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Author Topic: The future of the paper money  (Read 403530 times)
jaysabi
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June 16, 2017, 11:26:23 PM
 #3761

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.

This is perhaps just a first step towards the move to digital cash. I wouldn't expect a country of over a billion people to be able to go from physical currency to digital in one move. The elimination of smaller bills seems like a logical precursor though. You have to think of these things as happening in small moves, not one overnight shift.


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June 16, 2017, 11:36:48 PM
 #3762

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

Some countries are better than others at blocking internet sites, but you've correctly identified the best way to stop bitcoin, and that's to target points of exchange. Egypt seems particularly adept at blocking websites, and blocking VPN services operating in the country as well, as we've seen in the last week (non-bitcoin related blocking, but effective to blacking out access to certain news cites nonetheless). I don't know how good the Chinese are at blocking VPNs, but I imagine with such strong state controls over the internet, if they wanted to block it entirely, they would be able to do a decent enough job at it. In January, China reiterated its ban on a range of foreign VPNs, but from what I've read, there seems to be mixed information about the effectiveness of the ban. But Egypt can do it, I don't see why China can't.


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June 17, 2017, 12:54:38 AM
 #3763

The future of paper money can be so challenging in the future despite of the developing world of currency that's implementing a digital type of sustainable income. I think that it will still be the same type of paper money to be used in the future, but production of paper money will become lesser compared of our current consumption of paper money. Because of that situation happening of masisve adoption of digital currency paper money will not be used always due to fast payment transactions through blockchain networks doing the entire process into fast and comfortable implementations.


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June 17, 2017, 05:30:26 AM
 #3764

The future of paper money can be so challenging in the future despite of the developing world of currency that's implementing a digital type of sustainable income. I think that it will still be the same type of paper money to be used in the future, but production of paper money will become lesser compared of our current consumption of paper money. Because of that situation happening of masisve adoption of digital currency paper money will not be used always due to fast payment transactions through blockchain networks doing the entire process into fast and comfortable implementations.

The future transaction even can now take place Automated via ATM. Even if today there a lot of fiat transactions. More and more people and even establishments are using atm as a means of payment. And now that digicurrency is coming to effect, fiat really is a questionable transaction during future. For me it is better if your money is in a bank rather than you holding it physically. Even if you lost your atm, there are ways to block the account if it was lost. And i agree also that network transactions has a faster process but i think for now it has many confirmations so i guess in the near future blockchain can be fixed and we can all now enjopy low  fee or instant sending.


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June 17, 2017, 05:37:48 AM
 #3765

The future of paper money can be so challenging in the future despite of the developing world of currency that's implementing a digital type of sustainable income. I think that it will still be the same type of paper money to be used in the future, but production of paper money will become lesser compared of our current consumption of paper money. Because of that situation happening of masisve adoption of digital currency paper money will not be used always due to fast payment transactions through blockchain networks doing the entire process into fast and comfortable implementations.
Paper money are already secured that it will still be valuable in the future, the government create it for the convenience of everyone and why would they will eliminate that in the circulation. People may adopt with online currency but they cannot live without paper money because most of the activities in life are not done online.

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June 17, 2017, 06:08:40 AM
 #3766

Paper money will surely be here for a long time and wont be replace by bitcoin or any other digital currency.
When we move on the next phase of our evolution we will not be using paper money.
It will stay for a long time and it will be upgraded by the society and people will contribute a lot of ideas for it. And with the basis that will come from crypto currency. But that's the truth about the future of paper money, it will be possibly gone when people already adopted the technology behind crypto or digital money.

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June 17, 2017, 06:28:53 AM
 #3767

Paper money's future is secured due to the fact that it works offline. Some places don't have internet and no one can predict when some disaster or power outage could occur. Its the ultimate backup system that you don't want to fully get rid of even if you can manage to do most transactions in a different format.
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June 17, 2017, 07:20:36 AM
 #3768

If the paper money cannot manage by the people in the right way maybe their value were decreasing. But I was not worried that paper money were survive in the future. Even theirs a lot of coins develop or crytocurrencies I think paper money were not diminish

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June 17, 2017, 09:37:05 AM
 #3769

If the paper money cannot manage by the people in the right way maybe their value were decreasing. But I was not worried that paper money were survive in the future. Even theirs a lot of coins develop or crytocurrencies I think paper money were not diminish
Thats true mate, paper money will exist in the future even more new currency exist the value will remain no one will replace paper money. Fiat is government regulated which also the value of fiat is based on the economy of one country.

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hawkins
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June 17, 2017, 09:42:30 AM
 #3770

If the paper money cannot manage by the people in the right way maybe their value were decreasing. But I was not worried that paper money were survive in the future. Even theirs a lot of coins develop or crytocurrencies I think paper money were not diminish
Most of the use of paper money has been attached to each other so unconsciously, we can not possibly replace it. I am sure, in the future paper money can also survive in the rigors of competition with digital currency

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June 17, 2017, 10:03:30 AM
 #3771

The future transaction even can now take place Automated via ATM. Even if today there a lot of fiat transactions. More and more people and even establishments are using atm as a means of payment. And now that digicurrency is coming to effect, fiat really is a questionable transaction during future. For me it is better if your money is in a bank rather than you holding it physically. Even if you lost your atm, there are ways to block the account if it was lost. And i agree also that network transactions has a faster process but i think for now it has many confirmations so i guess in the near future blockchain can be fixed and we can all now enjopy low  fee or instant sending.

Unfortunately, you don't have to lose your card in order to lose the money in it. Someone only has to take a picture or even just memorize the numbers written on your card and he can use it on online transactions. Your pin code or your pass code is not needed for online transactions. The only thing that's needed are your card number, the expiry date, and the 3 digit code at the back of your card. There are websites that require the name of the card holder too.

In the black market, there are people selling stolen credit and debit cards. It's pretty obvious that someone will not carelessly use another person's card and have the bought item dropped off on his very own home. They even use a service where the stuffs you bought with the stolen card are dropped off to somebody else's place.


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Genisys
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June 17, 2017, 10:06:37 AM
 #3772

if any country replaced paper money to cryptocoin its a big financial crisis issue because than People do not follow their tax rules and gov did not get correct tax from peoples
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June 17, 2017, 01:22:46 PM
 #3773

The future transaction even can now take place Automated via ATM. Even if today there a lot of fiat transactions. More and more people and even establishments are using atm as a means of payment. And now that digicurrency is coming to effect, fiat really is a questionable transaction during future. For me it is better if your money is in a bank rather than you holding it physically. Even if you lost your atm, there are ways to block the account if it was lost. And i agree also that network transactions has a faster process but i think for now it has many confirmations so i guess in the near future blockchain can be fixed and we can all now enjopy low  fee or instant sending.

Unfortunately, you don't have to lose your card in order to lose the money in it. Someone only has to take a picture or even just memorize the numbers written on your card and he can use it on online transactions. Your pin code or your pass code is not needed for online transactions. The only thing that's needed are your card number, the expiry date, and the 3 digit code at the back of your card. There are websites that require the name of the card holder too

This is not always the case

In some online shops I can buy things with my bank card and I'm not asked by the bank to enter a confirmation code that I should receive in an sms sent to my phone. In other shops, I still have to enter this code even when I use the same card. I don't know precisely what it depends upon but it seems to be related to a shop "grade", so to speak. With well known and respected shops you don't need to enter anything apart from the card number (when you make your first purchase)

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June 17, 2017, 01:26:45 PM
 #3774

if any country replaced paper money to cryptocoin its a big financial crisis issue because than People do not follow their tax rules and gov did not get correct tax from peoples
Well surely that depends on what Cryptocurrency will they be replacing it at, what I mean about that is if the Government developed a Cryptocurrency for their own country then the issue of tax evasion and crimes won't be a problem to them. But the disadvantage about that is will other countries accept your government owned cryptocurrency? I guess not and also I am seeing that Politicians will be the ones who will act as the Big Players holding a considerate amount of that Cryptocurrency.

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Duzter
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Hero - Future Of Banking In South East Asia


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June 17, 2017, 01:47:41 PM
 #3775

If the paper money cannot manage by the people in the right way maybe their value were decreasing. But I was not worried that paper money were survive in the future. Even theirs a lot of coins develop or crytocurrencies I think paper money were not diminish
Most of the use of paper money has been attached to each other so unconsciously, we can not possibly replace it. I am sure, in the future paper money can also survive in the rigors of competition with digital currency
Paper money has the perfect backing system, which will keep the paper money survive longer and longer even when several advancement in the technology related to the financial system has taken place. Paper money will be used for a long time as it's the easiest currency to handle than anything else.

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June 17, 2017, 02:27:16 PM
 #3776

I think using paper money wont disappear in near future because of the areas that have slow internet or dont have. Maybe far in the future the world will acceptedly use e-currencies and paper money will disappear.

It can happen in the cities only.
But with areas that cannot be reached by technology or they have to travel far for that service it will be a problem.
I have been through some place like that and it was really hard to get even just a reception for my smart phone.
This places will stay on using paper money for easier trades. Money for food and vice versa.

Yes I think so.
Only that will happen in urban areas. Like in the third world country some rural areas has not been reach of electricity so meaning they are not aware of smart phones and internet. None of these they will never know bitcoin. They only thinking what they will eat for that day. They will take so many years to adopt the digital currency. So the future of paper money will be always the paper money. It couldn't be replace.

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June 17, 2017, 02:27:43 PM
 #3777

If the paper money cannot manage by the people in the right way maybe their value were decreasing. But I was not worried that paper money were survive in the future. Even theirs a lot of coins develop or crytocurrencies I think paper money were not diminish
Most of the use of paper money has been attached to each other so unconsciously, we can not possibly replace it. I am sure, in the future paper money can also survive in the rigors of competition with digital currency
Paper money has the perfect backing system, which will keep the paper money survive longer and longer even when several advancement in the technology related to the financial system has taken place. Paper money will be used for a long time as it's the easiest currency to handle than anything else.

So true.  Paper money evolved many years ago and there is no way it can be replaced by any currency.  There is no need to open your computers and have internet connection to transact or to buy something.  Though it is really hard to earn just by having any job unlike bitcoin.  But still even the advancement of technology and having bitcoins and any other crypto currency paper money still a need for society.

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Verify - The Future Of Reputation


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June 17, 2017, 03:16:05 PM
 #3778

Even there's a lot of coins in the market or even the price of digital currencies we're raised up, I think that paper money were still used in the future. Because paper money were more usable for the people who cannot know how to use bitcoin.

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June 17, 2017, 03:21:13 PM
 #3779

Even there's a lot of coins in the market or even the price of digital currencies we're raised up, I think that paper money were still used in the future. Because paper money were more usable for the people who cannot know how to use bitcoin.
People often forget that Bitcoin could be used as Paper Money as well. Bitcoin Paper Wallets could be used to purchase things offline while fiat is used in that same exchange as well. I am pretty sure that Bitcoin will help people to use less fiat compared to how many people are using it now.

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🌟 eSports ICO: 01/11/2017 🌟


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June 17, 2017, 06:50:46 PM
 #3780

Even there's a lot of coins in the market or even the price of digital currencies we're raised up, I think that paper money were still used in the future. Because paper money were more usable for the people who cannot know how to use bitcoin.
People often forget that Bitcoin could be used as Paper Money as well. Bitcoin Paper Wallets could be used to purchase things offline while fiat is used in that same exchange as well. I am pretty sure that Bitcoin will help people to use less fiat compared to how many people are using it now.
Despite the fact that Bitcoin users react very strongly for crypto currency, I still believe that paper money will exist for a very long time. The fact is that many people from our society are not yet ready for higher technologies and real money for them is the best means to buy what they do not want.

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