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Author Topic: The future of the paper money  (Read 414967 times)
dado7
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April 16, 2018, 01:42:51 PM
 #5701

Paper money will be banned entirely?
I wouldn't call it banned, but will be out of the use someday, surely

How long do you think that happens?
Are we talking about the world or particular contries, because some of the countries are already testing it in certain municipalities? If we are talking about whole world - many, many years, some people still don't have internet or digital money. Well, many people don't have money at all.....

Would it work?
Why not? I, for instance, use it less and less, and I only use it because cards are not accepted at some place (and they should be)

What security and privacy risks would it raise?
None whatsoever, it is easier to protect a card then to protect paper money.

And how would public and privately issued monies interact?
This is the most interesting of your questions. I believe we are all keeping an eye on the Bitcoin vs Banks case..... However, there is one thing you might not know - almost all of the banks issuing money are privately owned. Hence - we already have that system enforce. You can observe how it works..... The problem with this system is that it is tightly controlled by those that only want profit for themselves. Cryptocurrencies could make a case for decentralisation (are not making it yet though, rather the opposite)

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April 16, 2018, 01:46:41 PM
 #5702

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 very important and 100% I'm sure it will last forever.

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Nylelyn
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April 16, 2018, 02:26:23 PM
 #5703

I believe that if a government of a rich country like England would initiate the creation of a state-backed digital currency, it can be a reality since it is the government already who will manipulate it. We all know that its role is to regulate the use and operation of the currency it cannot happen instantly and definitely it is gonna be a big change in the monetary system especially that now it is digital and online. However, paper money will not be banned any time soon, it will be difficult because not all countries can fully be digital most likely the third world counties.

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otto2012
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April 16, 2018, 02:55:33 PM
 #5704

I think cryptocurrencies will soon completely displace paper money, since they practically do not require funds and it is much more difficult to lose or steal them.

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buternasek
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April 16, 2018, 03:02:48 PM
 #5705

The future of paper money seems to be stable, the only thing that would affect paper money would be the inflation rate, if the inflation rate is higher then it would loose all its value and people would prefer to hold more bitcoin rather then fiat.

polaman
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April 16, 2018, 04:24:13 PM
 #5706

good news for bitcoin users, but I think bitcoin will not replace paper money, because there are still many countries that have not known bitcoin and also have not been interested in bitcoin ..

valentine401
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April 16, 2018, 04:33:40 PM
 #5707

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 believe that if the growth of cryptocurrency will still continue even in the future then there will be a huge chance for fiat to be removed since most of the countries has already a plan to live a cashless nation in the future.

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ScottJake
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April 16, 2018, 07:08:09 PM
 #5708

The future of paper money is on the "tightrope" because technology is advancing, although I do not think it will disappear soon since technology does not work in all parts of the world but it will be possible in a few decades later.
LeonardRiggort
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April 16, 2018, 08:13:11 PM
 #5709

The future of paper money is increasingly uncertain, it is true that it is the identity of each country, but it is also true that technology has advanced enough to continue depending on the role.
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