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Author Topic: The future of the paper money  (Read 414696 times)
Sled
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August 20, 2017, 08:37:11 AM
 #4041

I don't think that the paper money is facing any competition from cryptocurrency as conventional money can be used offline but crypto can't be used offline. Moreover, crypto are not that popular and its acceptance is also very low so i don't think it will be able to replace paper money anytime soon.
Not only for that, bitcoin cannot replace the current money that we have because its supply cannot sustain all the demand of the people in the world so it is completely useless but if we are going to just use bitcoin as an alternative to paypal and also alternative investment then it is very easy for bitcoin to overcome its rivals but for the currencies like fiat then it is impossible to replace.

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August 20, 2017, 08:52:26 PM
 #4042

First paper currency will be substituted by electronic (95% already is), and after that will return to barter again! Grin
Lol I don’t want it to get back to barter. At least there should be some sort of currency operating in the world. Bartering does not work for everyone. Yep, we are living in a world where plastic money is the most used form of currency after digital one. I think they both will be there in the world after 50 years replacing paper money totally.


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August 20, 2017, 09:03:10 PM
 #4043

First paper currency will be substituted by electronic (95% already is), and after that will return to barter again! Grin
Lol I don’t want it to get back to barter. At least there should be some sort of currency operating in the world. Bartering does not work for everyone. Yep, we are living in a world where plastic money is the most used form of currency after digital one. I think they both will be there in the world after 50 years replacing paper money totally.

But I do not think that paper money can be completely removed from the everyday life of people. The government must take very strict measures to do this.
Everyone loves when money can be touched.
In the less developed countries, it is almost impossible to remove cash now

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August 20, 2017, 09:47:21 PM
 #4044

I think that paper money would continue to exist.There are still more illiterate people who don't know about digital transactions and what they know is only paper currency which they could hold in their hands.They don't have credit or debit cards.More over,paper money would be helpful for transactions in critical times when a power failure occurs or internet connection gets lost.
Paper money will continue existing side by side with crypto currencies whether it is bitcoin or some other. There is a large proportion of the world population who is still illiterate. They just know one type of currency and that is paper money. Paper money cannot be removed forever from the world economy.

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August 20, 2017, 09:54:14 PM
 #4045

I think that paper money would continue to exist.There are still more illiterate people who don't know about digital transactions and what they know is only paper currency which they could hold in their hands.They don't have credit or debit cards.More over,paper money would be helpful for transactions in critical times when a power failure occurs or internet connection gets lost.
Paper money will continue existing side by side with crypto currencies whether it is bitcoin or some other. There is a large proportion of the world population who is still illiterate. They just know one type of currency and that is paper money. Paper money cannot be removed forever from the world economy.
Paper money is not going anywhere it will always survive as majority of people are used to paper money and they are not aware about bitcoins yet and even if they come to know about bitcoins they will continue to use paper money as for them its very easy and convenient to use it.

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August 23, 2017, 10:41:08 AM
 #4046

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...
Yes, we need the support of rich people to totally replace paper money with bitcoins. The super powers will play a fundamental role in this revolution. If countries like China, America, UK, Russia etc will vote in favor of bitcoins, then definitely a new digital currency system will be implemented in the whole world.

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August 23, 2017, 11:14:15 AM
 #4047

The future of the paper money is definitely decreasing little by little as time goes by. People around the world is into using their online accounts using their bank accounts on it. I myself is doing that. It's future is not that clear for there ways on how to spend and acquire things for now. Everything evolves from the history of barter change, the use of coins, money, and now bitcoins. Amazing isn't it? How powerful the mind of each individual on earth to create new things and to reinvent amazing products.

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August 23, 2017, 11:32:20 AM
 #4048

Paper money will exist, because that people with organic opportunities themselves can not use electronic currencies and this will be a problem for a sufficient number of people.

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August 23, 2017, 11:39:25 AM
 #4049

The future of the paper money is definitely decreasing little by little as time goes by. People around the world is into using their online accounts using their bank accounts on it. I myself is doing that. It's future is not that clear for there ways on how to spend and acquire things for now. Everything evolves from the history of barter change, the use of coins, money, and now bitcoins. Amazing isn't it? How powerful the mind of each individual on earth to create new things and to reinvent amazing products.
Yes we get it we are now entering a world that is more virtual, more people are using mobile phones and are staying longer in their computer monitors. But it does not prove that Fiat currency won't be valuable anymore even if we are headed in a hi-tech world. Fiat currency is simply an essential thing that a person and a juridical entity can't live without. Still Bitcoin will be a kind of currency that will always depend on their Fiat Currency counterpart, without it they won't have any value at all in the first place.

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man1996
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August 23, 2017, 01:18:01 PM
 #4050

I believe that the future of paper money is safe as the majority of the population on earth uses paper money.Although technology is upgrading day by day and many new ways are coming for earning money like bitcoin itself.But many people dont know how to use these technologies so paper money is safe in future

Ayiranorea
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August 23, 2017, 01:23:35 PM
 #4051

Paper money will exist, because that people with organic opportunities themselves can not use electronic currencies and this will be a problem for a sufficient number of people.
Paper money surely exists, because paper money usage among users were common and for bitcoin usage certain knowledge is a must. So people always tend to invest onto bitcoin for a better earning rather than using it more as a currency. This keeps paper money being used forever even when majority of the things happen digitally.

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jaocoincrypto18
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August 23, 2017, 01:51:35 PM
 #4052

In couple of tens years paper money will go in past. Who are paying by cash in big cities today? Only tourists maybe. Everybody moved on cards and payment apps already. So the idea of the cashless world is going to be our nearly future. I believe in that.

Money will become obsolete if the people in the whole word will use bitcoin but we don't really know when because not all countries are in advance technology specially the 3rd world countries. Most of the people living in these countries don't know how to use computers because of poor education. Engage in bitcoin must know how digital system works. 

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August 23, 2017, 02:16:34 PM
 #4053

If digital currency will completely replace paper money then it will create lot of backlog.
People will have to wait too long for transactions.
We don't have very developed network yet still we face this problem  but only on  a smaller scale.

if people will use credit/debit cards then there are many people who will use only paper money as everyone cannot afford to have credit totally depends on bank procedures, but the majority of the people will continue to use paper money.

Basically, paper money is the main thing used by everyone. Because it is only with paper money we can get something that can not be obtained by with other currencies such as cryptocurrency. Because it is now cryptocurrency can not be used like banknotes, but for investment cryptocurrency is very supportive to get many benefits. Because now cryptocurrency has been ogled by most people, so the higher the price and certainly provide many advantages. Because the system is very good and profitable.
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August 23, 2017, 02:44:45 PM
 #4054

If digital currency will completely replace paper money then it will create lot of backlog.
People will have to wait too long for transactions.
We don't have very developed network yet still we face this problem  but only on  a smaller scale.

if people will use credit/debit cards then there are many people who will use only paper money as everyone cannot afford to have credit totally depends on bank procedures, but the majority of the people will continue to use paper money.

Basically, paper money is the main thing used by everyone. Because it is only with paper money we can get something that can not be obtained by with other currencies such as cryptocurrency. Because it is now cryptocurrency can not be used like banknotes, but for investment cryptocurrency is very supportive to get many benefits. Because now cryptocurrency has been ogled by most people, so the higher the price and certainly provide many advantages. Because the system is very good and profitable.
In the future paper money was still functioning, because more of the people was cannot follow to the flow of technology. Due to poverty and lack of education more people in the world wasn't know how to used different kinds of gadgets. That's why in my opinion even thousand years past paper money wasn't vanished.

Lyancy001
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August 23, 2017, 03:10:53 PM
 #4055

There is a possibility that it will happen. Our future will be full of digital currency, as our era of computers. That will happen in the future.  Smiley
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August 23, 2017, 03:12:59 PM
 #4056

If digital currency will completely replace paper money then it will create lot of backlog.
People will have to wait too long for transactions.
We don't have very developed network yet still we face this problem  but only on  a smaller scale.

if people will use credit/debit cards then there are many people who will use only paper money as everyone cannot afford to have credit totally depends on bank procedures, but the majority of the people will continue to use paper money.

Basically, paper money is the main thing used by everyone. Because it is only with paper money we can get something that can not be obtained by with other currencies such as cryptocurrency. Because it is now cryptocurrency can not be used like banknotes, but for investment cryptocurrency is very supportive to get many benefits. Because now cryptocurrency has been ogled by most people, so the higher the price and certainly provide many advantages. Because the system is very good and profitable.
In the future paper money was still functioning, because more of the people was cannot follow to the flow of technology. Due to poverty and lack of education more people in the world wasn't know how to used different kinds of gadgets. That's why in my opinion even thousand years past paper money wasn't vanished.
We also understand if want use Bitcoin, need have a good PC for store Bitcoin and a internet stable for connection network. Of course, with poor country like in Africa, they can't enough this requerements and never have opportunity use Bitcoin.


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nexus99
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August 23, 2017, 03:18:59 PM
 #4057

I don't think that paper money will ever be out of use. Governments need it as a manipulative tool. It's as simple as that
Quidat
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August 23, 2017, 03:53:26 PM
 #4058

I don't think that paper money will ever be out of use. Governments need it as a manipulative tool. It's as simple as that
Indeed, they wont really let this thing to happen because this is the only thing that they can able to manipulate. If government can manipulate local fiats then for sure they do have most the power on most things on a certain county. Future of paper money would really remain still no matter what. As long theres government who backed on it then it wont really disappear no matter what.
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August 23, 2017, 04:47:06 PM
 #4059

I don't think that paper money will ever be out of use. Governments need it as a manipulative tool. It's as simple as that

I think there is nothing that is impossible since the only thing that  remains constant is change.
Do we still remember that cowries was used in recent past?

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August 23, 2017, 05:46:52 PM
 #4060

If we guys are supporting bitcoin and think that bitcoin should rule and make the revolutionary come out, then I think that we should agree that there is no really future for paper money.

If bitcoin controls the world we won't need any paper money!

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