The future of the paper money

[HostSurf]

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 that real paper money will never be beaten by the bitcoin and thats only because of the many users normal paper money has. There will always be people who like to pay with cash instead of online payments

[Etaren]

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 the paper money will never change there will always be paper money maybe more in banks. But there will always be papers so dont think they are going to disappear.

[Cromvel]

I think that paper money will eventually disappear but not in the nearest future. It doesn't mean that another form of solid currency will not exist. It will, but in some other form than paper I think. The non-cash currencies will be in the major someday.

[Marbit]

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

Future of paper money will vanish or destroy for the digital system, If you follow up just few things it almost gone,because of Visa Card Credit card ect. So in the future for all of the world will be a Digital system.

[jamesl22]

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

Future of paper money will vanish or destroy for the digital system, If you follow up just few things it almost gone,because of Visa Card Credit card ect. So in the future for all of the world will be a Digital system.

The world is already digital at this stage and people are used to credit and debit cards and they will continue to use it in future too but paper money will exist in future too.

[Superways]

Maybe in the developed world country there will be less demand of paper money as they will go to full digital, the world is moving toward digital world if you have notice, we have a lot of inventions or developments to make our life fast and easy.

Hmm when you say developed I see Singapore. But I dont know man. Paper money got a lot of history in it. It will be hard for the government to change it specially for the people also.

THE GOVERNEMNTS WILL NEVER EVER LEAVE THEIR CURRENCY AS IT IS THEIR RESPONSIBILITY AND SIGN OF SUCCESS AND MAINTENANCE THAT THEY SURVIVE THEIR NATIONAL CURRENCY AND TO GIVE IT MORE VALUE, BUT THERE IS A CHANCE THAT MOST PEOPLE START TO SHIFT TOWARDS BITCOIN BECAUSE OF THEIR BENEFITS.

[dezoel]

Maybe in the developed world country there will be less demand of paper money as they will go to full digital, the world is moving toward digital world if you have notice, we have a lot of inventions or developments to make our life fast and easy.

Hmm when you say developed I see Singapore. But I dont know man. Paper money got a lot of history in it. It will be hard for the government to change it specially for the people also.

THE GOVERNEMNTS WILL NEVER EVER LEAVE THEIR CURRENCY AS IT IS THEIR RESPONSIBILITY AND SIGN OF SUCCESS AND MAINTENANCE THAT THEY SURVIVE THEIR NATIONAL CURRENCY AND TO GIVE IT MORE VALUE, BUT THERE IS A CHANCE THAT MOST PEOPLE START TO SHIFT TOWARDS BITCOIN BECAUSE OF THEIR BENEFITS.

that's true if you are thinking that government will ever support bitcoin then it will never happen, they will continue to support their local currency on which they hold control.

[jaysabi]

Maybe in the developed world country there will be less demand of paper money as they will go to full digital, the world is moving toward digital world if you have notice, we have a lot of inventions or developments to make our life fast and easy.

Hmm when you say developed I see Singapore. But I dont know man. Paper money got a lot of history in it. It will be hard for the government to change it specially for the people also.

THE GOVERNEMNTS WILL NEVER EVER LEAVE THEIR CURRENCY AS IT IS THEIR RESPONSIBILITY AND SIGN OF SUCCESS AND MAINTENANCE THAT THEY SURVIVE THEIR NATIONAL CURRENCY AND TO GIVE IT MORE VALUE, BUT THERE IS A CHANCE THAT MOST PEOPLE START TO SHIFT TOWARDS BITCOIN BECAUSE OF THEIR BENEFITS.

Governments print more money, which gives it less value. I don't know fondant governments giving their currency more value. That's just not what they do.

[Doms]

Whether we like it or not, paper money will be here to stay. I guess I won't get to live in a world where everything is digitally paid already. Although I do think that there will be less and less paper money in circulation, it still wouldn't completely come to a point where paper money would just be a collection or something displayed in museums.

[Supercrypt]

Maybe in the developed world country there will be less demand of paper money as they will go to full digital, the world is moving toward digital world if you have notice, we have a lot of inventions or developments to make our life fast and easy.

Hmm when you say developed I see Singapore. But I dont know man. Paper money got a lot of history in it. It will be hard for the government to change it specially for the people also.

Even if it is fully developed country and is digitalized, still there will be many people who will prefer to use paper money, and you also need to pay maids, servants in paper money, bitcoin won't be helpful there.

The future of paper money is highly based on the adoption of bitcoin. But as you have said, maid or autorickshaw raids could not be paid with bitcoin even in next 5 to 10 years. Paper money will exist in this world but we can assume only with very less percentage of usage.

[goinmerry]

Whether we like it or not, paper money will be here to stay. I guess I won't get to live in a world where everything is digitally paid already. Although I do think that there will be less and less paper money in circulation, it still wouldn't completely come to a point where paper money would just be a collection or something displayed in museums.

That is highly impossible to happen. Seeing how people want to cling to something physically seen, that is how they feel that they own that kind of thing. Without it in their hands they wont trust it.

[CasioK]

Maybe in the developed world country there will be less demand of paper money as they will go to full digital, the world is moving toward digital world if you have notice, we have a lot of inventions or developments to make our life fast and easy.

Hmm when you say developed I see Singapore. But I dont know man. Paper money got a lot of history in it. It will be hard for the government to change it specially for the people also.

Even if it is fully developed country and is digitalized, still there will be many people who will prefer to use paper money, and you also need to pay maids, servants in paper money, bitcoin won't be helpful there.

The future of paper money is highly based on the adoption of bitcoin. But as you have said, maid or autorickshaw raids could not be paid with bitcoin even in next 5 to 10 years. Paper money will exist in this world but we can assume only with very less percentage of usage.

Never ever underestimate the digitalization. In many countries, auto rickshaw are switching into the system similar to call taxi. So, paying them with, Internet banking or bitcoin also will be possible very soon.

When your maid (a baby sitter) has some literacy, she may demand bitcoin payment.

I doubt the existence of paper money in the very near future.

[Cyaren]

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?

To me, paper money aka fiat currency is worthless by nature. It is backed by nothing and it's worth nothing but ink and paper. You cannot feed yourself with it, you cannot exchange a piece of paper for goods. The government's magic ink does the trick.

But the government can abuse that power and they do. To fund wars, to keep the public happy. So that's why fiat currencies are unsustainable by nature. My suggestion is that you keep none of your long term savings in fiat. Fiat will collapse eventually and it has no future.

[BitTraderCute]

people will thinking again to use paper cash, we will move from paper to digital and bitcoin is the best choice
go green go paperless

[Zooplus]

people will thinking again to use paper cash, we will move from paper to digital and bitcoin is the best choice
go green go paperless

I agree, as long as people can adopt bitcoins it will probably happen in the near future, with the use of the internet and a full education on the benefits of using bitcoins, we can minimize the using of paper money which can easily be stolen.

[romero121]

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

Future of paper money will vanish or destroy for the digital system, If you follow up just few things it almost gone,because of Visa Card Credit card ect. So in the future for all of the world will be a Digital system.

The world is already digital at this stage and people are used to credit and debit cards and they will continue to use it in future too but paper money will exist in future too.

Everything around the world is getting more and more digitalized. Only thing is that digitalization makes life easier but it can't be used by common man who don't have much knowledge about technology. So paper money continues forever.

[FabioDelcatto]

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.

Paper money is going to stay for another couple of years because it is going to be a whole process to make everything digital. I think that it is going to be different per country because not every country can afford it.

[JessicaSe]

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.

Paper money is going to stay for another couple of years because it is going to be a whole process to make everything digital. I think that it is going to be different per country because not every country can afford it.

Paper money will always survive and it will always be used by majority of people and bitcoin can never take over paper money in future too.

[pereira4]

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.

Paper money is going to stay for another couple of years because it is going to be a whole process to make everything digital. I think that it is going to be different per country because not every country can afford it.

Paper money will always survive and it will always be used by majority of people and bitcoin can never take over paper money in future too.

No, paper money will be gone in a decade. When asked, Christine Lagarde said that she doesn't believe cash will exist in 10 years, so do the math. We are going to a society with no physical cash, this is why Bitcoin will be worth thousands of not millions of dollars a coin. I don't understand how many times I have to say this until people realize.

[MingLee]

Having no paper money and shifting to a completely cashless society would require a decentralized currency, especially when you consider that it would be assumed that the government would have eyes on all transactions and could control everything related to banks and so, and thus Bitcoin and other cryptocurrencies would become immensely valuable in the future due to their relative anonymity and decentralization, where no-one could control anyone else's funds.