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Author Topic: The future of the paper money  (Read 414607 times)
Sled
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October 18, 2017, 07:15:38 AM
 #4481

I don't think paper money will be wiped out from the world in near future also. We can expect the next three or four generation it is possible to finish the Paper money maximum as we can say almost nil. To see that may we not alive likely Bitcoin will be there to see all the changes till the world exist.

Paper money will still exist even the digital money comes in the future, the different is a place like a village, downtown and some outside place will be hard to adopt digital money on there. People already fine using paper money and it takes time to courage them to use digital money such bitcoin.
It will not become hard to convince people to use digital currencies like bitcoin because if you will explain it in a right way like telling them that bitcoin is a good place to invest their money and bitcoin has a lot of great features like being fast in transactions and also secure for being anonymous and so on. It is just depend on how you will explain and if you will explain it right then you will convince them easily.

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October 18, 2017, 07:27:03 AM
 #4482

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?


papaer money going to never die it has great life time. thousand of years onwards to we have to using paper money so how can it destroy. really i love paper money. if we have to gone some places their had no bit coin accepting then what we have to do, so in that time we have to use paper money only. in the world some places had no bit coin accepting so paper money value never going to down.
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October 18, 2017, 07:53:47 AM
 #4483

Before twenty years I don't know this digital world will exist due to the digitalization usage of paper money drastically reduced and max people not willing to deal with paper money. In the future may be 25 year after new technology will be there and might paper money will be finished.

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October 18, 2017, 08:31:26 AM
 #4484

I don't think that there is going to be any future for paper money at all.
Bitcoin is going to change the world from this aspect, instead of  people using paper money to pay for stuffs, all they would need to do is to carry their smartphone with them, and it will also be their wallet.
Much more easier to pay with your smartphone which you take out with you anyway, then carrying a wallet with paper money.














 

 

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October 18, 2017, 08:52:41 AM
 #4485

Currency has traveled from cows to coins to paper to plastic and now its has transformed itself to digital one.
Every mode of currency have its advantages and disadvantages.
Every new type of currency get introduced to overcome disadvantages of existing currency.Currencies have changed their nature from time to time and place to place but they are not out of order.
Some communities or people are still using cows or other livestock as a medium of exchange.
In today's world digital money is becoming more popular due to its low cost and less duration of transaction.
It is easy for developed economies to shift from paper currency to digital one, because they already have setup of it,but third world or developing countries cant afford this transformation.
Economy of every country is controlled by its reserve bank and by its government.
These two institutes never let their hold on the economy to some decentralized cryptocurrencies.
it means even after changing the nature of currency it will never become decentralized.

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October 18, 2017, 09:22:26 AM
 #4486

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, there will come a time when paper money or cash will not exist anymore. Technology is evolving every year, who knows, maybe someday we won't be needing cash anymore and everything will be bought using bitcoins or online money.

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October 19, 2017, 08:58:23 PM
 #4487

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 is my conviction that paper money cannot be entirely banned, atleast not in the nearest future. We can talk of less cash and not total cashlesness. It is a fact that there are growing array of alternatives but they have not been perfected to guarantee a total ban on paper cash. Paper money will definitely remain with us for a very long time. Developing societies will have a serious problem transitioning and hence the problem.
Paper money cannot even disappear in advanced societies, paper money the money printed by central banks is the money used by banks to create banking money, without that  then they will not be able to print their own money so I do not think that paper money can disappear completely.
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October 19, 2017, 09:05:10 PM
 #4488

All the time we talking about paper money I give example with letters, imagin how many emails sent people in 1950 for example - 0, and what is e-mail now Smiley. Of course paper money will not disappear completely but if crypto now is 0.1% all all money after a lot of years paper money will be less than 1%. I sent paper mail 3 times in my life and I am 31 years old, what about my children, maybe they will send 0....
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October 19, 2017, 09:45:48 PM
 #4489

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?

Well bitcoin’s growth is tremendous since it had started and it’s popularity is also increasing day to day which leads to increase usage of bitcoin. But still I don’t think that it will replace money because matter of fact; firstly, even though bitcoin has gained huge popularity, it is no close to the popularity of paper money. This implies to usage by people also where usage of bitcoin is no where close to that of paper currency users. Secondly, paper money does not need internet, whereas on the other hand bitcoin is entirely dependent on internet and still there are many places in the planet where internet is not available. So keeping all these short comings of bitcoin. The future of paper money is safe   

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October 19, 2017, 09:47:51 PM
 #4490

I love crypto, but I also think that paper money will continue for a long while yet. While many younger people are happy to "tap their cards" or use other digital payments such as crypto, middle age/older people may not take so kindly to the move.

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October 19, 2017, 10:36:25 PM
 #4491

I think paper money will never be extinct or not used, because we know paper money is one of the main exchange tools used by most people all over the world. And if it has to switch to digital money, it may only be accepted or valid in some parts of the world, as not all countries around the world use digital money / as bitcoin as a means of transaction. It takes a very long time to apply the use of digital money, it could be our grandchild's later who use it. But I do not think it can happen worldwide.
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October 19, 2017, 11:06:17 PM
 #4492

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.
Yes it is, bitcoin is decentralized system and knowing that its contradicting in government, I think they will never allow  bitcoin to run with their Fiat cause they will be deprived for taking control money. I think its still impossible to have a cashless society cause it will not cause us a good result for some speculation that it will also end up in different circumstances.

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October 21, 2017, 08:18:25 AM
 #4493

I don't think paper money will be wiped out from the world in near future also. We can expect the next three or four generation it is possible to finish the Paper money maximum as we can say almost nil. To see that may we not alive likely Bitcoin will be there to see all the changes till the world exist.

Paper money will still exist even the digital money comes in the future, the different is a place like a village, downtown and some outside place will be hard to adopt digital money on there. People already fine using paper money and it takes time to courage them to use digital money such bitcoin.
Yes, people's are used to use paper money and more than half of the people's are unaware about the digital money and can't really use it. No matter how much the digital currency is spread but people's will always  prefer using paper money.

Yes, they may start using some centralized wallets like paypal, paytm, etc but they will not completely replace paper money. Paper money is been controlled and managed by the government of each individual country and can't just reduced using paper money.


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October 22, 2017, 01:18:12 PM
 #4494

Paper money will nonetheless lived on and will be employed by folks about the entire world,people living in locations in which internet is not able will use paper income and wont use bitcoin.
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October 22, 2017, 02:09:50 PM
 #4495

Paper money will slowly be in less use and may be in future completely be wiped out.

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October 22, 2017, 02:18:53 PM
 #4496

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 don't think paper money will gone. Probably in other countries but not worldwide well, some even don't know how to use computer, mostly the elders. How can everyone will acquire money.  It will really be difficult lots of adjustment will happened. Someone can get all your wealth by hacking your account without leaving any trace unlike in paper money. Well for me paper money is better for now. Maybe in the future when the grandparents are already from the millenials digital currency will be the all means of transactions.

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October 22, 2017, 02:30:42 PM
 #4497

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?

Bitcoin is a very good platform for earning money and is really doing great since it started and has gained huge popularity and users throughout this journey. But still I don’t think that bitcoin will be able to replace money because firstly, it’s way more popular than bitcoin and because of which it has gained huge amount of users. Secondly, it is a stable form of currency which means that its value does not fluctuate often whereas bitcoin value fluctuate a lot. Then it is regulated by government so it increases the stability whereas bitcoin is not regulated by any government.

cmacwiz
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October 22, 2017, 05:53:32 PM
 #4498

In my opinion future paper money will be not so good. It will be vanish in near future. Everyone wants to go cashless while they are shopping their goods. People use debit card, credit card, visa card, etc. For online transition, purchase people use paypal different banking application. Bitcoin is also a medium of online transition. In this way people neglect paper money. In many developed countries electronic money is widely used hence their people much aware of electronic money. While in developing countries it takes time. In those paper money kept first priority

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October 23, 2017, 09:36:36 PM
 #4499

paper money will serve for many years in the global sense. because it meets the needs of the present. cities and towns. salary fields. There is so much interaction. maybe it will be a regional decline, but when we look at it as the whole world, the situation is getting worse. culture will come into commission. level of development will come into play.


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Sir Paijoe
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October 23, 2017, 10:46:49 PM
 #4500

The use of direct transactions with paper money continues to decline, we can see that payments on toll roads, hospitals, hotels, restaurants to online shopping do not use paper money, it makes me believe that the future of paper money will soon disappear.

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