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Author Topic: The future of the paper money  (Read 404084 times)
Cherylstar86
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March 06, 2017, 12:34:12 PM
 #3041

Paper money's future will be more challenging be because of digital world products, service payment and other optional payment options is widely known to be adopted at online transaction of cashless payments. This method actually encourages everyone who has bank account balances to register at online cashless transactions. Well some people might think paper money will be gone, but its not true and for my own idea of paper money will still be preserved for optional use and manual payment transaction.

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March 06, 2017, 01:34:17 PM
 #3042

Paper money would still exist as there are still lots of people who are unaware of digital transactions.Even in india, they have tried to demonitize notes and change people to digital currencies,but it failed to succeed.In venizuela also, it failed.Hence, paper money couldnot be fully demolished.But in future,usage of paper money will get reduced.
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March 06, 2017, 01:35:00 PM
 #3043

Paper money's future will be more challenging be because of digital world products, service payment and other optional payment options is widely known to be adopted at online transaction of cashless payments. This method actually encourages everyone who has bank account balances to register at online cashless transactions. Well some people might think paper money will be gone, but its not true and for my own idea of paper money will still be preserved for optional use and manual payment transaction.
That's what I think too, paper money would still exist in the future. We always need cash for transcation that needs an instant payment. The more choices, the merrier lol  Grin I don't think that paper moeny will disappear when time comes that bitcoin become a official currency.

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March 06, 2017, 01:37:35 PM
 #3044

Paper money's future will be more challenging be because of digital world products, service payment and other optional payment options is widely known to be adopted at online transaction of cashless payments. This method actually encourages everyone who has bank account balances to register at online cashless transactions. Well some people might think paper money will be gone, but its not true and for my own idea of paper money will still be preserved for optional use and manual payment transaction.
That's what I think too, paper money would still exist in the future. We always need cash for transcation that needs an instant payment. The more choices, the merrier lol  Grin I don't think that paper moeny will disappear when time comes that bitcoin become a official currency.

I don't think that bitcoin can become official currency as not all the Governments will stand in support of bitcoins as it can be a threat to their national currency and no Government will wish that their national currency would get replaced with any digital currency and bitcoin will always be used as a secondary currency and not the primary one.
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March 06, 2017, 01:44:40 PM
 #3045


Paper money is not going to last  for more than 3-4 decades.Most of the paper money is going to be demonetized.I think that instead e-money is gonna be popular.Nevertheless paper money is a drag.Cheesy Why carry liquid cash,when u can easily do transaction over mobile,?
darthmaul
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March 06, 2017, 05:07:27 PM
 #3046

Well, no doubt that Andrew Haldane (Chief Economist) is the smart decision maker. However, state-backed digital currency sounds little of the track for entirely banning paper money. Issuing a digital currency first of all will need to re-invest in entire countries economy meaning they will have to run big campaign throughout the nation to let people know what Bank of England is up to. There would be obvious discrepancies among the public where to trust an Internet based digital currency. Because many of them won't trust the electronic payments even today (cards, internet banking etc. ) Moreover, they will have to gain trust over the digitization as anybody would love to see hard cash at many times. What I mean by this is, people are use to hard cash since they born and bought up and sudden change in (that to major and related to money!) would be little unhappy to accept straight away.

Though they decide to get this job done then I believe it will take up to 1 decade! Changing whole currency in nation is not just about that nation. There are so many outward factors such as economic relationship with other countries. Big currency exchanges, trades between two different nation all works on harmony of currencies' value. It means if the change is in one nation then it has to be accepted world wide to take effect.

This explains about security and privacy concerns also. Well thinking about rapid changing technology, if virtual currency like bitcoin has taken such hike then people will tend to make it insecure (Hackers!) to gain control over it as it is handy and available over a network. Moreover Bitcoin being anonymous no one will ever find out where and who stole your bitcoin!

Thus, all the discussion takes my thinking towards negative scale of paper money future. I mean people will love to have both type of currencies in their wallet (paper + digital) this will make them feel more secured.

:-)

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March 06, 2017, 11:44:13 PM
 #3047

Paper money will stay forever.
Why? Because its easier to make than coins.

although it is more easy to use digital currency but currently the users of bitcoin are very low that is why most of the people are depending on fiat for fulfilling their needs.


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March 07, 2017, 02:05:17 AM
 #3048


Paper money is not going to last  for more than 3-4 decades.Most of the paper money is going to be demonetized.I think that instead e-money is gonna be popular.Nevertheless paper money is a drag.Cheesy Why carry liquid cash,when u can easily do transaction over mobile,?
I think the reason it will not last forever not only because of its use is less practical but also because of the high inflation rate. that causes fiat continually loses value. I'm sure we will realize that the saving fiat in big quantities, is very harmful and risky, especially if we save the fiat aside usd.


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March 07, 2017, 03:22:40 AM
 #3049


Paper money is not going to last  for more than 3-4 decades.Most of the paper money is going to be demonetized.I think that instead e-money is gonna be popular.Nevertheless paper money is a drag.Cheesy Why carry liquid cash,when u can easily do transaction over mobile,?
I think the reason it will not last forever not only because of its use is less practical but also because of the high inflation rate. that causes fiat continually loses value. I'm sure we will realize that the saving fiat in big quantities, is very harmful and risky, especially if we save the fiat aside usd.
No, that is not the only basis why paper money will not last, it's just a value and even if it's subject for inflation what you are getting if you are working will also increase or being adjusted by the government. It's the government that created paper money, hence they will do everything to keep its value and people will still use it. Government has taken in charge of this world and whatever they want will be followed, I do not even consider bitcoin as a competitor of fiat as it's way behind in terms of value and popularity.

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March 07, 2017, 07:34:16 AM
 #3050

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?


If we are going to base it now into our generation, majority of the country are not yet accepting what bitcoin is. Even some of the nations heard about already in bitcoin but still they keep on silent and moreover there is a country really not accepting bitcoin because their technology was not that fully developed. So in other words paper money will not disappear in all countries, or it maybe happen but it will take more decades year.

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March 07, 2017, 01:24:33 PM
 #3051


Paper money is not going to last  for more than 3-4 decades.Most of the paper money is going to be demonetized.I think that instead e-money is gonna be popular.Nevertheless paper money is a drag.Cheesy Why carry liquid cash,when u can easily do transaction over mobile,?

Well I don't think so. Yeah if we're talking about convenience then I have to agree with you that electronic or digital money would be a lot easier than having physical paper money in your pocket. But that requires technology that is not easily accessible to some parts of the world. 40 years from now, you may be right, most people will probably be using digital money but definitely paper money won't be demonetized and will still be used

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March 07, 2017, 04:09:20 PM
 #3052


Paper money is not going to last  for more than 3-4 decades.Most of the paper money is going to be demonetized.I think that instead e-money is gonna be popular.Nevertheless paper money is a drag.Cheesy Why carry liquid cash,when u can easily do transaction over mobile,?

Well I don't think so. Yeah if we're talking about convenience then I have to agree with you that electronic or digital money would be a lot easier than having physical paper money in your pocket. But that requires technology that is not easily accessible to some parts of the world. 40 years from now, you may be right, most people will probably be using digital money but definitely paper money won't be demonetized and will still be used


Yes and people would be implanted with bio chips that will store all their data including their financial data. Credit cards would become obsolete because technology would be integrated into people's bodies. Paper money might still exist on some poor countries though together with gold and bartering.

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March 07, 2017, 07:50:06 PM
 #3053


Paper money is not going to last  for more than 3-4 decades.Most of the paper money is going to be demonetized.I think that instead e-money is gonna be popular.Nevertheless paper money is a drag.Cheesy Why carry liquid cash,when u can easily do transaction over mobile,?

Well I don't think so. Yeah if we're talking about convenience then I have to agree with you that electronic or digital money would be a lot easier than having physical paper money in your pocket. But that requires technology that is not easily accessible to some parts of the world. 40 years from now, you may be right, most people will probably be using digital money but definitely paper money won't be demonetized and will still be used

yes to me i think still there is nothing wrong to the fiat currency, because more that 99% people are still using fiat for fulfilling their needs. i think it will take much more time when the the majority of people will start using bitcoin. may be it take decades.


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March 07, 2017, 09:42:32 PM
 #3054

Paper money goes into digital format. This is so that you can monitor where you spend your money.
I am sure that money will become digital. But this will not happen soon
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March 08, 2017, 07:35:43 AM
 #3055

Paper money goes into digital format. This is so that you can monitor where you spend your money.
I am sure that money will become digital. But this will not happen soon
The users are more important on this one, if the government feels the need of implementing this kind of system people will abide. However, not all people will be able to adopt with it, it requires information to educate people on how to transact and mostly on how to stay secured while transacting online. Maybe we already have a good training since we are transacting bitcoin and we were able to learn the basics and when time comes we go full digital, it will be easy for us and we can use both bitcoin and fiat digital if bitcoin is still alive that time.

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March 08, 2017, 08:18:10 AM
 #3056

Everytime a new technology that involves money comes out, talk of gradual death of paper money arises. When the credit card was introduced, people said that is the beginning of a cashless society. We can almost say the same about bitcoin. But it seems that the paper money isn’t just about to go away that easily. Statistics even show that the paper money in circulation even grew by some percentages over the last few years. Cash still proves handy especially when e-payment systems go offline.
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March 08, 2017, 08:23:52 AM
 #3057

Everytime a new technology that involves money comes out, talk of gradual death of paper money arises. When the credit card was introduced, people said that is the beginning of a cashless society. We can almost say the same about bitcoin. But it seems that the paper money isn’t just about to go away that easily. Statistics even show that the paper money in circulation even grew by some percentages over the last few years. Cash still proves handy especially when e-payment systems go offline.

Yes and I have been a victim for many times by an offline electronic payment or a maintenance at their end.
There is no solution to that but just wait.
Even ATM machines do require some maintaining or it will be left cashless.
This things that use electricity will go off sometimes and where would we run without fiat on our wallets?
That says it all.

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March 08, 2017, 08:42:17 AM
 #3058

Everytime a new technology that involves money comes out, talk of gradual death of paper money arises. When the credit card was introduced, people said that is the beginning of a cashless society. We can almost say the same about bitcoin. But it seems that the paper money isn’t just about to go away that easily. Statistics even show that the paper money in circulation even grew by some percentages over the last few years. Cash still proves handy especially when e-payment systems go offline.

Yes and I have been a victim for many times by an offline electronic payment or a maintenance at their end.
There is no solution to that but just wait.
Even ATM machines do require some maintaining or it will be left cashless.
This things that use electricity will go off sometimes and where would we run without fiat on our wallets?
That says it all.
The entire digital currency will depend on electricity and the Internet. If this does not happen, all people will get tired by the bottom, while they will have millions in their accounts. It is still too early to send paper money for retirement.
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March 08, 2017, 09:33:47 AM
 #3059

Paper money goes into digital format. This is so that you can monitor where you spend your money.
I am sure that money will become digital. But this will not happen soon
of course, change paper money into digital money of course it will take a very long time. probably more than 10 years
because the current paper money is still very active in use worldwide



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March 08, 2017, 12:06:20 PM
 #3060

Paper money goes into digital format. This is so that you can monitor where you spend your money.
I am sure that money will become digital. But this will not happen soon
of course, change paper money into digital money of course it will take a very long time. probably more than 10 years
because the current paper money is still very active in use worldwide
Paper money more difficult to control. I think that for this reason the world shall never refuse cash. I am also against. In the transition to electronic payments will not be possible to hide their income and will have to pay taxes.



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.ANGEL TOKEN.
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