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Author Topic: The future of the paper money  (Read 403580 times)
gabmen
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January 25, 2017, 02:10:28 PM
 #2681

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

Well i actually agree that the only time paper money would lose it's function is when there are no people anymore uaing the current exchange process which is pretty much impoasible. Though you kinda went to far there as i don't think it can happen anytime soon. Not in our generation nor the next two more

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January 25, 2017, 02:11:43 PM
 #2682

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.

How can you be sure that paper money is always a gateway of btc for cashing out to fiat? Don't close any possibilities that may happen to paper money in 20 years, because our economy is always changing and we don't know yet what will happen in the future of our fiat currency. Will it be dropped by bitcoin digital crypto currency or not? So everything is an opinion here and we must open our minds for every ideas, but for now paper money is stable I guess and also with bitcoin they are both good.

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noormcs5
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January 25, 2017, 02:16:53 PM
 #2683

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.

Everything has to end one day and i think Paper money has been there for a long time. Now its time in this fast changing world that we quit paper money and move to digital one.

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January 25, 2017, 02:20:33 PM
 #2684

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.

Everything has to end one day and i think Paper money has been there for a long time. Now its time in this fast changing world that we quit paper money and move to digital one.

We just cannot move to the new currency all of sudden and forget paper money. There are 80% people in the world who are not even familiar with the term "Bitcoin". How will they switch without even awareness about this coin. First we need to make bitcoin accepted by masses and more importantly by governments and then only we can dream of bitcoins the only currency around us.
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January 25, 2017, 03:34:12 PM
 #2685

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

Well i actually agree that the only time paper money would lose it's function is when there are no people anymore uaing the current exchange process which is pretty much impoasible. Though you kinda went to far there as i don't think it can happen anytime soon. Not in our generation nor the next two more
I also agree with you, paper money will be lost and replaced by the next generation of money, but it will not happen in the near future, perhaps some decades to come

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January 25, 2017, 06:44:46 PM
 #2686

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

In essence, this is a well disguised form of socialism

These guys (whoever of them might still hold bitcoins, of course) were mostly just lucky to be in the right place at the right time. There is no reason to believe or think that they have some particular values or accomplishments to be awarded in this way. While this point may be debatable, it is certainly not in respect to those who bought bitcoins with the sole purpose of gaining more profits in the future by doing basically nothing (socialism begins here) and waiting for currency appreciation through wider Bitcoin adoption, i.e. by grabbing a part of the common pie (socialism gets exposed here)

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January 25, 2017, 06:50:49 PM
 #2687

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.

I agree, paper money will not disappear because it is very convenient payment method in many situations. Bitcoin will not replace paper money in the future, but it will exist on an equal footing with them.

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January 25, 2017, 08:04:41 PM
 #2688

Perhaps difficult to predict the future of paper money, but I think that they want nothing so quickly write off. The fact that we will be a long time to enjoy real money, as if we did not want it.
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January 25, 2017, 08:16:20 PM
 #2689

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.

I agree, paper money will not disappear because it is very convenient payment method in many situations. Bitcoin will not replace paper money in the future, but it will exist on an equal footing with them.

I agree with your opinion. Bitcoin should be considered as an alternative currency. He has entered into our lives, and took his place. We must learn to use both the dollar and the Bitcoins
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January 25, 2017, 08:28:19 PM
 #2690

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.

I agree, paper money will not disappear because it is very convenient payment method in many situations. Bitcoin will not replace paper money in the future, but it will exist on an equal footing with them.
You can bet all the same on paper money, because my time is just the money will have a leading position. In a digital control format more, and that mankind has always tried to avoid, as the authorities try to always find a reason to take part.
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January 25, 2017, 08:51:48 PM
 #2691

State moneys or securities will always find support from all sides of the financial structures of the world. I mean the ones that affect the economic situation in the world. For example the dollar. This is the currency that will support every last.
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January 25, 2017, 09:09:06 PM
 #2692

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

In essence, this is a well disguised form of socialism

These guys (whoever of them might still hold bitcoins, of course) were mostly just lucky to be in the right place at the right time. There is no reason to believe or think that they have some particular values or accomplishments to be awarded in this way. While this point may be debatable, it is certainly not in respect to those who bought bitcoins with the sole purpose of gaining more profits in the future by doing basically nothing (socialism begins here) and waiting for currency appreciation through wider Bitcoin adoption, i.e. by grabbing a part of the common pie (socialism gets exposed here)
I do not know how anyone, but I like paper money. Of course the ease and practicality, I do not deny credit cards, but it has certain positive aspects, when you have money in your pocket. I think that I am not the only one.
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January 25, 2017, 09:35:14 PM
 #2693

According to the latest forecasts of paper money given very little chance of survival. Most professionals in the financial sector predict the imminent collapse of the paper money, and that people be helped to move to a fully digital currency with a bank transfer. But is it, only time will tell.
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January 25, 2017, 10:10:22 PM
 #2694

According to the latest forecasts of paper money given very little chance of survival. Most professionals in the financial sector predict the imminent collapse of the paper money, and that people be helped to move to a fully digital currency with a bank transfer. But is it, only time will tell.
I think so that the paper money is doomed to limit consumer, technology has advanced and complicated it is to force something that will be replaced with something more sophisticated and easy to use

   
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January 25, 2017, 11:15:08 PM
 #2695

According to the latest forecasts of paper money given very little chance of survival. Most professionals in the financial sector predict the imminent collapse of the paper money, and that people be helped to move to a fully digital currency with a bank transfer. But is it, only time will tell.
I think so that the paper money is doomed to limit consumer, technology has advanced and complicated it is to force something that will be replaced with something more sophisticated and easy to use
It maybe doomed but I still can see it being used by people or country that is left behind in technology.  I think it will take long years before this paper money stops in circulating.  Developed country might trash it and change to more advance electronic money, but developing country will more likely take century to totally implement electronic money and leave paper money era.

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January 25, 2017, 11:24:08 PM
 #2696

According to the latest forecasts of paper money given very little chance of survival. Most professionals in the financial sector predict the imminent collapse of the paper money, and that people be helped to move to a fully digital currency with a bank transfer. But is it, only time will tell.
Well, who knows because  is difficult to imagine all the great amount of transactions that occur at any moment around the people, not only the few that are made in the banks, is unimaginable the amount of devices that would have to be used and the great economic cost for the humanity that this would have and I speak not only of acquire them but to keep them (as you know the technology needs to be replaced from time to time because it soon becomes obsolete), and not only buy them but the time that is spent or invests in using them, for the population, it is more convenient to use fiat instead of digital services in many cases, but for transfers over long distances mainly the ideal are the digital services, I believe that the more ways to do economic operations is better since it does not limit any sector of society, and guarantees the free right to buy or sell a good to meet the needs of the peoples, on the contrary, limiting it to a single medium would go against that right, in addition, from time to time, the governments of all countries should draw coins in circulation with a percentage of precious metals to guarantee the population a true value in their savings and not just paper that after a few years will have nothing of value and encourage more cheap options to boost trade between peoples.

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January 26, 2017, 02:36:28 AM
 #2697

I think the future of paper money remained, paper money is fiat money so the State will maintain and guard it to still exist. Although the use of the bitcoin and digital money is vast, certainly not likely eliminate the use of the bitcoin.
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January 26, 2017, 06:05:31 AM
 #2698

I think the future of paper money remained, paper money is fiat money so the State will maintain and guard it to still exist. Although the use of the bitcoin and digital money is vast, certainly not likely eliminate the use of the bitcoin.
The future trend is going to digital currency, therefore the supply of paper money will be lessen as people will turn to digital money as it's easy and fast. However, we cannot erase that in the circulation as there are still other countries who were gonna adopt with digital currency, paper money is their convenience as they are living in a less developed or undeveloped countries.

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bitllionaire
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January 26, 2017, 02:22:48 PM
 #2699

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

In essence, this is a well disguised form of socialism

These guys (whoever of them might still hold bitcoins, of course) were mostly just lucky to be in the right place at the right time. There is no reason to believe or think that they have some particular values or accomplishments to be awarded in this way. While this point may be debatable, it is certainly not in respect to those who bought bitcoins with the sole purpose of gaining more profits in the future by doing basically nothing (socialism begins here) and waiting for currency appreciation through wider Bitcoin adoption, i.e. by grabbing a part of the common pie (socialism gets exposed here)
I do not know how anyone, but I like paper money. Of course the ease and practicality, I do not deny credit cards, but it has certain positive aspects, when you have money in your pocket. I think that I am not the only one.
yes its right because  paper money is still he need of every one. but now people feel Bordon having paper money in pocket. and in business point of view it is very difficult to transfer paper money from place to place, even if you are using a bank still you have visit a band and then all the procedure, cryoto currency is and specially bitcoin is making your life easier. the transaction of money from one place to another is now not a problems you can do that in seconds.



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rchstr
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January 26, 2017, 02:57:23 PM
 #2700

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?


my answer for your first question is paper money cant be banned as it is the more legit way of paying from the stores or somewhere else. paper money has its own use as all of the country in this world uses it. second as i said that money cant be banned so i will just skip this question. third will bitcoin surpass the paper money? this can be but still paper money has it's own job so paper money will always have a come back. we should always take care of our privacy when using digital money. we all know that most online websites is prone to hackers even government sites can be hacked.

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