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Author Topic: The future of the paper money  (Read 403613 times)
sashamoe
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June 06, 2017, 10:28:52 PM
 #3681

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
 #3682

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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lazyturtle
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June 06, 2017, 11:44:50 PM
 #3683

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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June 06, 2017, 11:57:37 PM
 #3684

Paper money's future still be the same only that it will be lessen in usage due to bitcoin digital currency is the mostly used currency in the future years to come. Hopefully this will be happening so that bitcoin price will be more stable in the marketplace just like the fiat money currency money. Bitcoin that time wil be the most profitable investment to have amd paper money will be reduced in spending and exchanges but it will not vanish in banking because offline using still remains like in local wet markets and those who doesn't knew how to use the digital world of internet transactions, because bitcoin needs to be accessed through online network.

Bitcoin isn't going to affect physical currency much. The ratio of people using Bitcoin to conduct commerce vs. using it to gamble, either by buying speculatively or using it to skirt casino or sport book restrictions, is extremely small. The thing that is going to diminish physical fiat's use is digital fiat. Most transactions are already digital, and easier than blockchain technology

Well, now I seem to understand the difference between your reasoning and mine

In short, you don't look deeper besides what's on the surface taking into account only direct effects, and thus jump to premature conclusions. This post of yours is a perfect example of that. You basically state that Bitcoin cannot affect fiat since the former is not used in conducting commerce (i.e. Bitcoin is not used as a currency). This point itself can hardly be challenged since it is a fact of life (with which I totally agree, just in case). But this is not the only route via which Bitcoin can and does in fact affect fiat (physical or digital). You forget that fiat itself is not only about commerce and being a currency. It is also a speculative asset on its own and a store of value (another fact of life), and this is exactly where Bitcoin hits hardest. But since fiat here and fiat there it is still the same fiat (both physical and digital), Bitcoin necessarily affects them both even if indirectly and even if Bitcoin itself is not used to conduct real business as you state

There you go again claiming someone who doesn't see something the same as you has a malinformed opinion. Just try sticking to your ideas and don't pretend you have a grand insight into other's minds, because some of your ideas are quite uninformed. Claiming that the USD is a speculative asset is ridiculous

You seem to be more and more detached from reality

Any fiat currency is a speculative asset by definition. I guess George Soros would be greatly surprised to hear that claim after he (with a tightly knit group of speculators) had basically put the Bank of England to its knees when he shorted the British pound and earned 1B dollars within a single day. Yeah, I know that GBP is not USD, but I guess you won't start claiming the US dollar is somehow different in this regard. I guess you are the only one here who is "quite uninformed". You may want to learn more about currency carry-trade in particular and Forex in general

All you do is spout opinions without substantiation. Explain how the USD is a speculative asset, and be sure to include an argument that acknowledges the fact that it's generally a more stable currency than any other fiat currency. The definition of financial speculation is "the act of trading in an asset or conducting a financial transaction that has a significant risk of losing most or all of the initial outlay with the expectation of a substantial gain." If your economy is based in USD, the USD cannot be a speculative asset because that's the default currency, not an active investment decision to chase returns that you've traded in to. Thus, as is plainly evident, "any fiat currency is not a speculative asset by definition."


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June 07, 2017, 01:52:12 AM
 #3685

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 exist.It cannot be completely banned.In india,the government tried to convert people to digital transactions and demonitized higher value notes,but it failed to deliver the expected results.

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June 07, 2017, 03:38:21 AM
 #3686

I don't think paper money is facing any competition from Bitcoin as government is not interested in circulation of a currency they can not control and regulate. Transaction of Bitcoin also charge a high fees which makes its use impossible for small transactions.

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June 07, 2017, 03:46:03 AM
 #3687

I don't think paper money is facing any competition from Bitcoin as government is not interested in circulation of a currency they can not control and regulate. Transaction of Bitcoin also charge a high fees which makes its use impossible for small transactions.
Absolutely, the government has the power to freeze the exchange sites to stop the circulation of bitcoin, without exchanges bitcoin is nothing and if it will be declared as illegal there is nothing we can do. Paper money will remain as it is the most simplest form of currency where we do not need to go online to spend, majority if not all the people can benefit with paper money but with bitcoin it's only a little portion and not even the poor people.

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June 07, 2017, 03:54:07 AM
 #3688

The future of paper money is safe as it is more popular then bitcoins and even the users of paper money are much higher then bitcoins and I don't see any competition from bitcoins to paper money at a moment.



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June 07, 2017, 04:53:40 AM
 #3689

The future of paper money is safe as it is more popular then bitcoins and even the users of paper money are much higher then bitcoins and I don't see any competition from bitcoins to paper money at a moment.
I understand that Bitcoin is gaining popularity among users of the network, but we must understand that Bitcoin very rarely will be able to replace simple money. Not to mention the paper money. There are places where people live, where even bank cards do not work. People today still need paper money, and they will use them for a very long time.

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June 07, 2017, 08:50:48 AM
 #3690

The worst problem for implementing bitcoin on a large scale would be goverment because bitcoin is something that they can not control. It all depends what will be a decision of a particular country.

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June 07, 2017, 09:14:07 AM
 #3691

The future of paper money is safe as it is more popular then bitcoins and even the users of paper money are much higher then bitcoins and I don't see any competition from bitcoins to paper money at a moment.
Yes agree, this is because until whenever the State will protect the paper money in fully, although the bitcoin as second currency but will not reduce the demand for paper money.



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June 07, 2017, 10:07:04 AM
 #3692

The future of paper money is safe as it is more popular then bitcoins and even the users of paper money are much higher then bitcoins and I don't see any competition from bitcoins to paper money at a moment.
The paper money is here to stay, because it is still largely what over 90% of the world's population still use for their everyday transactions. Even in the advanced age of digitalization, more paper money are being printed by governments over the last five years. It still feels good to have something you can touch and feel as form of payment. Bet I am getting old and feeling a bit sentimental.


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Joshua101101
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June 07, 2017, 10:10:25 AM
 #3693

Paper money will remain. Perhaps their number will decrease, but they will also be used mainly for small purchases.

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June 07, 2017, 10:14:35 AM
 #3694

Paper money will remain. Perhaps their number will decrease, but they will also be used mainly for small purchases.
The number of paper money will increase as every country keeps printing more with the economy system advancing and growing.
But that doesn't mean there won't be an open spot for other type of currencies to exist alongside, not until the market isn't saturated
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June 07, 2017, 10:21:41 AM
 #3695

I don't think paper money is facing any competition from Bitcoin as government is not interested in circulation of a currency they can not control and regulate. Transaction of Bitcoin also charge a high fees which makes its use impossible for small transactions.
Absolutely, the government has the power to freeze the exchange sites to stop the circulation of bitcoin, without exchanges bitcoin is nothing and if it will be declared as illegal there is nothing we can do. Paper money will remain as it is the most simplest form of currency where we do not need to go online to spend, majority if not all the people can benefit with paper money but with bitcoin it's only a little portion and not even the poor people

Some governments have already tried that but miserably failed

The Chinese Central bank tried something to that tune, even twice but Bitcoin only rallied further and higher. "Freezing" exchanges would likely mean stopping Internet at large (to be effective), but that would be prohibitively expensive for obvious reasons. Otherwise, how are you going to stop something which might not even have physical presence? There are no offices to get raided, there are no bank accounts to get blocked, so how are you going to halt the exchanges? Some countries block access to exchange sites, but there are free VPN's and proxies to easily render all these efforts futile and void

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June 07, 2017, 01:50:39 PM
 #3696

I don't think paper money is facing any competition from Bitcoin as government is not interested in circulation of a currency they can not control and regulate. Transaction of Bitcoin also charge a high fees which makes its use impossible for small transactions.
Absolutely, the government has the power to freeze the exchange sites to stop the circulation of bitcoin, without exchanges bitcoin is nothing and if it will be declared as illegal there is nothing we can do. Paper money will remain as it is the most simplest form of currency where we do not need to go online to spend, majority if not all the people can benefit with paper money but with bitcoin it's only a little portion and not even the poor people

Some governments have already tried that but miserably failed

The Chinese Central bank tried something to that tune, even twice but Bitcoin only rallied further and higher. "Freezing" exchanges would likely mean stopping Internet at large (to be effective), but that would be prohibitively expensive for obvious reasons. Otherwise, how are you going to stop something which might not even have physical presence? There are no offices to get raided, there are no bank accounts to get blocked, so how are you going to halt the exchanges? Some countries block access to exchange sites, but there are free VPN's and proxies to easily render all these efforts futile and void

Although impossible, if they (hypothetically) have stopped all these exchanges, people would just have to meetup to buy/sell bitcoins. We basically just have to take one step backward until somebody else makes another concept about exchanges. There might even be trusted people on Facebook that would buy and sell bitcoins with just some transaction fees. This is an opportunity to people that have a lot of bitcoins or has a supplier of bitcoins in exchange to fiat (simply the guy will be a "reseller").

It would be such a dumb move for the government to fund this when there are other problems like starvation going on in most countries.


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June 08, 2017, 12:24:29 PM
 #3697

I don't think paper money is facing any competition from Bitcoin as government is not interested in circulation of a currency they can not control and regulate. Transaction of Bitcoin also charge a high fees which makes its use impossible for small transactions.
Absolutely, the government has the power to freeze the exchange sites to stop the circulation of bitcoin, without exchanges bitcoin is nothing and if it will be declared as illegal there is nothing we can do. Paper money will remain as it is the most simplest form of currency where we do not need to go online to spend, majority if not all the people can benefit with paper money but with bitcoin it's only a little portion and not even the poor people

Some governments have already tried that but miserably failed

The Chinese Central bank tried something to that tune, even twice but Bitcoin only rallied further and higher. "Freezing" exchanges would likely mean stopping Internet at large (to be effective), but that would be prohibitively expensive for obvious reasons. Otherwise, how are you going to stop something which might not even have physical presence? There are no offices to get raided, there are no bank accounts to get blocked, so how are you going to halt the exchanges? Some countries block access to exchange sites, but there are free VPN's and proxies to easily render all these efforts futile and void

Although impossible, if they (hypothetically) have stopped all these exchanges, people would just have to meetup to buy/sell bitcoins. We basically just have to take one step backward until somebody else makes another concept about exchanges. There might even be trusted people on Facebook that would buy and sell bitcoins with just some transaction fees. This is an opportunity to people that have a lot of bitcoins or has a supplier of bitcoins in exchange to fiat (simply the guy will be a "reseller")

That would in fact work in Bitcoin's favor in the long term

How so? First, banning all Bitcoin exchanges would give a strong boost to off-chain transactions (like Lightning Network and similar approaches) since that would allow creation of truly decentralized instant exchanges, thus making centralized exchanges unnecessary. Indeed, these exchanges wouldn't help much with converting crypto into fiat, but that's where things get really interesting. Without being able to exchange their coins into fiat, people will be tempted to spend them directly, i.e. buy goods and pay for services with Bitcoin. But where there is demand, there will always be supply, and merchants will finally start accepting Bitcoin for real. That may give rise to a real, closed loop Bitcoin economy

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June 08, 2017, 02:40:30 PM
 #3698

 Paper money need to follow the market, and banks are already offering digital services, soo i dont believe on the next 50 years printed fiat will be around with the same power, i mean it can still be printed money but people will use credit and debit cards to process all.

Bitcoin does have already a marketplace, even knowing the most people does exchange their coins into fiat in the end, would be good to see countries blocking the exchanges, with that we will make all transactions with others people, without the exchange fees. Governments cant stop anymore bitcoin, they can ban anything, people will find a way to get and trade bitcoins even without exchanges wich does allow us to trade with more safety.


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June 10, 2017, 06:32:48 AM
 #3699

Paper money will continue to diminish its use in future. Because government itself through banks has brought innovation credit card or other cards. Making payments without paper money has occurred in many countries around the world, and thats a fact.
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June 10, 2017, 07:14:35 AM
 #3700

the future course of the forest and the tree gets harder, we all know that the raw material is paper tree, currently many countries are reducing the pengguaan of the paper so I had foretold the future of paper money will disappear.
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