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Author Topic: The future of the paper money  (Read 414967 times)
Harlot
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June 26, 2017, 10:23:00 AM
 #3841

From my perspective, paper money is still in the best shape, people feel comfortable to spend paper money nowadays, people have a good trust on the paper money. So the future of paper money is certain in the future, but day by day crypto currency is becoming popular so paper money may face a threat to be existed..
Exactly, no chance it will be eliminated in the circulation when it is serving majority of the people, whatever country you are living you can physically see people are more comfortable in using paper money. New technology will exist but it will just give additional option to the users and they do not have the power to eliminate paper money, the simplest way of transacting is thru paper money.
I think paper money is running in the principle of "If it is not broken why fix it?" Which I think is the perfect principle for Fiat Currency I mean look at it what are the big issues of it that can outweigh its pros? I guess non because paper money/ Fiat currency is  a stable currency that the economy can rely on and it is the most common medium of exchange in any country. I don't think that anyone will see Fiat currency being banned for some time.

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June 26, 2017, 10:40:20 AM
 #3842

Paper money will complement electronic and will not disappear. Simply in some places it is much more convenient to use paper money, and not electronic.

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June 26, 2017, 10:48:25 AM
 #3843

Paper money will complement electronic and will not disappear. Simply in some places it is much more convenient to use paper money, and not electronic.
Yeah, paper money will compliment electronic money as the necessity has increased a lot. Same cannot be the scenario everywhere. The electronic money usage can be seen high on the city location whereas in towns and villages still paper money is the base and people are much aware of this rather than other form of payments.

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June 26, 2017, 10:56:37 AM
 #3844

Paper money will complement electronic and will not disappear. Simply in some places it is much more convenient to use paper money, and not electronic.
Yeah, paper money will compliment electronic money as the necessity has increased a lot. Same cannot be the scenario everywhere. The electronic money usage can be seen high on the city location whereas in towns and villages still paper money is the base and people are much aware of this rather than other form of payments.
Yes, you are right, and based on the reality even in cities there are still a lot of people who used paper money and if that will be
stop, it will create a big problem because sometimes online transaction are compromise.

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June 26, 2017, 10:58:57 AM
 #3845

From my perspective, paper money is still in the best shape, people feel comfortable to spend paper money nowadays, people have a good trust on the paper money. So the future of paper money is certain in the future, but day by day crypto currency is becoming popular so paper money may face a threat to be existed..
The point is you can't do everything with crypto in real life, at least you can try to spent bitcoin to buy something but not for this time. The bitcoin network needs the more improvement and the store still scared with the volatility of cyrpto

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June 26, 2017, 11:30:41 AM
 #3846

From my perspective, paper money is still in the best shape, people feel comfortable to spend paper money nowadays, people have a good trust on the paper money. So the future of paper money is certain in the future, but day by day crypto currency is becoming popular so paper money may face a threat to be existed..
Exactly, no chance it will be eliminated in the circulation when it is serving majority of the people, whatever country you are living you can physically see people are more comfortable in using paper money. New technology will exist but it will just give additional option to the users and they do not have the power to eliminate paper money, the simplest way of transacting is thru paper money.
I think paper money is running in the principle of "If it is not broken why fix it?" Which I think is the perfect principle for Fiat Currency I mean look at it what are the big issues of it that can outweigh its pros? I guess non because paper money/ Fiat currency is  a stable currency that the economy can rely on and it is the most common medium of exchange in any country. I don't think that anyone will see Fiat currency being banned for some time.

I totally agree with this. They are not so competitive of other monetary systems because people don't know about it yet. People don't know about bitcoins yet, so why even bother improve the fiat system into something better? Why even try and back fiat with gold once again if people don't know about it? The people behind fiat system just don't have any reasons to improve it.

This is like the Nokia scenario. Nokia was a leading brand of cellphones back then. But because they think that they are the best, they didn't really mind the rise of Android phones from Samsung. In due time, Android has become a thing and Nokia's OS looks so obsolete compared to it. Nokia even released some statement that goes like, "We didn't do anything wrong." Truth is, they were wrong with not keeping up with the latest even when that latest tech is still very young.

If fiat will continue to be what it is right now and bitcoin starts to be known and used by people, then the same thing might happen. But we're not so sure, though, because in this scenario the government is involved. The government runs the fiat system.

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bitllionaire
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June 26, 2017, 09:25:37 PM
 #3847

Sweden is likely going to be the first country to completely ban cash, but more countries are following soon. Just wait and see.
hearing this for the first time but i do not think so. i think they will even accept bitcoin as legal currency but still they will also continue using bitcoin because it will take a lot of time when all the people of a state start using bitcoin.


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June 27, 2017, 04:14:06 AM
 #3848

paper money is still the backbone of digital currencies, paper money will be obsolete many years from now but not in this era, in the presence of bitcoin and other crypto currencies, we are still dependent on paper money and gold reserves, it is not as easy as abc and even bitcoin needs a lot of improvement to be dependable mode of transaction.

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June 27, 2017, 05:02:37 AM
 #3849

paper money is still the backbone of digital currencies, paper money will be obsolete many years from now but not in this era, in the presence of bitcoin and other crypto currencies, we are still dependent on paper money and gold reserves, it is not as easy as abc and even bitcoin needs a lot of improvement to be dependable mode of transaction.
Bitcoin will not disrupt the whole monetary system the government has created, we are still under their supervision and since they control
the world we cannot expect that they will allow bitocin to be bigger than the current financial tools they regulated.


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June 27, 2017, 05:30:54 AM
 #3850

paper money is still the backbone of digital currencies, paper money will be obsolete many years from now but not in this era, in the presence of bitcoin and other crypto currencies, we are still dependent on paper money and gold reserves, it is not as easy as abc and even bitcoin needs a lot of improvement to be dependable mode of transaction.
Bitcoin will not disrupt the whole monetary system the government has created, we are still under their supervision and since they control
the world we cannot expect that they will allow bitocin to be bigger than the current financial tools they regulated.
Maybe the government will maintain the paper money or money that has been there for a long time and has been set by them. Paper money also will not be obsolete because every country may update or improvement it in a few years.


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June 27, 2017, 09:27:49 AM
 #3851

paper money is still the backbone of digital currencies, paper money will be obsolete many years from now but not in this era, in the presence of bitcoin and other crypto currencies, we are still dependent on paper money and gold reserves, it is not as easy as abc and even bitcoin needs a lot of improvement to be dependable mode of transaction.
Bitcoin will not disrupt the whole monetary system the government has created, we are still under their supervision and since they control
the world we cannot expect that they will allow bitocin to be bigger than the current financial tools they regulated.
Maybe the government will maintain the paper money or money that has been there for a long time and has been set by them. Paper money also will not be obsolete because every country may update or improvement it in a few years.
Paper money will always stay because it is the traditional money to use in transaction different kind of transactions whether it is offline or online because both of them are involved with money and if the paper money is not there anymore then the right kind of payments will be harder to find and it will cause confusion in different people.

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June 27, 2017, 09:47:37 AM
 #3852

paper money is still the backbone of digital currencies, paper money will be obsolete many years from now but not in this era, in the presence of bitcoin and other crypto currencies, we are still dependent on paper money and gold reserves, it is not as easy as abc and even bitcoin needs a lot of improvement to be dependable mode of transaction.
Bitcoin will not disrupt the whole monetary system the government has created, we are still under their supervision and since they control
the world we cannot expect that they will allow bitocin to be bigger than the current financial tools they regulated.
Maybe the government will maintain the paper money or money that has been there for a long time and has been set by them. Paper money also will not be obsolete because every country may update or improvement it in a few years.
Paper money will always stay because it is the traditional money to use in transaction different kind of transactions whether it is offline or online because both of them are involved with money and if the paper money is not there anymore then the right kind of payments will be harder to find and it will cause confusion in different people.
Agreed, if there is nothing as a paper money and everything going electronic the complications will increase in the financial system. This happens because the value determination becomes tedious. So paper will continue to get used even when digital growth is prioritized.


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June 27, 2017, 09:56:27 AM
 #3853

Paper money is more convenient for small calculations. Subconsciously, people trust more what we can see and touch. Governments benefit in having only electronic money because they are easier to control, but they can't completely abandon cash. In the future, paper money will disappear, but it will not be soon.
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June 27, 2017, 11:47:56 AM
 #3854

Well, we all know from the past that transactions are exchanging product to product before then they made to use gold as their transaction to buy anything then after that they discovered to made paper money that is why even in our days we really using money for our transactions. As I observed as days past the technologies are becomming more high-tech now and we are starting a modern life. All things become more modern and that was I am thinking that even money will going to become more high-tech. Soon the paper money will be replace. And it will become more high-tech that money will become one of the cryptocurrency for the faster transactions.

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June 27, 2017, 09:06:33 PM
 #3855

Fiat money won't disappear anytime soon. Not in the next century in my humble opinion.

Paper money, as in bills and metal coins, that will disappear, no doubt about it. Useage has already been reduced drastically, in less than 10 years it will be almost nothing.

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June 27, 2017, 09:52:51 PM
 #3856

Fiat money won't disappear anytime soon. Not in the next century in my humble opinion.

Paper money, as in bills and metal coins, that will disappear, no doubt about it. Useage has already been reduced drastically, in less than 10 years it will be almost nothing.

In addition to you, it will never disappear... Soon or lately... Bitcoin has different dynamics than conventional economic system.
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June 27, 2017, 10:08:21 PM
 #3857

Paper money is more convenient for small calculations. Subconsciously, people trust more what we can see and touch. Governments benefit in having only electronic money because they are easier to control, but they can't completely abandon cash. In the future, paper money will disappear, but it will not be soon.
yes currency paper money is convenient for small calculations but in future we can expect that it will be more easy and convenient to use bitcoin instead of fat currency and people will give more preference to bitcoin instead of fiat currency.

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June 28, 2017, 03:24:31 AM
 #3858

The future of paper money is safe and it doesn't have any threat from bitcoins as the users of paper money are too high and even in future it will continue to increase with an increase in population and it also holds support from the Government and Society and that makes it more powerful and popular currency in compare to bitcoins as of now very few people are using bitcoins.
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June 28, 2017, 03:43:52 AM
 #3859

The future of paper money is safe and it doesn't have any threat from bitcoins as the users of paper money are too high and even in future it will continue to increase with an increase in population and it also holds support from the Government and Society and that makes it more powerful and popular currency in compare to bitcoins as of now very few people are using bitcoins.
I completely agree, bitcoin was never a threat to the government, instead it gives more convenient to people to transact and give
them as well the chance to invest. That is something we have to realized because paper money is very strong to be replace by bitcoin.


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Wesimon
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June 28, 2017, 05:38:51 AM
 #3860

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 will never vanish in a slow developing country. Paper money is essential for every people. It is more easy to use and people are used on having this. On the other hand, the future currency maybe not require paper money in the future. Developed countries are potential on doing this. Specifically, bitcoin may be a predominant means of having wealth.

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