The future of the paper money

[PetroffVany]

The countdown for paper money extinction is on. The foundation of this monetary policy is flawed and have to be fundamentally changed. Bitcoin offers good option though

although it will be replaced by paper money in the form of digital currency. but it does not automatically bitcoin will replace paper money. I think it will still be difficult for bitcoin

It is really difficult for bitcoin to convert into paper money, So same situation have paper money, it is not easy that paper money change into bitcoin. I don't think that bitcoin is made for paper money, and on one country accept the bitcoin for their own paper money. In short bitcoin made only for digital currency.

I disagree with you. Now it is very easy to buy bitcoin and sell bitcoin. There are many exchangers that will provide conversion in a few hours or even minutes.
Paper money can easily be exchanged for bitcoin. But it seems to me that they will not be soon

[bravehearth0319]

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?

As we all know that paper money was made by the government of each nations. So the future of this was depend on the decision of the government officials of how or what they are going to do with the with the paper money. If ever there is a private key, security, all of it are centralized, which means there's nothing we can hide to them.

[Oralmat]

The countdown for paper money extinction is on. The foundation of this monetary policy is flawed and have to be fundamentally changed. Bitcoin offers good option though

although it will be replaced by paper money in the form of digital currency. but it does not automatically bitcoin will replace paper money. I think it will still be difficult for bitcoin

It is really difficult for bitcoin to convert into paper money, So same situation have paper money, it is not easy that paper money change into bitcoin. I don't think that bitcoin is made for paper money, and on one country accept the bitcoin for their own paper money. In short bitcoin made only for digital currency.

I disagree with you. Now it is very easy to buy bitcoin and sell bitcoin. There are many exchangers that will provide conversion in a few hours or even minutes.
Paper money can easily be exchanged for bitcoin. But it seems to me that they will not be soon

Whats' going on with you? Do you think i am talking about bitcoin is difficult to exchange into fiat?
No way, read the thread carefully and than read my opinion, than you could understand what actually i want to tell.
I am talking about future fiat money will never be changed into bitcoin and bitcoin will never be changed into fiat.

[Pattart]

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?

As we all know that paper money was made by the government of each nations. So the future of this was depend on the decision of the government officials of how or what they are going to do with the with the paper money. If ever there is a private key, security, all of it are centralized, which means there's nothing we can hide to them.

I think the government has set the answer by using digital money. you can see every bank around the world began competing in issuing credit cards with various offer. its sign dude

[deisik]

The countdown for paper money extinction is on. The foundation of this monetary policy is flawed and have to be fundamentally changed. Bitcoin offers good option though

although it will be replaced by paper money in the form of digital currency. but it does not automatically bitcoin will replace paper money. I think it will still be difficult for bitcoin

It is really difficult for bitcoin to convert into paper money, So same situation have paper money, it is not easy that paper money change into bitcoin. I don't think that bitcoin is made for paper money, and on one country accept the bitcoin for their own paper money. In short bitcoin made only for digital currency.

I disagree with you. Now it is very easy to buy bitcoin and sell bitcoin. There are many exchangers that will provide conversion in a few hours or even minutes.
Paper money can easily be exchanged for bitcoin. But it seems to me that they will not be soon

It seems like you are confusing paper money with non-cash (digital) fiat

While it is certainly easy to buy bitcoin and sell bitcoins for fiat (as you said yourself it is possible through either exchangers or exchanges), this is not the case with actual paper money, i.e. bills like Benjamins and their likes (what is called cash). There are virtually no universal ways to buy Bitcoin directly with physical cash. In most cases, you will have to convert your bills into non-cash money first, but you may have to pay commissions on these operations and you won't be able to convert above certain limit in one place. Besides, by converting large amounts you will certainly attract attention of authorities exercising oversight over such operations

[Villy_wongaa]

I like paper money. I like to feel the buying power in my hands :p Bitcoin makes me feel like a robot. I am not saying paper money is better tho.

I also like paper money more. And virtual do not bring such pleasure to the authorities

[Zadicar]

I like paper money. I like to feel the buying power in my hands :p Bitcoin makes me feel like a robot. I am not saying paper money is better tho.

I also like paper money more. And virtual do not bring such pleasure to the authorities

Well its really people choice on which they would prefer to engage but speaking on both things are just the same since they do have value and can be used but fiat currency does always really have the edge speaking of usability since we do all know bitcoin cant still be used anywhere.

[agamasrori]

I like paper money. I like to feel the buying power in my hands :p Bitcoin makes me feel like a robot. I am not saying paper money is better tho.

I also like paper money more. And virtual do not bring such pleasure to the authorities

What you do not realize that fiat that you use it is impaired because sometimes, the printing is regardless of the amount of gold present. in 1914 the Bank of England was printed paper money that the amount is not equal with gold amount to finance the government's army. the result is the inflation rate to 13.5%. the value of fiat will always come down and I'm sure everyone in the future will leave fiat(paper money)

[lol3c]

I like paper money. I like to feel the buying power in my hands :p Bitcoin makes me feel like a robot. I am not saying paper money is better tho.

I also like paper money more. And virtual do not bring such pleasure to the authorities

That is because you have not known all about secrets hidden in Bitcoin and the blockchain system. You need to do more research and you will realize how awesome Bitcoin and the blockchain can be. Fiat, paper money can be fake but in this digital world, everything is based on the algorithm which means it can not be fake and can easily identify by the computer. Look at the ethereum please, you will see how awesome they have done to develop the smartcontracts

[funbarrel]

I like paper money. I like to feel the buying power in my hands :p Bitcoin makes me feel like a robot. I am not saying paper money is better tho.

I also like paper money more. And virtual do not bring such pleasure to the authorities

so you actually want to be in favour of all the authorities?? Sorry about it, but it sounds just dumb, it's not good at all when the authorities have too much power and bitcoin was created to reduce the power of banks and governments so why do you want to give that power back to them? There is no point unless you are the banker yourself... Paper money will have no future and that is really good because it is just cancerous as the value of it goes down and down over time, however people still earn the same thing and countries go in huge debts. It's time to stop and bitcoin will stop it.

[deisik]

I like paper money. I like to feel the buying power in my hands :p Bitcoin makes me feel like a robot. I am not saying paper money is better tho.

I also like paper money more. And virtual do not bring such pleasure to the authorities

What you do not realize that fiat that you use it is impaired because sometimes, the printing is regardless of the amount of gold present. in 1914 the Bank of England was printed paper money that the amount is not equal with gold amount to finance the government's army. the result is the inflation rate to 13.5%. the value of fiat will always come down and I'm sure everyone in the future will leave fiat

It is not just the Bank of England which did this

Any government does basically the same in case of wars and similar events since they have nothing to lose. If they win the war, they will demand reparations (or just outright loot the country of their adversary). If they lose, it won't matter anyway. Don't know about pharaohs of Ancient Egypt, but Roman emperors did exactly that even though there hadn't yet been fiat back in those days. Despite that, they still had been heavily debasing their gold and silver coins (which essentially corresponds to printing excessive amounts of fiat nowadays)

[bitllionaire]

The countdown for paper money extinction is on. The foundation of this monetary policy is flawed and have to be fundamentally changed. Bitcoin offers good option though

i do not think that there is any countdown to paper money. paper is will exist for next few decades, actually majority of people are still depending on fiat currency because they still do not know anything about bitcoin so i cay say that for  next few decades there is nothing wrong to fiat currency. may be in future when bitcoin will become more popular then people refuse using bitcoin.

[igorokavg13]

The countdown for paper money extinction is on. The foundation of this monetary policy is flawed and have to be fundamentally changed. Bitcoin offers good option though

i do not think that there is any countdown to paper money. paper is will exist for next few decades, actually majority of people are still depending on fiat currency because they still do not know anything about bitcoin so i cay say that for  next few decades there is nothing wrong to fiat currency. may be in future when bitcoin will become more popular then people refuse using bitcoin.

Yes, I am sure that people will not be able to live without paper money for at least another 50 years. Therefore, I am confident that the future has paper money.

[alexey199773]

Instead of paper money for you will exist only the login and password of the account, with which operations will be performed. Or in general, just come and present your unique body parts: finger, eye, etc. Even a card is not necessary, because it is only needed so that the seller can make sure that the account with which he withdraws money is yours.
Already there are bills that can be used to substitute a special device for reading the retina of the eye.
I think this is the future. It is enough to supply all the places of sale (shops, clubs, cinemas) with personal identification devices, and the need for paper money will disappear. Came, you identified and withdrawn from the account the right amount. And also arrange for all cities a special scoreboard, where you can find out the balance of your account by intensifying yourself. And at the same time and pay for any services (phone, rent, credit, etc.). All this really exists, just not yet very widespread.

[LeGaulois]

If you take a look at the history of money, let's summarize the evolution:
Money as we know it today, didn't existed, we were just trading/exchanging. For exemple I have sugar and you have potatoes, we could exchange  both. Then come the coins wich have a value and people started to agree to sell theirs things for a certain ammount of coins. Then come cheques and cards wich started to virtualize the money and the transactions we process. Now with the cryptocurrencies, it can be considered just as the evolution of the money, adapted to our "era". The monetary system needs to adapt and to improve with how we use the money in a 21th century

[vrm86]

If you take a look at the history of money, let's summarize the evolution:
Money as we know it today, didn't existed, we were just trading/exchanging. For exemple I have sugar and you have potatoes, we could exchange  both. Then come the coins wich have a value and people started to agree to sell theirs things for a certain ammount of coins. Then come cheques and cards wich started to virtualize the money and the transactions we process. Now with the cryptocurrencies, it can be considered just as the evolution of the money, adapted to our "era". The monetary system needs to adapt and to improve with how we use the money in a 21th century

Coins as well as banknotes and cards are still in use and it would not change. Sure, new payment methods using internet connection will still be developed, however we can't assume, that one day anyone and anywhere will have network access to perform payments. Even though world would be 100% covered by free satellite internet service, it's still vulnerable to many factors that can even make your wallet inoperative. If you are interested in investing you should know, that diversification of assets is one of the most important rules and thus I think that "off-line" payment methods will play important role in securing everyone's money.

[Rostadom]

Instead of paper money for you will exist only the login and password of the account, with which operations will be performed. Or in general, just come and present your unique body parts: finger, eye, etc. Even a card is not necessary, because it is only needed so that the seller can make sure that the account with which he withdraws money is yours.
Already there are bills that can be used to substitute a special device for reading the retina of the eye.
I think this is the future. It is enough to supply all the places of sale (shops, clubs, cinemas) with personal identification devices, and the need for paper money will disappear. Came, you identified and withdrawn from the account the right amount. And also arrange for all cities a special scoreboard, where you can find out the balance of your account by intensifying yourself. And at the same time and pay for any services (phone, rent, credit, etc.). All this really exists, just not yet very widespread.

That's too much work and security. Using the eye as a security still has flaws since you can get into accidents. When you get to an accident and lost your eyes, then you can't use your money anymore. I've never seen anything like that except from the movies. Perhaps that's where that idea came from?

Fiat has been used by everyone for so long not because it's secure but because it's easy to use. It has a physical form so you simply hand it over to the guy you're transacting with. No verification or identity required at all. Some people don't like too much verification and identification. They want their transactions to be more confidential.

[Viscore]

The countdown for paper money extinction is on. The foundation of this monetary policy is flawed and have to be fundamentally changed. Bitcoin offers good option though

i do not think that there is any countdown to paper money. paper is will exist for next few decades, actually majority of people are still depending on fiat currency because they still do not know anything about bitcoin so i cay say that for  next few decades there is nothing wrong to fiat currency. may be in future when bitcoin will become more popular then people refuse using bitcoin.

Yes, I am sure that people will not be able to live without paper money for at least another 50 years. Therefore, I am confident that the future has paper money.

Not only in 50 years, I guess it will be forever because paper money will stay forever. The world is moving and people country moves as well but we cannot deny the fact that there are countries who are are really poor which a big population is still under poverty. In that situation, most of the population are not into technology and development because they are more concern on the food and shelter.

[bitart]

The countdown for paper money extinction is on. The foundation of this monetary policy is flawed and have to be fundamentally changed. Bitcoin offers good option though

i do not think that there is any countdown to paper money. paper is will exist for next few decades, actually majority of people are still depending on fiat currency because they still do not know anything about bitcoin so i cay say that for  next few decades there is nothing wrong to fiat currency. may be in future when bitcoin will become more popular then people refuse using bitcoin.

Yes, I am sure that people will not be able to live without paper money for at least another 50 years. Therefore, I am confident that the future has paper money.

Not only in 50 years, I guess it will be forever because paper money will stay forever. The world is moving and people country moves as well but we cannot deny the fact that there are countries who are are really poor which a big population is still under poverty. In that situation, most of the population are not into technology and development because they are more concern on the food and shelter.

Those poor countries are usually lack of electricity for 3-4 days a week, so they cannot depend on a payment method that requires electric power and network coverage (or internet connection). They can and will use bitcoin also, but just for little part of their daily transactions, or just for savings (if any).
In the urbanized part of the world (where if you don't have electricity for 10-20 minutes can be called a disaster situation) using bitcoin or virtual currencies will be widespread, but because of the above mentioned things, paper money will allwas have it's function, so it will be needed.

[asriloni]

The countdown for paper money extinction is on. The foundation of this monetary policy is flawed and have to be fundamentally changed. Bitcoin offers good option though

i do not think that there is any countdown to paper money. paper is will exist for next few decades, actually majority of people are still depending on fiat currency because they still do not know anything about bitcoin so i cay say that for  next few decades there is nothing wrong to fiat currency. may be in future when bitcoin will become more popular then people refuse using bitcoin.

Yes, I am sure that people will not be able to live without paper money for at least another 50 years. Therefore, I am confident that the future has paper money.

I'm not sure because we are having the another good commodity such as gold, and in the previous centuries we are all using the trade to get more stuff to complete our daily needs.