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Author Topic: The future of the paper money  (Read 412218 times)
Huobi-USD
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September 21, 2015, 07:23:32 AM
 #1

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?

Huobi Secure and Trustworthy!
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September 21, 2015, 07:26:18 AM
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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

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September 21, 2015, 07:35:14 AM
 #3

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.
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September 21, 2015, 07:40:32 AM
 #4

I like paper money. I like to feel the buying power in my hands :p Bitcoin makes me feel like a robot. I am not saying paper money is better tho.
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September 21, 2015, 08:02:19 AM
 #5

As i understand they have it in plan, but there is some people worried about too much government control. Yet this north europe countrys are rich and they think about this kind of sistem as u can see Scandinavians rely on cash for less then 6 % off all payments made
 money.cnn.com/2015/06/02/technology/cashless-society-denmark/


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September 21, 2015, 08:11:32 AM
 #6

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.

Yes it is true. Most of the governments will like to control currency and want to track all the transactions who has done what to protect the system. So as of now this is not possible in bitcoins because they can only trace the transactions but very difficult to find out who as done the transactions so paper or fiet money  will be there for ever
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September 21, 2015, 08:20:46 AM
 #7

i dont say its a capital revolution but paper money into 10 to 20 years will dissapear into developed countries no more printed money into bill notes or coins that its becoming digital and digital currency will not evolve much cause euro and dollar and yen are already digital soo the coin digital currencies must be off the bad markets to become more stable.

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September 21, 2015, 08:24:40 AM
 #8

Paper money will stay forever.
Why? Because its easier to make than coins.
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September 21, 2015, 10:08:56 AM
 #9

Modern economies can function just fine without paper money. The big problem are third world countries. As long as they don't get to live in a much better economy they will need physical money.

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September 21, 2015, 10:50:42 AM
 #10

Paper money will stay forever.
Why? Because its easier to make than coins.


they are also easy to counterfeit than bitcoin or electronic payment, i guess they will eventually fade away slowly or reduced for only small business in the future

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September 21, 2015, 11:15:32 AM
 #11

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?



t wil be not banned, it will be issued as much as there will be interest. At some point almost none. How long wil take that there will be issued almost none paper money. I would say about 20 years. Maybe more, for sure not less.

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September 21, 2015, 11:29:06 AM
 #12

Paper money will vanish in the next 20 years at least in the developed countries. In developing countries it will exist several years longer.
However I can not say I don't like the direction we are heading. Digital centralized, completely controled government money is a nightmare.

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September 21, 2015, 11:31:30 AM
 #13

Paper will always exist or maybe in a slightly non paper way as there are some sort of plastic / rubber type notes out there.

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September 21, 2015, 11:55:46 AM
 #14

I don't understand how this is going to work. A goverment issued cryptocurrency would basically be something similar to paper money, so what is the difference here. There is no decentralization, at least in bitcoin case it is still yes, no mining, as it is going to be government issued.

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September 21, 2015, 12:06:34 PM
 #15

Just yesterday I had a conversation with a person who studied economy and finances at a University. He said that any Economic system to work propoerly needs some inflation. Since Bitcoin is a deflationary currency by design he said there's no way Bitcoin would replace all the money in the world.

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September 21, 2015, 12:48:10 PM
 #16

Paper money will vanish in the next 20 years at least in the developed countries. In developing countries it will exist several years longer.
However I can not say I don't like the direction we are heading. Digital centralized, completely controled government money is a nightmare.

I don't think any developed countries will do that big mistake of removing paper money because for some items to buy you must need a paper money or if you want to donate some money for begger how you will do it? do you ask his online account to donate or what?

Always there will be some sort of physical currency will be there in every country. 
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September 21, 2015, 12:57:28 PM
 #17

I hear you can get 10% off slops from the fema camp kitchen if you pay with NWO coin, you will see it around 2020, maybe sooner in Europe Cool


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September 21, 2015, 01:08:53 PM
 #18

Paper money will vanish in the next 20 years at least in the developed countries. In developing countries it will exist several years longer.
However I can not say I don't like the direction we are heading. Digital centralized, completely controled government money is a nightmare.

I don't think any developed countries will do that big mistake of removing paper money because for some items to buy you must need a paper money or if you want to donate some money for begger how you will do it? do you ask his online account to donate or what?

Always there will be some sort of physical currency will be there in every country. 

It doesn't matter what you or I believe.Only what countries are doing counts.Therefore have a good read.

https://www.credit-suisse.com/de/en/news-and-expertise/economy/articles/news-and-expertise/2015/03/en/sweden-we-dont-accept-cash.html

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September 21, 2015, 01:58:28 PM
 #19

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?


Look, it costs a lot of money for the government to print and to take care of the paper money in any country. With their own, state Blockchain's these costs would be decreased a lot. We should expect that the governments and banks both will do this fairly quickly.

The thing that bothers me and that I am pretty sure will happen if these state blockchains come to existence is a level of control that a government can induce while operating one such system. Not just control, but surveillance, limiting how and when you will spend your money, etc..

This is much easier doable with the electronic money than with the cash money and I don't doubt that the governmental stupidity and greed will try to do something like this, which will essentially be the end of these decentralized blockchains altogether.
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September 21, 2015, 03:20:45 PM
 #20

I think paper money have its own importance and will never dead. Though people are started using debit cards, credit cards and other digital currencies; there are some transaction which needs to be deal in traditional cash only. Paper money will be always the main mode of payment for day to day transactions.

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