The future of the paper money

[diegz]

It will be very difficult to do anything anonymous, but thats why we need decentralized money, thats why BTC and other alts are so important.

I don't understand why we need to go anonymous if we are not doing illegal...

That point is really debatable. If you are doing nothing illegal, it doesn't mean that everyone is doing nothing illegal either. So going anonymous may be justifiable if you just don't want evil eyes to see what you are doing and in which amounts exactly. Basically, the less people know what you are involved in the better, even if you have nothing to hide (unless you are specifically going public, of course)...

To think bad of people is a sin but rarely a mistake

Why? Who are those evil eyes that are watching your transaction? The government? or is there a mafia where we owe money?

Basically, when we do a transaction with cash/fiat no one knows it unless you publicly pronounce it that you are paying the other person... I don't see any problem with using cash when it comes to anonymity, besides we could send someone else to hand over the money

You just don't know (no offense intended)

And this is not your fault, and you should be happy that you never encountered a situation when a bank staff had been selling personal info of their clients. This was a real case which happened in the bank that I'm using myself, and it was not a one-shot event. If they were selling this info, someone was evidently buying it, i.e. paying real money for it, right? But what the fuck did they need it for? I'm not going to pour empty verbiage, but any wealthy person will tell absolutely the same thing



Namely, that money loves silence while big money loves grave silence

No doubt about that. I've seen such, but never experienced it personally. I am also wondering where are they using it.  Probably those bank personnel who sell this names (I haven't and bank accounts are earning from it, if they does, then that's a crime already). Probably selling it to call centers as "leads" for them to call and offer products ( sometimes annoying ). But I am sure big time bankers know their thing, and probably keeping their bank accounts safe and naming it not with their real names (dummy accounts ) and and making many of it probably some international. 

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[Mr. Big]

It will be very difficult to do anything anonymous, but thats why we need decentralized money, thats why BTC and other alts are so important.

I don't understand why we need to go anonymous if we are not doing illegal...

That point is really debatable. If you are doing nothing illegal, it doesn't mean that everyone is doing nothing illegal either. So going anonymous may be justifiable if you just don't want evil eyes to see what you are doing and in which amounts exactly. Basically, the less people know what you are involved in the better, even if you have nothing to hide (unless you are specifically going public, of course)...

To think bad of people is a sin but rarely a mistake

Why? Who are those evil eyes that are watching your transaction? The government? or is there a mafia where we owe money?

Basically, when we do a transaction with cash/fiat no one knows it unless you publicly pronounce it that you are paying the other person... I don't see any problem with using cash when it comes to anonymity, besides we could send someone else to hand over the money

You just don't know (no offense intended)

And this is not your fault, and you should be happy that you never encountered a situation when a bank staff had been selling personal info of their clients. This was a real case which happened in the bank that I'm using myself, and it was not a one-shot event. If they were selling this info, someone was evidently buying it, i.e. paying real money for it, right? But what the fuck did they need it for? I'm not going to pour empty verbiage, but any wealthy person will tell absolutely the same thing



Namely, that money loves silence while big money loves grave silence

In that case, I think it's time to really go back to keeping money under the pillow than putting it in banks knowing that your identity and your money is compromised...  I have no experience on such thing as bank account numbers being sold... I only encountered ISP( internet ) accounts being sold in the gray market and being used by fncked up by different people...

Anyway, I wonder if there are still people who put their moneys in safety deposit boxes and never put it in their debit cards? I think that's safer, you have your paper money in the vault... 

[danherbias07]

In that case, I think it's time to really go back to keeping money under the pillow than putting it in banks knowing that your identity and your money is compromised...  I have no experience on such thing as bank account numbers being sold... I only encountered ISP( internet ) accounts being sold in the gray market and being used by fncked up by different people...

Anyway, I wonder if there are still people who put their moneys in safety deposit boxes and never put it in their debit cards? I think that's safer, you have your paper money in the vault... 

Sorry I deleted the other one who have been quoted by rick. It is too big specially the image.
So that is how we should use effed up "fncked up" nice trick. 

How about the time deposits?
Paper money in a vault.  What if suddenly they change the way paper money look like and the owner of the safety deposit died. How will the children of him will get something from a money that have a different image in the money. Damn! I am imagining things so far. Better stop. 

[Vikingr]

I believe paper money will eventually go away, but not because its a good thing, but rather because goverments will control every aspect of life. It will be very difficult to do anything anonymous, but thats why we need decentralized money, thats why BTC and other alts are so important.

I think otherwise, there is the role of the State will always protect the paper money. Although later usage of digital money more and more but can never eliminate paper money. take a look at it now, there are still many countries documents printed on paper even though there is already a hard disk.

It is right that the use of digital money cannot eliminate paper money but it will definitely eliminate the use of paper money. There will be paper money available and governments will print it but it will not be used as much as are now. Just the use of Credit cards people have their money in paper and governments are printing paper money and banks are favoring paper money but still banks and people like to use their cards their digital means of payment.

[error08]

Paper bitcoins (otherwise known as bitnotes) can be useful too

As with everything else, Bitcoin faces the last mile problem. To transact with it, you need Internet access (just like with Internet banking). Bitnotes can effectively solve this issue if they are issued in a unified way as well as accepted by major Bitcoin payment processors (Bitcoin protobanks) which have physical presence. As to me, the advantages of paper bitcoins heavily outweigh possible drawbacks and problems that could arise. But these may not be possible until governments universally accept Bitcoin as a legit means of payment

I just come to know about bitcoin printed on paper (bitnotes), thanks deisik. It is such a great idea and good looking/attractive display.
Look at http://www.bitnotes.org/
Consider the advantages offered :
- instant payment without waiting for confirmation time
- offline payment even if there's no any internet connection
But it has some disadvantages of course as they had mentioned :
Apparently, a Bitcoin banknote cannot maintain trustless qualities, yet the whole concept can remain distributed and offer an added value compared to traditional cash.
Imagine physical cash which cannot be devalued or depreciated and the backing of which can be proven any time; cash which keeps its value over time similarly to gold; a bitcoin derivative which can be securely stored in a physical form, offline.
About paper money, I guess it will still exists for another 20-50 years later. As time goes on and anything will change, even money will going towards fully digital imo, but not in the nearly future obviously.

[deisik]

Namely, that money loves silence while big money loves grave silence

In that case, I think it's time to really go back to keeping money under the pillow than putting it in banks knowing that your identity and your money is compromised...  I have no experience on such thing as bank account numbers being sold... I only encountered ISP( internet ) accounts being sold in the gray market and being used by fncked up by different people...

Anyway, I wonder if there are still people who put their moneys in safety deposit boxes and never put it in their debit cards? I think that's safer, you have your paper money in the vault... 

Honestly, I don't quite understand your question

Really, if you have literally millions of dollars (or anything worth millions of dollars), why on Earth would you want to put that much on you debit card? What's the sense of doing that? In this manner, there is no real contradiction (if that was your intention as I got your point) between saving hefty amounts of paper money (or, say, gold) in a deposit box in a bank and putting only dust (in relative terms, of course) in your card account in that bank. In any case, the bank has access to both your account and deposit box, so from the bank's point of view (but not yours), it is basically six of one and half a dozen of the other. But then again, why would you want to pour millions to your debit card in the first place, to attract thieves like shit attracts flies and honey bees?

[carlerha]

I believe paper money will eventually go away, but not because its a good thing, but rather because goverments will control every aspect of life. It will be very difficult to do anything anonymous, but thats why we need decentralized money, thats why BTC and other alts are so important.

I think otherwise, there is the role of the State will always protect the paper money. Although later usage of digital money more and more but can never eliminate paper money. take a look at it now, there are still many countries documents printed on paper even though there is already a hard disk.

If United States still continue on doing paper money, we all know that we cannot use bitcoins, because US dollars is one of the most currency used all over the world. If paper money of United States will be demonetized, we can use bitcoins or other digital/virtual money in our daily lives. We can still use the paper money, but if United States starts it, we should follow them to have a new technology.

USD is a fiat currency, while bitcoin is digital currency, there is not match between two. people are using USD because they do not have any other currency to use instead of USD. but now bitcoin is becoming more and more popular and hope that very soon bitcoin will be start using as currency in all over the world.

[LOUISEBIT]

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 the trend of using paper money has been slightly reduced because people often use digital money via credit card .As well as Bitcoin is one form of money cryptocurrency are often used because it is easier to be transferred in a broad scope but the government has not been able to stop producing paper money.

[Vikash kumar]

The future of paper money is better than currencies because it is free from cheating and it can be stay for a long time of interval.

[Sundark]

The future of paper money is better than currencies because it is free from cheating and it can be stay for a long time of interval.

This post has zero sense. You shouldn't post useless random words like these.

I think the trend of using paper money has been slightly reduced because people often use digital money via credit card .As well as Bitcoin is one form of money cryptocurrency are often used because it is easier to be transferred in a broad scope but the government has not been able to stop producing paper money.

Bitcoin isn't so significant phenomena yet, that paper money has nothing to worry about from its side.
Government won't stop producing money because quantitative easing is main source of its power.

[Aleister Crowley]

Namely, that money loves silence while big money loves grave silence

In that case, I think it's time to really go back to keeping money under the pillow than putting it in banks knowing that your identity and your money is compromised...  I have no experience on such thing as bank account numbers being sold... I only encountered ISP( internet ) accounts being sold in the gray market and being used by fncked up by different people...

Anyway, I wonder if there are still people who put their moneys in safety deposit boxes and never put it in their debit cards? I think that's safer, you have your paper money in the vault... 

Honestly, I don't quite understand your question

Really, if you have literally millions of dollars (or anything worth millions of dollars), why on Earth would you want to put that much on you debit card? What's the sense of doing that? In this manner, there is no real contradiction (if that was your intention as I got your point) between saving hefty amounts of paper money (or, say, gold) in a deposit box in a bank and putting only dust (in relative terms, of course) in your card account in that bank. In any case, the bank has access to both your account and deposit box, so from the bank's point of view (but not yours), it is basically six of one and half a dozen of the other. But then again, why would you want to pour millions to your debit card in the first place, to attract thieves like shit attracts flies and honey bees?

more precisely if we keep the money in the bank means we deposit the money, definitely not only you yourself knows about money, there are others who know your money, I think it has become a business, we leave something valuable in the bank or debit and they offer security over the valuables you have, as I said this is a business I think already paper money will remain despite its use on a large scale would be less , because not everyone will deposit something valuable of hers to others. paper money will continue to be used but less, and digital money will be more grown up. times will indeed give you many options.

[Kasabus]

Namely, that money loves silence while big money loves grave silence

In that case, I think it's time to really go back to keeping money under the pillow than putting it in banks knowing that your identity and your money is compromised...  I have no experience on such thing as bank account numbers being sold... I only encountered ISP( internet ) accounts being sold in the gray market and being used by fncked up by different people...

Anyway, I wonder if there are still people who put their moneys in safety deposit boxes and never put it in their debit cards? I think that's safer, you have your paper money in the vault... 

Honestly, I don't quite understand your question

Really, if you have literally millions of dollars (or anything worth millions of dollars), why on Earth would you want to put that much on you debit card? What's the sense of doing that? In this manner, there is no real contradiction (if that was your intention as I got your point) between saving hefty amounts of paper money (or, say, gold) in a deposit box in a bank and putting only dust (in relative terms, of course) in your card account in that bank. In any case, the bank has access to both your account and deposit box, so from the bank's point of view (but not yours), it is basically six of one and half a dozen of the other. But then again, why would you want to pour millions to your debit card in the first place, to attract thieves like shit attracts flies and honey bees?

more precisely if we keep the money in the bank means we deposit the money, definitely not only you yourself knows about money, there are others who know your money, I think it has become a business, we leave something valuable in the bank or debit and they offer security over the valuables you have, as I said this is a business I think already paper money will remain despite its use on a large scale would be less , because not everyone will deposit something valuable of hers to others. paper money will continue to be used but less, and digital money will be more grown up. times will indeed give you many options.

If you are concern with the privacy, I guess we cannot have that if bitcoin are still dependent on fiat with its value. The fact that we will cash out in our respective exchange sites, the government already knows that and they will require the exchange sites to act as a bank and follow the KYC policy. With everyone complying with the KYC policy, the government can now then take our information if they will demand for it.

The risk with trusting our personal info with exchange site is similar with banks, they can divulge it without our knowing.

[Gromozeka!]

more precisely if we keep the money in the bank means we deposit the money, definitely not only you yourself knows about money, there are others who know your money, I think it has become a business, we leave something valuable in the bank or debit and they offer security over the valuables you have, as I said this is a business I think already paper money will remain despite its use on a large scale would be less , because not everyone will deposit something valuable of hers to others. paper money will continue to be used but less, and digital money will be more grown up. times will indeed give you many options.

I also believe that paper money will continue to exist for a long time but they will be less likely to use. Now, many countries are beginning to think about the digital to National currency and whether the decision to have success when there is a parallel with the national currency is only a paper.

[Mr. Big]

Namely, that money loves silence while big money loves grave silence

In that case, I think it's time to really go back to keeping money under the pillow than putting it in banks knowing that your identity and your money is compromised...  I have no experience on such thing as bank account numbers being sold... I only encountered ISP( internet ) accounts being sold in the gray market and being used by fncked up by different people...

Anyway, I wonder if there are still people who put their moneys in safety deposit boxes and never put it in their debit cards? I think that's safer, you have your paper money in the vault... 

Honestly, I don't quite understand your question

Really, if you have literally millions of dollars (or anything worth millions of dollars), why on Earth would you want to put that much on you debit card? What's the sense of doing that? In this manner, there is no real contradiction (if that was your intention as I got your point) between saving hefty amounts of paper money (or, say, gold) in a deposit box in a bank and putting only dust (in relative terms, of course) in your card account in that bank. In any case, the bank has access to both your account and deposit box, so from the bank's point of view (but not yours), it is basically six of one and half a dozen of the other. But then again, why would you want to pour millions to your debit card in the first place, to attract thieves like shit attracts flies and honey bees?

Sorry for the late reply... What I am trying to ask and say there is if it is possible to just put your money in a safety deposit box, the bank records how much money is in your safety deposit box, but never put it in your account - What I mean here is the money can't be moved unless you go to the bank and request it to be opened and you get your paper money...

I think that's way safer than depositing money over the counter and putting it under your account along with your debit and any other form where you can withdraw your money via ATM or connect it to a online payment system... Probably by that, the thieves needs to harm you or be more harsh on doing the act before they could rob you with your money... 

[Vaskiy]

more precisely if we keep the money in the bank means we deposit the money, definitely not only you yourself knows about money, there are others who know your money, I think it has become a business, we leave something valuable in the bank or debit and they offer security over the valuables you have, as I said this is a business I think already paper money will remain despite its use on a large scale would be less , because not everyone will deposit something valuable of hers to others. paper money will continue to be used but less, and digital money will be more grown up. times will indeed give you many options.

I also believe that paper money will continue to exist for a long time but they will be less likely to use. Now, many countries are beginning to think about the digital to National currency and whether the decision to have success when there is a parallel with the national currency is only a paper.

As quoted more countries were showing interest upon digital use than paper money. This is effective in few countries where maximum population is educated. In other cases the fiat is given much importance though digital currencies are making revolution in the financial system.

[President79]

According to prediction, the paper money in 50 years will disappear. can't argue with that paper money a lot of weaknesses, such as fake money crimes, money laundering and illegal transactions. With digital money then a person or community is suspected of committing crimes will be easily frozen.

[diegz]

According to prediction, the paper money in 50 years will disappear. can't argue with that paper money a lot of weaknesses, such as fake money crimes, money laundering and illegal transactions.

Care to share where you find that prediction? thanks.

I don't see paper money disappear, it is reproduced yearly by the government when there is a need. Those weaknesses that you've mention are already been there since the paper money starts, in fact,it's not just money that is being used for illegal transactions. Fake money too, it's already been present, but does it weaken the money and the economy? it didn't.

With digital money then a person or community is suspected of committing crimes will be easily frozen.

Before the digital world know that, in real world it's been done many times. If you are suspected of having  unexplained wealth, your assets will be frozen and you are under investigation. 

[bitllionaire]

According to prediction, the paper money in 50 years will disappear. can't argue with that paper money a lot of weaknesses, such as fake money crimes, money laundering and illegal transactions. With digital money then a person or community is suspected of committing crimes will be easily frozen.

i think we cannot give any time frame for disappearing the fiat currency, no one know about it that what will happen to fiat in 50 years or more. but if we conclude it thin it is even looking difficult that either after 50 years bitcoin will disappear. to me i think will still survive bur the use of bitcoin will increase more and people will then giving more preference to digital currency.

[allthingsluxury]

Paper money is destined for the same place that it always ends up. The dustbin of history. There has never been a fiat currency that has stood the test of time, whereas gold and silver have.

[South Park]

I believe paper money will eventually go away, but not because its a good thing, but rather because goverments will control every aspect of life. It will be very difficult to do anything anonymous, but thats why we need decentralized money, thats why BTC and other alts are so important.

Governments will try that is for sure, but that does not mean they are going to succeed, there are many intelligent people doing their best to counter that tendency with new developments, and encryption seems like the best way to protect your privacy, at least while you are online.