The future of the paper money

[PrayForkts]

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?

Paper money will be banned entirely?  Maybe, but that will be in more than 30 years. And i don't think if it would work at all, i mean many people would be able to do the diary transactions with it. But poverty will only raise in numbers and maybe die because they couldn't afford food with this new tech.

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[Frost]

still, people all around the world have faith in paper money, they really feel comfortable to spend paper money by at large. if you count the number of people who are using plastic or electronic money then you can find a little portion of a number regarding this issue. so paper money is the best way to spend for a lot of people. that is why i think Paper money has a bright future.

Yes because basically people have long used paper money, so the future of the paper money will remain and will not be replaced by digtal money like bitcoin. Bitcoin is just an alternative to making payments or transacting online, but it is also possible, if bitcoin has a good future because we know that bitcoin has been legalized in some countries.

[whaawh]

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?

Paper money will be banned entirely?  Maybe, but that will be in more than 30 years. And i don't think if it would work at all, i mean many people would be able to do the diary transactions with it. But poverty will only raise in numbers and maybe die because they couldn't afford food with this new tech.

The fact is that I would not have so much to give up paper money so much. The fact is that Bitcoin and other crypto currency despite the increase in popularity in the world, still can not fully replace the real currency. For everyday life, Bitcoin is not very suitable for new people.

[Kronos21]

Why bitcoin can not replace paper money? Now the difference lies only in the fact that not everywhere can buy goods with bitcoins and we will have to exchange it for Fiat. If bitcoin is a desirable currency for sellers, we quickly forget about Fiat.

[Zenithar]

Bitcoin can be the future of the paper money but I think it will need a few decades more because the bitcoin progress is not that fast for the world will be able to adopt and now 2017 several countries are accepting bitcoin so I think after few decades it will be more popular.

I think that the future of bitcoin will be bright because of the good bitcoin potential with many interested users and potential users and start adopting bitcoin but it will not necessarily replace paper money in the future. I think paper money can still survive will not even disappear even though everything will be all digital

So true. Many experts speculate that the future of paper money will be replaced by digital money. But they do not mention bitcoin is what they mean.I think that bitcoin is what they mean

Ya correct so .Many said paper currency is replaced only by digital currency. Since bitcoin is the King of digital currency, for bitcoin their are lot of chances to replace the same.At first it will replace the dollar and then it will replace the entire paper currency. Then the world over transactions will only made with bitcoin.

to me i think paper money will continue for a long and its future is still safe, in fact still the users of bitcoin are not more thnan 2 percent therefore i do not think it can effect the paper money too much. but in far future when the usrs of bitcoin will increase and they will properly be educated about bitcoin then i am saure that they will start taking interest in bitcoin and therefore the use of paper money will decrease.

[batang_bitcoin]

paper money will die but goverment will create their own blockchain so they will not use bitcoin for sure and it should be PoS.

No, paper money will keep on existing as the government will gradually implement the digital money / crypto currency. I don't think they will set aside the idea of using and adopting bitcoin, they won't mind using many currencies for different transactions as long as it will generate profit and it has value for the taxation of them.

When the govern will decide that they will change the present paper money in to digital currency then they will make their own
digital currency and it's not going to be bitcoin. However, that progress will bring good effect to bitcoin's market because people will
be more educated on digital currency which bitcoin belongs as well.

Very possible that they are going to make their own currency but ask the society and the community if they are going to support it. There will be centralization if they are going to make their own. They can consider bitcoin for it when they started to upgrade the currency system which is still relying to paper money.

[CARrency]

Why bitcoin can not replace paper money? Now the difference lies only in the fact that not everywhere can buy goods with bitcoins and we will have to exchange it for Fiat. If bitcoin is a desirable currency for sellers, we quickly forget about Fiat.

You just think like that because you are too fed up by these forum and members. I own a small store that means I am a seller of goods, but I can't decide to accept bitcoin because it is unstable, so volatile digital currency. I can't let my profit go down with bitcoin.

[SMSabuj]

It is true that The popularity of paper money is decreasing day by day for online currency. One it rich on near about 0%. But in online currency has the biggest risk. So, We should aware of online security and learn about it. Otherwise, we will fall in great danger.

[AgonyPaid]

Why bitcoin can not replace paper money? Now the difference lies only in the fact that not everywhere can buy goods with bitcoins and we will have to exchange it for Fiat. If bitcoin is a desirable currency for sellers, we quickly forget about Fiat.

You just think like that because you are too fed up by these forum and members. I own a small store that means I am a seller of goods, but I can't decide to accept bitcoin because it is unstable, so volatile digital currency. I can't let my profit go down with bitcoin.

To solve such a problem, you must take bitcoin at a high price as a payment. But I'm sure that many buyers will not agree to this.
And paper money is always stable. That's why they will exist for a long time

[mando kandpal]

This can be the real deal. Paper money can lose someday or make it better for people to use. As technology is also growing there might be a different types of money that could be created for the purpose of trade,transactions n many more things

[Questat]

It is true that The popularity of paper money is decreasing day by day for online currency. One it rich on near about 0%. But in online currency has the biggest risk. So, We should aware of online security and learn about it. Otherwise, we will fall in great danger.

The popularity decreases but it will never gonna be eliminated in the circulation, still majority of people are still
getting the convenient of using paper money especially those places where development of technology is very late.

[wizardee]

I don't think that in a few decades at the latest, paper money will have a position in our society.
Since it is controlled by banks, mass printed by governments, it will probably decrease in value as there is just simply too much printed. This is probably where bitcoin or another major cryptocurrency will take its place.

[conected]

It is true that The popularity of paper money is decreasing day by day for online currency. One it rich on near about 0%. But in online currency has the biggest risk. So, We should aware of online security and learn about it. Otherwise, we will fall in great danger.

The popularity decreases but it will never gonna be eliminated in the circulation, still majority of people are still
getting the convenient of using paper money especially those places where development of technology is very late.

- Exactly, the popularity of paper money will decrease because in the future, countries around the world will move towards modernization, digital currency technology will develop. Paper money will still exist but the amount of paper money will be kept to a certain extent, and gradually will be eliminated over time, until one day the paper money will disappear and digital currency will replace it

[Pattart]

still, people all around the world have faith in paper money, they really feel comfortable to spend paper money by at large. if you count the number of people who are using plastic or electronic money then you can find a little portion of a number regarding this issue. so paper money is the best way to spend for a lot of people. that is why i think Paper money has a bright future.

For now it is most people in the world more comfortable to use paper money or cash for offline transactions or buy daily necessities but I'm sure someday because of the advancement of the times. Buying and trading using digital currency will be easier than paper money.

[jc89]

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?

If you mean banned entirely in a world wide scale, I don't think that will happen since not all country has the capability to cope with the technology of cryptos. And I guess there's no country who would opt for paperless transactions because in the first place, starting up a project to use online currencies in ALL of the transactions is a great cost, starting with the machines for every establishments. Will the paperless project work? I don't think so. And for the security issues, we know that everything in the internet can be hacked.

[barabut]

All state backed instruments that were created by them is the main argument for controlling the thing, to follow up the process. As Bank of England issued stated backed bitcoin mechanism is one part to be in the game and on the other controlling and monitoring. Credit cards are the same thing just a decade ago the credit cards issued to transfer the money flow over the instrument this was a change for monitoring it, then currently we have the cyripto funds let's say that can not be monitored but may be controlled we will see. If we come to the main point when the conversation started as there will be existing so many options alternative to the cash but all of them will be demanding now and in the future as well. So, paper money can not be banned even all authorities keep their mechanism to the cash money...

[StarofBTC]

In near future paper money cannot be disturbed by bitcoin, because mostly business are running through paper money and bitcoin is more recognized/legalized by the countries across the world that bitcoin may be considered a threat for paper money. After eras it may be happened that bitcoin effect on paper money, but all these views are just assumptions and imaginations.

[nightrider]

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?

Paper money will be banned entirely?  Maybe, but that will be in more than 30 years. And i don't think if it would work at all, i mean many people would be able to do the diary transactions with it. But poverty will only raise in numbers and maybe die because they couldn't afford food with this new tech.

Paper money is an indispensable currency in our present life, although it is gradually replacing it, but its dominance remains unchanged. In addition, the value of each country's paper money represents their economic power, so governments will not eliminate it.

[MaxRR]

Paper money has been being used for centuries, it can be replaced but it would take a lot of time for people to acostumbrate to it.
electronic money is in a way a little more safe, but it can be hacked or lost, and you lost all your money

[MMA]

In near future paper money cannot be disturbed by bitcoin, because mostly business are running through paper money and bitcoin is more recognized/legalized by the countries across the world that bitcoin may be considered a threat for paper money. After eras it may be happened that bitcoin effect on paper money, but all these views are just assumptions and imaginations.

although bitcoin is becoming popular and as time pass bitcoin becomes more popular but i think still it cannot effect the fiat currency, fiat currency will continue will be be effected by bitcoin. i think bitcoin and fiat currency will continue  side by side for a long time and in far far future when the users of bitcoin will cross 90% population then the use of fiat will decrease.