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Author Topic: The future of the paper money  (Read 415014 times)
justspare
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November 21, 2017, 05:21:45 AM
 #4721

I like paper money, easier to use in daily transactions because we do not always need a connection in transactions. But I also like bitcoin because its value is very big and make it easier to transact online. So I thought the paper money would be forever.
There are lot of speculations regarding this aspect. There is no way that we can experience a cashless society. People are using paper money since centuries and they actually believe in paper money. They will never ever go accept this thing and they will keep on using paper money in the coming days as well. Paper money will remain there at its very own place and bitcoin will not have any kind of effect on paper money.
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November 21, 2017, 05:29:30 AM
 #4722

Papaer money will still be in existence unless we decide to use one global currency which i doubt else every country will still keep his own paper money and they will not be extinct as some have put across various platforms.
Bitcoin is here to help us transact with ease but that would not mean that it will replace paper money.
People are already satisfied with how simple paper money is and they do not need to do online to transact as paper money they can do instant.
In addition, not all people are actually using online transaction and still majority uses paper money.

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November 21, 2017, 07:26:08 AM
 #4723

Paper money will disappear anyway. With bitcoin or with any other digital currency. It is the law of evolution. Traditional currencies and the economy based on them demand reforms because they got rid of the opportunities and are not in time behind the current rate of development of digital economy. Sweden is going to pass completely to non-cash payments by 2025. I think, other countries will strongly not lag behind Sweden
There are lot of talking amongst the people regarding the future of paper money like it is going to be a cashless society in the future and thing like that. In my opinion, nothing like this is going to happen in the future. Paper money will remain at its very own place and people will keep on using paper money in a very similar fashion as they are using it now. The market of paper money will work in exactly the same manner.
There is no one out of us who will be able to tell us exactly what will happen in the coming days. It is because of the reason that we can expect anything to happen in the future. In my opinion, there is no way that we’ll be able to see no paper money in the future.

Paper money will remain there at its very own place because there are still lot number of people who are using it and will keep on using it no matter what will happen.

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November 21, 2017, 12:27:37 PM
 #4724

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.


For example, I almost do not use paper money in my daily life. It is much easier and quicker for me to use credit cards and electronic money. But the paper money will not disappear completely in the future. I think that it will still exist. But it will not be so widely used.
Yeah I too think so because bitcoin is the future of paper money but it will take time. It will surely replace fiat because of its increasing value over the time and a very large number of users from all over the world. Bitcoin have introduced the concept of decentralized economy which more secured than fiat currency notes and easily accessible from anywhere any part of the world.

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November 21, 2017, 05:25:50 PM
 #4725

If it's something made by the government or by banks then you should definitly know that it won't be private and they will have control of everything just like the banks right , nothing much will change .
and for what comes to the Paper money I don't think it will dissapaear , maybe on some countries yes but worldwide ?definitly not because some countries don't even use Credit cards for their transactions so ... yep

I think paper money would still survive even in the future. People has been comfortable and paper money has been part of the global trading block ever since it's origins. I think what's more possible is the time when cryptocurrencies will have a healthy interplay with paper money, which would make  the trading scene even active and vibrant.

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November 21, 2017, 05:34:26 PM
 #4726

In my opinion paper money (cash) will eventually disappear.

Sweden is now trying to abolish paper money and have paperless economy (dunno which year is a target). Its much more easier to just buy things at the grocery shops with just your cell or that contactless cards etc.

The main reason also could be the "dirty money". ECB is thinking of putting out of circulation 500€ and 200€ notes to just have 100€ as the highest denomination on paper. The reason is that if you are a criminal it is much harder for you to transport the 100s than 500s (5 times harder Smiley ). Paper-less economy solves that BIG reason - everything is transparent (or at least much more transparent) and money laundering would be muuuuch harder.

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November 21, 2017, 05:41:19 PM
 #4727

I don't think that that's gonna happend , paper money will exist 20 years ahead, I'm sure .

I think we need 100 years to digital money can replace paper money. Digital money can quite replace paper money when human have progressive science
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November 22, 2017, 12:27:46 AM
 #4728

Hot about the possibility of such an system, I'm not sure about the same. Bitcoin as an growing asset has made an evolution in the entire financial system and usage, same doesn't mean it could replace the paper money. Because, from my opinion it's possible only when each and every people gets educated to use digital currency which is not possible at present.

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November 22, 2017, 01:24:34 AM
 #4729

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?


Using paper money is very nice. But remember, If paper money has beem banned, We're all under control by cyber. What if your account is not verified and you need to buy something? You're not have the authority to buy because it takes time to verify your account. In the other hand, Paper money is useful than Bitcoin but in the world of business, Btc is useful. We are not the one to judge of losing paper money. But i guess this two are need to exist here in world.


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November 22, 2017, 01:51:51 AM
 #4730

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?


Not banned but the existence in the society will be reduced even further if not taken out right. Sweden is looking to implement cash out in the next 5 years and I bet if they are successful the rest of the world will follow suit

and be cashless in 15 years from now then. Not sure about the rest though as I am no economics major that is beyond the scope of my learnings.

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November 22, 2017, 01:59:57 AM
 #4731

Apper and metal money might just be on the way out. However, we will probably initally switch to Visa debit and swiping solutions using good old money.

After that, who knows...
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November 22, 2017, 02:17:57 AM
 #4732

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?

Even though bitcoin has reached very high heights of success and is very popular among people of all ages but still I don’t think that bitcoin will be able to replace money and paper money does have a future because firstly paper money is very popular way more popular than bitcoin and has more users than bitcoin. Then paper money does not require any internet connection to run whereas without a stable internet connection bitcoin cannot run and will end. Then paper money is stable and centralised whereas bitcoin is not stable and is decentralised.
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November 22, 2017, 02:35:57 AM
 #4733

Paper money is the basic money in the history . So i think even with the high development of digital money, paper money will still be exist .

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CopMom
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November 22, 2017, 02:49:23 AM
 #4734

IMO, the future of paper money will be replaced by cryptocurrency, especially bitcoin. But now the cryptocurrency is being opposed and forbidden by the government. But I still have a strong belief that the next 10 years will be popular, replacing paper money completely  Roll Eyes

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November 22, 2017, 02:55:18 AM
 #4735

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?

Even though bitcoin has reached very high heights of success and is very popular among people of all ages but still I don’t think that bitcoin will be able to replace money and paper money does have a future because firstly paper money is very popular way more popular than bitcoin and has more users than bitcoin. Then paper money does not require any internet connection to run whereas without a stable internet connection bitcoin cannot run and will end. Then paper money is stable and centralised whereas bitcoin is not stable and is decentralised.
Both has their own worlds. Bitcoin existing in the digital world and paper money in the physical world. They all have their differences and each has their own purpose. Being able to hold paper money in our hands is more efficient for people all around the world because not every one has the technology to use bitcoin. While bitcoin being virtually controlled needs technology to be use. I think we both need these two because we all have different point of views.
arallmuus
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November 22, 2017, 03:57:18 AM
 #4736

Both has their own worlds.

Actually both are different and exist in the same world. It is just that people dont really look at bitcoin as much as paper money


Bitcoin existing in the digital world and paper money in the physical world.


Your point is?



 They all have their differences and each has their own purpose.


They both serve the same purposes as currency and you should be able to use them to buy things. It might not be the case yet for bitcoin but sooner or later it will be

Being able to hold paper money in our hands is more efficient for people all around the world because not every one has the technology to use bitcoin.

People need to learn, that is all. If you dont know then you learn it but if you wish to stay in the past then feel free and be my guest. People are going to learn it because I see no difference of it being the same as those E-MONEY payment or some other sort
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November 22, 2017, 04:12:39 AM
 #4737

Document cash can be used for awhile there's no telling when they'll be eliminated but bitcoin will continue increasing.
Yeah both of they will increase side by side with others. Noone gonna harm other even there is gossips about that problem.

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November 22, 2017, 01:51:36 PM
 #4738

I don't think that paper currency is facing any competetion from Bitcoin... as Bitcoin is very volatile commodity and its not as stable as paper money. Moreover transaction in Bitcoin charge the high transaction fee which makes impossible the small transaction in Bitcoin.
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November 22, 2017, 03:11:35 PM
 #4739


paper money, of course, is something that will remain primitive for the developing technology and the world, even now we are doing our money transactions through internet banking, without touching it and realizing it with virtual money, so the future of paper money is very dark and temporary for our present life.
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November 22, 2017, 03:33:30 PM
 #4740

My opinion, paper money will disappear in the next 50 years. In development they changed in the amount of, constantly decreasing. With the advent of powerful chips, now desktop computers without problems can be replaced with tablets and smartphones. I think, the main restriction in use of cashless payments, it is impossibility at the moment to make a full-fledged microcomputer of the size of a credit card. As soon as the problem is resolved, paper money will consign to the past.
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