The future of the paper money

[horsecoinchina]

plastic cards square measure identical cash and that they have already partly replaced folding money. solely paper won't flee, as a result of they complement one another within the event of a system failure

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[Lmaooo]

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?

No doubt, paper currency is going down or even getting out of the pictures in future. Paper currency first removes gold coins out of the image as a form of currently and yet Bitcoin is about to the same to paper currency. It will take time but for sure bitcoin will take over traditional paper currency in the future or at least make it less important, like how USD does to other local currencies in the market.

[wRex]

If it's something made by the government or by banks then you should definitly know that it won't be private and they will have control of everything just like the banks right , nothing much will change .
and for what comes to the Paper money I don't think it will dissapaear , maybe on some countries yes but worldwide ?definitly not because some countries don't even use Credit cards for their transactions so ... yep

I agree with this, everything controlled by goverment will has limit and not private

[halych]

I am sure that paper money will exist along with electronic money, because there must be an alternative in case there is a failure or the Internet will be lost. Maybe they will not be so popular, but they will not disappear.

[maeusi]

I'm quite sure that many governments want to replace paper money with digital currencies. Bigglobal players from fincancial sectors are already working on their own cryptocurrencies. But if we would want paper money, we would have it with paperwallets, mindwallets or physical bitcoins (   https://bitcointalk.org/index.php?topic=2080338.msg20792286#msg20792286 )      . So we are also weaponed for internet crash.

[sindikat]

I am sure that paper money will exist along with electronic money, because there must be an alternative in case there is a failure or the Internet will be lost. Maybe they will not be so popular, but they will not disappear.

And I think that they will disappear. It is now widely distributed Bank cards and the number of purchases using credit cards has already exceeded the circulation of paper money. In many countries there are already restrictions on the purchase of expensive goods for cash. This suggests that the era of cash is nearing completion.

[logicgate]

I'm sure, no more than 50 years paper money will disappear, this is because today many countries are transitioning transactions from cash (paper money) to digital, so slowly paper money will be disappear.

It may be possible that after 50 years paper money will disappear because nowadays most of the people prefer to digital currency like especially bitcoin because bitcoin is the strongest digital currency, so slowly slowly people will transfer their business to bitcoin transaction and paper money goes to lack its value.

[aishyoo17]

I'm sure, no more than 50 years paper money will disappear, this is because today many countries are transitioning transactions from cash (paper money) to digital, so slowly paper money will be disappear.

It may be possible that after 50 years paper money will disappear because nowadays most of the people prefer to digital currency like especially bitcoin because bitcoin is the strongest digital currency, so slowly slowly people will transfer their business to bitcoin transaction and paper money goes to lack its value.

Some people prefer digital currency like bitcoin because it is more safe to use and we can have access to it wherever we are as long as there is internet plus we don't need the bank to store our money. Plus we can use it with our online transaction without giving our personal information.

[Netnox]

I forgot the last time when I used paper money. 99% of the time, I use either my credit card, or internet banking for making payments. But even then, I would say that paper money is going to survive for at least the next 100 years. It is still used by billions of people. And I know elderly people who stash banknotes under their pillow, as they don't trust the banks.

[Saidmod]

I'm sure, no more than 50 years paper money will disappear, this is because today many countries are transitioning transactions from cash (paper money) to digital, so slowly paper money will be disappear.

It maybe possible but it will take many process in every government and they need to analyze it first ,im sure they already kmow it and the government already spending in bitcoins or who knows if also in other altcoins. Paper money would be evolve and makes digital but not all things can buy with it. People are in need to use internet for transactions.

[Lieldoryn]

I forgot the last time when I used paper money. 99% of the time, I use either my credit card, or internet banking for making payments. But even then, I would say that paper money is going to survive for at least the next 100 years. It is still used by billions of people. And I know elderly people who stash banknotes under their pillow, as they don't trust the banks.

In the elderly there is such a possibility because the paper money exist. If the government will cancel their use they have nowhere to go. Under the pillow they can store the gold. Paper money is only good for corrupt officials and black market.

[geegaw]

I forgot the last time when I used paper money. 99% of the time, I use either my credit card, or internet banking for making payments. But even then, I would say that paper money is going to survive for at least the next 100 years. It is still used by billions of people. And I know elderly people who stash banknotes under their pillow, as they don't trust the banks.

I also think that paper money will continue to exist in the near future because the convenience and trust of users with paper money is huge, it has become habit of many people for so many years, it is still very popular. However, in the distant future, paper money will definitely disappear, instead we will switch to using digital technology, it will make transactions happen faster and more convenient than ever, modern technology is the way we develop more in the future.

[flower1024]

I forgot the last time when I used paper money. 99% of the time, I use either my credit card, or internet banking for making payments. But even then, I would say that paper money is going to survive for at least the next 100 years. It is still used by billions of people. And I know elderly people who stash banknotes under their pillow, as they don't trust the banks.

I also think that paper money will continue to exist in the near future because the convenience and trust of users with paper money is huge, it has become habit of many people for so many years, it is still very popular. However, in the distant future, paper money will definitely disappear, instead we will switch to using digital technology, it will make transactions happen faster and more convenient than ever, modern technology is the way we develop more in the future.

We need paper money to do small transactions like buying something in shoppes below $10. this is the major reason why we need paper money because the small stores will not accept credit card and other digital transactions except few countries. Maybe in UK, US and all, they accept, but in my country, we need to buy daily needs with real cash.

[suryana]

For next few decades paper money will continue to exist if computerized technology-based financial system isn't evenly used by countries around the world. It's just the turnover may be slightly reduced as many countries move to non-cash payments.

[FUKT]

But even if bitcoin becomes a good currency and most of the people use them, paper money will still exist and it still be an important part of the world . No matter how the world is, paper money will remain forever

Soon the price of bitcoin will replace the paper currency.At first it will replace the dollar. Then the all the currency. At last the paper currency.With considering that Many started to inverse Their money on bitcoin. Many start to convert their money to Bitcoin. At last It will replace the entire currency system.

Wake up! More than 95% of transactions in Western world are already executed electronically. Nearly 100% of that 95% made by companies, and only we, the people, still use paper money, making it difficult for the Big Brother to know every our purchase. Only cash can offer you a true privacy. If you believe that you can really hide your purchases with blockchain, forget it! And when they pull the crypto currencies out of the socket, don't whine that they have taken all of your money again and blame no one but your greed for that! Play with it, but never put all of your savings in it! Cause you never know when the music stops, and there will be no chair left there for you!

[Luis34]

The future now is the cryptocurrencies and it is more easy to buy anything

[coinholic]

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?

At the rate digital currencies are goin today, I'd say it's not far fetched that paper money may be phased out. But the idea of wiping it out entirely is close to impossible and this will entail a bloody process if it should be considered. Fact is, we are more fond of holding things physically...and it would be difficult to withdraw from it. But if I would give a probable estimated time for its existence, I'd say about 15-20 years..It will work if the people in the high seats will say it will work...and I'd say we won't be able to do anything about it if it gets implemented..There are always risks in any change..pros and cons always go together...

[setupbounds]

I forgot the last time when I used paper money. 99% of the time, I use either my credit card, or internet banking for making payments. But even then, I would say that paper money is going to survive for at least the next 100 years. It is still used by billions of people. And I know elderly people who stash banknotes under their pillow, as they don't trust the banks.

I also think that paper money will continue to exist in the near future because the convenience and trust of users with paper money is huge, it has become habit of many people for so many years, it is still very popular. However, in the distant future, paper money will definitely disappear, instead we will switch to using digital technology, it will make transactions happen faster and more convenient than ever, modern technology is the way we develop more in the future.

There is no doubt in the fact that people are really comfortable with paper money especially the elderly people who lack knowledge about technology. Paper money is not easy to be eradicated from the world forever. What I believe is that the digital currency will accompany paper money in the near future.

[FUKT]

At the rate digital currencies are goin today, I'd say it's not far fetched that paper money may be phased out. But the idea of wiping it out entirely is close to impossible and this will entail a bloody process if it should be considered. Fact is, we are more fond of holding things physically...and it would be difficult to withdraw from it. But if I would give a probable estimated time for its existence, I'd say about 15-20 years..It will work if the people in the high seats will say it will work...and I'd say we won't be able to do anything about it if it gets implemented..There are always risks in any change..pros and cons always go together...

Paper money is already almost whipped out in the so called "civilized world" and is supported mostly by elders and "paranoiacs" fighting Big Brother. Believe it or not, you won't like at all the world where tangible money is totally wiped out. Bankers try hard to build that 100% electronic transactions transparent "paradise" for decades now; and if you think they care about our prosperity or do not control (or even fight) crypto curencies, think twice. As of pros and cons... if something can go wrong, it will... there is no doubt about it (the problem is not getting profit with crypto "money", since every financial pyramid is profitable at first, but getting out of it into tangibles before it goes up in smoke).

[ocid]

The future of paper money will never be replaced even though bitcoin will become increasingly popular among the people, as paper currency in each country has a more valuable historical value. Local people in the future will continue to use paper currency as the primary payment symbol in each country.