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Author Topic: The future of the paper money  (Read 414589 times)
LeGaulois
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March 12, 2017, 10:51:38 AM
 #3081

If you take a look at the history of money, let's summarize the evolution:
Money as we know it today, didn't existed, we were just trading/exchanging. For exemple I have sugar and you have potatoes, we could exchange  both. Then come the coins wich have a value and people started to agree to sell theirs things for a certain ammount of coins. Then come cheques and cards wich started to virtualize the money and the transactions we process. Now with the cryptocurrencies, it can be considered just as the evolution of the money, adapted to our "era". The monetary system needs to adapt and to improve with how we use the money in a 21th century

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March 12, 2017, 11:22:16 AM
 #3082

If you take a look at the history of money, let's summarize the evolution:
Money as we know it today, didn't existed, we were just trading/exchanging. For exemple I have sugar and you have potatoes, we could exchange  both. Then come the coins wich have a value and people started to agree to sell theirs things for a certain ammount of coins. Then come cheques and cards wich started to virtualize the money and the transactions we process. Now with the cryptocurrencies, it can be considered just as the evolution of the money, adapted to our "era". The monetary system needs to adapt and to improve with how we use the money in a 21th century

Coins as well as banknotes and cards are still in use and it would not change. Sure, new payment methods using internet connection will still be developed, however we can't assume, that one day anyone and anywhere will have network access to perform payments. Even though world would be 100% covered by free satellite internet service, it's still vulnerable to many factors that can even make your wallet inoperative. If you are interested in investing you should know, that diversification of assets is one of the most important rules and thus I think that "off-line" payment methods will play important role in securing everyone's money.
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March 12, 2017, 11:47:35 AM
 #3083

Instead of paper money for you will exist only the login and password of the account, with which operations will be performed. Or in general, just come and present your unique body parts: finger, eye, etc. Even a card is not necessary, because it is only needed so that the seller can make sure that the account with which he withdraws money is yours.
Already there are bills that can be used to substitute a special device for reading the retina of the eye.
I think this is the future. It is enough to supply all the places of sale (shops, clubs, cinemas) with personal identification devices, and the need for paper money will disappear. Came, you identified and withdrawn from the account the right amount. And also arrange for all cities a special scoreboard, where you can find out the balance of your account by intensifying yourself. And at the same time and pay for any services (phone, rent, credit, etc.). All this really exists, just not yet very widespread.

That's too much work and security. Using the eye as a security still has flaws since you can get into accidents. When you get to an accident and lost your eyes, then you can't use your money anymore. I've never seen anything like that except from the movies. Perhaps that's where that idea came from?

Fiat has been used by everyone for so long not because it's secure but because it's easy to use. It has a physical form so you simply hand it over to the guy you're transacting with. No verification or identity required at all. Some people don't like too much verification and identification. They want their transactions to be more confidential.

                           
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March 12, 2017, 11:53:21 AM
 #3084

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
i do not think that there is any countdown to paper money. paper is will exist for next few decades, actually majority of people are still depending on fiat currency because they still do not know anything about bitcoin so i cay say that for  next few decades there is nothing wrong to fiat currency. may be in future when bitcoin will become more popular then people refuse using bitcoin.

Yes, I am sure that people will not be able to live without paper money for at least another 50 years. Therefore, I am confident that the future has paper money.
Not only in 50 years, I guess it will be forever because paper money will stay forever. The world is moving and people country moves as well but we cannot deny the fact that there are countries who are are really poor which a big population is still under poverty. In that situation, most of the population are not into technology and development because they are more concern on the food and shelter.

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March 12, 2017, 01:52:19 PM
 #3085

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
i do not think that there is any countdown to paper money. paper is will exist for next few decades, actually majority of people are still depending on fiat currency because they still do not know anything about bitcoin so i cay say that for  next few decades there is nothing wrong to fiat currency. may be in future when bitcoin will become more popular then people refuse using bitcoin.

Yes, I am sure that people will not be able to live without paper money for at least another 50 years. Therefore, I am confident that the future has paper money.
Not only in 50 years, I guess it will be forever because paper money will stay forever. The world is moving and people country moves as well but we cannot deny the fact that there are countries who are are really poor which a big population is still under poverty. In that situation, most of the population are not into technology and development because they are more concern on the food and shelter.
Those poor countries are usually lack of electricity for 3-4 days a week, so they cannot depend on a payment method that requires electric power and network coverage (or internet connection). They can and will use bitcoin also, but just for little part of their daily transactions, or just for savings (if any).
In the urbanized part of the world (where if you don't have electricity for 10-20 minutes can be called a disaster situation) using bitcoin or virtual currencies will be widespread, but because of the above mentioned things, paper money will allwas have it's function, so it will be needed.

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March 12, 2017, 02:10:55 PM
 #3086

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
i do not think that there is any countdown to paper money. paper is will exist for next few decades, actually majority of people are still depending on fiat currency because they still do not know anything about bitcoin so i cay say that for  next few decades there is nothing wrong to fiat currency. may be in future when bitcoin will become more popular then people refuse using bitcoin.

Yes, I am sure that people will not be able to live without paper money for at least another 50 years. Therefore, I am confident that the future has paper money.
I'm not sure because we are having the another good commodity such as gold, and in the previous centuries we are all using the trade to get more stuff to complete our daily needs.

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March 12, 2017, 02:50:07 PM
 #3087

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
i do not think that there is any countdown to paper money. paper is will exist for next few decades, actually majority of people are still depending on fiat currency because they still do not know anything about bitcoin so i cay say that for  next few decades there is nothing wrong to fiat currency. may be in future when bitcoin will become more popular then people refuse using bitcoin.

Yes, I am sure that people will not be able to live without paper money for at least another 50 years. Therefore, I am confident that the future has paper money.
I'm not sure because we are having the another good commodity such as gold, and in the previous centuries we are all using the trade to get more stuff to complete our daily needs.
You should think that we are on a modernize kind of world so that gold as a currency for exchanging items is not that practical as it like the past centuries because past and now have a huge difference and you should know that. The future always need paper money or the traditional fiat system because most of us get used to that kind of currency and without that then we will suffer from chaotic situations.

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March 12, 2017, 03:08:53 PM
 #3088

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
i do not think that there is any countdown to paper money. paper is will exist for next few decades, actually majority of people are still depending on fiat currency because they still do not know anything about bitcoin so i cay say that for  next few decades there is nothing wrong to fiat currency. may be in future when bitcoin will become more popular then people refuse using bitcoin.

Yes, I am sure that people will not be able to live without paper money for at least another 50 years. Therefore, I am confident that the future has paper money.
Not only in 50 years, I guess it will be forever because paper money will stay forever. The world is moving and people country moves as well but we cannot deny the fact that there are countries who are are really poor which a big population is still under poverty. In that situation, most of the population are not into technology and development because they are more concern on the food and shelter.
Those poor countries are usually lack of electricity for 3-4 days a week, so they cannot depend on a payment method that requires electric power and network coverage (or internet connection). They can and will use bitcoin also, but just for little part of their daily transactions, or just for savings (if any).
In the urbanized part of the world (where if you don't have electricity for 10-20 minutes can be called a disaster situation) using bitcoin or virtual currencies will be widespread, but because of the above mentioned things, paper money will allwas have it's function, so it will be needed

You forget about phone lines

These are separate from electricity circuits and usually remain charged at the times when there is a blackout (there are phone lines that don't need electricity altogether but they for short distances only). Telephone circuits can be used to transmit data just like optical cables which don't need electricity either. In other words, if you have a local source of electricity (say, a diesel generator), you don't so much depend on whether the local power grid is charged or not. In fact, if you have a satellite Internet access coupled with a home source of electricity, you may be completely independent from the local grid

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March 12, 2017, 07:48:48 PM
 #3089

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
i do not think that there is any countdown to paper money. paper is will exist for next few decades, actually majority of people are still depending on fiat currency because they still do not know anything about bitcoin so i cay say that for  next few decades there is nothing wrong to fiat currency. may be in future when bitcoin will become more popular then people refuse using bitcoin.

Yes, I am sure that people will not be able to live without paper money for at least another 50 years. Therefore, I am confident that the future has paper money.
I'm not sure because we are having the another good commodity such as gold, and in the previous centuries we are all using the trade to get more stuff to complete our daily needs.
You should think that we are on a modernize kind of world so that gold as a currency for exchanging items is not that practical as it like the past centuries because past and now have a huge difference and you should know that. The future always need paper money or the traditional fiat system because most of us get used to that kind of currency and without that then we will suffer from chaotic situations.

Fiat is needed not to people, but to the government. In order to manage people and take away their free time. Therefore, the government does not crowd bitcoin. It can not control it.
I am confident that paper money and fiat will exist as long as there is a state
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March 12, 2017, 08:47:37 PM
 #3090

The fact that paper money isn't really an evil thing however if governments around the world try to manipulate our lives using them. I heard some where that the cost of printing and delivering maintaining/securing/insurances of paper bills is roughly 20% of their total worth combined.
You can't deny the fact that people need fiat but the question is do we really need the paper money?
In my country the telecommunication company was able to save almost $11M in a year because of a few million people decided to receive their bills electronically rather having them mailed at their door steps using normal paper.
Now imagine the magnitude of a worldwide opt-in of people to do their daily businesses using digital money and trust me when they do they'll start to be familiarized with digital/virtual world and could understand the importance of a decentralized digital currency more easily.
Paper money was invented when there was no better solutions or no computers were invented yet and I don't know when are we going to migrate and start adapting to the new technologies?
I'm afraid that older generations may never submit to the new world order of digital era but fortunately our generation and the next ones will be more open minded to new ideas.
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March 12, 2017, 08:51:27 PM
 #3091

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
i do not think that there is any countdown to paper money. paper is will exist for next few decades, actually majority of people are still depending on fiat currency because they still do not know anything about bitcoin so i cay say that for  next few decades there is nothing wrong to fiat currency. may be in future when bitcoin will become more popular then people refuse using bitcoin.

Yes, I am sure that people will not be able to live without paper money for at least another 50 years. Therefore, I am confident that the future has paper money.
I'm not sure because we are having the another good commodity such as gold, and in the previous centuries we are all using the trade to get more stuff to complete our daily needs.
You should think that we are on a modernize kind of world so that gold as a currency for exchanging items is not that practical as it like the past centuries because past and now have a huge difference and you should know that. The future always need paper money or the traditional fiat system because most of us get used to that kind of currency and without that then we will suffer from chaotic situations.

Fiat is needed not to people, but to the government. In order to manage people and take away their free time. Therefore, the government does not crowd bitcoin. It can not control it.
I am confident that paper money and fiat will exist as long as there is a state

Even if everything gets digital in future there will be certain percentage of people who will prefer to use fiat and those are the illiterate and poor people who gets their wages in fiat currency and we cannot expect them to use bitcoin or debit/credit card as they will never have that and they would find it complicated to use it and paper money is the only easy way for them to spend.

                                                                               
                
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March 12, 2017, 09:20:38 PM
 #3092

I cant really tell how long paper money will last, the thing is that we can make unlimited amount of it and we can counterfeit it. Government cant control bitcoins and powerful individuals are opposing  cryptocurrency. When it comes to privacy and security bitcoin will win unless some genius individual find a way to break sha-256. Paper money is good to have in hand too because there are circumstances that I am going to pay in a past pace(e.g in a crowded bus).
I think accepting both paper money and bitcoin as a value of exchange is a great phenomena.
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March 12, 2017, 10:18:10 PM
 #3093

I cant really tell how long paper money will last, the thing is that we can make unlimited amount of it and we can counterfeit it. Government cant control bitcoins and powerful individuals are opposing  cryptocurrency. When it comes to privacy and security bitcoin will win unless some genius individual find a way to break sha-256. Paper money is good to have in hand too because there are circumstances that I am going to pay in a past pace(e.g in a crowded bus).
I think accepting both paper money and bitcoin as a value of exchange is a great phenomena.

People from poor countries will always use paper money as they don't have bank accounts and they get their salary in cash and that is the only option for them for their spending and scenario will not change drastically in future even if bitcoin becomes more popular and paper money will always survive as it has support from the Governments.

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Fatanut
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March 13, 2017, 01:45:32 PM
 #3094

People from poor countries will always use paper money as they don't have bank accounts and they get their salary in cash and that is the only option for them for their spending and scenario will not change drastically in future even if bitcoin becomes more popular and paper money will always survive as it has support from the Governments.

Even in poor countries, people still have bank accounts. Not every single one of them gets paid in cash especially those people that work for the government (i.e. Teachers, Government office employees). They all get paid through their bank accounts. Besides, there's no fee when you're going to open a bank account. You only need to verify your identity by submitting one or two valid IDs.


I cant really tell how long paper money will last, the thing is that we can make unlimited amount of it and we can counterfeit it. Government cant control bitcoins and powerful individuals are opposing  cryptocurrency. When it comes to privacy and security bitcoin will win unless some genius individual find a way to break sha-256. Paper money is good to have in hand too because there are circumstances that I am going to pay in a past pace(e.g in a crowded bus).
I think accepting both paper money and bitcoin as a value of exchange is a great phenomena.

It doesn't necessarily require a genius to do so, only a powerful machine. Even if some guy finds an algorithm to crack SHA-256, it will still require a lot of computing power.
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March 13, 2017, 03:04:22 PM
 #3095

I cant really tell how long paper money will last, the thing is that we can make unlimited amount of it and we can counterfeit it. Government cant control bitcoins and powerful individuals are opposing  cryptocurrency. When it comes to privacy and security bitcoin will win unless some genius individual find a way to break sha-256. Paper money is good to have in hand too because there are circumstances that I am going to pay in a past pace(e.g in a crowded bus).
I think accepting both paper money and bitcoin as a value of exchange is a great phenomena.

People from poor countries will always use paper money as they don't have bank accounts and they get their salary in cash and that is the only option for them for their spending and scenario will not change drastically in future even if bitcoin becomes more popular and paper money will always survive as it has support from the Governments.

Paper money is really needed for now, and there is no other money that can be used except your credit card or even bitcoin. But still many people are believing on paper money instead of number on your account. But the changes here is starting because new technology is keep being developed, if you are not going to follow, you will be dead as nothing. No matter what you do, you will always follow the era, it just same as phone, you can try to see past and present, try to look the difference that have been made
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March 13, 2017, 06:26:56 PM
 #3096

I cant really tell how long paper money will last, the thing is that we can make unlimited amount of it and we can counterfeit it. Government cant control bitcoins and powerful individuals are opposing  cryptocurrency. When it comes to privacy and security bitcoin will win unless some genius individual find a way to break sha-256. Paper money is good to have in hand too because there are circumstances that I am going to pay in a past pace(e.g in a crowded bus).
I think accepting both paper money and bitcoin as a value of exchange is a great phenomena.

People from poor countries will always use paper money as they don't have bank accounts and they get their salary in cash and that is the only option for them for their spending and scenario will not change drastically in future even if bitcoin becomes more popular and paper money will always survive as it has support from the Governments.

Paper money is really needed for now, and there is no other money that can be used except your credit card or even bitcoin. But still many people are believing on paper money instead of number on your account. But the changes here is starting because new technology is keep being developed, if you are not going to follow, you will be dead as nothing. No matter what you do, you will always follow the era, it just same as phone, you can try to see past and present, try to look the difference that have been made

We cant blame people that they still cant digest the information about bitcoin. Paper money is the traditional way of exchange. Its longevity and its existence is unparalleled compare to other money. That is one of the main reason why people still believe in paper money than in bitcoin. People want to believe in something concrete, something that last and paper money is the closest value of exchange that have that kind of characteristic.
   
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March 13, 2017, 10:13:59 PM
 #3097

I cant really tell how long paper money will last, the thing is that we can make unlimited amount of it and we can counterfeit it. Government cant control bitcoins and powerful individuals are opposing  cryptocurrency. When it comes to privacy and security bitcoin will win unless some genius individual find a way to break sha-256. Paper money is good to have in hand too because there are circumstances that I am going to pay in a past pace(e.g in a crowded bus).
I think accepting both paper money and bitcoin as a value of exchange is a great phenomena.

People from poor countries will always use paper money as they don't have bank accounts and they get their salary in cash and that is the only option for them for their spending and scenario will not change drastically in future even if bitcoin becomes more popular and paper money will always survive as it has support from the Governments.
i do not think that there will be a single country where there will be no bank, i think banks are available everywhere, even in very poor third world countries banks will be available there.
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March 14, 2017, 02:29:45 AM
 #3098

I cant really tell how long paper money will last, the thing is that we can make unlimited amount of it and we can counterfeit it. Government cant control bitcoins and powerful individuals are opposing  cryptocurrency. When it comes to privacy and security bitcoin will win unless some genius individual find a way to break sha-256. Paper money is good to have in hand too because there are circumstances that I am going to pay in a past pace(e.g in a crowded bus).
I think accepting both paper money and bitcoin as a value of exchange is a great phenomena.

People from poor countries will always use paper money as they don't have bank accounts and they get their salary in cash and that is the only option for them for their spending and scenario will not change drastically in future even if bitcoin becomes more popular and paper money will always survive as it has support from the Governments.
i do not think that there will be a single country where there will be no bank, i think banks are available everywhere, even in very poor third world countries banks will be available there.

I certainly disagree with it, even those poor countries still have their very own bank and their citizens still manage to get their very own bank accounts. In a poor country, not all the people there are considered poor, there are still people who are in the middle class and lives a decent life and has a very good way to live.



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Fatanut
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March 14, 2017, 05:50:53 AM
 #3099

We cant blame people that they still cant digest the information about bitcoin. Paper money is the traditional way of exchange. Its longevity and its existence is unparalleled compare to other money. That is one of the main reason why people still believe in paper money than in bitcoin. People want to believe in something concrete, something that last and paper money is the closest value of exchange that have that kind of characteristic.
   

Funny how people think that fiat money is real when it isn't. It doesn't hold any value since the Nixon shock. Gold doesn't back up fiat anymore and so fiat is no different than bitcoin at all that is all digital/virtual. The value of it is just how much people are willing to work or pay for it. Fiat is not directly convertible to gold anymore.

I sort of disagree that we cannot blame people if they still "can't" digest the ideology of bitcoins. It's just that, they don't want to. We are just normal people and we were able to understand all of these because we allotted time to do so.
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March 14, 2017, 07:15:03 AM
 #3100

I cant really tell how long paper money will last, the thing is that we can make unlimited amount of it and we can counterfeit it. Government cant control bitcoins and powerful individuals are opposing  cryptocurrency. When it comes to privacy and security bitcoin will win unless some genius individual find a way to break sha-256. Paper money is good to have in hand too because there are circumstances that I am going to pay in a past pace(e.g in a crowded bus).
I think accepting both paper money and bitcoin as a value of exchange is a great phenomena.

People from poor countries will always use paper money as they don't have bank accounts and they get their salary in cash and that is the only option for them for their spending and scenario will not change drastically in future even if bitcoin becomes more popular and paper money will always survive as it has support from the Governments.
i do not think that there will be a single country where there will be no bank, i think banks are available everywhere, even in very poor third world countries banks will be available there.
I think in the poor countries the technology definitely will go though it will take a long time. but I'm sure poor countries would have started developing and using digital money in the future. although it will take a very long time

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