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Author Topic: The future of the paper money  (Read 404047 times)
bartolo
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May 03, 2017, 02:07:24 PM
 #3381

If it's something made by the government or by banks then you should definitly know that it won't be private and they will have control of everything just like the banks right , nothing much will change .
and for what comes to the Paper money I don't think it will dissapaear , maybe on some countries yes but worldwide ?definitly not because some countries don't even use Credit cards for their transactions so ... yep
Yes i also think that paper money will stay and will not disappear. Because even if the bitcoin will be an international crypto-currrency, the government always want control on a specific money. Because through this they can earn or corruption may exist. People mostly the powerful one always crave on control and manipulation and bitcoin is not a type of currency that can be manipulated by someone. Even of the developers do not have the power to control it. So in conclusion, as bitcoin develops for the better transaction and security paper money will also develop for future needs.

That´s why goverments and banks will issue their own cryptocoins or rather a digital version of actual fiat coins. They will control the emission, they will watch all the movements and they will even know who is the owner of every address. Furthermore, they will avoid counterfeit.



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choppork
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May 03, 2017, 03:09:15 PM
 #3382

If it's something made by the government or by banks then you should definitly know that it won't be private and they will have control of everything just like the banks right , nothing much will change .
and for what comes to the Paper money I don't think it will dissapaear , maybe on some countries yes but worldwide ?definitly not because some countries don't even use Credit cards for their transactions so ... yep
Yes i also think that paper money will stay and will not disappear. Because even if the bitcoin will be an international crypto-currrency, the government always want control on a specific money. Because through this they can earn or corruption may exist. People mostly the powerful one always crave on control and manipulation and bitcoin is not a type of currency that can be manipulated by someone. Even of the developers do not have the power to control it. So in conclusion, as bitcoin develops for the better transaction and security paper money will also develop for future needs.

That´s why goverments and banks will issue their own cryptocoins or rather a digital version of actual fiat coins. They will control the emission, they will watch all the movements and they will even know who is the owner of every address. Furthermore, they will avoid counterfeit.

Digital fiat has been around for quite a long time now. The money in your bank account is the digital version of an actual fiat coin and the government has been using it ever since to track your transaction history. If all of a sudden (meaning with no major leaps on your career or other sources of income), you deposited a million dollar, the IRS will come knocking to your door ask you about it.

They definitely know the owner of the money and his/her whereabouts because you submit legal papers when opening a bank account.
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May 03, 2017, 04:20:36 PM
 #3383

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?


I don't think paper money will ever be banned. At least not in our lifetime. Also, if a government were to use an official cryptocurrency, they would probably make their own.

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May 03, 2017, 07:28:15 PM
 #3384

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?


I don't think paper money will ever be banned. At least not in our lifetime. Also, if a government were to use an official cryptocurrency, they would probably make their own.

Yes paper money will never get banned as it has support from the government and even the users of paper money are higher in compare to bitcoins and even in future paper money will be the first choice of people.

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May 03, 2017, 08:28:49 PM
 #3385

digital money more safer than paper money... future is digital concept

both of them is safe, its depending about your privacy, and how you safe it.
if you safe your bitcoin at online wallet then somone hack your account, you will lost too Roll Eyes
Yes agree that paper money is the most common form of money used in the world and it will be common for some more time. The digital money is insecure as compare to it but after taking the interest of the government it will not be that much insecure, the reason on the digital currency hacking and stuff is due to the lack of interest of the government. 

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May 03, 2017, 08:46:09 PM
 #3386

digital money more safer than paper money... future is digital concept

both of them is safe, its depending about your privacy, and how you safe it.
if you safe your bitcoin at online wallet then somone hack your account, you will lost too Roll Eyes
Yes agree that paper money is the most common form of money used in the world and it will be common for some more time. The digital money is insecure as compare to it but after taking the interest of the government it will not be that much insecure, the reason on the digital currency hacking and stuff is due to the lack of interest of the government. 

Not only Government but that will be many common people who will be scared of using bitcoins as they will always have fear of loosing their money as I have seen many people who hesitate even in using credit cards for shopping.

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May 04, 2017, 05:59:30 AM
 #3387

digital money more safer than paper money... future is digital concept

both of them is safe, its depending about your privacy, and how you safe it.
if you safe your bitcoin at online wallet then somone hack your account, you will lost too Roll Eyes
Yes agree that paper money is the most common form of money used in the world and it will be common for some more time. The digital money is insecure as compare to it but after taking the interest of the government it will not be that much insecure, the reason on the digital currency hacking and stuff is due to the lack of interest of the government. 

That seems a little bit off. Digital fiat is heavily supported by the government but we still see people getting their cards hacked. We still see people losing their digital currency funds. And let's say that the government will give interest to bitcoins, will they secure it? Will they even help securing it? The government is the administration of the country, they are not the Dark Army that can protect us from the possible attacks that can happen.

And let's just say that bitcoin network becomes even more secured, the 51% attack is still possible to do. It requires tons of money. It will only take one rich villain to do that.


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May 04, 2017, 06:23:22 AM
 #3388

digital money more safer than paper money... future is digital concept

both of them is safe, its depending about your privacy, and how you safe it.
if you safe your bitcoin at online wallet then somone hack your account, you will lost too Roll Eyes
Yes agree that paper money is the most common form of money used in the world and it will be common for some more time. The digital money is insecure as compare to it but after taking the interest of the government it will not be that much insecure, the reason on the digital currency hacking and stuff is due to the lack of interest of the government.  

Not only Government but that will be many common people who will be scared of using bitcoins as they will always have fear of loosing their money as I have seen many people who hesitate even in using credit cards for shopping.
That's​ common with people who are not much educated or aware of the technology growth. I feel bad of using debit cards than credit cards because they charge us without reason. With credit cards they were providing with certain credit limits and based on that charging us. With debit card, to use my own money I'm charged. If this is the situation I can have cash in my pocket and use it.

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May 04, 2017, 08:06:27 AM
 #3389

I think that paper money will always be popular and in demand, because it is much more pleasant to feel bills in your hands than to constantly worry about a possible hacking of your card or electronic wallet.
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May 04, 2017, 08:33:00 AM
 #3390

I think that paper money will always be popular and in demand, because it is much more pleasant to feel bills in your hands than to constantly worry about a possible hacking of your card or electronic wallet.
Of course, even the educated people will prefer to use paper money when the circulation of paper money is till rampant.
Bitcoin as payment system does not eliminate paper money in circulation, they have different purpose.

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May 04, 2017, 08:53:51 AM
 #3391

digital money more safer than paper money... future is digital concept

both of them is safe, its depending about your privacy, and how you safe it.
if you safe your bitcoin at online wallet then somone hack your account, you will lost too Roll Eyes
Yes agree that paper money is the most common form of money used in the world and it will be common for some more time. The digital money is insecure as compare to it but after taking the interest of the government it will not be that much insecure, the reason on the digital currency hacking and stuff is due to the lack of interest of the government. 

That seems a little bit off. Digital fiat is heavily supported by the government but we still see people getting their cards hacked. We still see people losing their digital currency funds. And let's say that the government will give interest to bitcoins, will they secure it? Will they even help securing it? The government is the administration of the country, they are not the Dark Army that can protect us from the possible attacks that can happen.

And let's just say that bitcoin network becomes even more secured, the 51% attack is still possible to do. It requires tons of money. It will only take one rich villain to do that

In fact, fiat currency is not very far from Bitcoin in this regard either

When you mentioned "one rich villain", I immediately thought of George Soros and his attack against the British pound in general and the Bank of England in particular. Soros won, while the British pound was then back and still is today one of the major currencies out there (along with the US dollar, Swiss frank and Euro). So my claim should be even truer with respect to smaller and thus weaker currencies. Governments can basically do nothing against big fish of Soros calibre unless they impose strict controls on currency operations (read speculation), but that alone would instantly render this currency as non-marketable

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May 04, 2017, 08:59:46 AM
 #3392

I don't think that it will be one of the main focus of England right now as recently because of the BREXIT it affected there own economy and currency as a whole from 1 British Pound = 1.45 USD and after brexit it got down to 1.20 USD per British Pound which is a big price reduction. And I don't think issuing a digital currency would be their main priority as of the moment. There main focus I think is to make there currency back on track again. How do they do it? They must improve there economy as a whole.

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May 04, 2017, 09:01:51 AM
 #3393

To sum it all up, every currency will be digital only and there will be no more paper money. It is the digital age, people.
it is hardly happening in this decade and even the next decade. People are still very ignorant and I dont think that they can learn how to use Bitcoin or crypto in the near future. Moreover, many countries do not have technology and gadget to use Bitcoin
Maybe a few more decades paper money will really be left behind. For the near future I think digital currency has not been able to shift paper money. But from time to time. I'm sure the use of paper money began to erode



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May 04, 2017, 10:17:48 AM
 #3394

Paper money/cash will be gone overtime. When you think about it, it's 2017, and we still pay some goods with cash. Not to mention the administration hassle that comes with it for merchants/retailers and the money collecting process by banks. Costing man hours, trainings, fuel and a bunch more. While electronic transactions like bitcoin or a classic bank transaction are way more efficient!
I'm not saying bitcoin will replace paper money / cash. Bitcoin is simply to slow and limited in transactions in it's current state to be suitable for mass adoption and replace paper money. But the fact is there, paper money/cash is one of the most outdated methods to pay for goods and totally un-efficient.

Having said all that, I do think this will take another 2, maybe 3 decades before actual paper money/cash is really gone from the system and replaced by something else.
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May 04, 2017, 12:48:38 PM
 #3395

Paper money/cash will be gone overtime. When you think about it, it's 2017, and we still pay some goods with cash. Not to mention the administration hassle that comes with it for merchants/retailers and the money collecting process by banks. Costing man hours, trainings, fuel and a bunch more. While electronic transactions like bitcoin or a classic bank transaction are way more efficient!
I'm not saying bitcoin will replace paper money / cash. Bitcoin is simply to slow and limited in transactions in it's current state to be suitable for mass adoption and replace paper money. But the fact is there, paper money/cash is one of the most outdated methods to pay for goods and totally un-efficient.

Having said all that, I do think this will take another 2, maybe 3 decades before actual paper money/cash is really gone from the system and replaced by something else.

And bitcoin really has an opportunity to improve the current circulation system of paper money. Where bitcoin is much more efficient with the lower transaction costs imposed.
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May 04, 2017, 01:22:24 PM
 #3396

Paper currency is not prohibited but paper money circulation is used less.
Is not that right now too? We use credit cards.
The privacy issue is nice if there are risks about security.
Some of the private sector is already using it. public still hesitates.



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May 04, 2017, 02:26:56 PM
 #3397

To sum it all up, every currency will be digital only and there will be no more paper money. It is the digital age, people.
it is hardly happening in this decade and even the next decade. People are still very ignorant and I dont think that they can learn how to use Bitcoin or crypto in the near future. Moreover, many countries do not have technology and gadget to use Bitcoin
Maybe a few more decades paper money will really be left behind. For the near future I think digital currency has not been able to shift paper money. But from time to time. I'm sure the use of paper money began to erode
I do not think so, I believe that the future of paper money will continue to sustainable development and stability, paper money will never be left behind or eroded over time, it is still a common currency and used widely in all over the world because paper money is very convenient, safe and popular, reliable. Digital money is just another payment method in the future, digital money is not safe and very inconvenient in payment, I think nobody likes to buy something cheap and pay by card.  Instead, I think they like just taking wallets and using paper money

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May 04, 2017, 02:29:00 PM
 #3398

I think that paper money will always be popular and in demand, because it is much more pleasant to feel bills in your hands than to constantly worry about a possible hacking of your card or electronic wallet.

But it's even more pleasant going to sleep knowing the fact that bitcoins has increased by $300 and probably would increase more in the coming years. Even though we don't feel it, fiat is inflating heavily. We all know that everything that's not scarce will have a zero value. The government literally just print out money whenever they need it while everyone else has to go to their shitty job for 8AM to 5PM everyday and do overtime just to get some more money.

It will come to the point when fiat is too many that your currency isn't worth that much. You'd think that the commodities are becoming more and more expensive when it's just your currency devaluating.

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May 04, 2017, 04:27:28 PM
 #3399

Paper currency is not prohibited but paper money circulation is used less.
Is not that right now too? We use credit cards.
The privacy issue is nice if there are risks about security.
Some of the private sector is already using it. public still hesitates.

That's what bitcoin is here to replace.
The credit cards, all the payments that are being processed online could be replaced by this nice and safe thing called bitcoin.
I hope that the whole world will start realize what great deal we are facing .

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May 04, 2017, 06:15:08 PM
 #3400

I have a feeling that paper money will somehow disappear one day and things like credit card payments will be the norm for the people living in the next generation. Since there is a bunch of people that already owe a bunch of money to those credit card companies, I think that they will try to erase people's credit card debt if the individuals move to a different payment system that they have. Since they technically owe zero money only Fiat, I am sure that it would be possible if they get large enough.

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