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Author Topic: The future of the paper money  (Read 414658 times)
Musent
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February 04, 2017, 10:35:01 PM
 #2801

Since BTC or other digital currencies require people to be in communities or become tech savvy to figure out, entirety remains with its reliance on exchanging to and from fist. The need to be in every country may be unattractive if so few countries become dependent.

Don't ignore using it, but paper is universal and tied to infrastructure across the globe. People use USD, AUD, GBP + Euro as reserve currencies in 76+ countries so making exclusive amendments locally will likely turn to changes in what's stockpiled.

People will always use paper as a secure solution for expensive savings + leisure trade.
Once upon a time, there was nothing like paper money, it was merely introduced to the society in much the same way, Bitcoin is being introduced now. So just give it time, people can always tell apart what is convenient, secured, little or no cost, a real store of value. By the way, those papers are just piece of papers backed by nothing.
I am agree. Paper money is going to fall in history the same way as payment with shells or stones. I think crypto currencies will change paper money one day. But this day will come not so soon. Bitcoin and other crypto currencies have to be known for that. For now just a little % of people use and know it.
Yes, you are right now very few people know about Bitcoin.
And many do not trust cryptocurrency and therefore use traditional money.
This means that paper money will continue to exist for a long time.

Paper money will surely exist in future but there will be decrease in the usage of fiat once people get aware about bitcoins as people have already started to use cards for shopping and prefer to go for cashless transactions so once bitcoin reaches to them it won't take much time to adopt bitcoins for making payments and once they find merchants accepting bitcoins then it will encourage them to know more about bitcoins.
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February 05, 2017, 12:31:35 AM
 #2802

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 use of paper money at this time slightly altered by their digital money may in the future use of digital money is more dominant because it is easier in their transactions faster and also be sent anywhere as Bitcoin is also easier to transport and requires only low fee.

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February 05, 2017, 12:51:32 AM
 #2803

Since BTC or other digital currencies require people to be in communities or become tech savvy to figure out, entirety remains with its reliance on exchanging to and from fist. The need to be in every country may be unattractive if so few countries become dependent.

Don't ignore using it, but paper is universal and tied to infrastructure across the globe. People use USD, AUD, GBP + Euro as reserve currencies in 76+ countries so making exclusive amendments locally will likely turn to changes in what's stockpiled.

People will always use paper as a secure solution for expensive savings + leisure trade.
Once upon a time, there was nothing like paper money, it was merely introduced to the society in much the same way, Bitcoin is being introduced now. So just give it time, people can always tell apart what is convenient, secured, little or no cost, a real store of value. By the way, those papers are just piece of papers backed by nothing.
I am agree. Paper money is going to fall in history the same way as payment with shells or stones. I think crypto currencies will change paper money one day. But this day will come not so soon. Bitcoin and other crypto currencies have to be known for that. For now just a little % of people use and know it.
Yes, you are right now very few people know about Bitcoin.
And many do not trust cryptocurrency and therefore use traditional money.
This means that paper money will continue to exist for a long time.
for the lifetime of the paper money itself I'm sure, paper money will live for hundreds of years. for digital money will replace paper money in that period, to cryptocurrency itself might have a wonderful future

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February 05, 2017, 06:24:55 AM
 #2804

Bitcoin is an international currency in the online world, the world's largest currency or U.S. dollar, bitcoin may be higher than the future status of the RMB.


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February 05, 2017, 10:49:59 AM
 #2805

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 use of paper money at this time slightly altered by their digital money may in the future use of digital money is more dominant because it is easier in their transactions faster and also be sent anywhere as Bitcoin is also easier to transport and requires only low fee.

yes this is true that digital money can dominate our paper money. as of today even if bitcoin is not yet introduced to the market. the governemnt of every country is letting us to use digital currency. examples are the automated tellering machine as it doesnt require you to have a paper money to go shopping or payment. just a single swipe can do the work.

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February 05, 2017, 11:11:54 AM
 #2806

Bitcoin is an international currency in the online world, the world's largest currency or U.S. dollar, bitcoin may be higher than the future status of the RMB.
for now only be an option for bitcoin payment methods online, but I think bitcoin will be much more popular in the future. and would be more widely used and accepted for paper money itself. I think the paper money will not have a bright future

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February 05, 2017, 11:22:42 AM
 #2807

Bitcoin is an international currency in the online world, the world's largest currency or U.S. dollar, bitcoin may be higher than the future status of the RMB.
for now only be an option for bitcoin payment methods online, but I think bitcoin will be much more popular in the future. and would be more widely used and accepted for paper money itself. I think the paper money will not have a bright future

yes we all know that every thing in this world is being inovated. so as our paper fiat currency. birtual money is established before bitcoins and it is also used as the payment for everything. it is called as a atmcard or debit card. but as the features of bitcoin, bitcoin can dominate all virtual currency as it is more useful and more convinient to use. less hassle and can be use fast.

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February 05, 2017, 02:20:21 PM
 #2808

Bitcoin is an international currency in the online world, the world's largest currency or U.S. dollar, bitcoin may be higher than the future status of the RMB.

Bitcoin is really international crypto currency but only on online world, that's why bitcoin can't comparison with fiat currency of dollar. In my thinking, it is totally wrong thinking that bitcoin will be comparison with fiat in present and also in future. Fiat or paper money always be remain now and in future, may be bitcoin will be die in future but fiat still alive in this world.

                                 
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February 05, 2017, 06:28:18 PM
 #2809

Many people are thinking that bitcoin will be paper money but i thiknk we have already a paper money which is our paper wallet contains private key. but bitcoin will never be the same as fiat that has paper money.. since bitcoin is just alternative payment processor we can only use it online and now many sites are accepting it even here in my school i found someone now are studying bitcoin and they are earnings few bitcoins ..
I also never heard of it. many people who say that perhaps bitcoin will be released in a form of paper money, and I also thought like that. but, basically bitcoin has had the best form, ie as cryptocurrency, and it has become a tool of the best deals on the internet. Well, I believe that paper money will only be used for the fiat, not for bitcoin.
I think it would be a setback for the technology when bitcoin bitcoin create a paper version. because as you've said cryptocurrency or virtual currency has been the best form of a currency

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

How could physical bitcoin (bitnotes, or otherwise) ever be secure? They would be massively easy to counterfeit and anyone accepting one could never be sure they actually own the value denoted by the physical note, because the true ownership of bitcoin is dictated by an electronic ledger. I could hand you a physical bitnote, and then use the private key for the bitcoin it represents and go and spend those bitcoins electronically. You then would not own the bitcoins the note represents, because you have no ability to move them in the blockchain. I don't see a way to ever have a secure physical bitcoin, because the private key dictates ownership, not the physical note.


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February 05, 2017, 09:04:52 PM
 #2810

I think that paper money will long exist. This is especially true in poor countries. There are many do not use e-currency. And not even heard of cryptocurrency.
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February 05, 2017, 09:17:46 PM
 #2811

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.
Let us look on a more broader sense. In a country a government runs the progress of their society, what would you think will happen if money in that country is decentralized? Of course the government won't be the only one controlling the country's money but other people can, It can lead into more abuse than you think. Having a money that is controlled by the government is much safer.
What kind of abuses could happen with a decentralized currency that could not happen with a centralized currency? Money laundering? That already happens and it is more widespread with fiat than with bitcoin. Counterfeit? There is no way to counterfeit bitcoin unlike fiat.
I guess he has a point dude, the world is created to have a centralization for the government to monitor and maintain the peace and order in this world. Without peace and order, your money has no value, the economy will collapse and crimes will be rampant. With decentralization, some might manipulate the system and crimes will come, think that when government has no power to control the crime online, it will be a big threat for us.
then why are we speaking about the global worlds. do you not think that if the whole world combine on one point and decide to live in group and finish the border differences, currency differences. we can live like one nation and hope that there will be more peace harmony and love for each other, but i think it is not such an easy job. 
Not an easy job as well the chances were very low. Countries have differences of opinion when it comes to border to other development. If it happen peace and harmony will not be there, often violence out burst as people belonging to each country live as a group.
The borders is because of different languages and other rules of the societies and if one rule is established then there will be no need of any borders among the states people will not care for their nationality just like here on bitcoin forum people do not care for nationality and are working with each other in a single community in the name of bitcoin.

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February 05, 2017, 10:13:44 PM
 #2812

Since BTC or other digital currencies require people to be in communities or become tech savvy to figure out, entirety remains with its reliance on exchanging to and from fist. The need to be in every country may be unattractive if so few countries become dependent.

Don't ignore using it, but paper is universal and tied to infrastructure across the globe. People use USD, AUD, GBP + Euro as reserve currencies in 76+ countries so making exclusive amendments locally will likely turn to changes in what's stockpiled.

People will always use paper as a secure solution for expensive savings + leisure trade.
Once upon a time, there was nothing like paper money, it was merely introduced to the society in much the same way, Bitcoin is being introduced now. So just give it time, people can always tell apart what is convenient, secured, little or no cost, a real store of value. By the way, those papers are just piece of papers backed by nothing.
yes but the paper money has a very strong position in current time and it is not possible in next 50 years of time to replace fiat by any other currency, therefore i think still it will take a lot of time for bitcoin to replace fiat and people start using bitcoin even in their local shops.
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February 05, 2017, 10:20:42 PM
 #2813

Since BTC or other digital currencies require people to be in communities or become tech savvy to figure out, entirety remains with its reliance on exchanging to and from fist. The need to be in every country may be unattractive if so few countries become dependent.

Don't ignore using it, but paper is universal and tied to infrastructure across the globe. People use USD, AUD, GBP + Euro as reserve currencies in 76+ countries so making exclusive amendments locally will likely turn to changes in what's stockpiled.

People will always use paper as a secure solution for expensive savings + leisure trade.
Once upon a time, there was nothing like paper money, it was merely introduced to the society in much the same way, Bitcoin is being introduced now. So just give it time, people can always tell apart what is convenient, secured, little or no cost, a real store of value. By the way, those papers are just piece of papers backed by nothing.
yes but the paper money has a very strong position in current time and it is not possible in next 50 years of time to replace fiat by any other currency, therefore i think still it will take a lot of time for bitcoin to replace fiat and people start using bitcoin even in their local shops.
you are right. it occurred because paper money is a form of transaction tool that really practical. paper money is perfect in the mix with digital money, and I think it is the perfect form of cash after the coin. maybe paper money will continue to be used in a very long time.

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February 05, 2017, 10:26:17 PM
 #2814

Since every aspect of our life becomes digital, it's inevitable that money will follow the same path.
We already use credit cards and online money transfer with fiat money, and bitcoin is another form of digital money transfer. So I believe the paper money will be no need, and people will give up on that in a few years.
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February 06, 2017, 12:25:43 AM
 #2815

Paper money will vanish in the next 20 years at least in the developed countries. In developing countries it will exist several years longer.
However I can not say I don't like the direction we are heading. Digital centralized, completely controled government money is a nightmare.
but i do not think so that paper money is going to ever vanish. i think it will take a lot of time unless all the people start using bitcoin and they have the facilities to use bitcoin and the facilities are easily available everywhere.



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February 06, 2017, 12:56:38 AM
 #2816

Since BTC or other digital currencies require people to be in communities or become tech savvy to figure out, entirety remains with its reliance on exchanging to and from fist. The need to be in every country may be unattractive if so few countries become dependent.

Don't ignore using it, but paper is universal and tied to infrastructure across the globe. People use USD, AUD, GBP + Euro as reserve currencies in 76+ countries so making exclusive amendments locally will likely turn to changes in what's stockpiled.

People will always use paper as a secure solution for expensive savings + leisure trade.
Once upon a time, there was nothing like paper money, it was merely introduced to the society in much the same way, Bitcoin is being introduced now. So just give it time, people can always tell apart what is convenient, secured, little or no cost, a real store of value. By the way, those papers are just piece of papers backed by nothing.
yes but the paper money has a very strong position in current time and it is not possible in next 50 years of time to replace fiat by any other currency, therefore i think still it will take a lot of time for bitcoin to replace fiat and people start using bitcoin even in their local shops.
you are right. it occurred because paper money is a form of transaction tool that really practical. paper money is perfect in the mix with digital money, and I think it is the perfect form of cash after the coin. maybe paper money will continue to be used in a very long time.
yes i also agree with you that there is noting wrong to paper money, no thread is there to paper money although bitcoin is the number one cryto currency but still  it cannot defeat, because most of the people are not yet using bitcoin for fulfilling their all necessities.

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February 06, 2017, 01:17:43 AM
 #2817

Paper money will vanish in the next 20 years at least in the developed countries. In developing countries it will exist several years longer.
However I can not say I don't like the direction we are heading. Digital centralized, completely controled government money is a nightmare.
but i do not think so that paper money is going to ever vanish. i think it will take a lot of time unless all the people start using bitcoin and they have the facilities to use bitcoin and the facilities are easily available everywhere.
I think regardless of people will use bitcoin or not in the future. I'm sure banknotes will disappear or be replaced by something more sophisticated and flexible payment method. but of course it will take a very long time
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February 06, 2017, 06:14:29 AM
 #2818

Paper money will vanish in the next 20 years at least in the developed countries. In developing countries it will exist several years longer.
However I can not say I don't like the direction we are heading. Digital centralized, completely controled government money is a nightmare.
but i do not think so that paper money is going to ever vanish. i think it will take a lot of time unless all the people start using bitcoin and they have the facilities to use bitcoin and the facilities are easily available everywhere.
I think regardless of people will use bitcoin or not in the future. I'm sure banknotes will disappear or be replaced by something more sophisticated and flexible payment method. but of course it will take a very long time
Bank notes or paper money is here in the circulation in many years already, and from time to time there is a new found technology to ease the use of fiat that it could be in the form of digital currency. However until now, even that online transaction are already popular and widely use, we cannot still surpass the popularity of paper money. The big volume of population belongs to the poor people, so I guess they will remain in need of paper money.

Online payment or digital currencies are mostly applicable with big countries, poor countries prefer paper money.

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February 06, 2017, 06:29:43 AM
 #2819

Since every aspect of our life becomes digital, it's inevitable that money will follow the same path.
We already use credit cards and online money transfer with fiat money, and bitcoin is another form of digital money transfer. So I believe the paper money will be no need, and people will give up on that in a few years.

It depends. If the world is going towards digital, and the leaders promote it also, that's the only time that paper money will be gone. But with the current situation it's still not going to happen. Paper money still has lots of use and most old people loves to use it too, including the metal coins. If central banks would issue a card which is re loadable, then I think that's the start and the best to replace paper money.

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February 06, 2017, 06:46:08 PM
 #2820

Since BTC or other digital currencies require people to be in communities or become tech savvy to figure out, entirety remains with its reliance on exchanging to and from fist. The need to be in every country may be unattractive if so few countries become dependent.

Don't ignore using it, but paper is universal and tied to infrastructure across the globe. People use USD, AUD, GBP + Euro as reserve currencies in 76+ countries so making exclusive amendments locally will likely turn to changes in what's stockpiled.

People will always use paper as a secure solution for expensive savings + leisure trade.
Once upon a time, there was nothing like paper money, it was merely introduced to the society in much the same way, Bitcoin is being introduced now. So just give it time, people can always tell apart what is convenient, secured, little or no cost, a real store of value. By the way, those papers are just piece of papers backed by nothing.
yes but the paper money has a very strong position in current time and it is not possible in next 50 years of time to replace fiat by any other currency, therefore i think still it will take a lot of time for bitcoin to replace fiat and people start using bitcoin even in their local shops.
you are right. it occurred because paper money is a form of transaction tool that really practical. paper money is perfect in the mix with digital money, and I think it is the perfect form of cash after the coin. maybe paper money will continue to be used in a very long time.
Yes, it's too practical, personally I think it is much better than plastic cards given by banks, except for a few occasions, but like everything you should not forget the phrase that in taste genres are broken or something like that, there will undoubtedly be many people who prefer plastic cards to carry out their operations, I think that among the more ways to have liquidity is much better because so each one chooses if means of payment, depending on where you are and the situation in which you are, for example if you walk in the street, and shopping for example an ice cream and then a soda is much better the cash, In addition, with cash you do not have the feeling that you are being charged here and there for various concepts like having cash in another ATM not from your bank or affiliates.
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