The future of the paper money

[Shutup]

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
 

When bitcoin is promoted to all nations bitcoin will be the currency to all fthe world.If all people used bitcoin paper money  will be no more because digital money is more easier to use in any kind of electronics transactions.I think so its more convinient to use it at all times.

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[ilovefeetsmell]

Paper money being banned entirely will be impossible,then if it will happen im pretty sure by that time government will be out also.Even if bitcoins will gain more popularity and praises from users and people in future paper money will never be gone ,

Government has an important role to disseminate peace in our society so it can't be removed from one country.

This is only unless if the monetary system of the world will not change or when the government does not create a altcoin like etherium to be like a digital cash. Imagine if they announced something like " We are going to turn dollar to digital cash and any form of digital cash except dollars in the USA will be prohibited or something like that. To do that they will feed people lots of wrong information about bitcoin and then they will poison the mind and hearts of every people and then some countries will follow that step " every country is turning their money into digital cash and then bitcoin will reduced its market cap and its price will go down.
But I guess that's unlikely to happen because bitcoin is the leading pioneer in these state and before they are going to turn their money into digital cash I think everyone will know about bitcoin and they will fight for their wants to make this digital cash as a reserve or as a digital currency not mentioning that some well known countries are open in regulating BTC. Im seeing bitcoins price in a 5000 dollars mard this year.

I'm seeing also bitcoin will reach 5000$ before the year ended.

That I already give Bitcoin a price so high, but I will consider it in bitcoin as a means of payment, And as a commodity, thanks to which I can earn or invest my finances. Therefore Bitcoin I will never perceive as a substitute for paper money.

It isn't lead to replace a new currency like bitcoin, paper money is always a paper money. It's part of our economy and society.

[millgates]

In my own opinion it is posible that paper money will be replaced by digital currency. This is due to the increasing level of our technology. And one day all the countries in the world will be implementing the cash less society.

Paper money must replaced by bitcoin because bitcoin is better than it. Bitcoin qualifies as money because it is durable, rare, divisible, and  recognizable ( all of these are better than paper money). The fast world wide transaction is very good features of bitcoin.

[Sled]

In my own opinion it is posible that paper money will be replaced by digital currency. This is due to the increasing level of our technology. And one day all the countries in the world will be implementing the cash less society.

Paper money must replaced by bitcoin because bitcoin is better than it. Bitcoin qualifies as money because it is durable, rare, divisible, and  recognizable ( all of these are better than paper money). The fast world wide transaction is very good features of bitcoin.

If the paper money will be replaced by bitcoin then a lot of conflicts will occur like the rate of income of a country. Bitcoin only have limited supply and i think that in the few years, it will be hard for bitcoin to sustain all the demand of the people who want to buy it so what more if we are going to make it as a replacement for the paper money that we have right now.

[Doamader]

I doubt paper money will be able to survive more then 50 years from now, we are already into the digital era, where you can do almost anything at your computer as well your phone. Before paper money we had gold and silver transactions and i doubt someone had thinked those would be over, and replaced by paper, each time evolution removes and improves soo i do expect the digital future, and crypto had boosted a lot those.

[stolendata]

Paper money will stay forever.
Why? Because its easier to make than coins.

Paper money is still there because bitcoin is made due to the needs in the digital world. Many of us is thinking what comes tomorrow because they are afraid that everything will be replaced by technology. However I'm still believe that paper money will last forever.

in fact bitcoin is still not too much introduce throughout the world to be use for everything. therefore I think the importance of fiat currency is still there and I think it will continue for a long time because I  am sure that it will take decades when all the people of the world will start using bitcoin for shopping and for everyting just like fiat currency.

[winterland]

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 is slowly disappearing but I think it is natural, gold was used for a long time as money and now that is not the case, then fiat in the form of paper money appeared and replace it then electronic transfers appeared and now bitcoin, so I think this is just technological progression.

[stergium]

In my own opinion it is posible that paper money will be replaced by digital currency. This is due to the increasing level of our technology. And one day all the countries in the world will be implementing the cash less society.

Paper money must replaced by bitcoin because bitcoin is better than it. Bitcoin qualifies as money because it is durable, rare, divisible, and  recognizable ( all of these are better than paper money). The fast world wide transaction is very good features of bitcoin.

but i do not think that it will possible so soon i think that it will take a lot of time when the users of bitcoin will increase too much. actually in current time the users of bitcoin are very low. may be lower than 1% of the total population of the world. therefore it will take more than half century when bitcoin will become too much common to be use by all the people of the world.

[Viscore]

In my own opinion it is posible that paper money will be replaced by digital currency. This is due to the increasing level of our technology. And one day all the countries in the world will be implementing the cash less society.

Paper money must replaced by bitcoin because bitcoin is better than it. Bitcoin qualifies as money because it is durable, rare, divisible, and  recognizable ( all of these are better than paper money). The fast world wide transaction is very good features of bitcoin.

but i do not think that it will possible so soon i think that it will take a lot of time when the users of bitcoin will increase too much. actually in current time the users of bitcoin are very low. may be lower than 1% of the total population of the world. therefore it will take more than half century when bitcoin will become too much common to be use by all the people of the world.

Depending on the progress actually and I think the price movement would prove that there is a good progress.
We just continue to support and we shall see in the future that people will be adopting but don't expect too much as that would not happen.
It's enough to compete with some payment system but not with legal currency such as dollar.

[garmerys]

I doubt paper money will be able to survive more then 50 years from now, we are already into the digital era, where you can do almost anything at your computer as well your phone. Before paper money we had gold and silver transactions and i doubt someone had thinked those would be over, and replaced by paper, each time evolution removes and improves soo i do expect the digital future, and crypto had boosted a lot those.

I don’t think so there is any need of replacing fiat with bitcoins. Both are doing their jobs perfectly. Why people are comparing both of them? Why can’t they use both simultaneously to enjoy the perks of both? Bitcoins in the near future are going to become just an investment and many people are already not using them for trading.

[Batmain]

I think that the paper money will last forever.
It is the easiest way to do transactions. Because Cryptocurrencies is so complicated and need a lot of resources ( internet and ... ).
But the paper money is more simple.

They say that nothing last forever.
Haha just an expression. Well fiat have been on generations for a very long time and of course it is hard to replaced because governments and banks are supporting it at 100%.
But as time passes by the technology and the world have change. The interconnections of network called the internet making the world in a much smaller scale and making transactions that can travel across the world became a necessity.
Fiat in the other hand is good when making microtransactions but not good enough because we have no freedom and we have no standard value when we are using it on other countries, so cryptocurrencies like Bitcoin have been created to compensate on this problem.
When we all have an internet connection and devices such as smartphone in the near future, cryptocurrencies will become a better (exponentially better ) than fiat.

[Kasabus]

I doubt paper money will be able to survive more then 50 years from now, we are already into the digital era, where you can do almost anything at your computer as well your phone. Before paper money we had gold and silver transactions and i doubt someone had thinked those would be over, and replaced by paper, each time evolution removes and improves soo i do expect the digital future, and crypto had boosted a lot those.

I don’t think so there is any need of replacing fiat with bitcoins. Both are doing their jobs perfectly. Why people are comparing both of them? Why can’t they use both simultaneously to enjoy the perks of both? Bitcoins in the near future are going to become just an investment and many people are already not using them for trading.

Exactly, they make each other very useful and bitcoin is just a support to fiat to make a transaction that is cheap and faster.
Bitcoin might vanish but fiat will always stay, that would be the best answer if we want to know which is stronger.

[tam31]

I think that paper money will go away. Many people are using today their credit cards instead paper money, and now bitcoin has arrived. We have now online money.

[wilwxk]

I think the paper money will alive, but with our technologies development, there will have some places where the digital money will be easy than the paper money, and o cant imagine a world without paper money.

[Lancusters]

I think the paper money will alive, but with our technologies development, there will have some places where the digital money will be easy than the paper money, and o cant imagine a world without paper money.

The fact that you can't refuse old habits does not mean that paper money have a right to exist. Even the natives in Africa use mobile phones and electronic wallets in them. I saw it with my own eyes. Paper money is a relic of the past and they will disappear.

[saffira]

I dont think paper money will totally disappear. Its the most reliable currency. Digital currencies are known today however, I dont believe that everyone can totally relate. Those old people who used to be with paper money cant use this digital ones. It will take time to inform all people about this.

[VPoro]

The world dont need paper money more. But still need time before blockchain time

[wilwxk]

I think the paper money will alive, but with our technologies development, there will have some places where the digital money will be easy than the paper money, and o cant imagine a world without paper money.

The fact that you can't refuse old habits does not mean that paper money have a right to exist. Even the natives in Africa use mobile phones and electronic wallets in them. I saw it with my own eyes. Paper money is a relic of the past and they will disappear.

Yes, but while there is people accepting paper money and using this to buy or sell things, the paper money still alives, but its a fact the digital money ( with blockchain or not ), will pass the paper money.

[Dontme]

I remember the old topic here in the forum about the "Cashless Society" there is big possibilities that we almost enter that society now. In the social media almost crypto currency are what they advertising. Their are many people now are already familiar about crypto's and already know about it. I really do believe that we are now entering the crypto world where all things can really buy through digital money especially bitcoin. The future of paper money will soon be revealed, I'm sure that it will not last for longer more. Cash will replace soon.

[futile-resistance]

I remember the old topic here in the forum about the "Cashless Society" there is big possibilities that we almost enter that society now. In the social media almost crypto currency are what they advertising. Their are many people now are already familiar about crypto's and already know about it. I really do believe that we are now entering the crypto world where all things can really buy through digital money especially bitcoin. The future of paper money will soon be revealed, I'm sure that it will not last for longer more. Cash will replace soon.

Be realistic man. Crypto currencies are damn popular among those who are in any way related to technology but those who are not much into gadgets, latest inventions etc they won’t ever be ready to cashless. Crypto market is going to flourish much more in the coming years but you just can’t expect t to replace fiat forever.