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Author Topic: The future of the paper money  (Read 413029 times)
stadus
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June 05, 2017, 06:55:03 AM
 #3661

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.

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June 05, 2017, 07:20:37 AM
 #3662

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.
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June 05, 2017, 08:17:58 AM
 #3663

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.

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June 05, 2017, 08:30:40 AM
 #3664

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.

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Sir Legend
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June 05, 2017, 09:17:04 AM
 #3665

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.

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June 05, 2017, 04:02:14 PM
 #3666

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.
 

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June 05, 2017, 04:05:50 PM
 #3667

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!

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June 05, 2017, 04:06:40 PM
 #3668

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.
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June 06, 2017, 04:09:38 AM
 #3669

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.

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HasHe
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June 06, 2017, 05:22:57 AM
 #3670

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.Even today,there are more people around the world who don't even have a debit or credit card and don't know about digital transactions.They consider only paper money as the real money.So,it would be not possible to ban paper money completely.

       


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June 06, 2017, 11:08:03 AM
 #3671

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.
NO buddy. You can not deny the benefits of paper money no matter how much you hate it. Paper money has existed for many years and although technology helps us a lot, we still need to use paper money for instant transactions and micro transactions. If you are still ignorant, you can try to throw all paper money and see whether you can live in this world

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June 06, 2017, 01:40:27 PM
 #3672

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.
NO buddy. You can not deny the benefits of paper money no matter how much you hate it. Paper money has existed for many years and although technology helps us a lot, we still need to use paper money for instant transactions and micro transactions. If you are still ignorant, you can try to throw all paper money and see whether you can live in this world
It depends in what country. In Germany you can easily live without paper money. Unless of course you buy drugs then you need cash. In more backward countries will have Fiat. Electronic money will bring more benefit to the state than paper, so in 30-50 years cash will be gone.
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June 06, 2017, 02:27:23 PM
 #3673

Era is now the era of technology, where the physical form is not needed, all using cards or virtual money. Even bitcoin there is no physical form that we can see, we can only see the numbers only. Banknotes may only last 50-100 years ahead after it will not be useful
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June 06, 2017, 02:35:18 PM
 #3674

In my opinion paper money will be the same in soon as of now. Bitcoin cannot replace the fiat because paper money is our traditional mode of payment so. Even though we were in new era... The era of technology still paper money will never be gone.


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June 06, 2017, 03:22:51 PM
 #3675

That will never happen because government will loose it's control over the assets which it regulate for us. They won't able to put taxes and charges on the stuff around us and they will go out of business. Haha. Or they will start regulations on bitcoin. Or virtual currency which would be rather bad. As regulations will bring restrictions of using bitcoin freely and it would be same thing as paper money today. We won't be able to generate any more profits.

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June 06, 2017, 08:20:31 PM
 #3676

As much as we appreciate the fact that technology is developing very fast, there are some things that we can not do without. Governments or economies need some sort of back up to control their currencies. For instance, most central banks are using Gold as a back up for their currencies in the case of inflation. They need to cap their currencies to avoid excessive inflation and therefore control their currencies. Therefore, with the new technology and introduction of crypt-currencies, economies need an alternative currency to back up their own. Depending entirely on the crypt-currency can cripple an economy in a very bad way. In opinion, paper money is here to stay even if we get other forms of currencies.
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June 06, 2017, 08:53:37 PM
 #3677

I think the in the future the paper money should disappear. Imagine the cost of the whole process of manufacturing and distributing money today. Surely this is going to change, just as the salt has already been used as currency and in time has disappeared. With technology developing so rapidly in a few years it will no longer sense the use of paper money. I, I currently use very little paper money. I use credit card much more. A few years ago I did not even think about it.
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June 06, 2017, 10:28:52 PM
 #3678

The paper money I think will still be used in the future although it may be reduced its use, paper money may only be used in small transactions and lots of small transactions that we use in everyday life, so I think the paper money will still continue to be useful
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June 06, 2017, 11:16:52 PM
 #3679

The paper money I think will still be used in the future although it may be reduced its use, paper money may only be used in small transactions and lots of small transactions that we use in everyday life, so I think the paper money will still continue to be useful
yes paper money will continue for a long long time, currently there are no chances that paper money will vanish. i think it will continue even after accepting bitcoin by majority of the people of the world. they will be using both the option according to their needs and facilities. although the new generation is giving more preference to bitcoin, but still they will also continue using bitcoin.

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June 06, 2017, 11:44:50 PM
 #3680

Pretty hard to say how it all will pan out in the future, but i know that here in my home country (Sweden), the banks are making it more and more difficult to even deposit paper cash anymore...

For example, i sold a car recently and acctually got paid in bitcoin (azum) for about 9500$ dollars. I later sold those bitcoins to Swedish kronor(SEK) and put them in my bank account the digital route.
This all went smooth and fine, no problem from the bank at all.

Fast forward a week, i walk in with about 1700$ cash in paper money, trying to get it in my account, absolutly impossible... Their reason being that it could come from criminal acitivity witch is so contradicting as the bitcoins i sold for a much bigger ammount i never got a question about....

Just saying that just until recently putting money in the bank here in sweden was pretty easy. Today old people that have saved paper money for years can´t get it in the bank, because the bank want a report on every single SEK/USD to accept it. A Swedish newspaper recently wrote about this as a old man could not get money he saved in his attic whole his life in cash, because he could not prove where every Krona came from...

I dont know if these two things are connected, but it feels weird. Money basically is just digital code anyways now, a full implementation of crypto currencies does not seem to far away IMO!


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