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Author Topic: The future of the paper money  (Read 404073 times)
artbtc
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October 26, 2017, 01:40:05 PM
 #4541

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.

I partially agree with you when it comes to people entirely excluded from so-called "digital revolution" (elders, inhabitants of underdeveloped countries etc.) However:
- this may not be the case anymore in e.g. 30-50 years from now
- surely there would be some transition period, the change wouldn't happen overnight, so people would have time to learn/adjust

However, with the case of children, you'd be amazed how fast a child can adapt to new tech. My 5yo daughter can't read yet but has no problem using a smartphone or a touch-enabled computer Wink And she learned alone, just by making the tech available to her. Neither I nor my wife taught her how to use these things.

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October 26, 2017, 01:47:28 PM
 #4542

Paper money will still be there but not as used.Like when i went to china people were using mobile phones and use we chat pay etc
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October 27, 2017, 11:47:04 AM
 #4543

In my opinion, paper money will remain in its position without any interference or change and so is bitcoin because they both have related functions for use. Don't be afraid the paper money will disappear  Wink

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October 27, 2017, 11:59:24 AM
 #4544

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.

Indeed if we see a technology now, allows that the cash be replaced with digital. Because of the nature of it all is just a numbers game and we can do something which is best in it, but one thing which could possibly be a bad thing in any country that eliminates cash was their trouble to do full control about the stability of the economy of the country. Because digital is absolutely free and we can do anything
 

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October 27, 2017, 12:16:22 PM
 #4545

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.
Well I think everything have a value paper money have an also a value by its own self but now a days there are a lot of people who are going to convert the digital currency because bitcoin have also a lot of good qualities its price is high than any other currency and its also safe and sound for trade and for earning so bitcoin is also best.
The value of bitcoin keeps on growing, which we cannot find with the paper money. In terms of accessibility paper money has got more market whereas with bitcoin markets accepting bitcoin were very low. So based on the necessity people use bitcoin or the paper money.

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October 27, 2017, 12:24:13 PM
 #4546

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?

Although that scenario is really possible that someday or time will come that cryptocurrency or digital currency will over powered the natural currency we have right now, it will still take too long for that event to happen because there are still specifications upon issuing a total implementation that bitcoin will be widely use and the paper money usage will be abducted. Also there are still risks involve on having digital currency that paper money can be more secured and away from internet hacks. If the issues related to security will be secured and fully assured, I guess it will be really possible that bitcoin will be widely used and paper money will be less used.

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October 27, 2017, 02:44:14 PM
 #4547

The future of paper money is non existent. It is on the way to becoming even more worthless than it already is. FIAT money serves no long term value and more people are becoming awake to this fact.
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October 27, 2017, 03:18:49 PM
 #4548

paper money is money made of paper and wooden paper from trees in this forest, if paper money is still used and do not switch to digital currency then this earth will become a barren earth and will be too hot.

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October 28, 2017, 06:51:03 AM
 #4549

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.


Bitcoin is thought to be the future of money. That is very true if we look at the present facts regarding it and other digital currencies. Mostly, people are going to get involved into digital assets as they can enjoy freedom of control over this.

As bitcoin is the best among them so investors will be more attracted towards it. In future, bitcoin will be loved by even more people and the amount of profits will also increase.

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October 28, 2017, 07:09:15 AM
 #4550

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?

Paper money is a compulsion in places with no digital facilities. Governments maintain a monopoly over banks to make certain laundering is not possible on a large scale. I think its virtually impossible to cease paper cash in the next 15 years or so.



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October 28, 2017, 07:41:47 AM
 #4551

There is no future. Every paper money system was collapsing after some time. The same will happen again. It's just a matter of time. I own also gold and silver in addition to bitcoin and altcoins.
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October 29, 2017, 05:42:25 AM
 #4552

as far as innovation goes and more specifically advancement on technology and currency, i think fiat money will soon be gone, but not in a couple of years though. even if, as of now,the value of bitcoin is way higher than the value it has before, people are still happy with having paper money, but in the event that another great depression will take place, this might change. if we take a look back why bitcoin was created it was because of the depression way back in 2008, however, the depression was not tat severe that all of the countries, had battled it and all markets had recovered the year after, if ever the the economy didn't recover, i think we'll all be seeing a different scenario as of now, people will turn to bitcoin in order to have their finances up again. the paper money we have now which is fiat, will become obsolete in the future and people will as of now are not yet feeling the effects of having cryptocurrencies, i think they need to be educated that once a financial system, which is fiat, is down, another one will rise to the occasion and this time, it will not be in form of notes, but rather in bitcoin.

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October 29, 2017, 07:52:48 AM
 #4553

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.


Bitcoin is thought to be the future of money. That is very true if we look at the present facts regarding it and other digital currencies. Mostly, people are going to get involved into digital assets as they can enjoy freedom of control over this.

As bitcoin is the best among them so investors will be more attracted towards it. In future, bitcoin will be loved by even more people and the amount of profits will also increase.
It is really very much difficult thing to comment on about the future of paper money. Paper money is having its own importance amongst the people and people are using it since long period of time. Crypto currencies for sure hold a very bright future but the fact is paper money will remain at its very own place. People will keep on using paper money no matter what the conditions are.

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October 29, 2017, 08:03:59 AM
 #4554

There is no future. Every paper money system was collapsing after some time. The same will happen again. It's just a matter of time. I own also gold and silver in addition to bitcoin and altcoins.

The paper money system has not collapsed yet, but it's close to collapse. I do not shop from cash-based businesses anymore. After a while they will lose.



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October 29, 2017, 08:18:47 AM
 #4555

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 it could happen in the near future, a world without a paper money, once our world decided to make paper money because its just to much to be paying with goods and live stocks, now its getting a bit of a hassle to bring large amount of money, so I think the next step is cryptocurrencies, for a much easier and better way of payment and transactions.

Fatanut
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October 29, 2017, 12:43:19 PM
 #4556

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 it could happen in the near future, a world without a paper money, once our world decided to make paper money because its just to much to be paying with goods and live stocks, now its getting a bit of a hassle to bring large amount of money, so I think the next step is cryptocurrencies, for a much easier and better way of payment and transactions.

Who carries a million dollar in the streets anyway? It's one of the reasons why people have created a bank account and have that bank account connected to a database so people can just pay with the card alone. People only carry a couple of dollars with them just so they can pay for basic things like food, and coffee. I think that cards are a lot better way of payment and way of transacting as well. First, cryptocurrencies, regardless of which coin, still takes some time to send and receive the money. On the other hand, bank transactions take zero amount of time to get confirmed. Just swipe your card, enter the PIN, and then that's it. There's no need for the cashier to wait for the transaction to get confirmed at all.

Sending money through bitcoins can be fun because you only have to scan the QR code and then enter the amount of money you're sending. But, it might be quite hard if you don't live in a place where there's a signal reception everywhere. It's quite hard to get some reception when you're in the mall because it's an enclosed building.


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roddy5
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October 29, 2017, 01:05:13 PM
 #4557

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?


This is definitely not bitcoin, How will a crypto currency be backed by a state currency. This only means that it will be a centralized crypto currency I don't think it will be accepted by people.

Spontebob
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October 29, 2017, 01:53:06 PM
 #4558

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 this thing is feasible considering the fact that a whole nation would not entirely allow paper money to be extinct and digital currency to reign. Maybe for some ways bitcoin will have a place for some countries but dominating the whole state is too far from possible. Paper money is what we are used to so changing would surely create a conflict leading to a greater damage than a reformation for the greater good.

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Ajinomoto40
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October 29, 2017, 01:58:02 PM
 #4559

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?

Bitcoin has been dominating over the present currency nowadays but that doesn't mean that it will make all the other currencies including the digital and the paper will vanish. Bitcoin would only play a part in the history about digital currencies but I don't think it would make all the others gone. There would be a lot of innovations needed to be made first and conflicts and misunderstanding will surely occur as this things happen so it would be better if all the nations has analyzed it and united with it firmly.

Redanim
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October 29, 2017, 02:12:18 PM
 #4560

Perhaps, quite soon humanity will live without money. Payments by credit cards will be accepted with your smartphone. All credit cards will be combined into one. Even better replace them all with a phone. In the future paper money will disappear.
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