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Author Topic: The future of the paper money  (Read 414692 times)
millgates
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August 26, 2017, 05:05:38 AM
 #4081

I hope in future we no need paper money and credit cards anymore, just only payment prog in phones
This would not be possible because not all countries has a good infrastructures, the government care about the people and they cannot sacrifice the needs of the poor just to run a cashless government. What I see in the future is there will be more options to transact and that includes digital currency created by the government and bitcoin will progress, with that progress paper money will slowly to be lessen especially when people are willing to adopt with the new trend.
Yes, people will reduce the paper money usage. In the past, Paper money was only a representation of gold. My opinion is paper money will be unused because  probably people will use coin for small transaction and use digital currency or gold for big transaction. Paper money is not appropriate for the future.







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August 26, 2017, 05:44:56 AM
 #4082

Paper money will be important as people continues believing in the goverments and what they say the currencies costs.

I think the future will be a mix of people in the system and out the system. We are privileged.

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August 26, 2017, 06:43:37 AM
 #4083

Its really hard to completely ban paper money.Even in much developed countries like US,where most of money transactions are digital,still transactions are carried out in paper money also.More over,most people are illiterate in many countries and they only know paper money as the original money.Also,internet facility is also not available widely all over the world.So,its really unpractical now to ban paper money completely.

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August 26, 2017, 06:44:20 AM
 #4084

Lets just put it that way

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August 26, 2017, 07:13:31 AM
 #4085

I am sure that the future of paper money will disappear soon, this is because of technological advances so that the use of paper money is not effective. now all countries are looking for a solution to immediately apply digital money.

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August 26, 2017, 08:17:03 AM
 #4086

I am sure that the future of paper money will disappear soon, this is because of technological advances so that the use of paper money is not effective. now all countries are looking for a solution to immediately apply digital money.

That's a good point.
The technology is going to challenge the traditional paper money, and I think that it is going to win and make it disappear.
Bitcoin is a very revolutionary thing and it can make the paper money disappear in my opinion.
 

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August 26, 2017, 09:13:49 AM
 #4087

I think the function of banknotes will still be in need for offline payment transactions, and may not be eliminated. We need to realize that bitcoin has dependence on internet connection and electric current what if we are on remote island with no internet connection or electric current can we use bitcoin?
So I think the balance between paper money and digital money is needed because both have the same functionality as good for our survival.


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August 26, 2017, 09:58:09 AM
 #4088

still, people have a good feeling to the paper money, they feel comfortable to use paper money for the purpose of daily activities. though day by day the using of plastic money is increasing paper money still a symbol of currency. mass people still depend on the paper money although it has a negative side regarding security. but paper money will dominate as like today.

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August 26, 2017, 10:55:13 AM
 #4089

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.
Yes our future is full of digital system, so there must be strong digital currency be needed to make deals on these modern future, and I think bitcoin is working for a long time to make its place as a global digital currency in the future. Lot of people are smart enough that they start gathering their bitcoin because they know that it will help them a lot in the future.
I agree with you utterly. Digital currency can accompany paper money in the world economy and stock markets abut can’t totally kill conventional currencies.

Fiat has been there for centuries and people are very much comfortable with this mode of payments. So with realistic approach, it is not wrong to say that bitcoins are going to work simultaneously with fiat.

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August 26, 2017, 12:14:36 PM
 #4090

This is the good question,
almost in everywhere any country the majority of peoples are moving to digital currency the like to use digital currency instead of load of pocket and now days digital transactions trend rapidly increasing day by day, So the paper money value in future will be decreasing slowly slowly.

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August 26, 2017, 02:27:06 PM
 #4091

still, people have a good feeling to the paper money, they feel comfortable to use paper money for the purpose of daily activities. though day by day the using of plastic money is increasing paper money still a symbol of currency. mass people still depend on the paper money although it has a negative side regarding security. but paper money will dominate as like today.

Yes people find it easy to use paper money as they are using it since its inception and bitcoin is totally new concept for many people and I doubt that older generation will ever start using bitcoins as they would find it complicated and even would be having a fear of loosing it as they may be scared of internet and online stuff which will keep them away from using bitcoins.

                                                                               
                
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August 26, 2017, 05:54:37 PM
 #4092

This is the good question,
almost in everywhere any country the majority of peoples are moving to digital currency the like to use digital currency instead of load of pocket and now days digital transactions trend rapidly increasing day by day, So the paper money value in future will be decreasing slowly slowly.

well I think the future of the paper money is not so much brigh because a lot of people are migrating towards bitcoin and the digital currency from paper money. As we can see the use of the virtual currency is increasing so the price of the bitcoin is increasing with same potential bitcoin is providing a lot of benefits and security to the users and it is very good for the unbanked people as well who are not having any bank account so I think the bitcoin future is more bright than the paper money.

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nmaryrai
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August 26, 2017, 07:02:45 PM
 #4093

I think another possibility that will happen is, Banknotes are still valid, digital currency may be considered valid by every Bank in the world, but may require a very long and long process, it could be successful if approved by the Government and bank banks in each country, Security risk! This may be a constraint, because it will be the generation of new breeders of account breakers or IDs, as has happened to some ATM machines, but with Bitcoin as a digital currency may add some Privacy like password hint and other sebainya, while public money will interact as usual

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August 28, 2017, 12:29:32 AM
 #4094

Logically the complete disappearance of paper money could never take place, in fact nothing is perfect and everything is relative, as a result, nothing can have 100% support, so the cryptocurruncy can not one day make people have confidence on it completely.

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August 28, 2017, 12:47:49 AM
 #4095

The future of paper money looks good to me and there is no harm to it as the users of paper money are higher in compare to bitcoins and even being a user of bitcoins we also need paper money to sell our bitcoins and get fiat money in hands so I don't think bitcoin can ever take over paper money as to spend bitcoin we need paper money as bitcoin is not accepted everywhere.

                                                                               
                
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EdenHazard
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August 28, 2017, 04:04:54 AM
 #4096

I think another possibility that will happen is, Banknotes are still valid, digital currency may be considered valid by every Bank in the world, but may require a very long and long process, it could be successful if approved by the Government and bank banks in each country, Security risk! This may be a constraint, because it will be the generation of new breeders of account breakers or IDs, as has happened to some ATM machines, but with Bitcoin as a digital currency may add some Privacy like password hint and other sebainya, while public money will interact as usual
that is the short term possibility , in the future paper money might completely get disappeared.

as everything could be done digitally , people will think about why they still need an outdated one? as technology basically help our lives into better and easier . paper money also are not environmentally friendly , technology could completely takeover our daily lives.
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August 28, 2017, 04:26:52 AM
 #4097

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?

There are many stores in all over the world that supporting bitcoin. I can predict that 5 years from now the bitcoin will become more popular and most of the countries will accept it. I hope that the cashless society will happen. 

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August 28, 2017, 04:38:48 AM
 #4098

I think another possibility that will happen is, Banknotes are still valid, digital currency may be considered valid by every Bank in the world, but may require a very long and long process, it could be successful if approved by the Government and bank banks in each country, Security risk! This may be a constraint, because it will be the generation of new breeders of account breakers or IDs, as has happened to some ATM machines, but with Bitcoin as a digital currency may add some Privacy like password hint and other sebainya, while public money will interact as usual
that is the short term possibility , in the future paper money might completely get disappeared.

as everything could be done digitally , people will think about why they still need an outdated one? as technology basically help our lives into better and easier . paper money also are not environmentally friendly , technology could completely takeover our daily lives.
I don't think so that Fiat Currency will disappear entirely. I'll let you in for one big argument. If we are a cashless society what will the countries based their wealth in? If their basis only exist virtually? I don't think that any country would allow that to happen because it is to much to ask. Also accepting a cashless society is also accepting that other people (especially the rich ones) to control the money you have like Bitcoin which we all know can be controlled by big holders of the cryptocurrency. 

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Rizky Aditya
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August 28, 2017, 04:45:36 PM
 #4099

still, people have a good feeling to the paper money, they feel comfortable to use paper money for the purpose of daily activities. though day by day the using of plastic money is increasing paper money still a symbol of currency. mass people still depend on the paper money although it has a negative side regarding security. but paper money will dominate as like today.

Yes people find it easy to use paper money as they are using it since its inception and bitcoin is totally new concept for many people and I doubt that older generation will ever start using bitcoins as they would find it complicated and even would be having a fear of loosing it as they may be scared of internet and online stuff which will keep them away from using bitcoins.
Older generation is highly reluctant to step into crypto world because they hate the complications of operating digital currencies. There will always be bale supporting paper money and they would not let paper money disappear forever. I believe that paper money will exist with bitcoins in the near future.
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August 28, 2017, 05:15:40 PM
 #4100

Fate of papermonet in future is to have the opportunity to be antiques or more surely happen is number of users becomes greatly reduced. credit card or anything year after year is growing. So don't close possibility, cashless societies is influence the changing use of paper money.

                                       
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