The future of the paper money

[cellard]

Did anyone see this yet?

http://timesofindia.indiatimes.com/business/international-business/Sweden-may-become-worlds-first-cashless-nation/articleshow/49419797.cms

"Sweden is on track to becoming the world's first cashless society, thanks to the country's embrace of information technology as well as a crackdown on organized crime and terror, according to a new study. "

So it seems is going to happen and faster than we thought. Interesting times ahead indeed. I wonder if they will wake up from the scam and get on Bitcoin before its too late.

[bitart]

Did anyone see this yet?

http://timesofindia.indiatimes.com/business/international-business/Sweden-may-become-worlds-first-cashless-nation/articleshow/49419797.cms

"Sweden is on track to becoming the world's first cashless society, thanks to the country's embrace of information technology as well as a crackdown on organized crime and terror, according to a new study. "

So it seems is going to happen and faster than we thought. Interesting times ahead indeed. I wonder if they will wake up from the scam and get on Bitcoin before its too late.

OK but you should know that those people are really special in connection with finance questions. The whole country is well educated in these kind of questions, this is the base of a successfull implementation of the cash free world. Those people (the whole country) are really above the average in connection with responsibility (both the person and society) and it's really uniqe in the EU even in the world.
The rest of the countries are really far away from it yet so don't be afraid to miss this chance.
Sweeden is a really different in this case from other countries. Maybe it would be wise to test them with bitcoin, I would be curious if they accept it easily or not.

[cutesakura]

For now, the paper money is still the financial needs of the world community, they can not be separated from it, plus the infrastructure of bitcoin that has not been increased and growing, there are still many products - products that are sold in the market, has not received bitcoin as a medium of exchange trade
while there are some laws in some countries that do not acknowledge bitcoin as a medium of exchange trade

[jeffthebaker]

For now, the paper money is still the financial needs of the world community, they can not be separated from it, plus the infrastructure of bitcoin that has not been increased and growing, there are still many products - products that are sold in the market, has not received bitcoin as a medium of exchange trade
while there are some laws in some countries that do not acknowledge bitcoin as a medium of exchange trade

Actually, a lot of the world is starting to use paper currency less and less. There are many places in the world that still rely on using paper as a means of currency, but much of the developed world is switching to electronic payment systems over their physical counterparts.

[Triple]

Did anyone see this yet?

http://timesofindia.indiatimes.com/business/international-business/Sweden-may-become-worlds-first-cashless-nation/articleshow/49419797.cms

"Sweden is on track to becoming the world's first cashless society, thanks to the country's embrace of information technology as well as a crackdown on organized crime and terror, according to a new study. "

So it seems is going to happen and faster than we thought. Interesting times ahead indeed. I wonder if they will wake up from the scam and get on Bitcoin before its too late.

That's interesting for sure.. I don't think a whole country will allow Bitcoin to be its national currency or anything close to that. It's too much trust on something they don't have control over

[Quinn]

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 paper money would not be obliterated.  What government would want to use something that they do not have control over?

[Poppy]

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 will always be around.  It is too essential to do away with even with digital currency.

[Amph]

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 paper money would not be obliterated.  What government would want to use something that they do not have control over?

this isn't paper money vs bitcoin is paper money vs fiat and bitcoin maybe

government has all the right to kill paper money, because for them it has the same issues of bitcoin and some other like counterfeiting

[neonshium]

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 will always be around.  It is too essential to do away with even with digital currency.

Yes paper money would stay here for even next century also. But the percentage of use for paper money will be going down over time as digital money has started to evolve in all sectors. Only very few people will be using paper money in near future as some merchants still demand only paper money.

[Mickeyb]

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 will always be around.  It is too essential to do away with even with digital currency.

Are you sure? Even in 50 years? I don't know about that. Things go through the evolution and I am sure that even if it wasn't for Bitcoin, the world would slowly move to the paperless money.

When you really think about it, paper money has so many drawbacks and I think that these drawbacks would be easily fixed with some from of paperless money.

Well Bitcoin is now here so we don't need fix!

[Pantheon]

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 do not think that any government will totally abolish paper money.  They have no control over bitcoin and so they do not like that.

[DooMAD]

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 do not think that any government will totally abolish paper money.  They have no control over bitcoin and so they do not like that.

Emphasis should be placed on the "based on" part.  When they say "state-backed digital currency", that means a digital currency they have full control over.  They won't use something that has Bitcoin's open, decentralised and permissionless properties.  The concern people have is the clear intention to force everyone to use banks or card providers to make all their transactions.  That means anyone who isn't using Bitcoin would be totally reliant on the "too big to fail" banking machine.  Have a look at this article and this one to get a better idea of what the motive is.

[bitart]

In Sweeden, people use embossed bank cards to buy anything. The merchants are able to accept these cards even offline, if the power goes out (just like in the 80's when there were no online authentication for card transactions, only offline use, and they were sending the copies of the signed slips to the banks for clearing the transaction)
So it's possible to live without paper money technically too, but this digital currency is only the countries own currency, controlled by the government and not a decentralized thing like bitcoin.

[AtheistAKASaneBrain]

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 will always be around.  It is too essential to do away with even with digital currency.

I honestly don't see a modern society where people are still trading papers and money. I think it may still persist in a couple of decades, but it will be something only nostalgic people and hipsters use, such as using vinyl instead of digital where there's no excuse anymore to not use digital because it simply sound better. Similarly, Bitcoin will be so good up to a point that there will be no excuses to not use it instead of outdated fiat money.

[Pab]

 I ve been reading interesting article about the end of cash.Very close that is Sweden,transaction in cash in Sweden droped from 100 bln SVK to about 10 bln SVK perday,but why.First there is lot of possibility for mobile payments and second if you pay in cash you have tp proof where is your cash coming from,cash is Sweden is recognised like a way of money laundering and terrorism financing,so if you go shop to pay for packet of cigarettes and you pay in cash,you can be suspected for money laundering ,A little to crazy for me
In other european countrys cash still have strong position

[Poppy]

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 do not like it if they ban paper money.  I use it for just about anything.

[bitart]

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 do not like it if they ban paper money.  I use it for just about anything.

They won't ban it. People will stop using it, maybe there will be some shops where you can pay only in cash but nowdays most of the merchants has at least a POS terminal.
Since I have received my first PayPass enabled card, I'm lazy enoug to go only to those shops where I can use it in the contactless way. If I have to use the chip based transaction, I'm feeling like back in 10 years, if they want me to swipe the card and sign the slip, I would run away, screaming But 10 years before, chip and PIN without signature was the cool thing, now it's ancient.
(Of course, I'm talking generally, only about my country and I know that my parent's generation will use only cash in the future as well)

[Nocturne]

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 cant imagine if this happens I would surely miss the traditional way of buying,
but the technology is very powerful and very influential and one of these days people are just going to conform whatever may happen. 

[Nidaleee]

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'm afraid paper money will gone extinct in the future, because I know people will always find ways to make everyday living more easier and convenient.

[Nautiluss]

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 we will still have still and use paper money in the future but not as much as we do today.