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Author Topic: The future of the paper money  (Read 414610 times)
Fretcy
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October 09, 2017, 06:03:50 PM
 #4401

Money has great value in the past and in the current scenario of digitized world, but the usage of money has changed to online transactions using credit cards which is backed by paper money. The world is moving to a cryptographic network where products and services are available for cryptocurrency payments. To start with cryptocurrency network one needs to purchase cryptocoins to store in the wallet or to purchase products, to buy cryptocoins paper money is required to purchase them through online exchanges, so both cryptocurrency as well as paper money is essential in the financial market.  May be after some years the government may regulate a digital currency like bitcoins  as the world is moving to digitalisation.

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October 09, 2017, 07:26:32 PM
 #4402

The future of money is digital, paper money will disappear eventually and most transactions will move online, but not necessarily crypto.
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October 09, 2017, 07:29:49 PM
 #4403

I think eventually in the future all persons will have some sort of a biometric chip. Within this chip could be the functionality to link to a bank account containing a currency such as bitcoin. A person would then use said chip to pay for anything that they need. This is probably a way in to the future but at this point it would be highly unlikely there would be any need for real paper money.
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October 10, 2017, 04:54:44 AM
 #4404

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 really don't think that paper money will be banned, cause I know that paper money will exist forever. We'd been using paper money for how many decades, and it is not that easy to abolish it in the world. Today, many people already knew bitcoin,  but not all. Becuase, as far as I know, the population of people who do not know bitcoin is larger than those who know it. Yes, its popular, but not very pouplar to the point that anyone whom you ask on the street will answer 'yes I'm using bitcoin'. Most people still prefer paper money than a digital currency. Yes we are in the modern technology, but the old things will not disappear.

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October 10, 2017, 05:48:34 AM
 #4405

The future of money is digital, paper money will disappear eventually and most transactions will move online, but not necessarily crypto.
I don't think it will disappear, it will be minimize in use but will not totally disappear in the circulation.
That would not make all the people happy, digital requires internet to transact and we cannot educate all people about the internet.
More options are better than one.

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October 10, 2017, 06:55:07 AM
 #4406

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.

Oh my Gosh! your place or area was very late in the latest technology we had it right now. The people in your place is  not aware of those things that are connected into our advance technology. As far as I can see the paper will be gone sooner and later, were it will be like a paper toilet in the end.






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October 10, 2017, 07:16:46 AM
 #4407

I am sure that the future of paper money will disappear soon because the world needs to be very dynamic and maybe paper money is not in accordance with the needs of the transaction. I'm sure paper money will disappear no more than 50 years.













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Ausgewielt
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October 10, 2017, 07:56:48 AM
 #4408

I think the future of peper money is not good, we know that bolivae ( venezuelan fiat) is become wortless. Probably dollar will be worthless to but not in short time, because this money is really strong because of the government.

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October 10, 2017, 07:59:09 AM
 #4409

I think the future of peper money is not good, we know that bolivae ( venezuelan fiat) is become wortless. Probably dollar will be worthless to but not in short time, because this money is really strong because of the government.
If they will have a problem with the value of paper money then for sure bitcoin is their to help them.
Right now, let's be more focus on improving the ecosystem so bitcoin will be more successful and it will continue, digital currency is the trend in the
future but at least we have already ready for that.

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October 10, 2017, 08:04:13 AM
 #4410

I know paper money got some really disadvantages about the duration and they can easily lead to the inflation but paper money is classical and it's can be used in any technology . With the digital money, only hi-tech can apply them into real life. So what about countries that have low-tech? They will use paper money too. So the thing paper money will be replaced by digital money but need a while to make that happen.
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October 10, 2017, 08:51:06 AM
 #4411

I know paper money got some really disadvantages about the duration and they can easily lead to the inflation but paper money is classical and it's can be used in any technology . With the digital money, only hi-tech can apply them into real life. So what about countries that have low-tech? They will use paper money too. So the thing paper money will be replaced by digital money but need a while to make that happen.

Very true. It needs a country which can provide for it being digital.
Every country still have some places where technology havent reached them. Only cities are being upgraded but farms and other who live in rural places takes a lot of time in the road just so they could go to the city.
Paper money wont be taken out easily.

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October 10, 2017, 09:23:23 AM
 #4412

The paper money will pe soon outdated and the bitcoin will gain the popularity as time passes by because the bitcoin is the future of the currency here in the world that we live in.

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October 10, 2017, 10:46:06 AM
 #4413

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.
No, digital money still strange with my country, other countries also do not have a clear way to change paper money recently. The government only want most of the people use Visa/Mastercard as the primary payment method instead of use paper money to purcharse something.
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October 10, 2017, 12:36:45 PM
 #4414

Paper money is already playing a smaller part in our lives, ultimately being left behind for card operations. Cruptocurrency might be a next step here - a short glimpse at what to expect in the future.
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October 10, 2017, 12:38:25 PM
 #4415

I think that paper money will exist in the future. Digital currencies do not give such a feeling of real money, but provide an opportunity to make good money and quickly make a payment.

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October 10, 2017, 03:02:35 PM
 #4416

I think that paper money will exist in the future. Digital currencies do not give such a feeling of real money, but provide an opportunity to make good money and quickly make a payment.
Paper moneys will continue to exist in the future because that is how we start transacting to each other, we started it because of the creation of the paper money and that is where the kind of payments get the idea, they get the idea from the paper money as a money to be used in exchange of somethings like services or item. So in the future, we can still have paper money but the users are well diversified for sure into different kind of payment methods.

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October 10, 2017, 03:19:52 PM
 #4417

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 that Bitcoin is a competetion to paper money simply because paper money is backed and supported by the government. The government can regulate the circulation of paper money. Bitcoin on the other hand is decentralized.
Bitcoin transaction charge high minning fees which makes Bitcoin unsuitable for small transactions. Bitcoin can't be used offline and require Internet access. Conventional money don't present such problems.

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October 10, 2017, 04:07:44 PM
 #4418

if in england it may happen because I do not know how to govern there. if for the whole world it is impossible. because paper money is a legitimate means of exchange and is recognized all over the world, wherever you go, you can use it ,,

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October 10, 2017, 04:18:34 PM
 #4419

Future of paper money will continue to survive and can't disappear because paper money is legal and fully protected by the state.
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October 10, 2017, 04:25:08 PM
 #4420

I don't think paper money will be banned or replaced completely.
Even in the current time where debitcards and creditcards are used worldwide still paper money has a significant use particularly in physical transactions, I think it would still maintain presence even if bitcoin or other internet-based methods go mainstream.
A lot of people that is still using paper money in the future because they dont trust Bitcoin or they dont even know how Bitcoin works.
Bitcoin will be of course more used later in the future and we all also know that it will be more acceptable later, but that wont replace the paper money.
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