The future of the paper money

[farhaan]

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 would still exist longer.Most people in the world still don't know about digital transactions and they believe that paper money is the real money which they could feel in their hands.It will take much time for them to change to digital transactions.

[1714218273]

1714218273

[conected]

The future of paper money was still continue, because even digital currency were famous I think paper money was not delete in the people due to most of them were use it daily as exchange of any item that they want to have

- Yes, paper money will continue to exist because it has become the tradition and habit of people all over the world, they will never remove it from their lives. In the future, I think the amount of paper money will decrease because modern technology will grow and digital money will be used more widely but it also will not be able to make paper money disappear. However, this will be a very distant future because digital money has not yet been accepted and it does not create trust for users

[Qunenin]

I think the paper money in the future will replace, this is because the State will use digital money, fundamental things that must be resolved is the paper money of the crime-prone and could not be controlled.

Ignoring Bitcoin and crypto, paper money should have been gone long ago.  Bank debit cards were the first step and then companies and services like Paypal, Apple and Google were the next.  Here in the USA, even those in the lowest income brackets receive their government help through a card and not check or cash.  

[bncbnc]

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 would still exist longer.Most people in the world still don't know about digital transactions and they believe that paper money is the real money which they could feel in their hands.It will take much time for them to change to digital transactions.

yes paper money is not going to vanish to early, i think it will take a lot of time, in fact there are a lot of reasons for that . the main reason is that most of the people are still depending on it. it will also depend on the government support. government is supporting fiat currency and therefore fiat has to remain in action until all the people world start using bitcoin and give less preference to fiat currency.

[Palider]

I think the paper money in the future will replace, this is because the State will use digital money, fundamental things that must be resolved is the paper money of the crime-prone and could not be controlled.

No. Paper money will still exist along with cryptocurrency because people still need paper money to use for many small purposes in the real life. And we still need someone to control the money so that they can authorized the transaction and avoid scammers

Agree with you mate that paper money will not be replaced by digital currency because not all people can access this crypto currency and we can not used this like a fiat that anywhere and anytime we can buy anything we want.

Yeah and considering that we are currently in a time when there is always a threat of war and terror, it's hard to imagine digital currencies thriving under such circumstances by itself. We will always look to paper money for basic transactions

Truly. Let's just say we will have currencies which differs from digital (cyber) and real world. So for you to interact and do some transactions in the cyber world you will need its own digital currency and the best cryptocurrency currently is bitcoin while in the real world you need to use fiat to do some basic transactions. The point is cryptocurrency and fiat has its own field to shine so no need to make the other replaced or disappear if they can coexist together.

[BitcoinsGreat]

I think the paper money in the future will replace, this is because the State will use digital money, fundamental things that must be resolved is the paper money of the crime-prone and could not be controlled.

No. Paper money will still exist along with cryptocurrency because people still need paper money to use for many small purposes in the real life. And we still need someone to control the money so that they can authorized the transaction and avoid scammers

Agree with you mate that paper money will not be replaced by digital currency because not all people can access this crypto currency and we can not used this like a fiat that anywhere and anytime we can buy anything we want.

Yeah and considering that we are currently in a time when there is always a threat of war and terror, it's hard to imagine digital currencies thriving under such circumstances by itself. We will always look to paper money for basic transactions

Truly. Let's just say we will have currencies which differs from digital (cyber) and real world. So for you to interact and do some transactions in the cyber world you will need its own digital currency and the best cryptocurrency currently is bitcoin while in the real world you need to use fiat to do some basic transactions. The point is cryptocurrency and fiat has its own field to shine so no need to make the other replaced or disappear if they can coexist together.

I think that once everyone has a smartphone in their hands it will end, whether there is Bitcoin there to help or not.  It is close.  The smartphone can replace paper currency, identification methods and basically everything that someone carries in their wallet, right down to photos

[mrayazgul]

Maybe, someday digital money will be the main, but I think paper money will never be eliminated, because paper money is a currency that is simple and easy to use. I think it's the perfect shape to use in the real world.

There is some dissadvantage of paper money that will makes people think twice to keep using it. First, the endelss printing will make it worthless, second it is easily rip and burn, third exchange money is always needed so it is not so practicall to use.

Concerns about ID security and such really are not taking into account that creating fake physical credit cards, ID's and such is easier than software hacking. 
Paper currency has a short life span.

[whaawh]

Maybe, someday digital money will be the main, but I think paper money will never be eliminated, because paper money is a currency that is simple and easy to use. I think it's the perfect shape to use in the real world.

There is some dissadvantage of paper money that will makes people think twice to keep using it. First, the endelss printing will make it worthless, second it is easily rip and burn, third exchange money is always needed so it is not so practicall to use.

Concerns about ID security and such really are not taking into account that creating fake physical credit cards, ID's and such is easier than software hacking. 
Paper currency has a short life span.

For me personally, paper money always liked and I would not refuse to use them further. Although their future is ambiguous and increasingly pay attention to the fact that even the authorities of different countries are beginning to transfer more people to non-cash payment.

[erwin45hacked]

For me personally, paper money always liked and I would not refuse to use them further. Although their future is ambiguous and increasingly pay attention to the fact that even the authorities of different countries are beginning to transfer more people to non-cash payment.

Sooner or later people will forget that they ever use paper money. The non cash payment system is the future, with or without bitcoin the bank is going to make non cash payment system into something that the society will use. It might be atleast 20 years from now on but sooner or later it will happen

[BartS]

Paper money is going to keep existing but as we have seen paper money is going out and instead people are using electronic means of payment instead.

[pisston]

Paper money is going to keep existing but as we have seen paper money is going out and instead people are using electronic means of payment instead.

I think you paid attention to the fact that all banks and government enterprises commas when paying on the account always offer the use of credit cards or in another way. By cashless settlement And for this, some bonuses are offered, those who are calculated by bank transfer. Thus contributing to the withdrawal of paper money from everyday life.

[stadus]

Paper money is going to keep existing but as we have seen paper money is going out and instead people are using electronic means of payment instead.

That will take some time and I don't think it will be bitcoin the reason why paper money will be eliminated, the government has the capacity to make their own digital currency and they can regulate it to be use by the people, bitcoin will just always play in the shadow.

[fujyo86]

paper moneys will remain in the future, although use and circulation isn't as much as today. Because banks are always innovating to facilitate public finance transactions. didn't rule out paper money will be the antiques that have fantastic prices in the future.

[Afnan_faizah]

I think paper money has no future. probably it will be replaced by something worth such as gold and something has a lot of advantage such us bitcoin.

[Fatanut]

Paper money is going to keep existing but as we have seen paper money is going out and instead people are using electronic means of payment instead.

That will take some time and I don't think it will be bitcoin the reason why paper money will be eliminated, the government has the capacity to make their own digital currency and they can regulate it to be use by the people, bitcoin will just always play in the shadow.

Which is already going on right now. People are already using cards to pay almost everything. Cash is only used to small scale businesses and sometimes even small scale ones already accept cards. You would think that if people are more into using the digital form of fiat, then they will adopt bitcoins as well. But that's not the case right now. Bitcoin still has to prevail first by becoming mainstream before the mass start migrating to use it.

A thought: Maybe if bitcoin debit cards starts to become a "thing" then people might start using it as well? I know people use different cards from different places from different companies. Then maybe adding bitcoin debit card to their collection wouldn't be that troublesome.

[Sir Legend]

paper moneys will remain in the future, although use and circulation isn't as much as today. Because banks are always innovating to facilitate public finance transactions. didn't rule out paper money will be the antiques that have fantastic prices in the future.

Yes true, but quantity will continue to decrease, all States are currently testing digital money and probably will be effective 10 years again, and presence of the bitcoin make paper money will disappear soon.

[virasog]

I imagine there is some power either controlling the money or in the government that is hanging on to paper to not make a change, not sure why.  Counterfeiting is still all over and although there are better methods to catch bad money, there are also five new paper currency designs every couple years and you can see why a 16 kid working at the grocery store register would have trouble visually spotting a bad bill, there are ten versions of each one!  It is just a matter of time.
 

[Panda Trump]

Paper money will stay.

Paper money will stay forever!

And want to know why?

Because you can burn paper!

"Burn paper?" you say? Well, criminals always love to burn money when they have too much of it. The government steals money from everyone, so they are criminals. Because the government wants to keep burning money, they need to keep the paper money.

Government has control over everything, so they will just say "keep the paper money" and done!

Like my explanations? Please PM me to tip me!

[lyntoka]

The idea of paper money being banned is ludicrous, I mean maybe in the distant future sure but I haven't seen any proposals whatsoever for how a digital currency could ever work in an offline setting. Paper money works whether an internet or phone connection is available and even when there is no electricity. If we had a bitcoin based digital currency what will happen when the internet goes down, will transactions be unavailable until it is working again?

Think about disaster hit areas, without paper money transactions would be impossible in all but an old fashioned barter setting.

[choppork]

The idea of paper money being banned is ludicrous, I mean maybe in the distant future sure but I haven't seen any proposals whatsoever for how a digital currency could ever work in an offline setting. Paper money works whether an internet or phone connection is available and even when there is no electricity. If we had a bitcoin based digital currency what will happen when the internet goes down, will transactions be unavailable until it is working again?

Think about disaster hit areas, without paper money transactions would be impossible in all but an old fashioned barter setting.

The Internet has become a necessity to us. If the Internet goes down, it would be one of the first things your government will fix. Most part of the economy depends on the Internet because they need to communicate to other people. You don't have to worry about the things that only have a small chance of happening.

In addition to this, if disaster hits your country so hard that even the telephone wires got destroyed, do you really think people would just carry on with their lives and buy and sell things as if nothing happened? Paper money will just as useless as any other currencies at that point. People will choose to fix everything else before they get back to their feet.