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Author Topic: The future of the paper money  (Read 403611 times)
mikecgna
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March 08, 2017, 08:42:17 AM

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稚 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

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

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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March 08, 2017, 12:37:05 PM

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

Converting fiat paper money into a digital money will take some time and eventually a long time before that date in the future there will be many preparations and adjustment that has to be done before that can come true. In order for it to be realized there are certain conditions to be met, first is that all people will have an internet connection and will be knowledgeable about digital currency. Another thing a system must also be set so that even in the place without internet payment system can still be processed.

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March 08, 2017, 01:16:59 PM

The countdown for paper money extinction is on. The foundation of this monetary policy is flawed and have to be fundamentally changed. Bitcoin offers good option though

Changing the world one person at a time
Lieldoryn
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March 08, 2017, 01:36:43 PM

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

Converting fiat paper money into a digital money will take some time and eventually a long time before that date in the future there will be many preparations and adjustment that has to be done before that can come true. In order for it to be realized there are certain conditions to be met, first is that all people will have an internet connection and will be knowledgeable about digital currency. Another thing a system must also be set so that even in the place without internet payment system can still be processed.
Now trust the Internet 100% impossible. Hacking can deprive you of all the savings. To hide cash is much easier than to protect your e-wallet. If the government tries to spend all the money in the Bank people will keep their savings in gold.

Fatanut
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March 08, 2017, 01:42:34 PM

Everytime a new technology that involves money comes out, talk of gradual death of paper money arises. When the credit card was introduced, [1]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. [2]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.

[1] People only say what they see. They said that it was the beginning of cashless society, and it was. The progress will be quite slow but as you can see right now, people are using physical cash lesser and lesser.

[2] Of course it will. Many countries have tons of debt. Their government simply print out tons of paper money although it will have their currency less valuable. It's alright for them since it's the fastest way for them to get out of debt and the easiest one as well.


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NEWGOODOUBLE
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March 08, 2017, 01:52:30 PM

The countdown for paper money extinction is on. The foundation of this monetary policy is flawed and have to be fundamentally changed. Bitcoin offers good option though
although it will be replaced by paper money in the form of digital currency. but it does not automatically bitcoin will replace paper money. I think it will still be difficult for bitcoin
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March 08, 2017, 04:18:39 PM

The countdown for paper money extinction is on. The foundation of this monetary policy is flawed and have to be fundamentally changed. Bitcoin offers good option though
although it will be replaced by paper money in the form of digital currency. but it does not automatically bitcoin will replace paper money. I think it will still be difficult for bitcoin

It is really difficult for bitcoin to convert into paper money, So same situation have paper money, it is not easy that paper money change into bitcoin. I don't think that bitcoin is made for paper money, and on one country accept the bitcoin for their own paper money. In short bitcoin made only for digital currency.
PetroffVany
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March 08, 2017, 07:45:51 PM

The countdown for paper money extinction is on. The foundation of this monetary policy is flawed and have to be fundamentally changed. Bitcoin offers good option though
although it will be replaced by paper money in the form of digital currency. but it does not automatically bitcoin will replace paper money. I think it will still be difficult for bitcoin

It is really difficult for bitcoin to convert into paper money, So same situation have paper money, it is not easy that paper money change into bitcoin. I don't think that bitcoin is made for paper money, and on one country accept the bitcoin for their own paper money. In short bitcoin made only for digital currency.

I disagree with you. Now it is very easy to buy bitcoin and sell bitcoin. There are many exchangers that will provide conversion in a few hours or even minutes.
Paper money can easily be exchanged for bitcoin. But it seems to me that they will not be soon
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March 09, 2017, 04:22:28 AM

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?


As we all know that paper money was made by the government of each nations. So the future of this was depend on the decision of the government officials of how or what they are going to do with the with the paper money. If ever there is a private key, security, all of it are centralized, which means there's nothing we can hide to them.


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Oralmat
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March 09, 2017, 04:25:11 AM

The countdown for paper money extinction is on. The foundation of this monetary policy is flawed and have to be fundamentally changed. Bitcoin offers good option though
although it will be replaced by paper money in the form of digital currency. but it does not automatically bitcoin will replace paper money. I think it will still be difficult for bitcoin

It is really difficult for bitcoin to convert into paper money, So same situation have paper money, it is not easy that paper money change into bitcoin. I don't think that bitcoin is made for paper money, and on one country accept the bitcoin for their own paper money. In short bitcoin made only for digital currency.

I disagree with you. Now it is very easy to buy bitcoin and sell bitcoin. There are many exchangers that will provide conversion in a few hours or even minutes.
Paper money can easily be exchanged for bitcoin. But it seems to me that they will not be soon

Whats' going on with you? Do you think i am talking about bitcoin is difficult to exchange into fiat?
No way, read the thread carefully and than read my opinion, than you could understand what actually i want to tell.
I am talking about future fiat money will never be changed into bitcoin and bitcoin will never be changed into fiat.
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March 09, 2017, 04:43:19 AM

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?


As we all know that paper money was made by the government of each nations. So the future of this was depend on the decision of the government officials of how or what they are going to do with the with the paper money. If ever there is a private key, security, all of it are centralized, which means there's nothing we can hide to them.
I think the government has set the answer by using digital money. you can see every bank around the world began competing in issuing credit cards with various offer. its sign dude

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March 09, 2017, 04:54:19 AM

The countdown for paper money extinction is on. The foundation of this monetary policy is flawed and have to be fundamentally changed. Bitcoin offers good option though
although it will be replaced by paper money in the form of digital currency. but it does not automatically bitcoin will replace paper money. I think it will still be difficult for bitcoin

It is really difficult for bitcoin to convert into paper money, So same situation have paper money, it is not easy that paper money change into bitcoin. I don't think that bitcoin is made for paper money, and on one country accept the bitcoin for their own paper money. In short bitcoin made only for digital currency.

I disagree with you. Now it is very easy to buy bitcoin and sell bitcoin. There are many exchangers that will provide conversion in a few hours or even minutes.
Paper money can easily be exchanged for bitcoin. But it seems to me that they will not be soon

It seems like you are confusing paper money with non-cash (digital) fiat

While it is certainly easy to buy bitcoin and sell bitcoins for fiat (as you said yourself it is possible through either exchangers or exchanges), this is not the case with actual paper money, i.e. bills like Benjamins and their likes (what is called cash). There are virtually no universal ways to buy Bitcoin directly with physical cash. In most cases, you will have to convert your bills into non-cash money first, but you may have to pay commissions on these operations and you won't be able to convert above certain limit in one place. Besides, by converting large amounts you will certainly attract attention of authorities exercising oversight over such operations

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March 09, 2017, 02:10:12 PM

I like paper money. I like to feel the buying power in my hands :p Bitcoin makes me feel like a robot. I am not saying paper money is better tho.

I also like paper money more. And virtual do not bring such pleasure to the authorities Smiley
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March 09, 2017, 02:17:17 PM

I like paper money. I like to feel the buying power in my hands :p Bitcoin makes me feel like a robot. I am not saying paper money is better tho.

I also like paper money more. And virtual do not bring such pleasure to the authorities Smiley
Well its really people choice on which they would prefer to engage but speaking on both things are just the same since they do have value and can be used but fiat currency does always really have the edge speaking of usability since we do all know bitcoin cant still be used anywhere.

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March 09, 2017, 02:26:35 PM

I like paper money. I like to feel the buying power in my hands :p Bitcoin makes me feel like a robot. I am not saying paper money is better tho.

I also like paper money more. And virtual do not bring such pleasure to the authorities Smiley
What you do not realize that fiat that you use it is impaired because sometimes, the printing is regardless of the amount of gold present. in 1914 the Bank of England was printed paper money that the amount is not equal with gold amount to finance the government's army. the result is the inflation rate to 13.5%. the value of fiat will always come down and I'm sure everyone in the future will leave fiat(paper money)


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lol3c
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March 09, 2017, 02:47:52 PM

I like paper money. I like to feel the buying power in my hands :p Bitcoin makes me feel like a robot. I am not saying paper money is better tho.

I also like paper money more. And virtual do not bring such pleasure to the authorities Smiley
That is because you have not known all about secrets hidden in Bitcoin and the blockchain system. You need to do more research and you will realize how awesome Bitcoin and the blockchain can be. Fiat, paper money can be fake but in this digital world, everything is based on the algorithm which means it can not be fake and can easily identify by the computer. Look at the ethereum please, you will see how awesome they have done to develop the smartcontracts

funbarrel
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March 09, 2017, 02:59:31 PM

I like paper money. I like to feel the buying power in my hands :p Bitcoin makes me feel like a robot. I am not saying paper money is better tho.

I also like paper money more. And virtual do not bring such pleasure to the authorities Smiley
so you actually want to be in favour of all the authorities?? Sorry about it, but it sounds just dumb, it's not good at all when the authorities have too much power and bitcoin was created to reduce the power of banks and governments so why do you want to give that power back to them? There is no point unless you are the banker yourself... Paper money will have no future and that is really good because it is just cancerous as the value of it goes down and down over time, however people still earn the same thing and countries go in huge debts. It's time to stop and bitcoin will stop it.

deisik
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March 09, 2017, 03:39:49 PM

I like paper money. I like to feel the buying power in my hands :p Bitcoin makes me feel like a robot. I am not saying paper money is better tho.

I also like paper money more. And virtual do not bring such pleasure to the authorities Smiley
What you do not realize that fiat that you use it is impaired because sometimes, the printing is regardless of the amount of gold present. in 1914 the Bank of England was printed paper money that the amount is not equal with gold amount to finance the government's army. the result is the inflation rate to 13.5%. the value of fiat will always come down and I'm sure everyone in the future will leave fiat

It is not just the Bank of England which did this

Any government does basically the same in case of wars and similar events since they have nothing to lose. If they win the war, they will demand reparations (or just outright loot the country of their adversary). If they lose, it won't matter anyway. Don't know about pharaohs of Ancient Egypt, but Roman emperors did exactly that even though there hadn't yet been fiat back in those days. Despite that, they still had been heavily debasing their gold and silver coins (which essentially corresponds to printing excessive amounts of fiat nowadays)

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