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Author Topic: The future of the paper money  (Read 412994 times)
rfouziha
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October 06, 2017, 10:41:23 PM
 #4381

The future of paper money is very difficult now itself people are willing to pay by cards only. If you compare with last 10 years user is paper money is drastically crashed. More than this will be happen in future.

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October 06, 2017, 10:45:06 PM
 #4382

Paper money will always be on our lifes, and we can not change that.. There is no need to have electronic money, maybe this is a good tool for all of us, and we all love bitcoin, but physical money can not be replaced, all those people who are not adapted to debit/credit cards or just cryptos, can not imagine a life without their paper money, and it can not disappear in just matter of a few years.


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October 06, 2017, 11:50:23 PM
 #4383

cryptocurrencies will never displace real paper money..they will find a way how they could exist together well within the same economy
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October 07, 2017, 12:54:41 AM
 #4384

Governments will support what they will be able to control mostly
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October 07, 2017, 02:29:06 AM
 #4385

Paper money will always be on our lifes, and we can not change that.. There is no need to have electronic money, maybe this is a good tool for all of us, and we all love bitcoin, but physical money can not be replaced, all those people who are not adapted to debit/credit cards or just cryptos, can not imagine a life without their paper money, and it can not disappear in just matter of a few years.

Paper money cannot disappear but it can be improve into something. Paper moneys are getting older and the world is changing and improving and it can be improved by doing upgrades like being digital and taking advantage of the use of the internet to make transactions faster and that is how the digital currencies will be implemented but we can have some back up by having few paper moneys in our wallet in case of lose of internet connection and that is how i think we can balance paper money and digital money.

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October 07, 2017, 02:44:27 AM
 #4386

 I believe even now it's just 15-20% in paper.Don't think the paper money will live long. The future is digital.

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October 07, 2017, 03:44:00 AM
 #4387

so in future payment we will back using gold again?
or maybe we will using digital gold like bitcoin???
seem interesting to see the future, hope i can use bitcoin in daily usage, but sometimes i hate using bitcoin, the highest fee transaction is bad for me
I do not think we can go back to gold, there is a reason fiat paper took over what we need is a way for governments to not being able to print as much money as they want and one of those ways is bitcoin since there is only going to be 21 million coins.

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October 07, 2017, 04:03:39 AM
 #4388

Even there's a lot of coins in the market or even the price of digital currencies we're raised up, I think that paper money were still used in the future. Because paper money were more usable for the people who cannot know how to use bitcoin.
People often forget that Bitcoin could be used as Paper Money as well. Bitcoin Paper Wallets could be used to purchase things offline while fiat is used in that same exchange as well. I am pretty sure that Bitcoin will help people to use less fiat compared to how many people are using it now.

Bitcoin cannot exist physically. Even if you have a paper wallet, you cannot actually spend the bitcoins except by transferring the coins digitally to someone else, which can only be accomplished through the blockchain. If you were to give someone your paper wallet, they may accept that as payment, but the blockchain wil not reflect the transaction. And as someone who previously had the private key, you can't be sure the previous owner won't still spend the coins digitally. This may seem like a non-issue, but it gets at what Bitcoin is fundamentally, and that is as a solely digital currency. It's impossible for Bitcoin to exist in the physical world, because ownership is determined by the ability to move coins in the blockchain, and the blockchain only exists digitally

There is a good saying

It says, never say never. You may finally want to learn more about OpenDime devices (as I had suggested to you once upon a time). These devices specifically address the point you mentioned, i.e. secure transfer of private keys (since this is what you actually own, not some abstract coins). I guess you won't deny that if you can transfer the keys securely, it pretty well cuts as moving the coins off-chain. In other words, the coins which are unlocked by the keys you have are no less physical as they are digital in your desktop wallet. In both of these cases, bitcoins exist only as balances linked to addresses in the blockchain, you can only have the keys that allow you to move coins. This seems to be the primary cause of your misunderstanding (i.e. not distinguishing between the keys and the coins)

This is an interesting analog of a digital system. It doesn't get around the fact that the "coins" exist digitally though. As a technological innovation, it's perhaps the first legitimate analog I've seen that could potentially allow for physical transactions, but that's refuted somewhat by the fact that it needs to plug into the digital sphere to transfer ownership in the blockchain.  The ownership of the private key is the ownership of the coins in the blockchain, regardless of what wallet address they reside in.  But I don't think it's very likely to catch on. Porting a digital token to the physical realm is rather pointless. It still needs to be plugged in to verify a balance, and unless it's preloaded in exactly the value you need, you'd have to transfer coins off the drive to before turning it over physically to prevent over paying for anything.

Technologically interesting, but utility looks pretty low.


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October 07, 2017, 07:50:46 AM
 #4389

Even there's a lot of coins in the market or even the price of digital currencies we're raised up, I think that paper money were still used in the future. Because paper money were more usable for the people who cannot know how to use bitcoin.
People often forget that Bitcoin could be used as Paper Money as well. Bitcoin Paper Wallets could be used to purchase things offline while fiat is used in that same exchange as well. I am pretty sure that Bitcoin will help people to use less fiat compared to how many people are using it now.

Bitcoin cannot exist physically. Even if you have a paper wallet, you cannot actually spend the bitcoins except by transferring the coins digitally to someone else, which can only be accomplished through the blockchain. If you were to give someone your paper wallet, they may accept that as payment, but the blockchain wil not reflect the transaction. And as someone who previously had the private key, you can't be sure the previous owner won't still spend the coins digitally. This may seem like a non-issue, but it gets at what Bitcoin is fundamentally, and that is as a solely digital currency. It's impossible for Bitcoin to exist in the physical world, because ownership is determined by the ability to move coins in the blockchain, and the blockchain only exists digitally

There is a good saying

It says, never say never. You may finally want to learn more about OpenDime devices (as I had suggested to you once upon a time). These devices specifically address the point you mentioned, i.e. secure transfer of private keys (since this is what you actually own, not some abstract coins). I guess you won't deny that if you can transfer the keys securely, it pretty well cuts as moving the coins off-chain. In other words, the coins which are unlocked by the keys you have are no less physical as they are digital in your desktop wallet. In both of these cases, bitcoins exist only as balances linked to addresses in the blockchain, you can only have the keys that allow you to move coins. This seems to be the primary cause of your misunderstanding (i.e. not distinguishing between the keys and the coins)

This is an interesting analog of a digital system. It doesn't get around the fact that the "coins" exist digitally though. As a technological innovation, it's perhaps the first legitimate analog I've seen that could potentially allow for physical transactions, but that's refuted somewhat by the fact that it needs to plug into the digital sphere to transfer ownership in the blockchain.  The ownership of the private key is the ownership of the coins in the blockchain, regardless of what wallet address they reside in.  But I don't think it's very likely to catch on. Porting a digital token to the physical realm is rather pointless. It still needs to be plugged in to verify a balance, and unless it's preloaded in exactly the value you need, you'd have to transfer coins off the drive to before turning it over physically to prevent over paying for anything

And so what?

This has nothing to do with either mine or your point. Your point was basically that it is impossible to transfer the ownership of the coins (the private keys) securely off-chain, which is not the case (as you seem to understand now). Regardless, I could very easily challenge your point that coins exist "digitally" (obviously, you meant electronically) since digital (electronic) in this case is only a representation, and as such the blockchain itself can be set up even with stones and pebbles just like you could build a fully functional (though extremely slow) computer (computational device) using gears and cogwheels. In respect to utility, these devices may be used to transfer large amounts of bitcoins if you want to remain truly anonymous without your transaction showing up on the blockchain

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October 07, 2017, 07:20:53 PM
 #4390

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?


I don't think Paper currency will disappear that soon because there are a lot of high illiterate people who are below poverty line. They don't understand gadgets, technologies, and softwares. How will they manage??
I agree the use of Paper currency is reduced in last 5 years and will reduce furthermore.
Visual currency also has a lot of risk like wallet hacking, error in network/payment gateway etc. It needs a lot improvement with these issues to make it a dependable mode for day to day transaction.


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October 07, 2017, 08:47:41 PM
 #4391

Paper money will always be on our lifes, and we can not change that.. There is no need to have electronic money, maybe this is a good tool for all of us, and we all love bitcoin, but physical money can not be replaced, all those people who are not adapted to debit/credit cards or just cryptos, can not imagine a life without their paper money, and it can not disappear in just matter of a few years.


Yes, I do agree with your statement that paper money will be in our life forever, bitcoin cannot replace it but can co exist together. We know the fact that bitcoin has a very big potential in the future specially to our economy but we also know that not everyone are interested about knowing bitcoin. Its not applicable to everybody maybe by choice like for example those people who cannot afford to buy electronics and internet how can they use or earn bitcoin if they dont have the source right? So i think we will still be using fiat or the paper money in the future.

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October 07, 2017, 11:40:20 PM
 #4392

Paper money will always be on our lifes, and we can not change that.. There is no need to have electronic money, maybe this is a good tool for all of us, and we all love bitcoin, but physical money can not be replaced, all those people who are not adapted to debit/credit cards or just cryptos, can not imagine a life without their paper money, and it can not disappear in just matter of a few years.

Paper money cannot disappear but it can be improve into something. Paper moneys are getting older and the world is changing and improving and it can be improved by doing upgrades like being digital and taking advantage of the use of the internet to make transactions faster and that is how the digital currencies will be implemented but we can have some back up by having few paper moneys in our wallet in case of lose of internet connection and that is how i think we can balance paper money and digital money.
I think the paper currency run for next century at least because in correct world there is a lot of illiteracy which create problems for bitcoin to become global currency. But as the UNO is working very hard to eliminate illiteracy from the world so may in next full century the world could be 100% education ratio then it will be possible for everyone to use internet for buying and selling and then bur coin will become the super global currency.

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Bagaji
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October 08, 2017, 07:32:32 PM
 #4393

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?

It is my conviction that paper money cannot be entirely banned, atleast not in the nearest future. We can talk of less cash and not total cashlesness. It is a fact that there are growing array of alternatives but they have not been perfected to guarantee a total ban on paper cash. Paper money will definitely remain with us for a very long time. Developing societies will have a serious problem transitioning and hence the problem.

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October 09, 2017, 12:26:03 PM
 #4394

I think paper money and cryptocurrencies will continue to exist together for a very very long time, perhaps a cryptodollar will appear, backed up by a real currency reserve
I have almost the same opinion because there are still very much backward areas in the world. In the developing countries, hardly people are having the concept of digital currencies, besides not all people in the developed countries are educated. For their ease, we need paper money too in the economy of the world. I see paper money and crypto hands in hands in the future.
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October 09, 2017, 12:39:55 PM
 #4395

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?

It is my conviction that paper money cannot be entirely banned, atleast not in the nearest future. We can talk of less cash and not total cashlesness. It is a fact that there are growing array of alternatives but they have not been perfected to guarantee a total ban on paper cash. Paper money will definitely remain with us for a very long time. Developing societies will have a serious problem transitioning and hence the problem.
of course paper goods will always accompany us in every transaction we doMeski future may be paper money will compete with digital money

mesra126
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October 09, 2017, 01:44:01 PM
 #4396

I don't know, maybe the more advanced technology more modern transactions made by some countries for the convenience of the community. but I am worried that in my country there are still many people who do not know the advanced technology, just like the ATM is still many who do not know even do not trust 100% if the account is safe. most people are afraid of losing money in the ATM.
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October 09, 2017, 02:32:35 PM
 #4397

Paper money will be banned entirely? - Definitely not. It might get replaced by digital money, but the government will always have some control over it - otherwise the economy can't function

How long do you think that happens? - 2025 to 2030 we'll see the mainstream using digital money (if you think about it, debit/credit cards is already digital money)

would it work? - They'll probably issue new regulations and slowly integrate it to the economy (district by district)

What security and privacy risks would it raise? - By that time we'll have come up with some tight security, no govermental body would release a solution if it's not secure

And how would public and privately issued monies interact? - Private money stems for public money, so.. not sure what that's about

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Jeger
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October 09, 2017, 02:42:37 PM
 #4398

I don't think that paper money will be used in the future anymore, since producing paper money is impacting our environment greatly, paper money can be faked (technically) while cryptocurrency is almost impossible to be faked on. Cryptocurrency is also a safer alternative to paper money. I think we will see this starting to be introduce in around 10-20 years because the community who doesn't understand the beauty of cryptocurrency will refuse it to be implemented.
In the future, there maybe a cryptocurrency that is going to replace our traditional stock.

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October 09, 2017, 03:33:50 PM
 #4399

I don't think that paper money will be used in the future anymore, since producing paper money is impacting our environment greatly, paper money can be faked (technically) while cryptocurrency is almost impossible to be faked on. Cryptocurrency is also a safer alternative to paper money. I think we will see this starting to be introduce in around 10-20 years because the community who doesn't understand the beauty of cryptocurrency will refuse it to be implemented.
In the future, there maybe a cryptocurrency that is going to replace our traditional stock.

Agreed, now the direction to eliminate paper money is increasingly clear, for example many countries are trying to reduce cash transactions and replace them with digital money.

geegaw
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October 09, 2017, 03:52:46 PM
 #4400

I don't think that paper money will be used in the future anymore, since producing paper money is impacting our environment greatly, paper money can be faked (technically) while cryptocurrency is almost impossible to be faked on. Cryptocurrency is also a safer alternative to paper money. I think we will see this starting to be introduce in around 10-20 years because the community who doesn't understand the beauty of cryptocurrency will refuse it to be implemented.
In the future, there maybe a cryptocurrency that is going to replace our traditional stock.

Agreed, now the direction to eliminate paper money is increasingly clear, for example many countries are trying to reduce cash transactions and replace them with digital money.
Digital technology will be the trend for the future, it's fast and easy, however, the problem here is that the world does not have the cash, it will be better for the rich, with the poor will be a disadvantage. Because the rich have bank accounts, they will be guaranteed better privacy and benefits but the poor have no account, even they do not know anything about banking services, they will not have the benefit, so I believe the paper money will still exist for a long time until this problem is resolved, and it is not easy to solve.

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