The future of the paper money

[deisik]

I am talking about the form of the money. I can say those card also based of coin (yeah the metal thing to pay your beverages in vending machine) Anyway, those cards are really different with paper money, although both of them have similar function.

Bank cards are essentially different from paper money only by their variable "denomination" (if we are talking about the form of money). In other words, a bank card is like a hypothetical banknote which changes its denomination on each transaction...

Yeah agree,bank cards and paper money are totally different, in fact people prefer paid their needs with their card (debit or credit) morover if the amount of payment is large.
this is one of the technology that helping people like bitcoin's did

Furthermore, with bank cards people tend to spend more than they would do if they had paper money on hands. This is purely psychological, since you don't see your money leaving your pockets and don't know where to stop, wtf...

Thereby bank cards promote relentless consumerism, not a good thing if you are going to save a little

[1714105332]

1714105332

[1714105332]

1714105332

[Triple]

I am talking about the form of the money. I can say those card also based of coin (yeah the metal thing to pay your beverages in vending machine) Anyway, those cards are really different with paper money, although both of them have similar function.

Bank cards are essentially different from paper money only by their variable "denomination" (if we are talking about the form of money). In other words, a bank card is like a hypothetical banknote which changes its denomination on each transaction...

Yeah agree,bank cards and paper money are totally different, in fact people prefer paid their needs with their card (debit or credit) morover if the amount of payment is large.
this is one of the technology that helping people like bitcoin's did

Furthermore, with bank cards people tend to spend more than they would do if they had paper money on hands. This is purely psychological, since you don't see your money leaving your pockets and don't know where to stop, wtf...

Thereby bank cards promote relentless consumerism, not a good thing if you are going to save a little

Honestly if said person had any common sense. They'll know when to stop. I see what you're saying but that's just an excuse for people

[BillyBobZorton]

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.

Physical money will eventually die, or will be something that only hipsters use, just like vinyl. Everyone else will be using digital media. Physical money is inconvenient, and just annoying, once you have the digital alternative.
We better have improved anonymity features by then to, because that's the gov's ultimate wet dream: digital only money and all the stuff being accessible for them in an huge transparent ledger (while big corps keep their shit hidden in secret vaults).

[deisik]

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.

Physical money will eventually die, or will be something that only hipsters use, just like vinyl. Everyone else will be using digital media. Physical money is inconvenient, and just annoying, once you have the digital alternative.
We better have improved anonymity features by then to, because that's the gov's ultimate wet dream: digital only money and all the stuff being accessible for them in an huge transparent ledger (while big corps keep their shit hidden in secret vaults).

That's hardly possible, unless the demand for cash from general public somehow fizzles out completely. If some government decides to squeeze cash out of circulation (despite the existing demand), people will find a substitute. It may be a foreign currency, or the remaining cash will part in value with the purely digital money...

[pereira4]

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.

Physical money will eventually die, or will be something that only hipsters use, just like vinyl. Everyone else will be using digital media. Physical money is inconvenient, and just annoying, once you have the digital alternative.
We better have improved anonymity features by then to, because that's the gov's ultimate wet dream: digital only money and all the stuff being accessible for them in an huge transparent ledger (while big corps keep their shit hidden in secret vaults).

That's hardly possible, unless the demand for cash from general public somehow fizzles out completely. If some government decides to squeeze cash out of circulation (despite the existing demand), people will find a substitute. It may be a foreign currency, or the remaining cash will part in value with the purely digital money...

Lol people will do whatever the goverment decides. Since when does people have a say on anything. There's an agenda to get rid of physical money in the next 20 years, look it up. During our lifetimes physical money will turn into an archaic thing that will make kids of that generation think we were some unevolved people while they rock their smartphones to buy stuff everywhere.

[deisik]

That's hardly possible, unless the demand for cash from general public somehow fizzles out completely. If some government decides to squeeze cash out of circulation (despite the existing demand), people will find a substitute. It may be a foreign currency, or the remaining cash will part in value with the purely digital money...

Lol people will do whatever the goverment decides. Since when does people have a say on anything. There's an agenda to get rid of physical money in the next 20 years, look it up. During our lifetimes physical money will turn into an archaic thing that will make kids of that generation think we were some unevolved people while they rock their smartphones to buy stuff everywhere.

I strongly disagree with this opinion. Not that people always disagree as to what government does to or decides for them, but their voiceless agreement is only granted as long as the decisions taken on their behalf don't infringe upon their personal interests. Otherwise, they will do anything to get around them...

Try to ban porno on the Net, and you will see how artful and crafty an average Joe or Jane can be

[x13]

I don't believe that the politicans will be able to set up an entirely paperless money system. People will stand up. It would directly lead into totalirism.

[rickadone]

People always opt for additional process as well as secure money because of their life, as well as I believe paper money isn't that thing in the meantime. If we look for a most secured money then digital money is the right choice. Already many people world wide started using digital money instead of paper. So, paper money will find it's own way soon.

[wearepoor]

I think the use of paper money has been decreased and now most of the people are using credit cards and debit cards for day to day transactions. Shopping on the online portals has been also increased and payment has been made via online only. There are many digital currencies in market and people are adopting the changes. So I think in future paper money will be replaced by plastic money (cards) and digital money.

[RealBitcoin]

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?

Nope, you guys fail to realize that all paper money will have the same fate:

THIS

Simply because its easy to counterfeit, thus its prone to corruption, and this is inevitable.

[deisik]

Simply because its easy to counterfeit, thus its prone to corruption, and this is inevitable.

Obviously, you fail to see the forest for the trees. The modern way of money debasement is different only in form from ancient and medieval practices of moneypulation. The underlying reasons remain outragingly the same, and they can be generalized to the eventual abject failure of the state...

A quote from Wikipedia seems appropriate:

For example, the value of the denarius in Roman currency gradually decreased over time as the Roman government altered both the size and the silver content of the coin. Originally, the silver used was nearly pure, weighing about 4.5 grams. From time to time, this was reduced. During the Julio-Claudian dynasty, the Denarius contained approximately 4 grams of silver, and then was reduced to 3.8 grams under Nero. The Denarius continued to shrink in size and purity, until by the second half of the third century, it was only about 2% silver, and was replaced by the Argenteus

It doesn't matter if you're black or white... The only color that really matters is green

[BobK71]

In a truly free market, lack of demand (deflation) is naturally self limiting.  As savers get older, richer, and prices get lower, at some point, it will make sense to consume.  Consumption will then drive investment.  The problem is that the modern economy is so addicted to asset inflation that it can't afford to wait for this process to take effect.

With age people usually begin saving instead of spending, or just save more than they did before

My comment was directed at the alternative universe that mainstream economics would have us believe under non-state money: that everyone would hoard money and everything would deflate.

[MasterYii]

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 dont think paper money will be totally banned but the thing if this happens when people are using the digital currency which is it will make buying more convenient and then I think the there will be less paper money but the value still the same.

[RealBitcoin]

Simply because its easy to counterfeit, thus its prone to corruption, and this is inevitable.

Obviously, you fail to see the forest for the trees. The modern way of money debasement is different only in form from ancient and medieval practices of moneypulation. The underlying reasons remain outragingly the same, and they can be generalized to the eventual abject failure of the state...

Well yes, we live in digital age, modern devaluation instruments are:  leverage (& margin trading), bank loans and QE.

Hardly any currency gets printed anymore.


Basically the future of paper money is obvious. It will be banned. The elite is already preparing to ban cash, so that they can control better the 3 other inflation mechanisms.

[Miss Fortune]

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?

When the time comes that paper money will be banned and totally erased I would surely miss it. The thought of it makes me want to gather and save paper money in the future so that my grandchildren will be able to see how it looks like.

[neochiny]

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?

in truth, what i can see is this is really impossible.
because first of all the no. of bitcoin is limited to 21 million in total.
and most of bitcoins in early stage where lost.
so we can tell that it is not 21 million anymore.
after they mined it all.
so if that happens there will be a shortage of bitcoins.
especially many of bitcoin users now are holding it.
then after shortage they will be back in paper money?
thats just insane. and telling it like that. just hope government dont touch it.

[deisik]

Basically the future of paper money is obvious. It will be banned. The elite is already preparing to ban cash, so that they can control better the 3 other inflation mechanisms.

As I said in some other post, banning what personally affects the majority of population may have unanticipated consequences. They may try to gradually make paper money (cash) irrelevant in the long term, but not outright ban it...

Guess what happens if gov't decides to ban food

[mordekaiser]

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 would be wipe off in the future I think it will be very different but in a good way I believe it will be more convenient to use the digital currency.

[n2004al]

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 think it is totally possible. Nothing can happen if the paper money doesn't exist. They can be replaced totally with the credit and debit card. The credit and debit card can be connected with the state-backed digital currency based in bitcoin or the national currency digital coin. Every merchant can be prepared to accept those and that's all. Everything is done.

But realistically this thing can happen only and minimum after 100 years. Paper money is to strong as a mentality in everyone. So it is hard to change this mentality. Then we will have those again in our hands for more time to come.

As about the introduction of the new currency I can tell that economically speaking this would be an excellent choice. The qualities of this new choice are to many. The qualities of the new currency are even bigger. England will have the best currency in the world. It will be hard to work with it because have its independence but it will be again a new challenge for the England.

[dloghwak]

Paper money will be banned entirely?

It will, probably in the next 10-20 years. There is already a war on cash happening.
Imho it won't be some kind off crypto-currency, instead it's going to be a way more centralised system.
Thus will gain bankster and .gov full control.