The future of the paper money

[Taskford]

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.

That's the way our government always wanted. Controlling things in their hands. Bitcoin is decentralized and if they want to make it centralized many will.protest and this is another problem. Paper money will stay the way it is and it should be.

[Ziskinberg]

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.

That's the way our government always wanted. Controlling things in their hands. Bitcoin is decentralized and if they want to make it centralized many will.protest and this is another problem. Paper money will stay the way it is and it should be.

No one can change the decentralized nature of bitcoin into a centralized one, it's impossible. The government build their bank to see the who financial industry and every business trust their money to the bank because it provides safety and insurance to their funds and bitcoin does not have that kind of features. It is purely a payment system use for online transaction with limited supply, it is just popular due to it's growing value as of this time.

[deisik]

I'm sure the future of paper money soon to dissapear, this is because paper money many disadvantages, the most important is paper money is easy to forge.

I disagree with you. Fiat money won’t disappear in the future. All of us might think that bitcoin is better than fiat money, but in real world, fiat money is more useful than bitcoin. Bitcoin is still a crypto currency and talking about bitcoin becoming a currency someday would take years. If we are going to use bitcoin to fulfill our wants and need, it still needs to be converted online. Fiat money is what we use for actual payment, in buying foods, medicines, necessities and etc.

Bitcoin might be of great use for transaction online but still we cannot use it to pay for buying one cheese burger.

Even though there is bitcoin now, fiat money would still be used in the future.

In a perfect world where people are using adopting to things that give them comfort, then bitcoin probably will prevail in just a couple of years. Unfortunately, we live on Earth where people choose to stick with the traditional way of things instead of looking for better options out there

I severely disagree with this approach

What is a perfect world and who is to judge its perfection? Basically, by assuming that people choose to stick to non-optimal options, you are not very far from telling them how to live their lives. You may think that there are better options out there, but how do you know that you are not delusional yourself? For example, later in your post you say that people want to sit in the office for 8 hours just to socialize with other folks. As to me, that's complete bullshit, since they could just as easily walk to Starbucks with their friends instead of sitting in the office and do their online job right there

[kpcian]

Future of paper money still doesn't look any negative impact, paper money has huge popularity across the countries and people, so they are feeling comfortable to use cash in their daily life. So the future of the paper money is not scared yet. But there are some factors which can make change the situation, such as security and availability, if these things are going well then there is worry about the future money...

[matuson]

Paper money have their irreplaceable position so they will long to live. Only the government is interested in switching to electronic payments. For example, I do not understand why when you pay in cash, the goods is cheaper than the transaction.

[NEWGOODOUBLE]

Paper money have their irreplaceable position so they will long to live. Only the government is interested in switching to electronic payments. For example, I do not understand why when you pay in cash, the goods is cheaper than the transaction.

Nope I think you'll find a cheaper price even with a discount if you pay it using a credit card. Because many banks are providing that facility. You can see it in many online stores in your country. Many of them provide good deals when paying by credit card.

[Seram1]

Paper money have their irreplaceable position so they will long to live. Only the government is interested in switching to electronic payments. For example, I do not understand why when you pay in cash, the goods is cheaper than the transaction.

Nope I think you'll find a cheaper price even with a discount if you pay it using a credit card. Because many banks are providing that facility. You can see it in many online stores in your country. Many of them provide good deals when paying by credit card.

Yes paying by credit card is definitely cheaper with easier transactions than on paper money.

But paper money can not be replaced because it is still needed when traveling holiday in some countries.

[EdenHazard]

Paper money have their irreplaceable position so they will long to live. Only the government is interested in switching to electronic payments. For example, I do not understand why when you pay in cash, the goods is cheaper than the transaction.

i don't exactly understand on what you said but if you mean when you pay used electronic money it is cheaper than when you pay in cash then as it is part of the promotion , marketing strategy you know to make a lot of people use and switch to electronic money .

paper money are indeed won't that easy erased from the world history.

[Pattart]

Paper money have their irreplaceable position so they will long to live. Only the government is interested in switching to electronic payments. For example, I do not understand why when you pay in cash, the goods is cheaper than the transaction.

I think it depends on where you buy the goods. If you buy goods in real life in supermarkets or the like of course cash will take precedence. But in many online stores it would be better if you pay them with a credit card or debit card

[chalkboard17]

Paper money have their irreplaceable position so they will long to live. Only the government is interested in switching to electronic payments. For example, I do not understand why when you pay in cash, the goods is cheaper than the transaction.

Since the technology is getting more and more advance, paper money will be replaced by something called electronic cash and soon their will be no one uses paper money. However, right now, paper money still have a plenty of time to be used and to be accepted by the rest of the world

[krisnt80]

If you think a bit the banks are the middle entity between we and countries, banks are already providing online services, soo in the next 10-20 years pretty sure each country will exchange the fiat to digital currencie, creating for sure their own crypto coin, being the only difference that the coin will be controlled by countries.

[malikusama]

Chances are low but if it will happen surely within few years paper money will be vanished. I can't exactly predict the time period how long it will take but surely it will take few years. State-backed currency means that government will have a full control on it and i don't think so it will work like bitcoin today. off course the security and privacy risks will raise.

[Fredomago]

If you think a bit the banks are the middle entity between we and countries, banks are already providing online services, soo in the next 10-20 years pretty sure each country will exchange the fiat to digital currencie, creating for sure their own crypto coin, being the only difference that the coin will be controlled by countries.

I also agree with that mate since they already seen he big potential using this crypto currency they will offer their own version of it i already heard some humored about jp morgans but still havent see if that really exist but anyhow things will happen for a reason and for thier own benefits.

[neon_colors01]

Hardly, fiat is too strong to get replaced.
We have been using it for centuries.

However, there is a possibility that it might get replaced if cryptocurs can prove its worth
It might still take several decades before it could happen.

But still i think, paper money won't lose its value.
It replaced gold back then but it's because
It's tangible
and people love to hold on something that have value and has physical form

Im sure cryptocur would still work its way up and work with fiats because it's easy to transact withbit.
I would still love to see paper money though.
They smell great !

[jayc89]

Chances are low but if it will happen surely within few years paper money will be vanished. I can't exactly predict the time period how long it will take but surely it will take few years. State-backed currency means that government will have a full control on it and i don't think so it will work like bitcoin today. off course the security and privacy risks will raise.

Even if paper money went to the shredder the people that use Bitcoin or any other digital currency will have a controlling entity that won’t allow them to do whatever it is that they want to do. I would try to hold a little bit of both assets just in case something were to happen.

[Fappanu]

Hardly, fiat is too strong to get replaced.
We have been using it for centuries.

However, there is a possibility that it might get replaced if cryptocurs can prove its worth
It might still take several decades before it could happen.

But still i think, paper money won't lose its value.
It replaced gold back then but it's because
It's tangible
and people love to hold on something that have value and has physical form

Im sure cryptocur would still work its way up and work with fiats because it's easy to transact withbit.
I would still love to see paper money though.
They smell great !

Just wanna add to that.
If they will remove the paper money and we will use the digital currency it will be a confusion in some countries and its people.
It will take many years to happen. Digital currency will also be use by some scammers and hackers, they will hack or manipulate the system like they did in credit cards and lately in debit cards. Too much using technology can always be harmful to our society.

[Boov]

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?

For 1st world countries it is possible and it may happen in number of years. But I guess it would take a really long time. Paper money system were developed and strengthened over decades or should I say centuries and it wouldn't be easily replaced.  Also, bitcoin and altcoin is still starting and it is subjected to many limitations and risks. One of which is that countries who are not very advance in technology would find it hard to adopt such money system. So I guess, paper money would still exist for a very long time.

[Himanshu111]

I don't think that paper currency is facing any competetion from Bitcoin as Bitcoin is very volatile commodity and its not as stable as paper money. Moreover transaction in Bitcoin charge high transaction fee which makes small transaction in Bitcoin impossible.

[arseaboy]

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?

For 1st world countries it is possible and it may happen in number of years. But I guess it would take a really long time. Paper money system were developed and strengthened over decades or should I say centuries and it wouldn't be easily replaced.  Also, bitcoin and altcoin is still starting and it is subjected to many limitations and risks. One of which is that countries who are not very advance in technology would find it hard to adopt such money system. So I guess, paper money would still exist for a very long time.

For now it would be very impossible to replace paper money. If we're going to replace it we need to make sure that every people in the world are already familiar with digital currency even the people who doesn't have much technology when it comes to internet. It sould really take years before they can replace paper money but for now it's really not that simple to do.

[mastadonballs]

I think with this rate of e-currencies' grown, Real cash is going to disappear but not that soon, I think it must be in next 10 - 20 years or even 50 years later