The future of the paper money

[Hammerschmidt]

Although by "paper" you probably refer to "what the paper represents" and not the actual paper itself...recall the United States destroys tons of paper bills every year because it physically gets worn out. In fact, didn't Canada experiment with a new, thin, plastic dollar? I remember seeing that on TV one night.

No matter what medium backs up the currency of a nation, it will always symbolize the "atom" of that nation's "unit of work," and therefore will probably always be with us.

We need some paper money yet, but in the future, our technology and innovation can invent a virtual money. Just like you are saying, for this day, our money is paper, and what if in the future, our money becomes virtual money, or cannot be seen through our own eyes. I think it can be invented after a few years, we all just need to be on the right track of using it.

It's always nice to have something "in hand." A system that is entirely based on virtual transactions runs the risk of total collapse in the event a loss of centralized data, or if there's chaos once the system is restored and people disagree with the new accounting.

Still, it's hard to argue against bitcoin. It has made tremendous progress due to its wide range acceptance.

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[Musent]

The future of paper money is not at all at risk as there are many countries who are still dependent only on fiat and have no idea about the digital payment system and in that scenario paper money will also be in demand as in poor countries the workers gets daily daily wages in fiat and we cannot expect them to use bitcoins or any other digital payment system.

[South Park]

We will end up going towards a cashless society, but this will take a while. To be honest, in Dubai it pretty much is a cashless society there.
I think for America it will have to take more time since there is so much paper currency and it will take a while for it to be adopted.

we can end up goind towards a cashless society, but still it would take time to wait for that time. but still cashless society that runs by the crypto would be better as it saves the nature and it is more easy to carry and to use. bitcoin will always be a good thing for todays time, because this time technology is now going boundless. meaning we can do or invent something useful that can help our nature to regenarate. bitcoin can help nature by minimizing the printings of fiats that uses papers.

Well there's that possibility already and you're right, in dubai, they've mostly gone cashless already but to implement that to majority of the world's population, it may take decades or more. Paper money has been in use for such a long time already that for now, it would be unthinkable for aot of people to veer away from using it.

To move to a cashless society will take more than that since there are billions of people living with just a few dollars per day so I don't think it is realistic these persons to use anything other than cash for their transactions in the future.

[diegz]

The future of paper money is not at all at risk as there are many countries who are still dependent only on fiat and have no idea about the digital payment system and in that scenario paper money will also be in demand as in poor countries the workers gets daily daily wages in fiat and we cannot expect them to use bitcoins or any other digital payment system.

You have a point there. Probably it will take time before the world will be saturated on news about bitcoin and its uses. There are still people who live in the forest and count their metal coins when buying something in the market. There are also those people who can't even afford to buy their own gadgets to have an access to internet, and worst, there are still people who don't have a bank account and are paid over the counter by their employer.

[Pattart]

I am very sure, paper money survive no more than 50 years, this is because the Earth has been very badly damaged, thus the use of papers are forbidden, including to make money.

for now even been seen that paper money began to lose its popularity, many more people are using credit cards for shopping, even though the traditional market paper money rarely in use

[Doms]

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.

Paper money is often counterfeited. Sorry, I disagree about your statement. Using paper money for traditional transaction is not practicaly because it is less effective for small fraction of transaction. I do not think that paper money will be always the main mode of payment because paper money of some countries is being worthless.
Also it is easy to burn or stolen. Need extra security to save big amount of fiat. Paper money isbad for us.

It is still more practical to use the traditional paper money, mostly in cases where online payment and digital currencies are not an option. I would say that most of the transactions I am seeing on a daily basis are done with a lot of cash, even in areas where connectivity isn't an issue. Paper money would continue to be the choice of many because of its usability and acceptance in most places. That is not going to change in the next 10 years or so in my opinion.

[noel2123]

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.

Paper money is often counterfeited. Sorry, I disagree about your statement. Using paper money for traditional transaction is not practicaly because it is less effective for small fraction of transaction. I do not think that paper money will be always the main mode of payment because paper money of some countries is being worthless.
Also it is easy to burn or stolen. Need extra security to save big amount of fiat. Paper money isbad for us.

It is still more practical to use the traditional paper money, mostly in cases where online payment and digital currencies are not an option. I would say that most of the transactions I am seeing on a daily basis are done with a lot of cash, even in areas where connectivity isn't an issue. Paper money would continue to be the choice of many because of its usability and acceptance in most places. That is not going to change in the next 10 years or so in my opinion.

We are all know the future of paper money, paper money it could be obsolete those days. After so many years, we can use bitcoin as money, bitcoins and virtual money could surpass the paper money. Virtual money or bitcoins can make our future be exact what is happening, just like new technologies.

[danherbias07]

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.

Paper money is often counterfeited. Sorry, I disagree about your statement. Using paper money for traditional transaction is not practicaly because it is less effective for small fraction of transaction. I do not think that paper money will be always the main mode of payment because paper money of some countries is being worthless.
Also it is easy to burn or stolen. Need extra security to save big amount of fiat. Paper money isbad for us.

It is still more practical to use the traditional paper money, mostly in cases where online payment and digital currencies are not an option. I would say that most of the transactions I am seeing on a daily basis are done with a lot of cash, even in areas where connectivity isn't an issue. Paper money would continue to be the choice of many because of its usability and acceptance in most places. That is not going to change in the next 10 years or so in my opinion.

We are all know the future of paper money, paper money it could be obsolete those days. After so many years, we can use bitcoin as money, bitcoins and virtual money could surpass the paper money. Virtual money or bitcoins can make our future be exact what is happening, just like new technologies.

Didn't understand a thing. Maybe you forgot to insert some words.
Paper money and bitcoin are different. Their usage are also different. This should not be compared but better to be used both at the same time. Bitcoin is something that can enhance the capability of fiat and that will help to make life easier and transactions faster.
While paper money can do its job making transactions faster when we buy retail products physically. Ain't that better than losing one?

[Malsetid]

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.

Paper money is often counterfeited. Sorry, I disagree about your statement. Using paper money for traditional transaction is not practicaly because it is less effective for small fraction of transaction. I do not think that paper money will be always the main mode of payment because paper money of some countries is being worthless.
Also it is easy to burn or stolen. Need extra security to save big amount of fiat. Paper money isbad for us.

It is still more practical to use the traditional paper money, mostly in cases where online payment and digital currencies are not an option. I would say that most of the transactions I am seeing on a daily basis are done with a lot of cash, even in areas where connectivity isn't an issue. Paper money would continue to be the choice of many because of its usability and acceptance in most places. That is not going to change in the next 10 years or so in my opinion.

We are all know the future of paper money, paper money it could be obsolete those days. After so many years, we can use bitcoin as money, bitcoins and virtual money could surpass the paper money. Virtual money or bitcoins can make our future be exact what is happening, just like new technologies.

Didn't understand a thing. Maybe you forgot to insert some words.
Paper money and bitcoin are different. Their usage are also different. This should not be compared but better to be used both at the same time. Bitcoin is something that can enhance the capability of fiat and that will help to make life easier and transactions faster.
While paper money can do its job making transactions faster when we buy retail products physically. Ain't that better than losing one?

Yeah you got tbat right. Im not really sure why people are thinking that one day one currency will be better or will take over from another as it will be a lot more beneficial for us if we can maximize the benefits of both at the same time. That's how i see it. Paper money or fiat will still be what it is in he future while cryptocurrency will be backing it up and both will work hand in hand

[Babayega31]

I think the paper money in 20 years will be destroyed and replaced with digital money. The main issue is that the government should fully control the money supply. Now in my country, more than 40℅ people save money under the pillow, after their digital money would eliminate such manner.

I don't agree on your statement because fiat money is very popular since from the start of currency exchange of fiat money, and paper money is very useful on local buy and sale like in the public markets how could you say that it would be destroyed and yet people were always patronize it all the time and specially with bitcoin transactions in wallet cash out. This paper money is the gateway to btc so that you can hold in cash form of your bitcoin online balance so paper money is very important as you earn your bitcoin.

[AjithBtc]

I am very sure, paper money survive no more than 50 years, this is because the Earth has been very badly damaged, thus the use of papers are forbidden, including to make money.

You're wrong, however the paper usage gets avoided something similar in the form of paper will get into the production of paper money. Very few right now depend upon digital banking. Without paper money the entire system will collapse, so in future the usage might decrease but no the paper money.

[faaty]

yes, paper money will be extinct, but after we all became biorobots. and this is near.

[poplolnman]

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.

Paper money is often counterfeited. Sorry, I disagree about your statement. Using paper money for traditional transaction is not practicaly because it is less effective for small fraction of transaction. I do not think that paper money will be always the main mode of payment because paper money of some countries is being worthless.
Also it is easy to burn or stolen. Need extra security to save big amount of fiat. Paper money isbad for us.

It is still more practical to use the traditional paper money, mostly in cases where online payment and digital currencies are not an option. I would say that most of the transactions I am seeing on a daily basis are done with a lot of cash, even in areas where connectivity isn't an issue. Paper money would continue to be the choice of many because of its usability and acceptance in most places. That is not going to change in the next 10 years or so in my opinion.

yeah ture it's not something that necessary when you have to pay an offline store with online payment system, things getting more complicated, as time goes by digital era would come , but it's takes a lot of time . for now paper money would be the first choice and digital money would be just an option , nothing more.

[Hammerschmidt]

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.

It depends on your definition of economy and what is meant by inflation. Bitcoin doesn't have inflation but it has "level of difficulty" in mining. So, in a sense, it has the same type of "deterrent," or intangible force acting against the wide proliferation of the monetary unit. It's like friction in Physics. It opposes all motion and is responsible for things wearing out, so people tend to think of it as a bad thing. But then there's ice on the road, and over-reduction of friction becomes much worse.

By fine tuning the counter-force, in the real world and in the economics of bitcoin, you get the desired result of rewarding those who were the early participants.

[gabmen]

yes, paper money will be extinct, but after we all became biorobots. and this is near.

Well i actually agree that the only time paper money would lose it's function is when there are no people anymore uaing the current exchange process which is pretty much impoasible. Though you kinda went to far there as i don't think it can happen anytime soon. Not in our generation nor the next two more

[gandame]

I think the paper money in 20 years will be destroyed and replaced with digital money. The main issue is that the government should fully control the money supply. Now in my country, more than 40℅ people save money under the pillow, after their digital money would eliminate such manner.

I don't agree on your statement because fiat money is very popular since from the start of currency exchange of fiat money, and paper money is very useful on local buy and sale like in the public markets how could you say that it would be destroyed and yet people were always patronize it all the time and specially with bitcoin transactions in wallet cash out. This paper money is the gateway to btc so that you can hold in cash form of your bitcoin online balance so paper money is very important as you earn your bitcoin.

How can you be sure that paper money is always a gateway of btc for cashing out to fiat? Don't close any possibilities that may happen to paper money in 20 years, because our economy is always changing and we don't know yet what will happen in the future of our fiat currency. Will it be dropped by bitcoin digital crypto currency or not? So everything is an opinion here and we must open our minds for every ideas, but for now paper money is stable I guess and also with bitcoin they are both good.

[noormcs5]

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.

Paper money is often counterfeited. Sorry, I disagree about your statement. Using paper money for traditional transaction is not practicaly because it is less effective for small fraction of transaction. I do not think that paper money will be always the main mode of payment because paper money of some countries is being worthless.
Also it is easy to burn or stolen. Need extra security to save big amount of fiat. Paper money isbad for us.

It is still more practical to use the traditional paper money, mostly in cases where online payment and digital currencies are not an option. I would say that most of the transactions I am seeing on a daily basis are done with a lot of cash, even in areas where connectivity isn't an issue. Paper money would continue to be the choice of many because of its usability and acceptance in most places. That is not going to change in the next 10 years or so in my opinion.

We are all know the future of paper money, paper money it could be obsolete those days. After so many years, we can use bitcoin as money, bitcoins and virtual money could surpass the paper money. Virtual money or bitcoins can make our future be exact what is happening, just like new technologies.

Everything has to end one day and i think Paper money has been there for a long time. Now its time in this fast changing world that we quit paper money and move to digital one.

[Oralmat]

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.

Paper money is often counterfeited. Sorry, I disagree about your statement. Using paper money for traditional transaction is not practicaly because it is less effective for small fraction of transaction. I do not think that paper money will be always the main mode of payment because paper money of some countries is being worthless.
Also it is easy to burn or stolen. Need extra security to save big amount of fiat. Paper money isbad for us.

It is still more practical to use the traditional paper money, mostly in cases where online payment and digital currencies are not an option. I would say that most of the transactions I am seeing on a daily basis are done with a lot of cash, even in areas where connectivity isn't an issue. Paper money would continue to be the choice of many because of its usability and acceptance in most places. That is not going to change in the next 10 years or so in my opinion.

We are all know the future of paper money, paper money it could be obsolete those days. After so many years, we can use bitcoin as money, bitcoins and virtual money could surpass the paper money. Virtual money or bitcoins can make our future be exact what is happening, just like new technologies.

Everything has to end one day and i think Paper money has been there for a long time. Now its time in this fast changing world that we quit paper money and move to digital one.

We just cannot move to the new currency all of sudden and forget paper money. There are 80% people in the world who are not even familiar with the term "Bitcoin". How will they switch without even awareness about this coin. First we need to make bitcoin accepted by masses and more importantly by governments and then only we can dream of bitcoins the only currency around us.

[mornabo]

yes, paper money will be extinct, but after we all became biorobots. and this is near.

Well i actually agree that the only time paper money would lose it's function is when there are no people anymore uaing the current exchange process which is pretty much impoasible. Though you kinda went to far there as i don't think it can happen anytime soon. Not in our generation nor the next two more

I also agree with you, paper money will be lost and replaced by the next generation of money, but it will not happen in the near future, perhaps some decades to come

[deisik]

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.

It depends on your definition of economy and what is meant by inflation. Bitcoin doesn't have inflation but it has "level of difficulty" in mining. So, in a sense, it has the same type of "deterrent," or intangible force acting against the wide proliferation of the monetary unit. It's like friction in Physics. It opposes all motion and is responsible for things wearing out, so people tend to think of it as a bad thing. But then there's ice on the road, and over-reduction of friction becomes much worse.

By fine tuning the counter-force, in the real world and in the economics of bitcoin, you get the desired result of rewarding those who were the early participants

In essence, this is a well disguised form of socialism

These guys (whoever of them might still hold bitcoins, of course) were mostly just lucky to be in the right place at the right time. There is no reason to believe or think that they have some particular values or accomplishments to be awarded in this way. While this point may be debatable, it is certainly not in respect to those who bought bitcoins with the sole purpose of gaining more profits in the future by doing basically nothing (socialism begins here) and waiting for currency appreciation through wider Bitcoin adoption, i.e. by grabbing a part of the common pie (socialism gets exposed here)