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Author Topic: The future of the paper money  (Read 403537 times)
Japinat
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February 06, 2017, 06:14:29 AM
 #2821

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
 #2822

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
 #2823

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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February 06, 2017, 09:38:02 PM
 #2824

People on here are always following this little narrative that bitcoin is going to kill this, or bitcoin is going to kill that. I fully believe that bitcoin will be a driving force in the economy in years to come, but I'm not one who believes bitcoin will kill off all other forms of currency such as the USD and so on.

That's just a claim that is a little tough to believe and yall just do it to make yourselves feel better. It's never going to happen so just accept it at this point.

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ophyrim
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February 06, 2017, 10:01:33 PM
 #2825

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.
I exactly agree with you. In addition, the number of cryptocurrencies investor rise. More people join this world and the confidence to the bitcoin today, is more than yesterday. And tomorrow will be more than today. But this doesn't means paper money will disappear. I cannot imagine a day that we are not use paper money in the future.

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February 06, 2017, 11:21:35 PM
 #2826

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.
for the current banknotes have many uses. but in the future. I bet digital money will be more widely used than with paper money. so I think gradually the use of paper money will decrease

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February 07, 2017, 03:28:37 AM
 #2827

People on here are always following this little narrative that bitcoin is going to kill this, or bitcoin is going to kill that. I fully believe that bitcoin will be a driving force in the economy in years to come, but I'm not one who believes bitcoin will kill off all other forms of currency such as the USD and so on.

That's just a claim that is a little tough to believe and yall just do it to make yourselves feel better. It's never going to happen so just accept it at this point.
No I am not believe just for make me feel better. I really sure that paper money will be unused, paper money itself has been weakened due to inflation. although bitcoin is still not able to replace paper money but I'm sure there will come a time when we no longer use the paper money, so we can use bitcoin or gold.


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Bitcoin0916
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February 07, 2017, 04:13:06 AM
 #2828

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.
for the current banknotes have many uses. but in the future. I bet digital money will be more widely used than with paper money. so I think gradually the use of paper money will decrease

Yes true, trials of digital money has done a lot of countries, I believe the existence of digital money will reduce the paper money, but paper money will be retained until whenever. Just as the state document which is still printed on paper, although there is already a hard disk storage.
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February 07, 2017, 04:28:21 AM
 #2829

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.

I believe that it is coming near but there is no exact date on when it will happen. But I'm pretty sure that paper money will be gone because of technology and the satisfaction of people will be no longer with paper money and if that happens the government will implement digital type of money whether it is with bitcoin or their own creation.

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February 07, 2017, 05:42:10 AM
 #2830

People on here are always following this little narrative that bitcoin is going to kill this, or bitcoin is going to kill that. I fully believe that bitcoin will be a driving force in the economy in years to come, but I'm not one who believes bitcoin will kill off all other forms of currency such as the USD and so on.

That's just a claim that is a little tough to believe and yall just do it to make yourselves feel better. It's never going to happen so just accept it at this point.
No I am not believe just for make me feel better. I really sure that paper money will be unused, paper money itself has been weakened due to inflation. although bitcoin is still not able to replace paper money but I'm sure there will come a time when we no longer use the paper money, so we can use bitcoin or gold.
i do not think that in near future bitcoin can replace fiat currency, but if the users of bitcoin are increasing more and more then surely it will effect the fiat. but as still not not a 1% people are using bitcoin, therefore i do not think that there is any threat to fiat in near future, i think it will take decades to takeover fiat .
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February 07, 2017, 06:24:25 AM
 #2831

People on here are always following this little narrative that bitcoin is going to kill this, or bitcoin is going to kill that. I fully believe that bitcoin will be a driving force in the economy in years to come, but I'm not one who believes bitcoin will kill off all other forms of currency such as the USD and so on.

That's just a claim that is a little tough to believe and yall just do it to make yourselves feel better. It's never going to happen so just accept it at this point.
No I am not believe just for make me feel better. I really sure that paper money will be unused, paper money itself has been weakened due to inflation. although bitcoin is still not able to replace paper money but I'm sure there will come a time when we no longer use the paper money, so we can use bitcoin or gold.
i do not think that in near future bitcoin can replace fiat currency, but if the users of bitcoin are increasing more and more then surely it will effect the fiat. but as still not not a 1% people are using bitcoin, therefore i do not think that there is any threat to fiat in near future, i think it will take decades to takeover fiat .
Even how many decades will come it would not still replace fiat anytime soon as long theres government would handle. Bitcoin cant surpass it no matter what and thats the thing i believe it may progress on the future but not on the point it will surpass fiat but its still good as an alternative.

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February 07, 2017, 06:32:21 AM
 #2832

People on here are always following this little narrative that bitcoin is going to kill this, or bitcoin is going to kill that. I fully believe that bitcoin will be a driving force in the economy in years to come, but I'm not one who believes bitcoin will kill off all other forms of currency such as the USD and so on.

That's just a claim that is a little tough to believe and yall just do it to make yourselves feel better. It's never going to happen so just accept it at this point.
Bitcoin is nothing to kill not and is not going to, but Bitcoin technology is another question. It is thanks to technology which is built Bitcoin can happen replacement of paper money, the money will be transferred into digital form, but this is still very far, if at all will happen.

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February 07, 2017, 06:38:50 AM
 #2833

People on here are always following this little narrative that bitcoin is going to kill this, or bitcoin is going to kill that. I fully believe that bitcoin will be a driving force in the economy in years to come, but I'm not one who believes bitcoin will kill off all other forms of currency such as the USD and so on.

That's just a claim that is a little tough to believe and yall just do it to make yourselves feel better. It's never going to happen so just accept it at this point.
Bitcoin is nothing to kill not and is not going to, but Bitcoin technology is another question. It is thanks to technology which is built Bitcoin can happen replacement of paper money, the money will be transferred into digital form, but this is still very far, if at all will happen.
I am not sure that bitcoin can replace paper money, because bitcoin has a price that is not stable, so I feel that bitcoin will only famous on the Internet, and may only be used with both the internet. whereas, paper money is always used for transactions in the real world, and it will probably always be used.

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February 07, 2017, 07:01:45 AM
 #2834

In the next five years, the abolition or abolition of paper money will be a global trend. Personally, I think, at least we should abolish the large denomination notes until all the paper money is abolished. Note the obvious defects, can not leave traces, dirty business, money laundering, cruel exploitation by money more convenient. If a bribe is to be transferred, it is finished. At present, there has been a country to abolish paper money, and several countries announced that it is studying the abolition of. .

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February 07, 2017, 04:46:39 PM
 #2835

In the next five years, the abolition or abolition of paper money will be a global trend. Personally, I think, at least we should abolish the large denomination notes until all the paper money is abolished. Note the obvious defects, can not leave traces, dirty business, money laundering, cruel exploitation by money more convenient. If a bribe is to be transferred, it is finished. At present, there has been a country to abolish paper money, and several countries announced that it is studying the abolition of. .

Bribes can be transmitted by any means, not only in cash. Cancellation of paper money has no effect on the overall level of corruption.
I'm not sure that the world will be able to refuse paper money in the near future
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February 07, 2017, 05:28:01 PM
 #2836

In the next five years, the abolition or abolition of paper money will be a global trend. Personally, I think, at least we should abolish the large denomination notes until all the paper money is abolished. Note the obvious defects, can not leave traces, dirty business, money laundering, cruel exploitation by money more convenient. If a bribe is to be transferred, it is finished. At present, there has been a country to abolish paper money, and several countries announced that it is studying the abolition of. .

Bribes can be transmitted by any means, not only in cash. Cancellation of paper money has no effect on the overall level of corruption.
I'm not sure that the world will be able to refuse paper money in the near future

yeah you're correct there dude. I think its a very shallow reason to have paper money abolished because it's used for corruption. the value of paper money or fiat outweighs all negative uses for it. I don't think we can have a currency that can do what fiat is doing for us right now and I don't think banks and governments also would allow any other currency to overtake fiat supremacy

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February 07, 2017, 05:52:57 PM
 #2837

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.  
That is an utopia and nothing but a dream, while we may think it is possible to reach such a world the truth is conflict seems to be an intrinsic part of human nature, besides while we are humans are equal you cannot compare the needs of someone living in the first world and the needs of a poor person ion the third world.



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February 07, 2017, 07:50:28 PM
 #2838

In the next five years, the abolition or abolition of paper money will be a global trend. Personally, I think, at least we should abolish the large denomination notes until all the paper money is abolished. Note the obvious defects, can not leave traces, dirty business, money laundering, cruel exploitation by money more convenient. If a bribe is to be transferred, it is finished. At present, there has been a country to abolish paper money, and several countries announced that it is studying the abolition of. .

Bribes can be transmitted by any means, not only in cash. Cancellation of paper money has no effect on the overall level of corruption.
I'm not sure that the world will be able to refuse paper money in the near future

Whenever I see that someone gets caught and makes it into the news, they are always using cash money. Really, bank transactions can be easily traced, and if some public figure receives 1M dollars into his bank account, that will immediately raise certain questions. This is not to say that cancellation of paper money will have a profound effect on the level of corruption, of course. Corruption neither depends nor is caused by paper money

I guess something like gold will be used instead of cash if it gets removed

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February 07, 2017, 10:19:22 PM
 #2839

I think there will a come a time that we will consider digital currency as a means of payment. We already have countries using credit cards at almost everything but I guess paper money wouldn't disappear. It would still be best to have something tangable when it comes to payment. Wouldn't it also be much more dangerous if we only use digital currency?
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February 08, 2017, 03:28:35 AM
 #2840

I think there will a come a time that we will consider digital currency as a means of payment. We already have countries using credit cards at almost everything but I guess paper money wouldn't disappear. It would still be best to have something tangable when it comes to payment. Wouldn't it also be much more dangerous if we only use digital currency?
The time has come already, but the thing is, the transaction online is not that big enough compared to those who are using paper money for their daily transactions. As we go into modernization, there will be an increasing population that will adopt with it for sure.



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