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Author Topic: The future of the paper money  (Read 412238 times)
agamasrori
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April 27, 2017, 03:52:26 AM
 #3321

Several months ago in my country, they banned the higher-denomination banknote, but not even they haven't achieved cover the demand of the new banknotes, even the ATMs need new configuration for these new banknotes, maybe adopt a cryptocurrency would be easier and cheaper. Because most transactions are made via POS.

You are from India and do you expect India to get corruption free? I mean your country is full of bunch of assholes who will even sell their mom and wife for the sake of money and you expect that bitcoin will replace paper money in your country?

India is not the unique country that has banned higher-denomination banknote, I'm from Venezuela but its the same case I don't think the government will change anything because they are very corrupt.
The government in my country is also corrupt, but I think all the decisions they make have been through good judgment so as not to endanger the country's economy. But I think the government should also be more brave to change their currency with the currency that has been used by several countries together, because the currency will be stronger because it is supported by more than one country. And the money must be minned not printed.
That is not a possible solution to mine the money that we use in our daily living. Governments can digitise the money which will reduce the production cost, but the features of paper money should never be ignored. People are much adopted to paper money usage, but on digital use fee was levied along with taxes. This needs to be eliminated on digitisation for effective functioning.
I mean money must be obtained from the mine so that inflation will not be easy to happen. So in my opinion paper money should be replaced gold, silver or bitcoin.


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April 27, 2017, 04:07:55 AM
 #3322

I'm sure the future of paper money will disappear, this is because paper money gives rise to many problems. an example is the counterfeiting of money, and the difficulty of controlling the circulation of paper money, the future is digital money.

mornabo
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April 27, 2017, 05:22:40 AM
 #3323

The future of paper money is still bright and shining just like in bitcoin but i think most of the people here think that bitcoin will replace the paper money which is i don't think will happen because there is a lot of problems for bitcoin to be a replacement for paper money like the approval of the government and being anonymous which the government didn't like about bitcoin.

Yes sure, Bitcoin can never replace paper money! But I have doubt if paper money has glorifying future because trend says its use getting decrease day by day whereas bitcoin is being increasingly used. So by percentage change we can say bitcoin doing better than paper money.
Bitcoin performs better than paper money does not mean bitcoin can easily replace paper money. I would say true that paper money its use has started to decline every year. Because people prefer shopping by credit card or debit card. They use it because it feels more simple and flexible than paper money

Paper money is one of the most preferred money in the world because cryptocurrencies are just getting started to be popular in different countries and it will take a lot of time for them to dominate or at least get accepted in most of the countries in the world. Cryptocurrencies is the next generation of money but this time is not the right time for them but soon it will be a boomin' market.
For now paper money is still needed for buying and selling activities or transactions Because the current technology is not too advanced. That's why paper money still exist But as the changing times use od paper money will be reduced. To be replaced by cryptocurrency or not. It will be difficult to guess

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April 27, 2017, 09:14:08 AM
 #3324

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.
Yes, I agree, our government always want to have a full control over our currency, either be it local or digital. That's why they are having a hard time accepting bitcoin because they can't control it because of its anonymity. They can't track the transaction so they will not find out who and where the money will go. I guess given the chance that the government can track transaction of bitcoin, I'm sure that they will impose tax even to our earned bitcoin.

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April 28, 2017, 04:53:05 AM
 #3325

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.
Yes, I agree, our government always want to have a full control over our currency, either be it local or digital. That's why they are having a hard time accepting bitcoin because they can't control it because of its anonymity. They can't track the transaction so they will not find out who and where the money will go. I guess given the chance that the government can track transaction of bitcoin, I'm sure that they will impose tax even to our earned bitcoin.
That is the job of the government. Of course government having its authority should impose its authority hence one of those is to put taxes. Though I still think they will recognize and legalize the Bitcoin like Russia who did a U-turn regarding this matter as they see Bitcoin as a solution to the crisis they have been facing. Also it has a good inside in this though like what I read a while ago that by this it will promote the risk of being scammed and serves as a anti-money laundering and also it will protect the freedom that we have today with Bitcoin.
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April 28, 2017, 06:10:01 AM
 #3326

Several months ago in my country, they banned the higher-denomination banknote, but not even they haven't achieved cover the demand of the new banknotes, even the ATMs need new configuration for these new banknotes, maybe adopt a cryptocurrency would be easier and cheaper. Because most transactions are made via POS.

You are from India and do you expect India to get corruption free? I mean your country is full of bunch of assholes who will even sell their mom and wife for the sake of money and you expect that bitcoin will replace paper money in your country?

India is not the unique country that has banned higher-denomination banknote, I'm from Venezuela but its the same case I don't think the government will change anything because they are very corrupt.
The government in my country is also corrupt, but I think all the decisions they make have been through good judgment so as not to endanger the country's economy. But I think the government should also be more brave to change their currency with the currency that has been used by several countries together, because the currency will be stronger because it is supported by more than one country. And the money must be minned not printed.
there is no government free from a corruption , you will always find one or two. but yes the problem are on how government too afraid to step forward take a risk for a better future , instead to keep following the main trends of using paper money or something similar like that.

technology actually always intended to make people live in this world easier, so do with bitcoin.

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April 28, 2017, 06:25:03 AM
 #3327

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.
Yes, I agree, our government always want to have a full control over our currency, either be it local or digital. That's why they are having a hard time accepting bitcoin because they can't control it because of its anonymity. They can't track the transaction so they will not find out who and where the money will go. I guess given the chance that the government can track transaction of bitcoin, I'm sure that they will impose tax even to our earned bitcoin.
but one day government have to accept and adopt bitcoin when their paper money will not have any more value due to large usage of digital currency.

govt is not accepting bitcoin because with paper money they can do corruption and collect black money very easily but bitcoin will not let them to continue corruption. 


 
 
 
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BillCoin
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April 28, 2017, 07:51:31 AM
 #3328

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.
Yes, I agree, our government always want to have a full control over our currency, either be it local or digital. That's why they are having a hard time accepting bitcoin because they can't control it because of its anonymity. They can't track the transaction so they will not find out who and where the money will go. I guess given the chance that the government can track transaction of bitcoin, I'm sure that they will impose tax even to our earned bitcoin.
but one day government have to accept and adopt bitcoin when their paper money will not have any more value due to large usage of digital currency.

govt is not accepting bitcoin because with paper money they can do corruption and collect black money very easily but bitcoin will not let them to continue corruption. 
I believe that if bitcoin is going to be accepted and in the future and is going to replace paper money, then we are going to have some kind of bitcoin paper money.
Bills that contain bitcoin is a must.
There are plenty of places without  access to the internet, means they won't be able to transfer bitcoins and the traditional way.

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April 28, 2017, 07:57:06 AM
 #3329

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.
Yes, I agree, our government always want to have a full control over our currency, either be it local or digital. That's why they are having a hard time accepting bitcoin because they can't control it because of its anonymity. They can't track the transaction so they will not find out who and where the money will go. I guess given the chance that the government can track transaction of bitcoin, I'm sure that they will impose tax even to our earned bitcoin.
but one day government have to accept and adopt bitcoin when their paper money will not have any more value due to large usage of digital currency.

govt is not accepting bitcoin because with paper money they can do corruption and collect black money very easily but bitcoin will not let them to continue corruption. 
I believe that if bitcoin is going to be accepted and in the future and is going to replace paper money, then we are going to have some kind of bitcoin paper money.
Bills that contain bitcoin is a must.
There are plenty of places without  access to the internet, means they won't be able to transfer bitcoins and the traditional way.

How did you guess that Fiat currency will only stay here for 10-20 more years? Where are you getting your statements? Because clearly there are no news, articles, or any developments of the government of thinking that they will replace the fiat currency. Not unless they want to be replace by the so called cryptocurrency (which is highly unlikely) Fiat Currency is here to stay it has been our common medium of exchange.

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April 28, 2017, 01:07:23 PM
 #3330

I cannot rule out the possibility of paper money to dissappear but it will take more than a century. Most digital currencies including Bitcoin are still in the middle stage and therefore cannot make paper money to dissappear so quickly.

You don't have to rely on Bitcoin to kill off paper money though. Digital fiat will be the end of paper currency long before bitcoin will. Digital fiat already dominated the US economy. Far more value is exchanged digitally than physically, perhaps even more absolute transactions as well.
i think currency bitcoin do not have the power to kill paper money, i think still paper money is the need of all the people of the world, even those people who are using bitcoin for online as well as for offline purposes, but may be in future when the uses of bitcoin will become so common that every person will start using bitcoin, then may be bitcoin overcome paper money and people stop using paper money at all.
Paper money is used in almost all the world. I have no doubt in saying that bitcoin can never overcome the paper money. We still have a long way to go, to see whether the bitcoin is to beat any other currency or not. The uses of paper money and bitcoin may be the same but there is a huge difference in the characteristics of both of them. A paper money is something which is used without any use of other technology, directly on the spot.
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April 28, 2017, 01:49:39 PM
 #3331

The future of paper money is still bright and shining just like in bitcoin but i think most of the people here think that bitcoin will replace the paper money which is i don't think will happen because there is a lot of problems for bitcoin to be a replacement for paper money like the approval of the government and being anonymous which the government didn't like about bitcoin.

Yes sure, Bitcoin can never replace paper money! But I have doubt if paper money has glorifying future because trend says its use getting decrease day by day whereas bitcoin is being increasingly used. So by percentage change we can say bitcoin doing better than paper money.
You're right paper money is increasingly rarely used. You can see people prefer to use digital money to shop in stores. It means the future of paper money will be bad
BillCoin
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April 28, 2017, 02:25:24 PM
 #3332

The future of paper money is still bright and shining just like in bitcoin but i think most of the people here think that bitcoin will replace the paper money which is i don't think will happen because there is a lot of problems for bitcoin to be a replacement for paper money like the approval of the government and being anonymous which the government didn't like about bitcoin.

Yes sure, Bitcoin can never replace paper money! But I have doubt if paper money has glorifying future because trend says its use getting decrease day by day whereas bitcoin is being increasingly used. So by percentage change we can say bitcoin doing better than paper money.
You're right paper money is increasingly rarely used. You can see people prefer to use digital money to shop in stores. It means the future of paper money will be bad

"Paper Money  is rarely used"-That made me laugh a bit, where did you take that info from?
Paper money is probably the most used payment method in the world,being used daily by almost every human on earth.
"People prefer to use digital money to shop in stores"- again, where did you get that info from?, 99.99% of the stores on earth doesn't even accept digital currencies.

You should review your message before posing it as it makes nonsense.

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April 28, 2017, 05:26:32 PM
 #3333

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.
Yes, I agree, our government always want to have a full control over our currency, either be it local or digital. That's why they are having a hard time accepting bitcoin because they can't control it because of its anonymity. They can't track the transaction so they will not find out who and where the money will go. I guess given the chance that the government can track transaction of bitcoin, I'm sure that they will impose tax even to our earned bitcoin.
That is the job of the government. Of course government having its authority should impose its authority hence one of those is to put taxes. Though I still think they will recognize and legalize the Bitcoin like Russia who did a U-turn regarding this matter as they see Bitcoin as a solution to the crisis they have been facing. Also it has a good inside in this though like what I read a while ago that by this it will promote the risk of being scammed and serves as a anti-money laundering and also it will protect the freedom that we have today with Bitcoin.

I'm really curious where you got this idea from or whom

Do you have any evidence to substantiate your claims? As far as I'm acquainted with the question, it is nowhere near to being "a solution to the crisis they have been facing". The Russian Ministry of Finance is just going to treat Bitcoin as a "financial product" starting next year but it is still no more than a proposal only as of yet. I don't think that could even remotely count as a solution to any economic crisis (but you may refer to something else, of course)

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April 28, 2017, 07:09:01 PM
 #3334

Who gets in the way of paper money?
I use them often and I have doubts that they will ever cease to exist. Bitcoin is not a competitor to them. This is a completely different system and it does not need to be compared with fiat.
Paper money will cease to exist. First, their production costs money, the second counterfeiting brings damage to the economy, in the third government does not control, and current trends lead to gain control over people. Be it bitcoin or the national currency is not important

Without telling the specific terms it is no more than empty verbiage

I could just as well claim that everything will cease to exist and now try to prove me wrong. Other than that, even if some stupid government bans cash from circulation today, people will just start using some foreign currency bills and coins tomorrow for cash payments and settling accounts between themselves. There is no point in forbidding something when you lack the power to enforce the ban. Moreover, it will be counterproductive since people will just start distrusting their government even more than usual
Your claim is related to the faith; it’s true so no need to comment on it. The other part is if the government bans cash circulation or something, it has also been tried in a form that the government decides to change the money bills and coins. It has been practiced several times in many countries.

Banning the cash transaction can only happen in the extreme situation and people will definitely find a way out to ease their lives.



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April 28, 2017, 07:24:28 PM
 #3335

Who gets in the way of paper money?
I use them often and I have doubts that they will ever cease to exist. Bitcoin is not a competitor to them. This is a completely different system and it does not need to be compared with fiat.
Paper money will cease to exist. First, their production costs money, the second counterfeiting brings damage to the economy, in the third government does not control, and current trends lead to gain control over people. Be it bitcoin or the national currency is not important

Without telling the specific terms it is no more than empty verbiage

I could just as well claim that everything will cease to exist and now try to prove me wrong. Other than that, even if some stupid government bans cash from circulation today, people will just start using some foreign currency bills and coins tomorrow for cash payments and settling accounts between themselves. There is no point in forbidding something when you lack the power to enforce the ban. Moreover, it will be counterproductive since people will just start distrusting their government even more than usual
Your claim is related to the faith; it’s true so no need to comment on it. The other part is if the government bans cash circulation or something, it has also been tried in a form that the government decides to change the money bills and coins. It has been practiced several times in many countries.

Banning the cash transaction can only happen in the extreme situation and people will definitely find a way out to ease their lives

But how are you going to implement this in real life?

The only route that I can think of is not about banning cash as such. It is about declaring bills of certain denominations as no longer valid and legit. In most extreme cases (as you say), a government may just announce that all denominations of cash money are null and void, though when this practice was actually followed in real life, the reasons for that had certainly been different from banning cash itself. Whatever they might be, the effect is essentially the same, i.e. people distrusting their national currency and converting their monetary savings and earnings into some foreign currency (most likely the US dollar)

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April 28, 2017, 07:39:21 PM
 #3336

digital money more safer than paper money... future is digital concept
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April 28, 2017, 08:36:53 PM
 #3337

I cannot rule out the possibility of paper money to dissappear but it will take more than a century. Most digital currencies including Bitcoin are still in the middle stage and therefore cannot make paper money to dissappear so quickly.

You don't have to rely on Bitcoin to kill off paper money though. Digital fiat will be the end of paper currency long before bitcoin will. Digital fiat already dominated the US economy. Far more value is exchanged digitally than physically, perhaps even more absolute transactions as well.

Some countries I think would or will replace their paper currency with the digital ones that is those countries who are wealthy but to those who are not might just retain their system as their access in this technological advance can't cope up with their living that is they need cellphones or what to connect to internet and proceed with the transactions. It is natural to think that Bitcoin will be the one to trigger the transformation of fiat to cryptocurrency as it is the leading digital coin and much more reputable and advantageous in many aspects which everyone would like but it may or may not be Bitcoin because the can just create a cryptocurrency to be used within the country in order to replace what they have now so the government can control it but not fully control it if you know what I mean so that they can put come taxes on it.
It is just an assumption or a hypothesis but being practical I don’t think anything like it is going to happen as we all k now the importance of the paper money and the complications connected to the digital currency. It may be possible that in some parts of a country people may prefer to use digital currency but the paper money is still going to be surviving long.


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April 29, 2017, 04:55:10 AM
 #3338

digital money more safer than paper money... future is digital concept
It's not only that we use because it is safe, what matters is to serve all the people and digital money is not for the poor. Paper money is very simple to use and there is no problem with using it, I guess it is also safe in the sense that your money is not vulnerable to hacks. Depends actually on your status in life, poor people has no interest with digital currency and paper money already gives convenience to them.



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April 29, 2017, 05:22:34 AM
 #3339

digital money more safer than paper money... future is digital concept
The digital money is not safe as of now because there is a lot of things to consider like the security which is very vulnerable for the professional hackers, so if you are planning to place your money in the internet to make it digital then you are risking yourself and you are prone to digital attacks that can lead to money loss.

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April 29, 2017, 07:21:08 AM
 #3340

digital money more safer than paper money... future is digital concept
The digital money is not safe as of now because there is a lot of things to consider like the security which is very vulnerable for the professional hackers, so if you are planning to place your money in the internet to make it digital then you are risking yourself and you are prone to digital attacks that can lead to money loss.
Right, I think digital money can not be more secure than paper money because digital money is easy to be hacked and stolen, every year I hear hackers attack and steal millions of digital money. The security of digital money is low, I never put too much faith and fortune into digital money, digital money is something very dangerous and using it in real life is very inconvenient. The future of digital money can grow but it is only added as a method of payment, paper money is still the most commonly used currency

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