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Author Topic: The future of the paper money  (Read 404017 times)
Sasha Grey
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October 25, 2017, 05:13:10 PM
 #4521

The temperature of the earth continues to increase, this is due to the decline of plants and large trees, most of the trees are cut down for the needs of industry and one of them is for the needs of paper money, with this fact then I believe the future of paper money will soon be disappear.

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October 25, 2017, 05:29:53 PM
 #4522

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 will nerver gonna happen you can not just ban a physical money, remember that physical money is fixed while digital currency is volatile.

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October 25, 2017, 05:38:02 PM
 #4523

Paper money will always remain. Still illiteracy problem over world is not solved. Many people don't know about computer. If still any government issue crypto currency then it may not be adoptable by major people.
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October 25, 2017, 07:53:13 PM
 #4524

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.
There are some countries that are already planning to disappear cash and in my opinion this is a mistake, governments have always tried to eliminate cash but if they are successful in that then that is good for us since more people will want to access alternative ways of payment away from the established sources of banks and governments.

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October 25, 2017, 08:32:35 PM
 #4525

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

No, you cannot challenge the point that coins exist digitally. The coins only exist in the block chain. The private key on a drive is only an analog of a digital system, it is not the system itself. Further, trying to represent that the blockchain can exist as a physical structure is one of the dumber things you've written, and there's no shortage to choose from.  The blockchain is the decentralized network, dictated by the official code, and run by all the computers that keep it decentralized. If you build your system out of stones and pebbles, perhaps it can function in a way similar to a blockchain (not even sold on that since the physical system would have to be propagated in real space and necessitates centralization), but even if solving that, it cannot be the blockchain.


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October 25, 2017, 09:56:52 PM
 #4526

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.
I agree, governments are wise when it comes to money that’s why even thou cryto currency keeps on upgrading still paper money cannot be replaced easily. Many people likes to have their money right on their hands but still it safer if it is not.
I do not think that all government is wise. There are many countries which governments only steal the money from the people and do not bring peace or make countries better. I live in the place where government is a big liar. People who work there have to pay money or they have their father or they grandfather used to work there.

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October 26, 2017, 02:55:02 AM
 #4527

I think the use of paper money will decrease in the future, environmental lovers definitely support the use of digital money
because it is more environmentally friendly ..
Yeah this is going to happen very soon because now want people are investing in the crypto currency and the value of the crypto currency is increasing more now, it is very easy to buy all the thing and the shopping is now easier as compare to the other online shopping, I am using the bitcoin and I want to buy the car, clothes and the other things like this for the bitcoin payment.

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October 26, 2017, 02:56:51 AM
 #4528

The Bank of England issuing a digital currency is very hard to believe anytime, but basing it on Bitcoin is just sci-fi. If ever it would probably be based on their gold reserves, just as paper money is today. Anyway I'm sure that in a very near future we will be forced to abandon paper money, although the official tenders will continue for sometime to follow nowadays rules. My country recently issued a law to force dealers to accept credit cards as a payment method even for small amounts, and I can see the trend is evrywhere the same. Within a couple of generation shifts everyone will be able to use (any) money solely by digital means, and probably digital currencies will have a more prominent role in transactions. Unfortunately this will pose a number of threats. First of all the security of our money storages (be they bank accounts or digital wallets) will have to be improved because anyone wanting to steal our money will have to act on that. Secondly we will be totally subject to internet funcitonality, which is not seldom demanding, in my opinion. Thirdly, at least for what concerns official fiat currencies, we will be totally depending on our banks terms of use of their services, and subject to their surveillance of our accounts. Finally, if digital currencies would represent a relevant part of our wealth, then our wealth  consistence will be subject to fluctuations depending on so many factors that it will be somehow hard to rely upon it.

P.S. it's an interesting thought, anyway, that of using physical exchange of digital keys-storing-devices as a mean of reintroducing reality based, untrackable and very private way of payment. You can't say it is totally not electronic because it's still based on the electronic, virtual and digital system behind it, but all in all paper money as well has no value in itself.
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October 26, 2017, 03:38:41 AM
 #4529

I think the use of paper money will decrease in the future, environmental lovers definitely support the use of digital money
because it is more environmentally friendly ..
Yeah this is going to happen very soon because now want people are investing in the crypto currency and the value of the crypto currency is increasing more now, it is very easy to buy all the thing and the shopping is now easier as compare to the other online shopping, I am using the bitcoin and I want to buy the car, clothes and the other things like this for the bitcoin payment.
Majority of the people will use paper money and with the advent of bitcoin I think digital currency will also become popular but people
will prefer the decentralized one. When everything is possible online and people will see how transparent the system is, they will transact more online than use paper money so the demand will decrease.

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October 26, 2017, 03:48:20 AM
 #4530

I think the use of paper money will decrease in the future, environmental lovers definitely support the use of digital money
because it is more environmentally friendly ..
Yeah this is going to happen very soon because now want people are investing in the crypto currency and the value of the crypto currency is increasing more now, it is very easy to buy all the thing and the shopping is now easier as compare to the other online shopping, I am using the bitcoin and I want to buy the car, clothes and the other things like this for the bitcoin payment.
The progress does not stop so we will see that in the future, bitcoin's popularity is growing so we can expect big adoption as it continue to exist.
Paper money is still good but this online payment alternative will make our job easier and this is decentralized so we can trust the system.

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October 26, 2017, 05:22:04 AM
 #4531

As i observed , government/banks reduces the uses of fiat on the market. They produce this credit/debit card as the mode of payment. Later on, they will have this cryptocurrency as a medium of exchange. I think, paper money will soon be replaced by cards/online transactions.

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October 26, 2017, 05:41:09 AM
 #4532

i think paper money will have its value no matter what come up i don' think it can be replaced because there are even countries which are not even developed and there are still lot of people who has no idea about bitcoins and its worth the traditional money will be still there because when electronic cards came out first all used to think that it is making more digital money but we can do cashless transaction by doing the payment using cards but it does not mean no cash there are still place which does not even accept card payment they only take cash as payment so i don't think btc can affect paper money.

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October 26, 2017, 06:00:55 AM
 #4533

i think paper money will have its value no matter what come up i don' think it can be replaced because there are even countries which are not even developed and there are still lot of people who has no idea about bitcoins and its worth the traditional money will be still there because when electronic cards came out first all used to think that it is making more digital money but we can do cashless transaction by doing the payment using cards but it does not mean no cash there are still place which does not even accept card payment they only take cash as payment so i don't think btc can affect paper money.
so I think the paper money has made a good platform to use as a currency in a country and wherever if any other form of banknotes is unlikely to be able to replace it with any currency so I think the future of paper money will be safe and always popular in the world.

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October 26, 2017, 06:01:12 AM
 #4534

Fiat currency and paper money will alwaya be intertwined. The rise of digital currency and transition to a cashless society has been on the go. In a few years time we might see it coming to a reality.

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October 26, 2017, 06:34:38 AM
 #4535

The use of direct transactions with paper money continues to decline, we can see that payments on toll roads, hospitals, hotels, restaurants to online shopping do not use paper money, it makes me believe that the future of paper money will soon disappear.

I agree with you. Just like today, people using credit cards instead of paper money. Bill are already paid thru online payments which banks also provided with the partnership of the goverment. I think the future of paper money will be obselite in the future because of this. Paper money will be antique in the future so spare some of it. It will become a token of the past.😁
In future, we will have a revolution in the world's payment system, economy and finance. As the past until today, we have many revolution changed from Gold to FIAT, from FIAT to Visa. Therefore, why do we not change Visa to new payment system in someday? But, we need to have time because there are many countries still do not using Visa is the primary payment system.

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Distinctin
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October 26, 2017, 07:34:43 AM
 #4536

The use of direct transactions with paper money continues to decline, we can see that payments on toll roads, hospitals, hotels, restaurants to online shopping do not use paper money, it makes me believe that the future of paper money will soon disappear.

I agree with you. Just like today, people using credit cards instead of paper money. Bill are already paid thru online payments which banks also provided with the partnership of the goverment. I think the future of paper money will be obselite in the future because of this. Paper money will be antique in the future so spare some of it. It will become a token of the past.😁
In future, we will have a revolution in the world's payment system, economy and finance. As the past until today, we have many revolution changed from Gold to FIAT, from FIAT to Visa. Therefore, why do we not change Visa to new payment system in someday? But, we need to have time because there are many countries still do not using Visa is the primary payment system.
Bitcoin will be a big change because this is from centralized to decentralized.
The usual things will change but this is for the better, bitcoin will become the most reliable only currency and the best investment as well so
people will support it.

 
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tbterryboy
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October 26, 2017, 10:37:08 AM
 #4537

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.
I agree, governments are wise when it comes to money that’s why even thou cryto currency keeps on upgrading still paper money cannot be replaced easily. Many people likes to have their money right on their hands but still it safer if it is not.
It is not that easy for the governments to accept bitcoin. And why they are not legalizing it? Reason is only one, the decentralization of bitcoin. They don’t want to lose control of the currency that works in their country still they can’t handle it themselves.

So they will not on the side of making it legal, hence the paper money would keep a better value everywhere in world.




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October 26, 2017, 10:41:01 AM
 #4538

Great and interesting topic!

In Sci-Fi movies and series there is often some digital/universal currency characters use from time to time (usually they don't have paper money, just "credits" on some mobile devices).

Do you guys think that at some point in the future there would be a need for paper Bitcoins?

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October 26, 2017, 10:53:55 AM
 #4539

It's a damage thing if the paper money will be lost. The limit of someone's knowledge will be make the economy of country's economy weak. If the digital money will be used, not all people will be know how to use it. Digital money only can be used for them who know how to use it. Why paper money have to be not use again? While paper money is a thing that can be used from child until adult and people who have limit knowledge.

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October 26, 2017, 11:03:43 AM
 #4540

At some developed coutries with cheap internet and good service it can be possible over the next 10-20 years fiat wont be into circulation anymore, but worlwide its still far away to happen, as a lot countries arent able to provide a good service or its expensive. Into the future i believe cash will be replaced to digital, even not being the crypto currencies taking those places, we cant ignore the fact people is using less and less fiat into their transactions.

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