The future of the paper money

[Nerman]

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 the first questions i do not think that paper money will be banned since people in general would like to touch and feel their money.

 For the second question
I think this will not happen but surely digital currency will be more popular.

That is the one of the reason why Bitcoin is popular compared to other coins since it is self regulating and for mw unhackable.

They will interact online like what we do now with our coins.

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[Haldor]

you can't imagine the world without paper money, it is impossible to ban paper money for ever. do you know how many people are using plastic money and card?
I think this number is very small in comparison to the whole population. and virtual currency also being used by the small number of people. most of the people are feeling comfortable to keep or use paper money still now. regarding paper money, only security is the problem in order to carry out, but for me, still, there is nothing to be a replacement for paper money. so it will last for ever.

Most money now is in electronic form than in cash form about 7% of all the money of the world is in the form of cash the rest are just a bunch of numbers on the databases of banks and governments so I think we are closer to the elimination of cash as a form of money than what you imagine.

The form of money is slowly evolving and it is from being a physical cash to a virtual cash like paypal or mobile wallet and i think that in the near future we can see bitcoins or other form of cryptocurrencies that are being used in different transactions like paying things up and get different services with just the use of cryptocurrency.

This is why bitcoin has such a bright future, bitcoin does not need to create the demand for online payments the demand is already there many people in the first world already know how to send payments online so the only thing bitcoin needs to do is to convince people to use it.

One might believe that bitcoin will have a strong future, this is normal, but when you say paper money will be replaced by bitcoin, this is just not meaningful. Paper money will survive till the end of the world.

I believe that fiat currency will last forever but paper money will be replaced by digital currency issued by governments. This is the future.

[Text]

I don't think so that paper money will be replaced by digital currency. Paper money is use in daily transactions offline and digital currency is for online of course so they have their own different functions. We know that cryptocurrency is not yet fully accepted in some countries so they don't have any other choices but to stick and still choose the usual and common way.

[untugede]

you can't imagine the world without paper money, it is impossible to ban paper money for ever. do you know how many people are using plastic money and card?
I think this number is very small in comparison to the whole population. and virtual currency also being used by the small number of people. most of the people are feeling comfortable to keep or use paper money still now. regarding paper money, only security is the problem in order to carry out, but for me, still, there is nothing to be a replacement for paper money. so it will last for ever.

Most money now is in electronic form than in cash form about 7% of all the money of the world is in the form of cash the rest are just a bunch of numbers on the databases of banks and governments so I think we are closer to the elimination of cash as a form of money than what you imagine.

The form of money is slowly evolving and it is from being a physical cash to a virtual cash like paypal or mobile wallet and i think that in the near future we can see bitcoins or other form of cryptocurrencies that are being used in different transactions like paying things up and get different services with just the use of cryptocurrency.

This is why bitcoin has such a bright future, bitcoin does not need to create the demand for online payments the demand is already there many people in the first world already know how to send payments online so the only thing bitcoin needs to do is to convince people to use it.

One might believe that bitcoin will have a strong future, this is normal, but when you say paper money will be replaced by bitcoin, this is just not meaningful. Paper money will survive till the end of the world.

I believe that fiat currency will last forever but paper money will be replaced by digital currency issued by governments. This is the future.

this certainly becomes a long future and will be ready to hit the world market now.
and bitcoin are getting known a lot nowadays and even yesterday when there was a worldwide computer network incident in the hack.
the ransom must be with bitcoin and of course the hacker understands how bitcoin is greatly developed.

[Biggapp]

I think for a very long time will be in use this paper money. But the process of cryptocurrencies is already gone, so on par with paper, there will be such money.

No doubt the future of the paper money is connected to the future of the bitcoin. Bitcoin currency is the most preferred currency in the present society because now the crypto currency is getting very popular in almost every country. It will not take much time now to take the place of the paper money for the bitcoin because now we can buy the things we need and can invest it but it will take a little time to use bitcoin as the legal currency in our country but soon it will happen.

[Pumapipa]

I think that the future of paper money will be in a steady state. Yes, bitcoin is a fast rising currency along with other cryptocurrencies. Sure thing that for everything there is always a threat. Imagine this, acquiring paper money kinda has the risk of it getting stolen or hacked in a bank through skimming devices. While cryptocurrencies such as bitcoin, can be hacked online through a bug in a system or malware infection. The only advice that i can see right now is to enhance the security features of electronic money platforms.

[Carlsen]

I think it depends very much on the country somebody lives in.
There are already thoughts of some central banks to remove all phisical money.
And when you look at Sweden for example, they are already on that road. They even collect the money in the churches in a digital form.
In twenty or thirty years, I think we will see some countries where shops won't accept cash anymore.

[Joriecoinbit]

I don't think so that paper money will be replaced by digital currency. Paper money is use in daily transactions offline and digital currency is for online of course so they have their own different functions. We know that cryptocurrency is not yet fully accepted in some countries so they don't have any other choices but to stick and still choose the usual and common way.

Yeah, bitcoin can't replace paper money, no one can replace paper money. Majority of the people still prefer fiat over digital currency. Bitcoin needs internet in order to transact. How about those who can't afford to have internet connection or buy a gadgets?They can't use bitcoin in their daily lives. Bitcoin will still be there and so with the paper money. Nonetheless, it's up to us which do we prefer.

[jekjekman]

I don't think so that paper money will be replaced by digital currency. Paper money is use in daily transactions offline and digital currency is for online of course so they have their own different functions. We know that cryptocurrency is not yet fully accepted in some countries so they don't have any other choices but to stick and still choose the usual and common way.

Yeah, bitcoin can't replace paper money, no one can replace paper money. Majority of the people still prefer fiat over digital currency. Bitcoin needs internet in order to transact. How about those who can't afford to have internet connection or buy a gadgets?They can't use bitcoin in their daily lives. Bitcoin will still be there and so with the paper money. Nonetheless, it's up to us which do we prefer.

I am agreeing with your statements because these are so true and I just like to add up that paper money/fiat money of each country in the world is their identity as a country or nation because its symbolizes the growth of economy of each one of them besides the value that in it. We also all know that the faces of heroes and some other wonders of our own countries are printed in our own Fiat money that reflects our culture.

Bitcoin has been created not to destroy or kill the paper money even though some other people think that way. It is a digital currency that offers a faster, cheaper rates and most importantly the market cap. of it is funded by a $ which is a paper/fiat money.

[wumBowo]

I don't think so that paper money will be replaced by digital currency. Paper money is use in daily transactions offline and digital currency is for online of course so they have their own different functions. We know that cryptocurrency is not yet fully accepted in some countries so they don't have any other choices but to stick and still choose the usual and common way.

Yeah, bitcoin can't replace paper money, no one can replace paper money. Majority of the people still prefer fiat over digital currency. Bitcoin needs internet in order to transact. How about those who can't afford to have internet connection or buy a gadgets?They can't use bitcoin in their daily lives. Bitcoin will still be there and so with the paper money. Nonetheless, it's up to us which do we prefer.

do you think a paper money before was one-time adapt globally and accepted on it's first time appear ? there's many phases for the paper money to growth and so is digital currency. Don't you think people in the developed countries are tend to use credit/debit cards frequently on their transactions rather than their own physical paper money ? this is one of the phases for digital currency to being adapted in the future.

[Musia]

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?

I believe that in the future paper money will also exist as a digital currency. Nothing will change with time, the government will be easier to control paper money and they can limit digital or even prohibit something.

[kidsuzudn]

Paper money will not be banned from the currency, even with their disadvantage with crypto currency but there're still the most currency are using in the world for now. I guess paper money will be changed by digital money but it's a long road to reach, can take even 50-100 years when the habits of spending by using paper money of people are changing by using QR code.

[prtty2gal2]

I don't see bitcoin turning in something you can hold in your hand. Because it's like a internet thing. I think in the future there will be no more paper or coins. Probably just creditcards and online payment.

I think that paper money will not disappear because it has its own important which we cannot deny. The competent investors are predicting that there will be the monopoly of bitcoins in the coming years although it will affect the quantity of paper money but people will definitely use bitcoin in online shopping like buying, selling, paying bills etc. so I conclude as the paper will not lose its existence.

[50ouncebrew]

The future of paper money is looking bleak. It has properties synonymous with shit, actually shit is more valuable because you can use it as fertilizer to grow plants. Bitcoin is actually an example of sound money, so it's better than gold and yes shit money.

[Yarskdave]

Well to me paper money has no function outside it central bank, in that cause the future of paper money is dark and it can go into enstinction some years to come and it functions been transferred to bitcoin and other cryptocurrencies, cause of their nature as in been decentralized.

[AnnaRasskazova]

I think the future they have, but certainly not for long years 10 somewhere like that. So, how soon everyone will switch to e-money and cards.

[mkhadazz]

Because government will also adopt system digitalization in financial world. Once card system is implemented and has many users, it still doesn't meet the needs of modern people who have high mobility. However, doesn't mean paper money will be banned, they always exist as a form of real currency.

[Protected101]

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

Yes paper money would last forever because the first money that we have.it is also our currency that can we used to buy other things.but there is also an important thing about coins its can helps us because it is digital currency that we can used in electronic system.

[mozillaspez]

Well to me paper money has no function outside it central bank, in that cause the future of paper money is dark and it can go into enstinction some years to come and it functions been transferred to bitcoin and other cryptocurrencies, cause of their nature as in been decentralized.

this statement is quite true that the normal paper currency is not too effective in these days because they are useless in central bank and now the status is taken by the crypto currency and especially by bit coins so the future of the paper currency is dark and soon we will see that bitcoins will rule over the world

[devil jin]

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.

Maybe true, but nowadays governments are starting to review bitcoin and discovering its future contribution to each country for a governments has a strong why not to stop it and I rhink it may help paper money to raise it value as well since bitcoin may help economic status of each country.