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Author Topic: The future of the paper money  (Read 414607 times)
BitcoinMuscle
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October 10, 2017, 04:27:52 PM
 #4421

because digital currency is decentralized, the government can get their hands controlling it which makes them quite useless while paper money are easy to track, totally backed by the government so they can do what they want with it: printing, holding, tracking,... If the government decides to incorporate with digital currency, there will be nothing good as they will try to alter it and control it. Furthermore, they still don't really love bitcoin so why the hell do they want to create one and use it? So paper money are still going to be the trend for a while
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October 10, 2017, 04:30:03 PM
 #4422

a few years ago very few people believed that bitcoin would last long, and what we see now?
in the present days bitcoin is not a competitor or a substitute for fiat, but who knows what will happen tomorrow
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October 10, 2017, 04:39:09 PM
 #4423

I think that paper money will exist in the future. Digital currencies do not give such a feeling of real money, but provide an opportunity to make good money and quickly make a payment.

It is even existing up until now, there's no way that paper money will be gone in the scene. Everyone sees it different because of modern technology and there will be a cashless society. No idea if we are now in that situation of transactions will be instant and there's no need for paper money. But it will be just another option for our money as we can still use the old but gold paper money.

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October 10, 2017, 04:40:51 PM
 #4424

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 thought bitcoin is made so that no banks will be able to manipulate it especially the government?, I think it would be very risky when it comes to the security and privacy of the users. Now on paper money going to digital currency, I say, it is gonna be a long process, banks would just throw loads of legal matters just to keep them on the market.

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October 10, 2017, 05:06:19 PM
 #4425

I personally don't think paper money will completely disappear any time in the near future. It is true that electronic transactions have become more and more common over the last few decades and I see no reason why this trend will not continue. We may even get to the point where paper money transactions become incredibly rare. At that point, the tables could turn and what we now consider paper money may actually act as the backing to our electronic currency, the way the gold standard once backed paper money.

With electronic money there is question of privacy security and many people don't believe in electronic money they still prefer physical money and this will prevail in the future too.
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October 10, 2017, 05:18:50 PM
 #4426

I don't think paper money will be banned or replaced completely.
Even in the current time where debitcards and creditcards are used worldwide still paper money has a significant use particularly in physical transactions, I think it would still maintain presence even if bitcoin or other internet-based methods go mainstream.
A lot of people that is still using paper money in the future because they dont trust Bitcoin or they dont even know how Bitcoin works.
Bitcoin will be of course more used later in the future and we all also know that it will be more acceptable later, but that wont replace the paper money.
Anything is possible in the future but i personally think that paper money cannot be replaced by any cryptocurrency in the near future.It is fully legal unlike the cryptos which are still illegal in many nations.Most of the common people don't know about the digital expansion and cryptocurrencies and the only medium they have is the paper money.It is used in day to day transactions and cannot be surpassed.
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October 10, 2017, 05:22:24 PM
 #4427

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?

It will take a long time for us to ban the use of paper money altogether. When the world runs out of resources to produce them and when the world needs a new kind of money, better than paper money, high security, stealing, dex management, easy to trade, pay, use across. bridge. And that is the digital currency. We only need internet connection and we can trade globally





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Smokey Bob
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October 10, 2017, 07:24:28 PM
 #4428

My view on paper money is that it is not at all necessary in developed countries. As long as there is a sort of backup for when systems are offline, or in remote areas, there should be no problem using digital currency all over.

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October 10, 2017, 07:35:00 PM
 #4429

Paper money will continue to be used for several decades. And it's difficult to be replaced by cryptocurrency. Although now many people who use credit or debitcard. Doesn't mean paper money will be dissapear.
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October 10, 2017, 09:22:01 PM
 #4430

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?


My vision in the future that paper money doesnt dissapper and continue used in the bank,but bitcoin will be regulated
by the goverment and it can be used also like fiat money,to serve more and  help the progress of the economy of  the every country. They both used bitcoin and fiat money and those of them serve in one purpose  to help the industy of the nation.

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October 11, 2017, 01:53:05 AM
 #4431

I am 100% sure that crypto will never displace paper money! It will change the economy and probably we will have "crypto" dollar, but it will still be supported by real one..
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October 11, 2017, 02:21:23 AM
 #4432

I think that's impossible right now, government don't wanna deal with BTC for they can't control it. Some may adopt to the BTC but for sure paper money will continue for few more decades.

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October 11, 2017, 02:27:54 AM
 #4433

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?

It will take a long time for us to ban the use of paper money altogether. When the world runs out of resources to produce them and when the world needs a new kind of money, better than paper money, high security, stealing, dex management, easy to trade, pay, use across. bridge. And that is the digital currency. We only need internet connection and we can trade globally
Even after long time paper money won't go out of usage. It's all about the innovation happening with time, and maybe in the future depending on the requirement to the growing population things might be digitalized, but for the same reason paper money won't be left. Paper money can be used by anyone, whereas bitcoin and other digital currencies were not likewise.

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October 11, 2017, 04:15:17 AM
 #4434

I think that's impossible right now, government don't wanna deal with BTC for they can't control it. Some may adopt to the BTC but for sure paper money will continue for few more decades.
Paper money will dominate, bitcoin is just a alternative money where you can use if you want a faster transaction, not all transactions in the world suits with online transaction as there are still a majority of people in this world that will stick with what they get used to which is paper money.

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October 11, 2017, 06:51:35 AM
 #4435

I don't know, maybe the more advanced technology more modern transactions made by some countries for the convenience of the community. but I am worried that in my country there are still many people who do not know the advanced technology, just like the ATM is still many who do not know even do not trust 100% if the account is safe. most people are afraid of losing money in the ATM.
This is something which needs good amount of knowledge. With knowledge and experience, you get used to such kind of things. As far as future of paper money is concerned, I think it will be affected though not very much but enough to bring the value of paper money down with the introduction of this digital currency. There will be more users of digital currency in the future.


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October 11, 2017, 07:33:24 AM
 #4436

I don't think that paper money will disappear in this world, although if later the crypto currency will become more popular and growing as well can exceed the excess of paper money.. I think paper money will still exist and will not be extinct. I am guessing in the future the paper money will remain and coexist with crypto currency in the countries if the crypto currency is still alive.

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October 11, 2017, 08:09:30 AM
 #4437

I don't know, maybe the more advanced technology more modern transactions made by some countries for the convenience of the community. but I am worried that in my country there are still many people who do not know the advanced technology, just like the ATM is still many who do not know even do not trust 100% if the account is safe. most people are afraid of losing money in the ATM.
This is something which needs good amount of knowledge. With knowledge and experience, you get used to such kind of things. As far as future of paper money is concerned, I think it will be affected though not very much but enough to bring the value of paper money down with the introduction of this digital currency. There will be more users of digital currency in the future.
I ought to disagree with that one. Digital currency can never bring down the value of paper money, as long as we give it value. We are used to using paper money ever since so it's really hard for bitcoin to overthrow the use of paper money. Also, unlike paper money which is produced mainly by central banks, there is a cap set on total bitcoins, that limits how much currency can devalue through inflation.

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October 11, 2017, 09:10:07 AM
 #4438

Paper money would always be preferred by most since they've pretty much live their whole life using it. Cryptocurrency will never replace paper money due to many reason.

1. Bank notes (Issued and legalized by government)
2. Fiat Money Transactions (Majority will always prefer their fiat currency over digital)
3. Quick Transaction (Buying from a small store or stall)

For big transactions use crypto for small transactions use paper money. In the near future, the market would be a hybrid of paper money and digital money transactions.

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October 11, 2017, 09:55:47 AM
 #4439

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 think paper money will survive. A few decades later, paper money would hold an important position. It is still the most used currency. The emergence of virtual currency affects paper money, but it will take a long time for new paper money to disappear

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October 11, 2017, 09:59:41 AM
 #4440

If you want to compare with bitcoin, I think it can't be compare since they are different commodity
Even bitcoin are officially accept , it won't affect anything
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