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Author Topic: The future of the paper money  (Read 403653 times)
deisik
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May 10, 2017, 07:01:27 AM

Interesting... this thread was started in 2015, 2 years ago.... are we any closer to paper money going out of circulation?  I think not!  People still buy physical books, some prefer hard copies.  There is something about actually touching and holding physical things compared to everything being digital/virtual... we are physical beings after all!  I think there is room for both virtual and paper money in the future....

Some (like Raymond Kurzweil) are claiming that we will soon cease being physical beings altogether

Your point about touching and holding something physical makes sense in respect to things which are not of just a utilitarian value for you. For example, a rare paper bill can be of high value to a numismatist, but for other people to which money (paper money) is purely utilitarian, it is of no particular value on its own. So if they feel that using digital money in the form of payment cards and online payments is more handy and convenient to them, they will certainly prefer digital money over paper bills

It cannot be denied that the raw material from paper that increasingly rare of trees, paper money surely can making damage the environment. Currently all countries trying digital money so that future of paper money will disappear (maybe 50 years again).

Today's paper money is typically made from cotton and linen (these papers are more resilient and durable overall). So no tree has been hurt in the making of this paper bill

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May 10, 2017, 03:02:32 PM

governments simply aren't interested in incorporating bitcoin. they can't deal with the fact that it is something they can't control. paper money will stay at least for another 10-20 years.

For now most government of the countries all over the world are not really interested into bitcoin, but once they saw that people around the world massively shifting into bitcoin whether they like or not they will still accept the fact, to accept bitcoin too. moreover, paper money in a long run will disappear once bitcoin declare as world currency. Grin

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May 10, 2017, 03:18:09 PM

governments simply aren't interested in incorporating bitcoin. they can't deal with the fact that it is something they can't control. paper money will stay at least for another 10-20 years.

For now most government of the countries all over the world are not really interested into bitcoin, but once they saw that people around the world massively shifting into bitcoin whether they like or not they will still accept the fact, to accept bitcoin too. moreover, paper money in a long run will disappear once bitcoin declare as world currency. Grin

As times progressed. Paper money will definitely be replaced by a new form doesn't rule out the possibility will be inaugurated the use of digital money. Central bank will continue to innovate.


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May 11, 2017, 09:53:42 AM

I think one day, in the future, paper money will lose their place in our daily life. But instead, the digital currencies and digital platform will dominate. Furthermore, with the increasing, at a rapid pace, of m-commerce nowadays, I think people will prefer mobile wallet. I have studied pretty much and then I have found this article. It talks about the popular mobile wallets nowadays.
You guys can learn more here: https://www.simicart.com/blog/5-mobile-wallets-citizen-21st-century-know/
Hope it gives you guys the useful information. The above is just my opinion.

https://www.simicart.com/blog/simi-sales-assistant
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May 11, 2017, 10:42:28 AM

governments simply aren't interested in incorporating bitcoin. they can't deal with the fact that it is something they can't control. paper money will stay at least for another 10-20 years.

For now most government of the countries all over the world are not really interested into bitcoin, but once they saw that people around the world massively shifting into bitcoin whether they like or not they will still accept the fact, to accept bitcoin too. moreover, paper money in a long run will disappear once bitcoin declare as world currency. Grin

As times progressed. Paper money will definitely be replaced by a new form doesn't rule out the possibility will be inaugurated the use of digital money. Central bank will continue to innovate.

you may be right, though I think paper money won't entirely be ruled out of the picture even after 20years. of course with the advancement of technology, it would be inevitable that digital currency would someday be a major form of doing things but paper money would still be around for those who doesn't have access to newer technology

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May 11, 2017, 11:00:44 AM

I think paper money will remain the main currency because it has legality and unconditional in the transaction

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May 11, 2017, 03:22:41 PM

Well paper money will continue to live despit the rise of the digital currency since not all are computer-literate nor companies pay in Bitcpin due to the fluctuating price or its unstableness.

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May 11, 2017, 03:52:47 PM

Well paper money will continue to live despit the rise of the digital currency since not all are computer-literate nor companies pay in Bitcpin due to the fluctuating price or its unstableness.

Paper money slowly will be eroded and reduced its use by technological advances. Central bank will replace it into another form, which the community needs in financial activities is a tool or something that's easy to use in transacting.


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May 11, 2017, 04:55:48 PM

Well paper money will continue to live despit the rise of the digital currency since not all are computer-literate nor companies pay in Bitcpin due to the fluctuating price or its unstableness.

Paper money slowly will be eroded and reduced its use by technological advances. Central bank will replace it into another form, which the community needs in financial activities is a tool or something that's easy to use in transacting.

Agree with your opinion. Paper money will be lost in future and replaced with 'money' which's more practical and easy to use anywhere. Bitcoin has all advantages over paper money.


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May 11, 2017, 05:16:07 PM

Well paper money will continue to live despit the rise of the digital currency since not all are computer-literate nor companies pay in Bitcpin due to the fluctuating price or its unstableness.

Paper money slowly will be eroded and reduced its use by technological advances. Central bank will replace it into another form, which the community needs in financial activities is a tool or something that's easy to use in transacting.

Agree with your opinion. Paper money will be lost in future and replaced with 'money' which's more practical and easy to use anywhere. Bitcoin has all advantages over paper money.

If you are talking about far future then I agree, but I'm pretty sure  that during our lifetime paper money will not be entirely replaced by cryptos. We are still too far from the point when all the people in the world can have an internet access, and without that they can't use cryptos.

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May 12, 2017, 03:57:40 PM

Well paper money will continue to live despit the rise of the digital currency since not all are computer-literate nor companies pay in Bitcpin due to the fluctuating price or its unstableness.

Supposed that all computer literate people are using bitcoins, then that's already the majority of the population. When a good percentage of the population is already using bitcoins, other people will quickly also start using it since the growth is exponential. Just think of it as a virus/flu that everyone can be infected and it's inevitably spreading around the world.

Those that are not computer literate will start familiarizing the computer since they would have to adapt to their environment. It's only human nature to do so.

I also don't think that it's people being not-so computer literate that makes them use fiat instead. It's the fact that most haven't even heard of bitcoins yet or are too busy doing other things to learn about this amazing monetary concept.

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May 13, 2017, 06:45:08 PM

Paper currency will last and it cannot be destroyed. But due to the progress in digital currencies, use of paper currency will get reduced to a large extent.  Cool
That is right that the paper currency or the fiat will be just reduced in terms of users because a lot of people now are into digital currencies because they can have currency which is fast,secure and fiat and also investment at the same time because they can earn money with the digital currencies in just a matter of time.
It can happen in countries like America and the rest of the developed countries but in the third world countries such as Africa and a large region of Asian countries the fiat is not going to be reduced of the its use cannot be reduced because of the uneducated people to the technology.

As the BTC is a technological revolution, it could be used only where people prefer to use the technology.


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May 13, 2017, 08:19:41 PM

Paper currency will last and it cannot be destroyed. But due to the progress in digital currencies, use of paper currency will get reduced to a large extent.  Cool
That is right that the paper currency or the fiat will be just reduced in terms of users because a lot of people now are into digital currencies because they can have currency which is fast,secure and fiat and also investment at the same time because they can earn money with the digital currencies in just a matter of time.
It can happen in countries like America and the rest of the developed countries but in the third world countries such as Africa and a large region of Asian countries the fiat is not going to be reduced of the its use cannot be reduced because of the uneducated people to the technology.

As the BTC is a technological revolution, it could be used only where people prefer to use the technology.
The technological revolution in the field of cryptography is very relevant today. But this technology will only be used in special cases, as Bitcoin will be in demand only among a certain number of people and will not gain mass use in my opinion. Because a simple person is much easier to handle real paper money than to use the Internet, a computer, or other things to use Bitcoin.


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chineseprancing
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May 13, 2017, 09:23:29 PM

I think the future of paper money were no change, because if this paper currency were left in the market they had a possibility that rotation of the money in the market were not become balance. Also, if the digital currency were known as primary currency they had a tendency that paper currency were die and dissolve in the industry.

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May 14, 2017, 04:30:23 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?


I think in future paper money will disappear and Digital/Crypto money will raise. But it need more time to go.
I think paper money go into the blackhole in 40-50 years

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May 14, 2017, 04:59:09 AM

I think the future of paper money were no change, because if this paper currency were left in the market they had a possibility that rotation of the money in the market were not become balance. Also, if the digital currency were known as primary currency they had a tendency that paper currency were die and dissolve in the industry.

But still it is very possible that paper money would be replaced by digital currency. Digital currency has a lot of advantage plus it can reduce the consumption of producing papers. It helps the environment plus it cant be steal easily when you someone stole your wallet to you. you can easily claim it with other devices and lock down the wallet you are using.

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May 14, 2017, 05:36:17 AM

Paper money may be still seen in fture ages but not totally banned,you can see paper money but i think paper money will be antique when technology and cryptocurrency take spot on our future developments

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May 14, 2017, 06:09:13 AM

Paper money may be still seen in fture ages but not totally banned,you can see paper money but i think paper money will be antique when technology and cryptocurrency take spot on our future developments

no one says that paper money would be banned. as we all know paper money is used a long time ago and is trusted collateral by the means of trading. so if you totally banned the paper money. the value of it will be nothing if you do so.

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May 14, 2017, 09:47:26 AM

Paper money may be still seen in fture ages but not totally banned,you can see paper money but i think paper money will be antique when technology and cryptocurrency take spot on our future developments

no one says that paper money would be banned. as we all know paper money is used a long time ago and is trusted collateral by the means of trading. so if you totally banned the paper money. the value of it will be nothing if you do so.

Government will issue a new form in the future. True, current paper money will become antiques when all financial activities have been using technology.
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May 14, 2017, 10:18:30 AM

Paper money may be still seen in fture ages but not totally banned,you can see paper money but i think paper money will be antique when technology and cryptocurrency take spot on our future developments

no one says that paper money would be banned. as we all know paper money is used a long time ago and is trusted collateral by the means of trading. so if you totally banned the paper money. the value of it will be nothing if you do so.

Government will issue a new form in the future. True, current paper money will become antiques when all financial activities have been using technology.

Really? It sounds impossible to happen with paper money to an antique type, because not all of the people around the world knows a computer technology. With that ways you are talking how can you transact with an offline trading which a person only know how to use is paper money currency. Bitcoin is a unique currency but, you cannot abolish the use of fiat paper money currency as well as it can immediately be used without any computerized technology and very compatible to be exchanged with digital currency.

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