The future of the paper money

[Galiatram]

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?

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.

And how would public and privately issued monies interact?

the future odf the paper money what would it be i dont think that the paper money will disappear becuase i know for sure that lots of people will not let that happemn for srue te paper money will be there for sujre.

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[Adrayrd]

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.

You caN TELL ALLOT about the future but the future of the paper money i dont think that he will go away because the bitcoin will also not disappear and the
paper money will be at the same time here.

[Fatamorgana]

Paper money is always going to be needed in the future. Many people still don't even know what a Bitcoin is. In addition, many of the world's economies rely on printing it's own money. What we might see is a state sponsored altcoin to compete with Bitcoin. Banks are not in favor of Bitcoin.

[qyzackk]

The next ten years can actually be solved paper money or not. The fact that already in all slander information about how that digital money supplant paper very soon. The truth is no one has yet said whether the people are ready for such innovation.

[barbs]

I would say that may only be a few people who use paper money. banknotes will remain valuable even though

[Aamir1]

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

what does the future say about the paper money i dont know what they think about the papermoney becuase i dont know much aboht the future of the bitcoin you know!

The future of bitcoin is unpredictable, so is the future of paper money, because either one of them will be used the most in the world in future now it cannot be predicted if which one of them will stay and which will vanish forever, or maybe both of them will be used, one as the main currency and second as an alternative.

[panju1]

The next ten years can actually be solved paper money or not. The fact that already in all slander information about how that digital money supplant paper very soon. The truth is no one has yet said whether the people are ready for such innovation.

People may or may not be ready, but the government may push it down their throats.
For the government, if the money trail is electronic, it is easier to trace and control.

[mindrust]

I used to consider buying an American made electric guitar 10 years ago. That guitar had a 2000$ price tag back then. Now it has a 4000$ price tag. It is completely the same guitar. What changed? We are talking about the USA, one of the wealthiest country on earth, i remind you. This shit pretty much looks like an inflation to me. And inflation kills Fiat pretty easy. Do you think the US will come up with 200$ bank notes? I dont think so. It would be the end of USD. But it doesnt change anything. USD will die either way. Fiat money has a lifespan of 100 years at most. Nothing can change that.

[Ziskinberg]

I used to consider buying an American made electric guitar 10 years ago. That guitar had a 2000$ price tag back then. Now it has a 4000$ price tag. It is completely the same guitar. What changed? We are talking about the USA, one of the wealthiest country on earth, i remind you. This shit pretty much looks like an inflation to me. And inflation kills Fiat pretty easy. Do you think the US will come up with 200$ bank notes? I dont think so. It would be the end of USD. But it doesnt change anything. USD will die either way. Fiat money has a lifespan of 100 years at most. Nothing can change that.

We are still compel to use paper money because the government dictate the economy and although inflation is apparent we have to play with it and one of the best to fight inflation is to invest as we can grow our money although the value will inflate.

Putting our money in bitcoin is one of the good example to fight inflation and it has been noted that more investors are successful with the action.

[deisik]

I used to consider buying an American made electric guitar 10 years ago. That guitar had a 2000$ price tag back then. Now it has a 4000$ price tag. It is completely the same guitar. What changed? We are talking about the USA, one of the wealthiest country on earth, i remind you. This shit pretty much looks like an inflation to me

There can be a lot of factors at play including that of inflation, though I don't think that it plays the major role here. It may well be that electric guitars have become less popular than they were some 10 years ago and thus became a niche product (not that they hadn't been before but still), so the manufacturing costs might have risen abruptly due to economy of scale working in reverse...

On the other hand, an average computer today costs almost the same it did 10 years, but its performance is incomparable

[jonpande]

I think the paper money will never mati.uang paper will of course be there in the future. Many people need it and are very important to them, especially the elderly.
Although people started using other digital currencies, there are some transactions that need the cash deal. paper money will always be the main mode of payment for the transaction.

[freedomgo]

I think the paper money will never mati.uang paper will of course be there in the future. Many people need it and are very important to them, especially the elderly.
Although people started using other digital currencies, there are some transactions that need the cash deal. paper money will always be the main mode of payment for the transaction.

Exactly, therefore the world will never go into paper less although we like it to happen. Digital currencies will succeed and be popular but this world has different people living and we are in a different situation, there are even other tribe that does not uses fiat in transacting, so how can we accommodate them if they are too late to adopt.

[ronald0cz]

I believe paper money will disappear over time naturally. In the same time bitcoin can overtook fiat currencies and many people moved over to that.

[Fatanut]

I think the paper money will never mati.uang paper will of course be there in the future. Many people need it and are very important to them, especially the elderly.
Although people started using other digital currencies, there are some transactions that need the cash deal. paper money will always be the main mode of payment for the transaction.

Exactly, therefore the world will never go into paper less although we like it to happen. Digital currencies will succeed and be popular but this world has different people living and we are in a different situation, there are even other tribe that does not uses fiat in transacting, so how can we accommodate them if they are too late to adopt.

The elderly will eventually going to die and they most likely die sooner than us. Those 'tribes' aren't our concern here. They didn't embrace the idea of fiat so we cannot expect them to use bitcoin. Once crypto-currency becomes a thing and once the majority of people starts using it, the rest of the population can only adapt it. After all, humans have that capacity or instinct to adapt the society.

[horace08122]

Not much I can imagine modern life without paper money. Maybe something else will come up in the future, on the example of what a credit card, but the image of the Stone Age, when used instead of paper naturally precious metal, so this will not be.

[icecube45]

Not much I can imagine modern life without paper money. Maybe something else will come up in the future, on the example of what a credit card, but the image of the Stone Age, when used instead of paper naturally precious metal, so this will not be.

I think the paper money will continue until whenever, although in the future. Because paper money is a payment that is practical and is perfect. The payment method in the digital age will increase but will not change the paper money, may be just another way of payment in addition to paper money.

[Mastsetad]

Not much I can imagine modern life without paper money. Maybe something else will come up in the future, on the example of what a credit card, but the image of the Stone Age, when used instead of paper naturally precious metal, so this will not be.

I think the paper money will continue until whenever, although in the future. Because paper money is a payment that is practical and is perfect. The payment method in the digital age will increase but will not change the paper money, may be just another way of payment in addition to paper money.

Maybe the system of paper money would get finished in future as the world is getting more digital with the time and technology is getting more and more developed with the time, so maybe the paper money system will be replaced by some digital system, that can be any other system maybe not bitcoin, because the governments would probably make that system able to be controlled by them obviously.

[tenk]

Paper money is expensive and unnecessary and soon will face oblivion.
But i can't except that bitcoin will be his successor. Banks already have their ideas maybe even "better" for them, with endless supply of total coins ..Maybe even on blockchain.

[Gilf]

Not much I can imagine modern life without paper money. Maybe something else will come up in the future, on the example of what a credit card, but the image of the Stone Age, when used instead of paper naturally precious metal, so this will not be.

I think the paper money will continue until whenever, although in the future. Because paper money is a payment that is practical and is perfect. The payment method in the digital age will increase but will not change the paper money, may be just another way of payment in addition to paper money.

Paper currencies have not outlived their usefulness. Maybe they will suffer some changes, but the fact is that in exchange for any product that people will use it. And I think paper money.

[pyata4ok]

If the banking system will continue to exist, in any case, the banks will have a money exchange. And the cheapest material for their printing is paper. Of course, maybe come up with something else. But while there will be paper.