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Author Topic: The future of the paper money  (Read 414590 times)
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December 20, 2017, 04:51:48 AM
 #4981

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?

The future of paper money in bitcoin is etherium and btc you need to exchange it into a money that is tha purpose of paper money if you more invest you earn coins to exchange a moneh so that it is a become a paper money.
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December 20, 2017, 05:07:30 AM
 #4982

In a certain country paper money will remain in use and bitcoin as a substitute for it. paper money will not be lost and bitcoin can be a solution after paper money, this would be very profitable.
For security maybe offline bank and online bank can work together.

They can and they have too, the population is so big and they have their own convenience, some prefer the traditional and some prefer the online transaction.
As long as they are paying taxes, the government needs to give what they need and they want, convenience over security is what the majority like.

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December 20, 2017, 05:09:39 AM
 #4983

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 already a vital part of every country's economy and currency. It would be impossible to entirely banned it because, economically, paper money is way of balancing and checking the gross and net of one country's economy. Secondly, digital currency may exist but still need the assistance of paper money.

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December 20, 2017, 05:14:02 AM
 #4984

First of all , Paper will not baan entirely  {Paper money will be banned entirely? } Reason  - Paper money cannot be Hacked We can store money as mus as without knowing anyone.

How long do you think that happens?

In upcoming 20 to 25 year this may happen if Price of bitcoin remains Still


would it work?
Yes it will work , Young generation like to use technology , Payment systems

What security and privacy risks would it raise?

Risk of hacking , Save passwards At secure place

And how would public and privately issued monies interact?

Private people already using this , Public will use this if they get education from school and college
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December 20, 2017, 07:52:34 AM
 #4985

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 already a vital part of every country's economy and currency. It would be impossible to entirely banned it because, economically, paper money is way of balancing and checking the gross and net of one country's economy. Secondly, digital currency may exist but still need the assistance of paper money.
Paper money is not a problem actually, bitcoin users or digital money users as a whole are not complaining about paper money because they also enjoy the convenience of using it. It will remain in the circulation as long as majority of the people are benefited in using it, what is the purpose of using only digital currency when there are people who are still living in this world that are not even aware of the internet.

The world is changing and we need to adopt with the change, but we should also consider that not all people can adopt due to significant reasons.



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December 20, 2017, 09:15:44 AM
 #4986

There is no future for paper money, many countries are spend a lot of fund only for the maintenance of paper money. We should  moving forward by leave the conventional medium of exchange to the new one. We ahve to looking for the better currency than paper noney.

It's not about the funds being use but the convenience in using it, if people will still use paper money then we can always expect that will
continue in the circulation, it's the majority will win in the end and we know majority are using paper money.
I think there is a very big journey still a head to bitcoin and when bitcoin is not going to be an international currency paper money will also survive and it’s very hard to replace paper money bitcoin need some extra time to be an international currency so paper money have its own value and it will work and I think we must respect to a paper money as well because when there was no crypto so everyone was using paper money and now it’s a time for digital currency.

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December 20, 2017, 09:27:47 AM
 #4987

I think in the future , the paper money will be gone because it's really inconvenient and no modern.
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December 20, 2017, 10:43:20 AM
 #4988

I think in the future they all gonna use electronic money to pay for their bills so it's a doom for paper money.
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December 20, 2017, 02:14:28 PM
 #4989

 some countries try to issue their currency as digital currency, paper money will be still alive and it will be used by people for buying goods and things . many people still dont even use credit cards.
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December 21, 2017, 03:41:28 AM
 #4990

The future of paper money became indefinite when online currencies began. The thing is in the future, advanced technology will be the new treand and of course the payment system of the world should be able to adapt to that change. Therefore, money will be extinct by that time.

Paper money is going to die out of the world very soon, because of the way everyone is quickly going for bitcoin and cryptocurrency in general and  for the governments promotion of cashless society it leaves me with choice than to say that paper money will be extinct in the nesr future.
In past people will totally use paper money because at that time there was concept of digital money and payment of digital currency is easy enough as compare to paper money and it is more expected that in future the paper money will disappear in coming time.

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December 21, 2017, 05:36:37 AM
 #4991

some countries try to issue their currency as digital currency, paper money will be still alive and it will be used by people for buying goods and things . many people still dont even use credit cards.
That's the reality, we hope people will adopt with the new technology but the potential adopters is not that big or not the majority.
Majority of the people just want to live a simple life, they don't live fast because they are just focus on working to give the basic needs of their family, I guess those who will benefit on the online currency revolution are those people who always transact online and also those who are investing on it.

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December 21, 2017, 09:45:17 AM
 #4992

until the cryptocurrency wouldn't be accepted by most countries of the world, one can't worry about the destruction of paper money - they will live and be needed
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December 21, 2017, 10:19:39 AM
 #4993

Paper money will be still long enough. Most likely Fiat will leave gradually. it will be forced out by digital currencies. It will quicker happen in the developed states. Other states will be forced to apply it too.

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December 21, 2017, 10:26:47 AM
 #4994

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?


No, paper money is still essential in all sort of business and investments. Fiat currency should be sync also with cryptocurrency, that way should work in harmony with the two currency. We cannot invest in bitcoin without fiat currency and cannot transact to all market with cryptocurrency that is why both should be synchronized together.

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December 21, 2017, 10:39:20 AM
 #4995

various other countries will not be able to remove or destroy or even replace paper money and coins .. paper money will always exist and will not be extinct! that's just my opinion.
because I am a layman, I do not know the law on finance, if indeed paper money will be replaced by digital money someday.
it may take a very long time to replace it, even though it is modern.
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December 21, 2017, 10:40:33 AM
 #4996

Fiat does not have a future because the value is table and government is corrupted in some other countries, So in my own opinion, Bitcoins is the only way to decrease poverty because in this way we can earn more money rather working in the corporate world.

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December 21, 2017, 11:25:22 AM
 #4997

Fiat does not have a future because the value is table and government is corrupted in some other countries, So in my own opinion, Bitcoins is the only way to decrease poverty because in this way we can earn more money rather working in the corporate world.
I agree that bitcoin is beneficial for the people, but the government can't allow everything to belong to the people...therefore they will control the economy and the paper money will remain in any case


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December 21, 2017, 11:34:04 AM
 #4998

Future of paper money is safe and secure and will be safe in future also. Digital currency cannot complete vanish paper money. It has its own importance because digital currency cannot work without internet.

If you drive from place to place, especially beyond the national highways: state highways, through pot-holed and dusty roads connecting villages and towns, to small places in the hills, you’ll find connectivity sparse and fleeting. So here digital money will not work. You have to spend paper money to survive.

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December 21, 2017, 12:07:34 PM
 #4999

Future of paper money is safe and secure and will be safe in future also. Digital currency cannot complete vanish paper money. It has its own importance because digital currency cannot work without internet.

If you drive from place to place, especially beyond the national highways: state highways, through pot-holed and dusty roads connecting villages and towns, to small places in the hills, you’ll find connectivity sparse and fleeting. So here digital money will not work. You have to spend paper money to survive.


Exactly, paper money is easy to use and everyone even kids can use paper money.
If we will all use online currency, I am sure there will be a problem and transactions won't be fast since you have to educate
the masses before we can fully adopt with online currency.

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cryptojac17
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December 21, 2017, 12:58:54 PM
 #5000

Future of paper money is safe and secure and will be safe in future also. Digital currency cannot complete vanish paper money. It has its own importance because digital currency cannot work without internet.

If you drive from place to place, especially beyond the national highways: state highways, through pot-holed and dusty roads connecting villages and towns, to small places in the hills, you’ll find connectivity sparse and fleeting. So here digital money will not work. You have to spend paper money to survive.


Paper money in our time maybe not totaly be eradicated because we dont have enough facilities to cater crypto currency specially in remote area were connectivity to internet is difficult, but in the near future it is not far to reality.that paper money will be totaly iradicated.

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