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Author Topic: The future of the paper money  (Read 403669 times)
Himanshu111
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June 13, 2017, 06:08:42 AM
 #3721

I don't think that paper currency is facing any competition from Bitcoin as it is possible to buy commodities with a mall amount of paper money but small transactions in Bitcoin are not profitable because of high transaction fees. Moreover, government would not allow a decentralized Bitcoin to replace centralized paper currenct, something whose flow they can regulate.

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June 13, 2017, 06:57:36 AM
 #3722

The future of paper money is safe and secure and I don't see any threat from bitcoins as bitcoin is not too popular at a moment and even the user of bitcoin are very few in compare to fiat money and in future the scenario would be the same.
in fact the future of paper money is more brightened and secure. because the number of bitcoin users are increasing from time to time and making bitcoin more powerful. people  have already started using bitcoin for online shopping and even in some places they are using it for shopping in offline shops. for example in Brazil there are more than dozen shops who are accepting bitcoin for shopping. we can expect that very soon we will become able to use bitcoin in local shops in any part of the world.
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June 13, 2017, 06:58:13 AM
 #3723

I don't think that paper currency is facing any competition from Bitcoin as it is possible to buy commodities with a mall amount of paper money but small transactions in Bitcoin are not profitable because of high transaction fees. Moreover, government would not allow a decentralized Bitcoin to replace centralized paper currenct, something whose flow they can regulate.

If you're a merchant, you don't have to worry about the profit in small transactions because it's the sender that's going to pay for the fee. Let's just look at the bright side of things. You can transact millions of money using bitcoins with very little amount of fees (although this very same fee looks high on microtransactions) and that's something that you can't easily do in fiat. In fiat, if you got a deposit of 1 million from someone, you'd be woken up by the bank agency asking where did the money come from.

The government can't do anything to anything against bitcoin in case it indeed prevails.

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June 13, 2017, 07:00:40 AM
 #3724

I dont think at the present situation, paper money can be banned totally. Maybe in 30-40 years or so, but not in the near future. the currency in circulation is too much to be completely banned. However, we are moving away and away from paper currency and more to the digital one. So it is bound to take place sometime in future

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June 13, 2017, 07:21:40 AM
 #3725

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.

And all those digital credits should have a paper money equivalence otherwise then that means the government are just adding numbers to the digital world and poooof! The only way for us to find out the truth behind that is to withdraw all of our funds in the bank. I doubt that there's really that much paper money out there

This is exactly how banks create money from credit

And this is not something unlawful, this is an intended feature of this whole system, and money thus created (basically, out of thin air) is called credit money. Banks don't have to actually print the paper bills which should match in amount the monies loaned to clients via credit cards. Moreover, there is no necessity to do that at all. If there is a bank run for paper money, the bank in question will just take the bills either from other banks or Central bank itself. This is one system, and Central bank can print as much paper money as required

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June 13, 2017, 07:32:33 AM
 #3726

I dont think at the present situation, paper money can be banned totally. Maybe in 30-40 years or so, but not in the near future. the currency in circulation is too much to be completely banned. However, we are moving away and away from paper currency and more to the digital one. So it is bound to take place sometime in future
But people can buy gold and bitcoin anytime they want. We are already know that saving fiat in long term will not give us any benefit, even usd cannot avoid the inflation.  I think paper money can be worthless anytime.
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June 13, 2017, 01:12:16 PM
 #3727

I dont think at the present situation, paper money can be banned totally. Maybe in 30-40 years or so, but not in the near future. the currency in circulation is too much to be completely banned. However, we are moving away and away from paper currency and more to the digital one. So it is bound to take place sometime in future
paper money not every going to be banned. there is only possibility that if the users of bitcoin will increase. and if they give preference to everything on fiat. then the use of paper money will  decrease, but if we say that paper money will totally banned it is wrong. paper money will continue for a long long  time and may be for ever. even f all the people of the world start using bitcoin instead of fiat currency.
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June 13, 2017, 03:13:29 PM
 #3728

Paper money will not be banned but hence it will go through process before one country to be paper less money. As I see it will took 20-30 years from now the whole world would be paper less money. Why? Advancement of today's technology. Banks would surely love this if this happens.

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June 13, 2017, 03:53:47 PM
 #3729

I'm sure the future of paper money soon to dissapear, this is because paper money many disadvantages, the most important is paper money is easy to forge.
I disagree with you. Fiat money won’t disappear in the future. All of us might think that bitcoin is better than fiat money, but in real world, fiat money is more useful than bitcoin. Bitcoin is still a crypto currency and talking about bitcoin becoming a currency someday would take years. If we are going to use bitcoin to fulfill our wants and need, it still needs to be converted online. Fiat money is what we use for actual payment, in buying foods, medicines, necessities and etc.

Bitcoin might be of great use for transaction online but still we cannot use it to pay for buying one cheese burger.

Even though there is bitcoin now, fiat money would still be used in the future.

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June 13, 2017, 08:17:38 PM
 #3730

I dont think at the present situation, paper money can be banned totally. Maybe in 30-40 years or so, but not in the near future. the currency in circulation is too much to be completely banned. However, we are moving away and away from paper currency and more to the digital one. So it is bound to take place sometime in future
paper money not every going to be banned. there is only possibility that if the users of bitcoin will increase. and if they give preference to everything on fiat. then the use of paper money will  decrease, but if we say that paper money will totally banned it is wrong. paper money will continue for a long long  time and may be for ever. even f all the people of the world start using bitcoin instead of fiat currency.

Paper money is a habit that is hard to refuse. People are used to physically expressed money and therefore like to use them. I do not think that they will disappear in the near future

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June 13, 2017, 08:23:20 PM
 #3731

The future of paper money is safe and secure and I don't see any threat from bitcoins as bitcoin is not too popular at a moment and even the user of bitcoin are very few in compare to fiat money and in future the scenario would be the same.
The movement Bitcoin is not much popular and the users of the bitcoin are also not much higher but here we are talking about the future and it is shorted in the future but will be used much higher than the Fiat so as that time we can say that fiat will be reduced in its use and its future will not be much better.


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June 14, 2017, 09:05:43 AM
 #3732

The future of paper money is safe and secure and I don't see any threat from bitcoins as bitcoin is not too popular at a moment and even the user of bitcoin are very few in compare to fiat money and in future the scenario would be the same.
The movement Bitcoin is not much popular and the users of the bitcoin are also not much higher but here we are talking about the future and it is shorted in the future but will be used much higher than the Fiat so as that time we can say that fiat will be reduced in its use and its future will not be much better.

I don't agree though yeah butcoin usage would likely be more common in the future. At this rate, more people are already aware of btc and the demand has been increasing. But that doesn't affect the need for paper money. People's demand for something they can actually hold will secure paper money's future

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June 14, 2017, 03:32:29 PM
 #3733

I'm sure the future of paper money soon to dissapear, this is because paper money many disadvantages, the most important is paper money is easy to forge.
I disagree with you. Fiat money won’t disappear in the future. All of us might think that bitcoin is better than fiat money, but in real world, fiat money is more useful than bitcoin. Bitcoin is still a crypto currency and talking about bitcoin becoming a currency someday would take years. If we are going to use bitcoin to fulfill our wants and need, it still needs to be converted online. Fiat money is what we use for actual payment, in buying foods, medicines, necessities and etc.

Bitcoin might be of great use for transaction online but still we cannot use it to pay for buying one cheese burger.

Even though there is bitcoin now, fiat money would still be used in the future.

In a perfect world where people are using adopting to things that give them comfort, then bitcoin probably will prevail in just a couple of years. Unfortunately, we live on Earth where people choose to stick with the traditional way of things instead of looking for better options out there.

Just take having an online job as an example. Everyone wants to work in an office. Everyone wants to have people to socialize with, go to Starbucks with. But at the same time everyone also wants to have a higher position in the society. Apparently, you can never have that by working 8AM-5PM everyday and then spending the night with your friends buying stuffs that you can't even afford with your salary. You can get paid a lot more in an online job unless you have a physical job which most of us don't. Knowledge work can be done online and you'd get paid much more.
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June 15, 2017, 07:02:02 AM
 #3734

To me, future of paper money is still okay and crypto currencies can't affect it negatively. The inflation might be high as the only problem for it.

But it's still worth it, there are really a lot of future in btc yet paper money already show its usage and importace that it can't take away from us to use it in anyway possible.
Paper money settled the issues of trust in any transactions and the best way to teach kids about money. Crypto currencies may not be able to cripple paper money because of trust, fast transactions agreement and scam.  To me paper money. Has a great future.


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June 15, 2017, 07:19:50 AM
 #3735

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.

That's the way our government always wanted. Controlling things in their hands. Bitcoin is decentralized and if they want to make it centralized many will.protest and this is another problem. Paper money will stay the way it is and it should be.

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June 15, 2017, 07:37:42 AM
 #3736

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.

That's the way our government always wanted. Controlling things in their hands. Bitcoin is decentralized and if they want to make it centralized many will.protest and this is another problem. Paper money will stay the way it is and it should be.
No one can change the decentralized nature of bitcoin into a centralized one, it's impossible. The government build their bank to see the who financial industry and every business trust their money to the bank because it provides safety and insurance to their funds and bitcoin does not have that kind of features. It is purely a payment system use for online transaction with limited supply, it is just popular due to it's growing value as of this time.

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June 15, 2017, 07:58:40 AM
 #3737

I'm sure the future of paper money soon to dissapear, this is because paper money many disadvantages, the most important is paper money is easy to forge.
I disagree with you. Fiat money won’t disappear in the future. All of us might think that bitcoin is better than fiat money, but in real world, fiat money is more useful than bitcoin. Bitcoin is still a crypto currency and talking about bitcoin becoming a currency someday would take years. If we are going to use bitcoin to fulfill our wants and need, it still needs to be converted online. Fiat money is what we use for actual payment, in buying foods, medicines, necessities and etc.

Bitcoin might be of great use for transaction online but still we cannot use it to pay for buying one cheese burger.

Even though there is bitcoin now, fiat money would still be used in the future.

In a perfect world where people are using adopting to things that give them comfort, then bitcoin probably will prevail in just a couple of years. Unfortunately, we live on Earth where people choose to stick with the traditional way of things instead of looking for better options out there

I severely disagree with this approach

What is a perfect world and who is to judge its perfection? Basically, by assuming that people choose to stick to non-optimal options, you are not very far from telling them how to live their lives. You may think that there are better options out there, but how do you know that you are not delusional yourself? For example, later in your post you say that people want to sit in the office for 8 hours just to socialize with other folks. As to me, that's complete bullshit, since they could just as easily walk to Starbucks with their friends instead of sitting in the office and do their online job right there

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June 15, 2017, 09:48:25 AM
 #3738

Future of paper money still doesn't look any negative impact, paper money has huge popularity across the countries and people, so they are feeling comfortable to use cash in their daily life. So the future of the paper money is not scared yet. But there are some factors which can make change the situation, such as security and availability, if these things are going well then there is worry about the future money...

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matuson
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June 15, 2017, 11:34:07 AM
 #3739

Paper money have their irreplaceable position so they will long to live. Only the government is interested in switching to electronic payments. For example, I do not understand why when you pay in cash, the goods is cheaper than the transaction.

NEWGOODOUBLE
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June 15, 2017, 12:20:48 PM
 #3740

Paper money have their irreplaceable position so they will long to live. Only the government is interested in switching to electronic payments. For example, I do not understand why when you pay in cash, the goods is cheaper than the transaction.
Nope I think you'll find a cheaper price even with a discount if you pay it using a credit card. Because many banks are providing that facility. You can see it in many online stores in your country. Many of them provide good deals when paying by credit card.

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