The future of the paper money

[hangar18]

people are interested in trading online.In the era of information technology, people are not willing to deal with money. So there is no possibility of paper money in the future.

Days of paper money are calculated cause internet and developmnet of whole world is going to internet Times.

Not that fast I believe, the internet is here a long time ago already and yet paper money is still in the circulation.
People has different preference, some are using online or digital money but most people are using paper money as it's more simple to use.

agree with you. a very simple use makes people prefer to use paper money in comparison to digital money. well, actually, using digital is so inconvenient, even though it's so instant, but there are still many people who do not understand in using it. so that's why paper money will survive.

Yeah, the elder do not have ability to understand how to use Bitcoin and the blockchain technology, it is really hard with them while using paper money is easilier than Bitcoin many much and friendly with anyone. Even, my parent do not know how to use credit card, so, how to explain the method to using cryptocurrency for them ?

[1524369363]

1524369363

[1524369363]

1524369363

[mininghubby]

people are interested in trading online.In the era of information technology, people are not willing to deal with money. So there is no possibility of paper money in the future.

Days of paper money are calculated cause internet and developmnet of whole world is going to internet Times.

if people want to survive then they have to adapt. In the future, especially with all these illegal loggings all over the world and cutting trees to build factory , I dont think that it is still wise to use paper as money when there are more convenience tools for payment. Goverment will act and cut off paper money in the near future when the earth is suffering without any trees

[makoyoshioh22223]

スウェーデンでは今後、紙幣がほぼなくなってくるみたいで日本でも少しずつ紙幣はなくなってきますよ。

[BUK2016]

It is really a tall order to begin to predict accurately as to the future of paper money. Virtual currencies still lacks popular adoption. Replacing Bitcoin with paper money requires a lot of work. There is a need to first build a strong and serious structure around cryptocurrency and then put in place safety measures and all the needed logistics that would aid it's smooth take off. While Bitcoin is still gaining global prominence, we must approach the issue of it replacing paper money with cautious optimism. However, with time and the needed framework, I believe the era will soon dawn on us.

[davinchi]

Paper money will be used less but will not go away. Money will be digitized more but security breach will draw people, especially government, back to paper money. Crypto will continue boom but need to get over the hurdle of regulation and security before it becomes accepted by mass market.

Nope, that’s not going to happen. But excuse me, I don’t get what you guys are talking about– do you mean paper money or Fiat? Some people here sees dollars and euros as paper money, lol. Dollars are not just paper money, because they’re both in electronic form and also in cash form.So if what you’re trying to say is that Fiat will seize to exist, then you’re wrong.

And if you’re also trying to say that there will be nothing like cash anymore due to your own selfish reasons and not considering the poor, then it won’t also work. Cash is always needed and they will always remain no matter what. And mind you, Bitcoin is just a digital asset and is replacing nothing.

[cryptojaani]

Paper cas wll obviously exist later on, there isn't any reahon that it is going to vanish in the future.We all know of program that on the internet cash and Bitcoin and so on is going to be popular but that will not change the document money.is

The future of paper money is highly based on the adoption of bitcoin. But as you have said, maid or autorickshaw raids could not be paid with bitcoin even in next 5 to 10 years. Paper money will exist in this world but we can assume only with very less percentage of usage.

[btcminer6212]

I think paper money would still exist because it is more reliable compared to the electronic one. Since the world was not totally engage with pure technology I think paper money would still exist because not all of us are fully accessible in technology many of us are illiterate in technology because not all of our place is highly civilized so that still paper money would still exist till the end of our lives I think based of y own beliefs and principles in life.

Having no paper money and shifting to a completely cashless society would require a decentralized currency, especially when you consider that it would be assumed that the government would have eyes on all transactions and could control everything related to banks and so, and thus Bitcoin and other cryptocurrencies would become immensely valuable in the future due to their relative anonymity and decentralization, where no-one could control anyone else's funds.

[Faxmate]

The day is going forward technology. In this age of technology, people do not want to deal with hands.So, people are interested in trading online.

I think everything have his on value and place and I think paper money have also its value in world but as we know that now a days it’s a modern technology world and everything is going digital so bitcoin is also of the example of modern technology because it’s easy to carry and its price is also high than any other currency so I think bitcoin is better than cash.

[yourialfa]

I think paper money will never die. because it still has its own reasons. There are still many people who are more interested in paper money. This will be a competition for digital money. Hmm maybe not. they have their respective positions

[Daektum]

If paper money is going to be phased out, I expect it to be replaced by conventional banks as we know it now. Pay with plastic, not with bitcoin.
But as long as there is a need for a private payment, and I think there will always be one, people will come up with other things. It could be paper money from a different country, good-old-gold, or cryptocurrencies. Its a simple fact that I don't want all my transactions to be seen by a bank/government.

[noory]

an economics professor and economic expert here at About.com, I personally don't think paper money will completely disappear any time in the near future. It is true that electronic transactions have become more and more common over the last few decades and I see no reason why this trend will not continue. We may even get to the point where paper money transactions become incredibly rare - for some, they already are! At that point, the tables could turn and what we now consider paper money may actually act as the backing to our electronic currency, the way the gold standard once backed paper money.

But even this scenario is difficult to picture, in part because of how we have historically placed a value on paper money.

THE VALUE OF MONEY
The concept behind money dates back to the beginning of civilization. It's no surprise why money caught on amongst civilized people: it was a much more efficient and convenient way to transact business as opposed to bartering with other goods and services.

Can you image keeping all of your wealth in something like livestock?

But unlike goods and services, money does not hold an intrinsic value in and of itself. In fact, today, money is merely a piece of specialized paper or numbers on a ledger. While it's important to note that this was not always the case (for much of history, money was minted in coins of metals that held real value), today the system relies on a mutual set of beliefs. That is to say that money has value because we as a society have assigned it value. In that sense, you can consider money a good with a limited supply and a demand simply because we want more of it. Simply put, I want money because I know that other people want money, so I can trade money for goods and services. This system works because a majority of us, if not all of us, believe in the future value of this money.

THE FUTURE OF CURRENCY
So if we are already in a future where the value of money is simply the value assigned to it, what has stopped us from moving toward an entirely digital currency, like the one our reader described above? The answer is in large part due to our national governments. We have seen the rise (and falls) of digital or cryptographic currencies like Bitcoin.

Some continue to wonder what we're all still doing with the dollar (or the pound, euro, yen, etc.). But beyond the issues of storage of value with these digital currencies, it is difficult to imagine a world in which such currencies replace the national currencies like dollar. In fact, as long as governments continue to collect tax, they will have the authority to dictate the currency in which those taxes may be paid.

As for one universal currency, I'm not sure if we'll get there anytime soon, though I do suspect that the number of currencies will fall as time goes on and the world becomes more globalized. We already see that happening today like when a Canadian oil firm negotiates a contract with a Saudi Arabian company and the deal is negotiated in American dollars or EU euros, not Canadian dollars.

Learn Something New Every Day
Discover surprising insights and little-known facts about politics, literature, science, and the marvels of the natural world.
ONE-TAP SIGN UP
I could see the world getting to the point where there are only 4 or 5 different currencies in use. At that point, we'll likely be battling over standards, one on the largest deterrents to such a global change.

[Icaxx]

i know bitcoin is kind of currency virtual that has many disadvantages but it does not mean can make paper money banned or disappear. paper money has strong supporter and community that you can not deny like government. so i am very sure that paper money is exist in future.

[kodtycoon]

Until now i have never heard if paper money will be lost or replaced by any currency. So I think paper money will always exist apart from the material used for the manufacture of banknotes that become controversial. We know the paper is made from tree processing, but as long as there is enough supply I think it will be fine. Perhaps in the future eventually paper money may be lost and not used anymore.

[yonjitsu]

I think the future of paper money is questionable since the rise of cryptocurrencies especially for bitcoin. But i think paper money will survive because it has an advantage over crypto currencies where you can buy anything very fast and you can do it offline.

[tommy05]

I think the future of paper money is questionable since the rise of cryptocurrencies especially for bitcoin. But i think paper money will survive because it has an advantage over crypto currencies where you can buy anything very fast and you can do it offline.

I agree we cant deny the fact that there will always be power shortage , no internet connection and the likes ! the government will never extinct paper money  because this will  the alternative if the problem mention above will occur

[Andrianla]

Until now i have never heard if paper money will be lost or replaced by any currency. So I think paper money will always exist apart from the material used for the manufacture of banknotes that become controversial. We know the paper is made from tree processing, but as long as there is enough supply I think it will be fine. Perhaps in the future eventually paper money may be lost and not used anymore.

paper money has a great power because every country has applied it, if crypto received all over the world of course paper money will be left behind. But I do not know if there is politics behind all this

[Zinkin]

Well to answer your questions here's what I thought:

Paper money will be banned entirely?

It will happen eventually, but this is going to be a long process. Its not going to be banned though, but instead its going be eradicated.

How long do you think that happens?

For how long it will take, we don't know the precise time when it will happen, but I guess it will happen soon.

would it work?

Ofcourse it will work, the government need to be changed anyways. Although, there is a chance that it is going to be centralized but all in all, I think it'll be in good shape.

What security and privacy risks would it raise?

Regarding this matter, I think implying the current security of wallets are quite good. Since its true security lies on the person itself, so the fault is not in the wallet.

And how would public and privately issued monies interact?

I'm not exactly sure what you're talking about, but is there any public and private monies?

[katarin2030]

Well to answer your questions here's what I thought:

Paper money will be banned entirely?

It will happen eventually, but this is going to be a long process. Its not going to be banned though, but instead its going be eradicated.

How long do you think that happens?

For how long it will take, we don't know the precise time when it will happen, but I guess it will happen soon.

would it work?

Ofcourse it will work, the government need to be changed anyways. Although, there is a chance that it is going to be centralized but all in all, I think it'll be in good shape.

What security and privacy risks would it raise?

Regarding this matter, I think implying the current security of wallets are quite good. Since its true security lies on the person itself, so the fault is not in the wallet.

And how would public and privately issued monies interact?

I'm not exactly sure what you're talking about, but is there any public and private monies?

Future of the paper money remains as it is now, means paper money can't be eradicated by the use of cryptocurrency. But the percentage usage of paper money may decrease, but no body can stop the use of paper money as it is used by everywhere.

[DevilSlayer]

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 know if the cashless society will happen but I think that cash will never be extinct. Cash will exist in this world forever, bitcoin is is strong but the power of the bitcoin is not enough to replace the cash.

[pallang]

Paper money will stay because it's easy to use especially when you buy in small stores and I think the government won't stop paper money in favor of Bitcoin because there's a lot of processing and also everyone must have internet and that's the problem especially in poor countries