The future of the paper money

[FlightyPouch]

I think the future of paper money is to fall in value, and it is not because of the physical form, but the way the currency is issued. With Bitcoin things are more efficient, since you do not have to depend on politicians.

yeah I also think that it would completely simple and efficient method of payment of paper money will be rarely used in the future. but it does not necessarily bitcoin will replace it lol

I dont think paper money will be rarely used in the future, there may be a lot of digital currencies emerging but still,  there are problems with these currencies, bitcoin may be a possible currency of the world in the future, but I think it will really really takes time before it take over the paper money. Bitcoin has a good way to transact and it is really efficient for everyone, paying bills fast.

There are a lot of possibilities that will come and I think bitcoin will stay the way use it for a long time.

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[Pattart]

I think the future of paper money is to fall in value, and it is not because of the physical form, but the way the currency is issued. With Bitcoin things are more efficient, since you do not have to depend on politicians.

Bitcoins are only an electronic currency created by people and not regulated by anyone. If people stop using bitcoin, then it will simply disappear.

so does paper money. If paper money is not used by anyone else it means the government must evaluate that they need a digital currency that is more sophisticated than paper mone

[dmamigo]

I think the future of paper money is to fall in value, and it is not because of the physical form, but the way the currency is issued. With Bitcoin things are more efficient, since you do not have to depend on politicians.

Bitcoins are only an electronic currency created by people and not regulated by anyone. If people stop using bitcoin, then it will simply disappear.

so does paper money. If paper money is not used by anyone else it means the government must evaluate that they need a digital currency that is more sophisticated than paper mone

The withdrawal of paper money has been initiated already. Many people has already shifted to digital form of transaction. Though I believe it won't be possible that paper money disappears completely 100%, but usage will be greatly reduced.

[Xester]

paper money have your days count

While I agree with you, it's not because of Bitcoin. Digital fiat is the reason paper currency will go away, as I find digital fiat to be far more versatile and stable than any crypto. Bitcoin might be the best crypto, but all that makes it  is the best version of the least dependable payment option.

The society is now turning into a digital society. This does not only happens on business transactions and any related activities but also to our current paper money which is seen to be replace into a digital currency in the future. It is not clear if bitcoin will be that currency or it will be another version of the fiat currency that will evolved into digital cash.

[raven7886]

Paper money will survive simply because it is one of the easiest ways to reach the whole population especially those that do no have access to banking services but as time has come to pass most of the money of the world now is in electronic form.

I agree, people are used to reaching in into their pockets and grabbing couple of bucks to pay for thing, and that seems a lot of an easier idea for them than reaching for their phone and putting passwords and paying with bitcoin, I think that bitcoin is not meant to be for everyone to use it is purely for people who are shopping on the internet.

[DoublerHunter]

Paper money will survive simply because it is one of the easiest ways to reach the whole population especially those that do no have access to banking services but as time has come to pass most of the money of the world now is in electronic form.

I agree, people are used to reaching in into their pockets and grabbing couple of bucks to pay for thing, and that seems a lot of an easier idea for them than reaching for their phone and putting passwords and paying with bitcoin, I think that bitcoin is not meant to be for everyone to use it is purely for people who are shopping on the internet.

Yes bitcoin is not to consider as a full replacement for our paper money because, in fact, bitcoin is just an addition for people like us to get an easier option for paying our bills online or doing other payment thru the internet and not a hassle way like going into the physical places. We don't need replacement for the fiat because fiat is created for its unique purposes as well as bitcoin.

[dearbesz1219]

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?

Paper money will be banned entirely?
 Yes, it is possible to be happen once the one world currency appear in this world.

How long do you think that happens?
that's the question we  do not know when will it be happen, it maybe if all nations will adopt bitcoin.

would it work?
I think so

[gabmen]

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?

Paper money will be banned entirely?
 Yes, it is possible to be happen once the one world currency appear in this world.

How long do you think that happens?
that's the question we  do not know when will it be happen, it maybe if all nations will adopt bitcoin.

would it work?
I think so

I don't think so. Paper money can't be banned entirely as not all people will have access to alternatives such as digital and cryptocurrencies. If you look at how most people do transactions today, most in general are still dependent on paper money exchange and I think this trend will have a very long existence. We also can't have only one currency as there are too many different culture and practices in this world that would not adopt a single currency that benefits a few countries

[Japinat]

Paper money will survive simply because it is one of the easiest ways to reach the whole population especially those that do no have access to banking services but as time has come to pass most of the money of the world now is in electronic form.

I agree, people are used to reaching in into their pockets and grabbing couple of bucks to pay for thing, and that seems a lot of an easier idea for them than reaching for their phone and putting passwords and paying with bitcoin, I think that bitcoin is not meant to be for everyone to use it is purely for people who are shopping on the internet.

Yes bitcoin is not to consider as a full replacement for our paper money because, in fact, bitcoin is just an addition for people like us to get an easier option for paying our bills online or doing other payment thru the internet and not a hassle way like going into the physical places. We don't need replacement for the fiat because fiat is created for its unique purposes as well as bitcoin.

Addition means they are on the same level, it's not actually because bitcoin was never considered as legal tender as per definition of the government standard. A real money is the money that was created by the government for it's people, bitcoin is not because it is created by an anonymous person which until now we do not really know his real identity. Let's face the fact that bitcoin will never replace or level to fiat but it will bring good satisfaction to the people who knows how to use it up to a certain level of limitations only.

[Vaskiy]

Paper money will survive simply because it is one of the easiest ways to reach the whole population especially those that do no have access to banking services but as time has come to pass most of the money of the world now is in electronic form.

I agree, people are used to reaching in into their pockets and grabbing couple of bucks to pay for thing, and that seems a lot of an easier idea for them than reaching for their phone and putting passwords and paying with bitcoin, I think that bitcoin is not meant to be for everyone to use it is purely for people who are shopping on the internet.

Yes bitcoin is not to consider as a full replacement for our paper money because, in fact, bitcoin is just an addition for people like us to get an easier option for paying our bills online or doing other payment thru the internet and not a hassle way like going into the physical places. We don't need replacement for the fiat because fiat is created for its unique purposes as well as bitcoin.

Bitcoin is a secondary source which is getting stronger to go mainstream with its growth and technology advancing. Right now if bitcoin have got paper form it could have reached more users who are unaware of bitcoin and other virtual currencies.

[danherbias07]

Paper money will survive simply because it is one of the easiest ways to reach the whole population especially those that do no have access to banking services but as time has come to pass most of the money of the world now is in electronic form.

I agree, people are used to reaching in into their pockets and grabbing couple of bucks to pay for thing, and that seems a lot of an easier idea for them than reaching for their phone and putting passwords and paying with bitcoin, I think that bitcoin is not meant to be for everyone to use it is purely for people who are shopping on the internet.

Yes bitcoin is not to consider as a full replacement for our paper money because, in fact, bitcoin is just an addition for people like us to get an easier option for paying our bills online or doing other payment thru the internet and not a hassle way like going into the physical places. We don't need replacement for the fiat because fiat is created for its unique purposes as well as bitcoin.

Bitcoin is a secondary source which is getting stronger to go mainstream with its growth and technology advancing. Right now if bitcoin have got paper form it could have reached more users who are unaware of bitcoin and other virtual currencies.

There will be a lot of changes if it got a physical form. This value also could may not be reached because of that. We know there are too much currencies in our world there are strong and weak and most of the people invest their money in USD even if they are from other countries.
Paper money is strong because of that and also because it is legal. Making a physical form for bitcoin already didn't work and might not also in the future.

[deisik]

paper money have your days count

While I agree with you, it's not because of Bitcoin. Digital fiat is the reason paper currency will go away, as I find digital fiat to be far more versatile and stable than any crypto. Bitcoin might be the best crypto, but all that makes it  is the best version of the least dependable payment option

And what does that have to do with the price of tea in China?

More specifically, if you find "digital fiat to be far more versatile and stable" than any cryptocurrency out there, what does this comparison have to do with paper money? Should we thus conclude that digital fiat is more stable than its representation in the form of paper bills? In a sense, digital fiat can in fact be considered more stable since it is basically indestructible unless you blow up a central bank server room (provided there is any, in the first place), but this doesn't seem to be what you likely meant to say

[wxa7115]

I think the future of paper money is to fall in value, and it is not because of the physical form, but the way the currency is issued. With Bitcoin things are more efficient, since you do not have to depend on politicians.

I thought decentralization would be prohibited by the government so I would be quite doubtful if bitcoin will replace paper money certainly the government has prepared a substitute for paper money.

currently it look like difficult but i i think as soon as time pass bitcoin is becoming more and more popular and therefore we can hope that in future it may be possible to replace fiat by bitcoin.

We see 10 years again, if a bitcoin can survive then bitcoin will become a candidate world currencies that will be used in many countries. Although very popular, fiat money will continues to survive because of fiat money and paper money is a symbol of the State.

Maybe that you mean as an alternative currency? If true I agree with you, in the future bitcoin will be an alternative currency. But paper money will survive because like you say it is a symbol of the state, or more precisely the identity of a country.

If I see a previous comment that states in future value of paper money will fall it could be yes and no. But not in the way the currency is issued, but because there is a war that causes inflation or hyperinflation or maybe other conditions. But it was only for some time and then restored.

Paper money will survive simply because it is one of the easiest ways to reach the whole population especially those that do no have access to banking services but as time has come to pass most of the money of the world now is in electronic form.

It seems to me that paper money is beneficial to those who use illegal incomes. Cash is very difficult to control. As soon as politicians stop taking bribes, paper money will cease to exist.

Cash is useful for those that don’t have bank accounts or access to banks, also most of the bribes are not done in cash they are done within the banking system using accounts with fake names or companies where banking secrecy is still very strong and protects criminals.

[magneto]

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?

Lol, there is no future for paper money.

Not only is it worthless, and fiat currency should always avoided at all costs by people around the world, it is also getting increasingly expensive for the government to run their fiat currency scam.

They could switch to centralised cryptocurrencies and save a ton on printing virtual money.

[00hash01]

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?

Lol, there is no future for paper money.

Not only is it worthless, and fiat currency should always avoided at all costs by people around the world, it is also getting increasingly expensive for the government to run their fiat currency scam.

They could switch to centralised cryptocurrencies and save a ton on printing virtual money.

Paper money can not disappear. Because there can be a situation when the Internet or electricity is turned off all over the world and then virtual money will not help. There must always be an alternative.

[djordjamayna]

I don't think paper money would be removed. You can pull 10k from your pocket but you can't pull the 10 bitcoins that's the thing

[DoublerHunter]

I don't think paper money would be removed. You can pull 10k from your pocket but you can't pull the 10 bitcoins that's the thing

Yes paper money will not be removed because that is the traditional kind of way we like in doing transactions either small or big but in terms of bitcoin it will be added as a secondary money for us because it is very easy to carry because no one will notice that you have million dollars in your hand by just looking at your phone .

[Rostadom]

I don't think paper money would be removed. You can pull 10k from your pocket but you can't pull the 10 bitcoins that's the thing

Bitcoin doesn't have a physical appearance but maybe that's a good thing. Someone who has 1 million dollars in paper money can go out and he will have to put it in a huge bag. You can't possibly put all those money in your pocket. While a bitcoin user only have his phone with the bitcoin wallet saved in it.

If he use his phone, no one's going to suspect that he's holding 1 million dollars worth of bitcoins. They would think that he's just there, using his phone, maybe contacting someone, whatever. But if someone has a bag full of money and he opens it, (depending on the place) he will get robbed almost instantly.

[andrew24p]

paper money or cash will die, but I dont see it happening in the US for another 30 or so years. They will slowly pull it out of circulation and not just ban it all at once.

[cryp24x]

paper money or cash will die, but I dont see it happening in the US for another 30 or so years. They will slowly pull it out of circulation and not just ban it all at once.

Paper money will definitely become obsolete and replaced by digital currencies.  It is the fate of Paper money.  Somehow it needs to evolve into something more appropriate to its current technology.  And that evolution will be, becoming a digital currency where transfers and transaction is much easier and faster.