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Author Topic: The future of the paper money  (Read 403615 times)
Sanitough
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October 18, 2017, 03:29:29 AM
 #4481

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?


You should think about how many people use credit or bank cards or mobile payment systems. If it grows paper money will start to lose reputation. Maybe 30 or 40 years later, there will be no paper many in the world. İmagine that all people uses mobile phones for payment.
It's actually growing and yet the demand of paper money is still here, paper money might less demand but it not be loss in circulation.
A lot of people are still relying on paper money in their transaction so it will stay and we can only see a lot of choices and we choose based on our convenience.

 
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October 18, 2017, 04:02:39 AM
 #4482

In my point of view at least for next 100 years the paper money will exist because still people don't have access to internet and it will take more 50 years to have internet whole world then government has to define the digimoney according to their country required tax format.

So it is not that much easy for time being to avoid or quit from Paper money. The revolution has been initiated and start using by people next generation like to use cards and net payments which is actually required one and we no need to panic about the paper money.

In my life since 10 years paper money usage is max 25% all financial and purchase transaction through cards and Netbanking only. Hope very soon paper money will disappear.

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October 18, 2017, 04:35:13 AM
 #4483

If we look back in the history we can imagine those big oversized note from the chinese (they introduced the paper money), and if we compare it with the present paper or brother plastic money i would say that it is inevitable to avoid the digital money. Paper money brings a lot of trouble and they are more expensive, and not for last, they can't be traced so it is harder to find out what where goes...so the paper money will vanish at some point.
You are saying that fiat money will vanish in future.It cannot happen at any cost.I don't think it will ever happen in future.I believe that paper money or fiat money will always exist in future and till the end of mankind.But on the other hand cyptocurrency will also have an important part.So I think that both the currencies will go hand in hand in the future and we should try to get profit from of them.Fiat money is used all over the world and in all soughts of transactions.Moreover,a large percantage of people in the world have not even heard about the cryptocurrencies.

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October 18, 2017, 05:03:29 AM
 #4484

I don't think paper money will be wiped out from the world in near future also. We can expect the next three or four generation it is possible to finish the Paper money maximum as we can say almost nil. To see that may we not alive likely Bitcoin will be there to see all the changes till the world exist.
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October 18, 2017, 05:05:30 AM
 #4485

I don't think paper money will be wiped out from the world in near future also. We can expect the next three or four generation it is possible to finish the Paper money maximum as we can say almost nil. To see that may we not alive likely Bitcoin will be there to see all the changes till the world exist.

Paper money will still exist even the digital money comes in the future, the different is a place like a village, downtown and some outside place will be hard to adopt digital money on there. People already fine using paper money and it takes time to courage them to use digital money such bitcoin.

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October 18, 2017, 07:15:38 AM
 #4486

I don't think paper money will be wiped out from the world in near future also. We can expect the next three or four generation it is possible to finish the Paper money maximum as we can say almost nil. To see that may we not alive likely Bitcoin will be there to see all the changes till the world exist.

Paper money will still exist even the digital money comes in the future, the different is a place like a village, downtown and some outside place will be hard to adopt digital money on there. People already fine using paper money and it takes time to courage them to use digital money such bitcoin.
It will not become hard to convince people to use digital currencies like bitcoin because if you will explain it in a right way like telling them that bitcoin is a good place to invest their money and bitcoin has a lot of great features like being fast in transactions and also secure for being anonymous and so on. It is just depend on how you will explain and if you will explain it right then you will convince them easily.

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October 18, 2017, 07:27:03 AM
 #4487

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?


papaer money going to never die it has great life time. thousand of years onwards to we have to using paper money so how can it destroy. really i love paper money. if we have to gone some places their had no bit coin accepting then what we have to do, so in that time we have to use paper money only. in the world some places had no bit coin accepting so paper money value never going to down.
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October 18, 2017, 07:53:47 AM
 #4488

Before twenty years I don't know this digital world will exist due to the digitalization usage of paper money drastically reduced and max people not willing to deal with paper money. In the future may be 25 year after new technology will be there and might paper money will be finished.

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October 18, 2017, 08:31:26 AM
 #4489

I don't think that there is going to be any future for paper money at all.
Bitcoin is going to change the world from this aspect, instead of  people using paper money to pay for stuffs, all they would need to do is to carry their smartphone with them, and it will also be their wallet.
Much more easier to pay with your smartphone which you take out with you anyway, then carrying a wallet with paper money.

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October 18, 2017, 08:52:41 AM
 #4490

Currency has traveled from cows to coins to paper to plastic and now its has transformed itself to digital one.
Every mode of currency have its advantages and disadvantages.
Every new type of currency get introduced to overcome disadvantages of existing currency.Currencies have changed their nature from time to time and place to place but they are not out of order.
Some communities or people are still using cows or other livestock as a medium of exchange.
In today's world digital money is becoming more popular due to its low cost and less duration of transaction.
It is easy for developed economies to shift from paper currency to digital one, because they already have setup of it,but third world or developing countries cant afford this transformation.
Economy of every country is controlled by its reserve bank and by its government.
These two institutes never let their hold on the economy to some decentralized cryptocurrencies.
it means even after changing the nature of currency it will never become decentralized.

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October 18, 2017, 09:22:26 AM
 #4491

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 think, there will come a time when paper money or cash will not exist anymore. Technology is evolving every year, who knows, maybe someday we won't be needing cash anymore and everything will be bought using bitcoins or online money.

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October 19, 2017, 08:58:23 PM
 #4492

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.
Paper money cannot even disappear in advanced societies, paper money the money printed by central banks is the money used by banks to create banking money, without that  then they will not be able to print their own money so I do not think that paper money can disappear completely.

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October 19, 2017, 09:05:10 PM
 #4493

All the time we talking about paper money I give example with letters, imagin how many emails sent people in 1950 for example - 0, and what is e-mail now Smiley. Of course paper money will not disappear completely but if crypto now is 0.1% all all money after a lot of years paper money will be less than 1%. I sent paper mail 3 times in my life and I am 31 years old, what about my children, maybe they will send 0....

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October 19, 2017, 09:45:48 PM
 #4494

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?

Well bitcoin’s growth is tremendous since it had started and it’s popularity is also increasing day to day which leads to increase usage of bitcoin. But still I don’t think that it will replace money because matter of fact; firstly, even though bitcoin has gained huge popularity, it is no close to the popularity of paper money. This implies to usage by people also where usage of bitcoin is no where close to that of paper currency users. Secondly, paper money does not need internet, whereas on the other hand bitcoin is entirely dependent on internet and still there are many places in the planet where internet is not available. So keeping all these short comings of bitcoin. The future of paper money is safe   

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October 19, 2017, 09:47:51 PM
 #4495

I love crypto, but I also think that paper money will continue for a long while yet. While many younger people are happy to "tap their cards" or use other digital payments such as crypto, middle age/older people may not take so kindly to the move.

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October 19, 2017, 10:36:25 PM
 #4496

I think paper money will never be extinct or not used, because we know paper money is one of the main exchange tools used by most people all over the world. And if it has to switch to digital money, it may only be accepted or valid in some parts of the world, as not all countries around the world use digital money / as bitcoin as a means of transaction. It takes a very long time to apply the use of digital money, it could be our grandchild's later who use it. But I do not think it can happen worldwide.

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October 19, 2017, 11:06:17 PM
 #4497

governments simply aren't interested in incorporating bitcoin. they can't deal with the fact that it is something they can't control. paper money will stay at least for another 10-20 years.
Yes it is, bitcoin is decentralized system and knowing that its contradicting in government, I think they will never allow  bitcoin to run with their Fiat cause they will be deprived for taking control money. I think its still impossible to have a cashless society cause it will not cause us a good result for some speculation that it will also end up in different circumstances.

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October 21, 2017, 08:18:25 AM
 #4498

I don't think paper money will be wiped out from the world in near future also. We can expect the next three or four generation it is possible to finish the Paper money maximum as we can say almost nil. To see that may we not alive likely Bitcoin will be there to see all the changes till the world exist.

Paper money will still exist even the digital money comes in the future, the different is a place like a village, downtown and some outside place will be hard to adopt digital money on there. People already fine using paper money and it takes time to courage them to use digital money such bitcoin.
Yes, people's are used to use paper money and more than half of the people's are unaware about the digital money and can't really use it. No matter how much the digital currency is spread but people's will always  prefer using paper money.

Yes, they may start using some centralized wallets like paypal, paytm, etc but they will not completely replace paper money. Paper money is been controlled and managed by the government of each individual country and can't just reduced using paper money.

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October 22, 2017, 01:18:12 PM
 #4499

Paper money will nonetheless lived on and will be employed by folks about the entire world,people living in locations in which internet is not able will use paper income and wont use bitcoin.
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October 22, 2017, 02:09:50 PM
 #4500

Paper money will slowly be in less use and may be in future completely be wiped out.
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