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Author Topic: The future of the paper money  (Read 414967 times)
mirakal
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March 14, 2017, 07:20:39 AM
 #3101

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
Definitely we need to time to realize our expectation with bitcoin, along the way there are a lot of trials towards our goal but with our support we will be able to surpass us. Bitcoin was not created by a person who can control it, it is our will that makes bitcoin a strong currency.
This will be used widely as online currency that will result to lessen the usage of paper money.

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March 14, 2017, 11:17:17 AM
 #3102

The future of paper money depends on people. If all users go to bank cards or bitcoins, then paper will cease to exist. I prefer virtual money because they can not burn, stealing them is much more difficult and convenient to use.
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March 14, 2017, 11:26:57 AM
 #3103

The future of paper money depends on people. If all users go to bank cards or bitcoins, then paper will cease to exist. I prefer virtual money because they can not burn, stealing them is much more difficult and convenient to use.
I do not think it depends on the person. but time and technology that will change all that technology will continue berkembag gradually so inevitably people should follow the development of this era and leave the paper money
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March 14, 2017, 03:19:10 PM
 #3104

There will come a time that people wont need paper money anymore. It is because of the technology we have. Humans are full of knowledge. They will think of the possible way of transacting business without the use of paper money.
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March 14, 2017, 05:20:27 PM
 #3105

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.

You are likely measuring other people's feet by your own last

It is not so much about them not wanting to but about mental effort it takes from them. Most people after, say, 40 years are not teachable overall. It is not that they lack something, it is more like the whole process causes them real mental suffering to learn anything new beyond what they already know. Basically, their brains are kinda frozen, and it is not so much about memory as about ability to draw conclusions and make inferences, i.e. about rebuilding their mental processes

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March 14, 2017, 05:21:05 PM
 #3106

its only the volume that matters either in bitcoin or paper money as it gives you a feeling that you are holding good sum of money in your wallet either physical or digital and I think till bitcoin will not be used and accepted everywhere, paper money will always survive and not everyone will prefer to use bitcoins.

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March 14, 2017, 09:53:20 PM
 #3107

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
to me i think still there is nothing wrong to the future of paper money, because still almost all the the people of the world are depending fiat and some people are using bitcoin as optional.

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March 15, 2017, 04:36:27 AM
 #3108

The value of paper money is closely linked to the balance sheet of the state issuing paper money.

The more a government goes into debt, the less the paper money is worth.

In these times of growing deficit and debt, it seems the value of paper money is destined to diminish.

Bitcoin could ultimately prove to be more stable and better at keeping value as mounting deficit puts the value of paper currencies through the floor.

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March 15, 2017, 06:54:42 PM
 #3109

The future of paper money depends on people. If all users go to bank cards or bitcoins, then paper will cease to exist. I prefer virtual money because they can not burn, stealing them is much more difficult and convenient to use.
yes that is a fact that paper money is depending on the people interest but in fact government is also supporting fiat. i think if the governments will stop supporting fiat then bitcoin will become more and more popular.

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March 16, 2017, 05:42:11 AM
 #3110

The value of paper money is closely linked to the balance sheet of the state issuing paper money.

The more a government goes into debt, the less the paper money is worthfloor

There is no direct correlation between debt and inflation

If debt is externalized (i.e. it is mostly bought by foreign investors), there is no mechanism that would transfer that into inflation (if you come to disagree, care to explain one such). If we take the US as the most glaring and conspicuous example, their debt (at least, that part of it which is held by foreign investors, say, Gulf countries) is not actually a debt. It is basically the toll that the countries pay to the US for the protection the latter allegedly provides. More generally, externalized dollars are used as a reserve currency across the world by many countries, so these dollars can hardly be called as debt either

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March 16, 2017, 06:23:10 AM
 #3111

Paper money is the basic for all sorts of economic situation in a country based on a value based system which is followed by every country. The same got advanced to card system and wire transfer, now an innovation in the form of technology backing. So base will serve to hold the things developed from it. So if paper money will continue till money has value.

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March 16, 2017, 11:25:28 AM
 #3112

The future of paper money depends on people. If all users go to bank cards or bitcoins, then paper will cease to exist. I prefer virtual money because they can not burn, stealing them is much more difficult and convenient to use.
yes that is a fact that paper money is depending on the people interest but in fact government is also supporting fiat. i think if the governments will stop supporting fiat then bitcoin will become more and more popular.

Well that IF is a bit unlikely to happen anytime soon though. Even though a lot more people are already aware of btc and cryptocurrency's use, even more are still not aware or not confident on using a non-fiat currency. People have been so used to transacting with fiat for the longest time and it won't be easy for another currency to take over from what is currently the main system being used.

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March 16, 2017, 11:55:09 AM
 #3113

The future of paper money depends on people. If all users go to bank cards or bitcoins, then paper will cease to exist. I prefer virtual money because they can not burn, stealing them is much more difficult and convenient to use.
yes that is a fact that paper money is depending on the people interest but in fact government is also supporting fiat. i think if the governments will stop supporting fiat then bitcoin will become more and more popular.

Well that IF is a bit unlikely to happen anytime soon though. Even though a lot more people are already aware of btc and cryptocurrency's use, even more are still not aware or not confident on using a non-fiat currency. People have been so used to transacting with fiat for the longest time and it won't be easy for another currency to take over from what is currently the main system being used.
That is the very point, popularity does not comes with adoption, the confidence of users are still very important, if without the blessing of the government, bitcoin will not be adopted by the people. The world is full of innovation in the technology and that makes the world move faster, however not everyone has the interest or capacity to follow, major portion of the population will also prefer to use paper money.

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DrVaribo
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March 16, 2017, 12:52:16 PM
 #3114

Plastic cards are the same money and they have already partially replaced paper money. Only paper will not go away, because they complement each other in the event of a system failure.
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March 16, 2017, 01:32:11 PM
 #3115

Paper money has its own uses which are hard to replace by digital currency or cryptocurrency. But the future of paper money is oblivion by plastic money. Nope, I'm not talking here about card - I'm talking about plastic banknotes (already used in countries such as Romania, Australia, etc.). Money notes cannot be totally replaced. There are still many countries where not everybody has access to internet. Therefore digital currency has long to go.
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March 16, 2017, 10:25:57 PM
 #3116

Countries seems to be in a war against paper money all over the world the problem is that paper money is the easiest way to reach some places where technology has not fully developed yet so the disappearance of paper money cannot be absolute.
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March 16, 2017, 11:17:22 PM
 #3117

Plastic cards are the same money and they have already partially replaced paper money. Only paper will not go away, because they complement each other in the event of a system failure.
I think the technology will also be much more sophisticated than the plastic cards. will probably use the help of cell phones to help process payments. since all transactions will be online #imo

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March 17, 2017, 01:28:31 AM
 #3118

Plastic cards are the same money and they have already partially replaced paper money. Only paper will not go away, because they complement each other in the event of a system failure.
I think the technology will also be much more sophisticated than the plastic cards. will probably use the help of cell phones to help process payments. since all transactions will be online #imo
Why we will shift to online payment is because we want a faster and safer transaction, card can be stolen and your money is gone. The future is looking good for digital currency and we are lucky we have bitcoin, a system that is revolutionary which has the advantage of being decentralized.
Paper money will continue to exist to serve only a smaller portion of population, and in the near future we will have a lot of options to transact (offline and online).

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March 17, 2017, 02:18:43 AM
 #3119

Plastic cards are the same money and they have already partially replaced paper money. Only paper will not go away, because they complement each other in the event of a system failure.
I think the technology will also be much more sophisticated than the plastic cards. will probably use the help of cell phones to help process payments. since all transactions will be online #imo
Why we will shift to online payment is because we want a faster and safer transaction, card can be stolen and your money is gone. The future is looking good for digital currency and we are lucky we have bitcoin, a system that is revolutionary which has the advantage of being decentralized.
Paper money will continue to exist to serve only a smaller portion of population, and in the near future we will have a lot of options to transact (offline and online).
and paper money only as a backup not complement from sophistication in the future where many people want a fast and secure transaction then for paper money was considered old-fashioned


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March 17, 2017, 04:16:45 AM
 #3120

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

I'm so sorry but you are definitely wrong, paper money will disappear in the near future because I read a book telling that time will come paper money will no longer be useful.And I believe that book is telling the truth..😃

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