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Author Topic: The future of the paper money  (Read 403647 times)
Zenithar
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July 28, 2017, 11:04:33 PM

Bitcoin can be the future of the paper money but I think it will need a few decades more because the bitcoin progress is not that fast for the world will be able to adopt and now 2017 several countries are accepting bitcoin so I think after few decades it will be more popular.
I think that the future of bitcoin will be bright because of the good bitcoin potential with many interested users and potential users and start adopting bitcoin but it will not necessarily replace paper money in the future. I think paper money can still survive will not even disappear even though everything will be all digital

So true. Many experts speculate that the future of paper money will be replaced by digital money. But they do not mention bitcoin is what they mean.I think that bitcoin is what they mean

Ya correct so .Many said paper currency is replaced only by digital currency. Since bitcoin is the King of digital currency, for bitcoin their are lot of chances to replace the same.At first it will replace the dollar and then it will replace the entire paper currency. Then the world over transactions will only made with bitcoin.
to me i think paper money will continue for a long and its future is still safe, in fact still the users of bitcoin are not more thnan 2 percent therefore i do not think it can effect the paper money too much. but in far future when the usrs of bitcoin will increase and they will properly be educated about bitcoin then i am saure that they will start taking interest in bitcoin and therefore the use of paper money will decrease.
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July 29, 2017, 08:15:33 AM

paper money will die but goverment will create their own blockchain so they will not use bitcoin for sure and it should be PoS.

No, paper money will keep on existing as the government will gradually implement the digital money / crypto currency. I don't think they will set aside the idea of using and adopting bitcoin, they won't mind using many currencies for different transactions as long as it will generate profit and it has value for the taxation of them.
When the govern will decide that they will change the present paper money in to digital currency then they will make their own
digital currency and it's not going to be bitcoin. However, that progress will bring good effect to bitcoin's market because people will
be more educated on digital currency which bitcoin belongs as well.

Very possible that they are going to make their own currency but ask the society and the community if they are going to support it. There will be centralization if they are going to make their own. They can consider bitcoin for it when they started to upgrade the currency system which is still relying to paper money.

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July 29, 2017, 08:25:37 AM

Why bitcoin can not replace paper money? Now the difference lies only in the fact that not everywhere can buy goods with bitcoins and we will have to exchange it for Fiat. If bitcoin is a desirable currency for sellers, we quickly forget about Fiat.

You just think like that because you are too fed up by these forum and members. I own a small store that means I am a seller of goods, but I can't decide to accept bitcoin because it is unstable, so volatile digital currency. I can't let my profit go down with bitcoin.


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July 29, 2017, 07:05:32 PM

It is true that The popularity of paper money is decreasing day by day for online currency. One it rich on near about 0%. But in online currency has the biggest risk. So, We should aware of online security and learn about it. Otherwise, we will fall in great danger.

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AgonyPaid
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July 29, 2017, 07:26:15 PM

Why bitcoin can not replace paper money? Now the difference lies only in the fact that not everywhere can buy goods with bitcoins and we will have to exchange it for Fiat. If bitcoin is a desirable currency for sellers, we quickly forget about Fiat.

You just think like that because you are too fed up by these forum and members. I own a small store that means I am a seller of goods, but I can't decide to accept bitcoin because it is unstable, so volatile digital currency. I can't let my profit go down with bitcoin.

To solve such a problem, you must take bitcoin at a high price as a payment. But I'm sure that many buyers will not agree to this.
And paper money is always stable. That's why they will exist for a long time
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July 30, 2017, 07:48:47 AM

This can be the real deal. Paper money can lose someday or make it better for people to use. As technology is also growing there might be a different types of money that could be created for the purpose of trade,transactions n many more things
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July 30, 2017, 07:57:44 AM

It is true that The popularity of paper money is decreasing day by day for online currency. One it rich on near about 0%. But in online currency has the biggest risk. So, We should aware of online security and learn about it. Otherwise, we will fall in great danger.
The popularity decreases but it will never gonna be eliminated in the circulation, still majority of people are still
getting the convenient of using paper money especially those places where development of technology is very late.

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wizardee
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July 30, 2017, 10:34:18 AM

I don't think that in a few decades at the latest, paper money will have a position in our society.
Since it is controlled by banks, mass printed by governments, it will probably decrease in value as there is just simply too much printed. This is probably where bitcoin or another major cryptocurrency will take its place.
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July 30, 2017, 10:57:21 AM

It is true that The popularity of paper money is decreasing day by day for online currency. One it rich on near about 0%. But in online currency has the biggest risk. So, We should aware of online security and learn about it. Otherwise, we will fall in great danger.
The popularity decreases but it will never gonna be eliminated in the circulation, still majority of people are still
getting the convenient of using paper money especially those places where development of technology is very late.
- Exactly, the popularity of paper money will decrease because in the future, countries around the world will move towards modernization, digital currency technology will develop. Paper money will still exist but the amount of paper money will be kept to a certain extent, and gradually will be eliminated over time, until one day the paper money will disappear and digital currency will replace it

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Pattart
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July 30, 2017, 11:59:21 AM

still, people all around the world have faith in paper money, they really feel comfortable to spend paper money by at large. if you count the number of people who are using plastic or electronic money then you can find a little portion of a number regarding this issue. so paper money is the best way to spend for a lot of people. that is why i think Paper money has a bright future.
For now it is most people in the world more comfortable to use paper money or cash for offline transactions or buy daily necessities but I'm sure someday because of the advancement of the times. Buying and trading using digital currency will be easier than paper money.

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July 30, 2017, 04:16:12 PM

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?


If you mean banned entirely in a world wide scale, I don't think that will happen since not all country has the capability to cope with the technology of cryptos. And I guess there's no country who would opt for paperless transactions because in the first place, starting up a project to use online currencies in ALL of the transactions is a great cost, starting with the machines for every establishments. Will the paperless project work? I don't think so. And for the security issues, we know that everything in the internet can be hacked.
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July 30, 2017, 05:02:25 PM

All state backed instruments that were created by them is the main argument for controlling the thing, to follow up the process. As Bank of England issued stated backed bitcoin mechanism is one part to be in the game and on the other controlling and monitoring. Credit cards are the same thing just a decade ago the credit cards issued to transfer the money flow over the instrument this was a change for monitoring it, then currently we have the cyripto funds let's say that can not be monitored but may be controlled we will see. If we come to the main point when the conversation started as there will be existing so many options alternative to the cash but all of them will be demanding now and in the future as well. So, paper money can not be banned even all authorities keep their mechanism to the cash money...

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July 30, 2017, 05:19:05 PM

In near future paper money cannot be disturbed by bitcoin, because mostly business are running through paper money and bitcoin is more recognized/legalized by the countries across the world that bitcoin may be considered a threat for paper money. After eras it may be happened that bitcoin effect on paper money, but all these views are just assumptions and imaginations.

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July 30, 2017, 05:23:08 PM

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 be banned entirely?  Maybe, but that will be in more than 30 years. And i don't think if it would work at all, i mean many people would be able to do the diary transactions with it. But poverty will only raise in numbers and maybe die because they couldn't afford food with this new tech.

Paper money is an indispensable currency in our present life, although it is gradually replacing it, but its dominance remains unchanged. In addition, the value of each country's paper money represents their economic power, so governments will not eliminate it.

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MaxRR
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July 30, 2017, 05:38:44 PM

Paper money has been being used for centuries, it can be replaced but it would take a lot of time for people to acostumbrate to it.
electronic money is in a way a little more safe, but it can be hacked or lost, and you lost all your money
MMA
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July 30, 2017, 06:01:34 PM

In near future paper money cannot be disturbed by bitcoin, because mostly business are running through paper money and bitcoin is more recognized/legalized by the countries across the world that bitcoin may be considered a threat for paper money. After eras it may be happened that bitcoin effect on paper money, but all these views are just assumptions and imaginations.
although bitcoin is becoming popular and as time pass bitcoin becomes more popular but i think still it cannot effect the fiat currency, fiat currency will continue will be be effected by bitcoin. i think bitcoin and fiat currency will continue  side by side for a long time and in far far future when the users of bitcoin will cross 90% population then the use of fiat will decrease.

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Yanisumin
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July 30, 2017, 06:25:35 PM

Paper money being banned entirely will be impossible,then if it will happen im pretty sure by that time government will be out also.Even if bitcoins will gain more popularity and praises from users and people in future paper money will never be gone ,

This is only unless if the monetary system of the world will not change or when the government does not create a altcoin like etherium to be like a digital cash. Imagine if they announced something like " We are going to turn dollar to digital cash and any form of digital cash except dollars in the USA will be prohibited or something like that. To do that they will feed people lots of wrong information about bitcoin and then they will poison the mind and hearts of every people and then some countries will follow that step " every country is turning their money into digital cash and then bitcoin will reduced its market cap and its price will go down.
But I guess that's unlikely to happen because bitcoin is the leading pioneer in these state and before they are going to turn their money into digital cash I think everyone will know about bitcoin and they will fight for their wants to make this digital cash as a reserve or as a digital currency not mentioning that some well known countries are open in regulating BTC. Im seeing bitcoins price in a 5000 dollars mard this year.


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Wintorez
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July 30, 2017, 06:57:58 PM

Paper money being banned entirely will be impossible,then if it will happen im pretty sure by that time government will be out also.Even if bitcoins will gain more popularity and praises from users and people in future paper money will never be gone ,

This is only unless if the monetary system of the world will not change or when the government does not create a altcoin like etherium to be like a digital cash. Imagine if they announced something like " We are going to turn dollar to digital cash and any form of digital cash except dollars in the USA will be prohibited or something like that. To do that they will feed people lots of wrong information about bitcoin and then they will poison the mind and hearts of every people and then some countries will follow that step " every country is turning their money into digital cash and then bitcoin will reduced its market cap and its price will go down.
But I guess that's unlikely to happen because bitcoin is the leading pioneer in these state and before they are going to turn their money into digital cash I think everyone will know about bitcoin and they will fight for their wants to make this digital cash as a reserve or as a digital currency not mentioning that some well known countries are open in regulating BTC. Im seeing bitcoins price in a 5000 dollars mard this year.
That I already give Bitcoin a price so high, but I will consider it in bitcoin as a means of payment, And as a commodity, thanks to which I can earn or invest my finances. Therefore Bitcoin I will never perceive as a substitute for paper money.

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nidacoinlove
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July 30, 2017, 07:13:12 PM

In near future paper money cannot be disturbed by bitcoin, because mostly business are running through paper money and bitcoin is more recognized/legalized by the countries across the world that bitcoin may be considered a threat for paper money. After eras it may be happened that bitcoin effect on paper money, but all these views are just assumptions and imaginations.
although bitcoin is becoming popular and as time pass bitcoin becomes more popular but i think still it cannot effect the fiat currency, fiat currency will continue will be be effected by bitcoin. i think bitcoin and fiat currency will continue  side by side for a long time and in far far future when the users of bitcoin will cross 90% population then the use of fiat will decrease.
Logically looking at the world population and the number of bitcoin which is only 21 millions comparing both these number the analysis will say it clear to you that bitcoin can never take the place of paper money. Money in the world is circulating in trillions and more than that which the bitcoin can never challenge. People will use bitcoin only when they will need it especially for across the borders transactions for the reason of low transaction fee.

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July 30, 2017, 07:28:42 PM

Paper Money is the dominating power of the global markets and it will never be replaced by digital coins. So it will maintain its position in the future as well.

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