiment with a new, thin, plastic dollar? I remember seeing that on TV one night.

No matter what medium backs up the currency of a nation, it will always symbolize the "atom" of that nation's "unit of work," and therefore will probably always be with us.
zuyfg888
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January 24, 2017, 03:04:22 AM

Although by "paper" you probably refer to "what the paper represents" and not the actual paper itself...recall the United States destroys tons of paper bills every year because it physically gets worn out. In fact, didn't Canada experiment with a new, thin, plastic dollar? I remember seeing that on TV one night.

No matter what medium backs up the currency of a nation, it will always symbolize the "atom" of that nation's "unit of work," and therefore will probably always be with us.

We need some paper money yet, but in the future, our technology and innovation can invent a virtual money. Just like you are saying, for this day, our money is paper, and what if in the future, our money becomes virtual money, or cannot be seen through our own eyes. I think it can be invented after a few years, we all just need to be on the right track of using it.

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Kasabus
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January 24, 2017, 04:04:19 AM

Although by "paper" you probably refer to "what the paper represents" and not the actual paper itself...recall the United States destroys tons of paper bills every year because it physically gets worn out. In fact, didn't Canada experiment with a new, thin, plastic dollar? I remember seeing that on TV one night.

No matter what medium backs up the currency of a nation, it will always symbolize the "atom" of that nation's "unit of work," and therefore will probably always be with us.

We need some paper money yet, but in the future, our technology and innovation can invent a virtual money. Just like you are saying, for this day, our money is paper, and what if in the future, our money becomes virtual money, or cannot be seen through our own eyes. I think it can be invented after a few years, we all just need to be on the right track of using it.
The world is moving fast, so we should be moving as well. Changes cannot be prevented anymore as innovation will happen, if it's going to be virtual then we must adopt with it and I think bitcoin is now leading and it's a good example for the future innovation of our fiat system.

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January 24, 2017, 07:33:00 AM

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.
Paper money is often counterfeited. Sorry, I disagree about your statement. Using paper money for traditional transaction is not practicaly because it is less effective for small fraction of transaction. I do not think that paper money will be always the main mode of payment because paper money of some countries is being worthless.
Also it is easy to burn or stolen. Need extra security to save big amount of fiat. Paper money isbad for us.

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January 24, 2017, 07:58:21 AM

I think in the coming two decades paper money will be vanished and will be replaced by the new form of payments , now in first world like euro zone,USA and Russia many prefer not to use the paper money , so only grand mothers\fathers believe else than that . i hope Bitcoin and other alts will play a basic role in the future regard to this .

You said everything what I thought. Old people are using paper money and mostly now everyone prefers to use visa/mastercard and mostly cards for payment, we can say that bitcoin can to strengthen it's position in payments system. To my mind paper money only will be in some poor countries because it needs time to make good economics in such countries but future of paper money will end mostly in Europe, Asia and America, it needs small time, not more than 50 year.

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January 24, 2017, 07:23:13 PM

Although by "paper" you probably refer to "what the paper represents" and not the actual paper itself...recall the United States destroys tons of paper bills every year because it physically gets worn out. In fact, didn't Canada experiment with a new, thin, plastic dollar? I remember seeing that on TV one night.

No matter what medium backs up the currency of a nation, it will always symbolize the "atom" of that nation's "unit of work," and therefore will probably always be with us.

We need some paper money yet, but in the future, our technology and innovation can invent a virtual money. Just like you are saying, for this day, our money is paper, and what if in the future, our money becomes virtual money, or cannot be seen through our own eyes. I think it can be invented after a few years, we all just need to be on the right track of using it.

It's always nice to have something "in hand." A system that is entirely based on virtual transactions runs the risk of total collapse in the event a loss of centralized data, or if there's chaos once the system is restored and people disagree with the new accounting.

Still, it's hard to argue against bitcoin. It has made tremendous progress due to its wide range acceptance.
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January 24, 2017, 07:35:22 PM

The future of paper money is not at all at risk as there are many countries who are still dependent only on fiat and have no idea about the digital payment system and in that scenario paper money will also be in demand as in poor countries the workers gets daily daily wages in fiat and we cannot expect them to use bitcoins or any other digital payment system.
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January 24, 2017, 10:05:17 PM

We will end up going towards a cashless society, but this will take a while. To be honest, in Dubai it pretty much is a cashless society there.
I think for America it will have to take more time since there is so much paper currency and it will take a while for it to be adopted.

we can end up goind towards a cashless society, but still it would take time to wait for that time. but still cashless society that runs by the crypto would be better as it saves the nature and it is more easy to carry and to use. bitcoin will always be a good thing for todays time, because this time technology is now going boundless. meaning we can do or invent something useful that can help our nature to regenarate. bitcoin can help nature by minimizing the printings of fiats that uses papers.

Well there's that possibility already and you're right, in dubai, they've mostly gone cashless already but to implement that to majority of the world's population, it may take decades or more. Paper money has been in use for such a long time already that for now, it would be unthinkable for aot of people to veer away from using it.
To move to a cashless society will take more than that since there are billions of people living with just a few dollars per day so I don't think it is realistic these persons to use anything other than cash for their transactions in the future.



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January 25, 2017, 05:46:07 AM

The future of paper money is not at all at risk as there are many countries who are still dependent only on fiat and have no idea about the digital payment system and in that scenario paper money will also be in demand as in poor countries the workers gets daily daily wages in fiat and we cannot expect them to use bitcoins or any other digital payment system.

You have a point there. Probably it will take time before the world will be saturated on news about bitcoin and its uses. There are still people who live in the forest and count their metal coins when buying something in the market. There are also those people who can't even afford to buy their own gadgets to have an access to internet, and worst, there are still people who don't have a bank account and are paid over the counter by their employer.

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January 25, 2017, 06:33:23 AM

I am very sure, paper money survive no more than 50 years, this is because the Earth has been very badly damaged, thus the use of papers are forbidden, including to make money.
for now even been seen that paper money began to lose its popularity, many more people are using credit cards for shopping, even though the traditional market paper money rarely in use

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January 25, 2017, 06:59:25 AM

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.
Paper money is often counterfeited. Sorry, I disagree about your statement. Using paper money for traditional transaction is not practicaly because it is less effective for small fraction of transaction. I do not think that paper money will be always the main mode of payment because paper money of some countries is being worthless.
Also it is easy to burn or stolen. Need extra security to save big amount of fiat. Paper money isbad for us.
It is still more practical to use the traditional paper money, mostly in cases where online payment and digital currencies are not an option. I would say that most of the transactions I am seeing on a daily basis are done with a lot of cash, even in areas where connectivity isn't an issue. Paper money would continue to be the choice of many because of its usability and acceptance in most places. That is not going to change in the next 10 years or so in my opinion.
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January 25, 2017, 07:30:09 AM

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.
Paper money is often counterfeited. Sorry, I disagree about your statement. Using paper money for traditional transaction is not practicaly because it is less effective for small fraction of transaction. I do not think that paper money will be always the main mode of payment because paper money of some countries is being worthless.
Also it is easy to burn or stolen. Need extra security to save big amount of fiat. Paper money isbad for us.
It is still more practical to use the traditional paper money, mostly in cases where online payment and digital currencies are not an option. I would say that most of the transactions I am seeing on a daily basis are done with a lot of cash, even in areas where connectivity isn't an issue. Paper money would continue to be the choice of many because of its usability and acceptance in most places. That is not going to change in the next 10 years or so in my opinion.

We are all know the future of paper money, paper money it could be obsolete those days. After so many years, we can use bitcoin as money, bitcoins and virtual money could surpass the paper money. Virtual money or bitcoins can make our future be exact what is happening, just like new technologies.

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January 25, 2017, 09:28:15 AM

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.
Paper money is often counterfeited. Sorry, I disagree about your statement. Using paper money for traditional transaction is not practicaly because it is less effective for small fraction of transaction. I do not think that paper money will be always the main mode of payment because paper money of some countries is being worthless.
Also it is easy to burn or stolen. Need extra security to save big amount of fiat. Paper money isbad for us.
It is still more practical to use the traditional paper money, mostly in cases where online payment and digital currencies are not an option. I would say that most of the transactions I am seeing on a daily basis are done with a lot of cash, even in areas where connectivity isn't an issue. Paper money would continue to be the choice of many because of its usability and acceptance in most places. That is not going to change in the next 10 years or so in my opinion.

We are all know the future of paper money, paper money it could be obsolete those days. After so many years, we can use bitcoin as money, bitcoins and virtual money could surpass the paper money. Virtual money or bitcoins can make our future be exact what is happening, just like new technologies.

Didn't understand a thing. Maybe you forgot to insert some words.
Paper money and bitcoin are different. Their usage are also different. This should not be compared but better to be used both at the same time. Bitcoin is something that can enhance the capability of fiat and that will help to make life easier and transactions faster.
While paper money can do its job making transactions faster when we buy retail products physically. Ain't that better than losing one?

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January 25, 2017, 11:18:03 AM

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.
Paper money is often counterfeited. Sorry, I disagree about your statement. Using paper money for traditional transaction is not practicaly because it is less effective for small fraction of transaction. I do not think that paper money will be always the main mode of payment because paper money of some countries is being worthless.
Also it is easy to burn or stolen. Need extra security to save big amount of fiat. Paper money isbad for us.
It is still more practical to use the traditional paper money, mostly in cases where online payment and digital currencies are not an option. I would say that most of the transactions I am seeing on a daily basis are done with a lot of cash, even in areas where connectivity isn't an issue. Paper money would continue to be the choice of many because of its usability and acceptance in most places. That is not going to change in the next 10 years or so in my opinion.

We are all know the future of paper money, paper money it could be obsolete those days. After so many years, we can use bitcoin as money, bitcoins and virtual money could surpass the paper money. Virtual money or bitcoins can make our future be exact what is happening, just like new technologies.

Didn't understand a thing. Maybe you forgot to insert some words.
Paper money and bitcoin are different. Their usage are also different. This should not be compared but better to be used both at the same time. Bitcoin is something that can enhance the capability of fiat and that will help to make life easier and transactions faster.
While paper money can do its job making transactions faster when we buy retail products physically. Ain't that better than losing one?
Yeah you got tbat right. Im not really sure why people are thinking that one day one currency will be better or will take over from another as it will be a lot more beneficial for us if we can maximize the benefits of both at the same time. That's how i see it. Paper money or fiat will still be what it is in he future while cryptocurrency will be backing it up and both will work hand in hand

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January 25, 2017, 11:36:09 AM

I think the paper money in 20 years will be destroyed and replaced with digital money. The main issue is that the government should fully control the money supply. Now in my country, more than 40℅ people save money under the pillow, after their digital money would eliminate such manner.

I don't agree on your statement because fiat money is very popular since from the start of currency exchange of fiat money, and paper money is very useful on local buy and sale like in the public markets how could you say that it would be destroyed and yet people were always patronize it all the time and specially with bitcoin transactions in wallet cash out. This paper money is the gateway to btc so that you can hold in cash form of your bitcoin online balance so paper money is very important as you earn your bitcoin.


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January 25, 2017, 12:05:14 PM

I am very sure, paper money survive no more than 50 years, this is because the Earth has been very badly damaged, thus the use of papers are forbidden, including to make money.
You're wrong, however the paper usage gets avoided something similar in the form of paper will get into the production of paper money. Very few right now depend upon digital banking. Without paper money the entire system will collapse, so in future the usage might decrease but no the paper money.



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January 25, 2017, 12:12:43 PM

yes, paper money will be extinct, but after we all became biorobots. and this is near.

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poplolnman
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January 25, 2017, 12:40:50 PM

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.
Paper money is often counterfeited. Sorry, I disagree about your statement. Using paper money for traditional transaction is not practicaly because it is less effective for small fraction of transaction. I do not think that paper money will be always the main mode of payment because paper money of some countries is being worthless.
Also it is easy to burn or stolen. Need extra security to save big amount of fiat. Paper money isbad for us.
It is still more practical to use the traditional paper money, mostly in cases where online payment and digital currencies are not an option. I would say that most of the transactions I am seeing on a daily basis are done with a lot of cash, even in areas where connectivity isn't an issue. Paper money would continue to be the choice of many because of its usability and acceptance in most places. That is not going to change in the next 10 years or so in my opinion.
yeah ture it's not something that necessary when you have to pay an offline store with online payment system, things getting more complicated, as time goes by digital era would come , but it's takes a lot of time . for now paper money would be the first choice and digital money would be just an option , nothing more.

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January 25, 2017, 01:47:04 PM

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.

It depends on your definition of economy and what is meant by inflation. Bitcoin doesn't have inflation but it has "level of difficulty" in mining. So, in a sense, it has the same type of "deterrent," or intangible force acting against the wide proliferation of the monetary unit. It's like friction in Physics. It opposes all motion and is responsible for things wearing out, so people tend to think of it as a bad thing. But then there's ice on the road, and over-reduction of friction becomes much worse.

By fine tuning the counter-force, in the real world and in the economics of bitcoin, you get the desired result of rewarding those who were the early participants.
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