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Author Topic: The future of the paper money  (Read 416057 times)
wumBowo
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September 23, 2017, 03:25:03 AM
 #4261

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.

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Musia
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September 23, 2017, 03:34:49 AM
 #4262

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.

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kidsuzudn
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September 23, 2017, 03:55:30 AM
 #4263

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
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September 23, 2017, 10:24:47 AM
 #4264

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
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September 23, 2017, 01:01:43 PM
 #4265

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.



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Yarskdave
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September 23, 2017, 01:09:17 PM
 #4266

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
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September 23, 2017, 03:00:11 PM
 #4267


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
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September 23, 2017, 04:31:47 PM
 #4268

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
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September 24, 2017, 04:35:45 AM
 #4269

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
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September 24, 2017, 03:12:35 PM
 #4270

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
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September 24, 2017, 03:53:07 PM
 #4271

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.

gekon
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September 24, 2017, 03:54:40 PM
 #4272

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.
If the speed of using Bitcoin is spreading out like this. 50 years more , paper money will disappear.
micher143
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September 24, 2017, 04:15:58 PM
 #4273

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.
There are various system in terms of governemnt. So there are still possibilities for paper money to get involved in the bitcoin system. Because as a crypto-currency that deal with transactions it also needs a basis of value which is the dollar to it to have value for investments and trading. So it would be a good thing for both Bitcoin and the fiat if it become the time where it would help each other to experience development and growth.
whaawh
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September 24, 2017, 04:39:55 PM
 #4274

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.
There are various system in terms of governemnt. So there are still possibilities for paper money to get involved in the bitcoin system. Because as a crypto-currency that deal with transactions it also needs a basis of value which is the dollar to it to have value for investments and trading. So it would be a good thing for both Bitcoin and the fiat if it become the time where it would help each other to experience development and growth.
It seems to me that Bitcoin is definitely doomed to keeping users and investing in it. We have already made sure that Bitcoin is very good investment today and thanks to this, the popularity of crypto currency is growing. On Fiat will remain as always a means of payment and I think that many people agree that it is better to take a piece of paper and pay for your goods than wait for the financial transaction to take place.
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September 24, 2017, 05:03:12 PM
 #4275


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.

Very likely that's what going to happen, most of the transactions will be that way. This is happening already so there's no reason that paper money will be staying. And look on how many people wanted to depend on this type of e-money transactions because it's very fast to have the cashless way. I preferable still to use paper money so that we can have other choice when we are trying to purchase some goods.

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September 24, 2017, 05:28:51 PM
 #4276


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.

Very likely that's what going to happen, most of the transactions will be that way. This is happening already so there's no reason that paper money will be staying. And look on how many people wanted to depend on this type of e-money transactions because it's very fast to have the cashless way. I preferable still to use paper money so that we can have other choice when we are trying to purchase some goods.
This is only for a matter of time that you are preferring paper money instead of e-money or cards. Once the government masters the blockchain technology then there would be only blockchain based currency in every country where everyone will be using their smartphones to pay for coffee or to buy movie tickets. Even there was a news a while ago that Russia is thinking of implementing blockchain technology based currency in the country and also that some of the Indian banks are using blockchain technology to keep track of intra Bank transactions.
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September 24, 2017, 05:40:13 PM
 #4277

The future of paper money is looking bleak as it continues to fail on the centralized system it runs on. Bitcoin is decentralized and open source and voluntary therefore it is on it's way to replacing the dollar.
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September 24, 2017, 05:42:57 PM
 #4278

The future of paper money is looking bleak as it continues to fail on the centralized system it runs on. Bitcoin is decentralized and open source and voluntary therefore it is on it's way to replacing the dollar.

Bitcoin and fiat are different currency so it won't affect each other except if government start to make regulation about bitcoin.
My country still forbid bitcoin so the chance to get legalize still small so fiat still be the lead and still popular rather than bitcoin


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September 24, 2017, 10:15:05 PM
 #4279


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.

Very likely that's what going to happen, most of the transactions will be that way. This is happening already so there's no reason that paper money will be staying. And look on how many people wanted to depend on this type of e-money transactions because it's very fast to have the cashless way. I preferable still to use paper money so that we can have other choice when we are trying to purchase some goods.
This is only for a matter of time that you are preferring paper money instead of e-money or cards. Once the government masters the blockchain technology then there would be only blockchain based currency in every country where everyone will be using their smartphones to pay for coffee or to buy movie tickets. Even there was a news a while ago that Russia is thinking of implementing blockchain technology based currency in the country and also that some of the Indian banks are using blockchain technology to keep track of intra Bank transactions.

I'm also hearing and reading news about big tech companies are starting to get into blockchain technology and if that happens for sure there will be a lot of changes in terms financing. I also watched a lot of videos that about scanning qr codes and they are already paid. In China there is a store that doesn't receive cash, instead it is receiving alipay which is their very own payment method from alibaba.

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September 24, 2017, 10:31:46 PM
 #4280

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 do not thinknthat paper money will be banned, instead they will not be used anymore or it will be phased out in our society. Bitcoins are the one who will replace that thing, or when the government knows how to work with the blockchains maybe they will create their own cryptocurrency in their own country. Because it is more convenient than paper money. We will now pay our bills using our phones by scanning codes. And that will be less hassle on bringing some cash or credit cards because phone are always in your hands and so does your money.
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