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roddy5
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October 29, 2017, 01:05:13 PM |
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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?
This is definitely not bitcoin, How will a crypto currency be backed by a state currency. This only means that it will be a centralized crypto currency I don't think it will be accepted by people. |
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"If you don't want people to know you're a scumbag then don't be a scumbag." -- margaritahuyan
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Spontebob
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October 29, 2017, 01:53:06 PM |
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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 this thing is feasible considering the fact that a whole nation would not entirely allow paper money to be extinct and digital currency to reign. Maybe for some ways bitcoin will have a place for some countries but dominating the whole state is too far from possible. Paper money is what we are used to so changing would surely create a conflict leading to a greater damage than a reformation for the greater good. |
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Ajinomoto40
Full Member
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Activity: 338
Merit: 100
Buy, sell and store real cryptocurrencies
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October 29, 2017, 01:58:02 PM |
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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 has been dominating over the present currency nowadays but that doesn't mean that it will make all the other currencies including the digital and the paper will vanish. Bitcoin would only play a part in the history about digital currencies but I don't think it would make all the others gone. There would be a lot of innovations needed to be made first and conflicts and misunderstanding will surely occur as this things happen so it would be better if all the nations has analyzed it and united with it firmly. |
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Redanim
Newbie
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Activity: 56
Merit: 0
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October 29, 2017, 02:12:18 PM |
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Perhaps, quite soon humanity will live without money. Payments by credit cards will be accepted with your smartphone. All credit cards will be combined into one. Even better replace them all with a phone. In the future paper money will disappear.
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Galahad111
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October 29, 2017, 04:37:37 PM |
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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.
I agree, governments are wise when it comes to money that’s why even thou cryto currency keeps on upgrading still paper money cannot be replaced easily. Many people likes to have their money right on their hands but still it safer if it is not. It is not that easy for the governments to accept bitcoin. And why they are not legalizing it? Reason is only one, the decentralization of bitcoin. They don’t want to lose control of the currency that works in their country still they can’t handle it themselves. So they will not on the side of making it legal, hence the paper money would keep a better value everywhere in world. Well I think every think have a value by its own place paper money have also a value but now a day’s everything is going digital and bitcoin is also one of the example of it bitcoin is easy to carry with yourself and its price is also very high with fast transition and there are also a lot of good things in bitcoin which can proof that bitcoin is batter then paper money. |
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Rinder
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October 30, 2017, 11:51:16 AM |
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Nowadays we still need the fiat money printed, even with a large people already using their debit and credit cards to make any transaction, as well paying their bills online. Printed paper money has started a countdown to be replaced to digital currencies, sure it should take some more years as a lot things need to get cheaper or free as internet, wifi, into those period we will see magic happens, wich is good for crypto that looks like ahead and ready for tests.
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super5star
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October 30, 2017, 12:00:16 PM |
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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.
I agree, governments are wise when it comes to money that’s why even thou cryto currency keeps on upgrading still paper money cannot be replaced easily. Many people likes to have their money right on their hands but still it safer if it is not. It is not that easy for the governments to accept bitcoin. And why they are not legalizing it? Reason is only one, the decentralization of bitcoin. They don’t want to lose control of the currency that works in their country still they can’t handle it themselves. So they will not on the side of making it legal, hence the paper money would keep a better value everywhere in world. Bitcoin is thought to be the future of money. That is very true if we look at the present facts regarding it and other digital currencies. Mostly, people are going to get involved into digital assets as they can enjoy freedom of control over this. As bitcoin is the best among them so investors will be more attracted towards it. In future, bitcoin will be loved by even more people and the amount of profits will also increase. It is really very much difficult thing to comment on about the future of paper money. Paper money is having its own importance amongst the people and people are using it since long period of time. Crypto currencies for sure hold a very bright future but the fact is paper money will remain at its very own place. People will keep on using paper money no matter what the conditions are. Everyone has his own point of view but I think otherwise. In my opinion, it is very much difficult for paper money to survive in the future. It is because of the reason that bitcoin and all other crypto currencies are gaining the attention of most of the people living at different places of the world. With the passage of time, there will no need of paper money as we’ll be able to do everything we need to do with crypto currencies. |
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wozzek23
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October 30, 2017, 07:04:28 PM |
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paper money is money made of paper and wooden paper from trees in this forest, if paper money is still used and do not switch to digital currency then this earth will become a barren earth and will be too hot.
Still paper money holds too much importance. In my opinion it has no relation with the environment and forests because the major component used in paper money is plastic not wood. Slowly the people had started using digital currency. Still people use their ATM card rather than using paper money, which we can also be considered a type of digital money. |
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DIMKAZDS
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October 30, 2017, 07:25:20 PM |
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paper money is money made of paper and wooden paper from trees in this forest, if paper money is still used and do not switch to digital currency then this earth will become a barren earth and will be too hot.
Still paper money holds too much importance. In my opinion it has no relation with the environment and forests because the major component used in paper money is plastic not wood. Slowly the people had started using digital currency. Still people use their ATM card rather than using paper money, which we can also be considered a type of digital money. The future of paper money is fully safe and secured.Digital currency cannot overtake the fiat money or paper money ever.Though it can also become popular as the fiat money but cannot make it disappear.The average man or illiterate man only knows about fiat money.He or she does not have any knowledge about the cryptocurrencies.Moreover,cryptocurrencies are not even legalised in many nations.But bitcoin and other cryptocurrencies are getting in demand these days since they are easy to handle and no taxes are applied on them. |
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TrueCryptonaire
Legendary
Offline
Activity: 1092
Merit: 1000
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October 31, 2017, 06:20:54 AM |
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Everything has its own time. Everything sprouts, grows, withers, and disappears. This is the cycle of life – and the same process also applies to money and the way you obtain it.
Our perception of money – how it is earned and its value – is undergoing a major change.
You open your wallet and see a dime. The coin is physical, you can pick it up and hold it in your hand, and you are confident that it actually has a value of 10 cents. In a few years, you will most likely be holding a small plastic item shaped as a heart or a star, or you might not even have a wallet and only have access to a virtual currency, which you do not know what looks like. You have to be prepared for a financial revolution in the next 10 to 15 years.
Money as we know it has only existed for a relatively few years – the first banknote was printed in France in the 17th Century. More, recently, however, currencies have started to disappear; more than 600 in the last 30 years, and the trend continues. So one should be ready for future changes.
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Andre#
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November 01, 2017, 05:37:34 AM |
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paper money is money made of paper and wooden paper from trees in this forest, if paper money is still used and do not switch to digital currency then this earth will become a barren earth and will be too hot.
Still paper money holds too much importance. In my opinion it has no relation with the environment and forests because the major component used in paper money is plastic not wood. Slowly the people had started using digital currency. Still people use their ATM card rather than using paper money, which we can also be considered a type of digital money. Important, the system of digital money easily attack by hacker. Almost banking system or digital money services always need to improve and protect their system every day, because the hacker can take advantage the bugs and hacking anytime. So, I hope in future, we can apply the blockchain technology in our payment system soon. |
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kylekyle2000
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November 01, 2017, 07:23:52 AM |
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There is still a long journey for cash/physical money despite of bitcoin's popularity. You see, there are still places in the world who don't accept, transact or even have access to bitcoin so they would still have to do things the classic way and that is through cash. Also, as bitcoin's value is increasing, using physical would be an option for small cost purchases.
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fedorkr6
Newbie
Offline
Activity: 53
Merit: 0
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November 03, 2017, 02:13:32 PM |
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I consider the paper funds will endure for confident. I mean not all spot can use electronic currency like bitcoin. It really is challenging to change individuals lifestyle to use paper funds into digital money.
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chadtn
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November 03, 2017, 03:25:04 PM |
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Think that governments will fight with cryptocurrency for fiat cash. Cause with cash government can rule money. Bribery, corruption, money laundering all of it.
Tt's overned by the state itself.
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Wisearcher
Newbie
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Activity: 1
Merit: 0
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November 03, 2017, 03:35:44 PM |
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I think bitcoin will have its own paper money in the future, because bitcoin will become very popular and a lot of people will need it to buy things on the street.
I think it will even replace usd dollars because bitcoin is worth far more and more people will invest in it.
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Rienair
Newbie
Offline
Activity: 44
Merit: 0
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November 03, 2017, 03:46:13 PM |
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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 this thing is feasible considering the fact that a whole nation would not entirely allow paper money to be extinct and digital currency to reign. Maybe for some ways bitcoin will have a place for some countries but dominating the whole state is too far from possible. Paper money is what we are used to so changing would surely create a conflict leading to a greater damage than a reformation for the greater good. I agree because bitcoin is a online currency i don't see bitcoin becoming paper money anytime soon. And i think that bitcoin will be a standard form of currency in the future because i think that in the future there won't be many people who will walk to a shop to buy something they will probably buy something online. |
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Vohoanghiep
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November 03, 2017, 03:50:43 PM |
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I think bitcoin will have its own paper money in the future, because bitcoin will become very popular and a lot of people will need it to buy things on the street.
I think it will even replace usd dollars because bitcoin is worth far more and more people will invest in it.
I do not think so. In the future when the technology industry develops and the payment of money becomes unpopular. So the new Bitcoin virtual currency is growing and does not mean that it will create paper money. Besides, I think the dollar is still the top choice because you can use it anywhere in the world if you want, they will accept it. |
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Paul Pogba
Member
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Activity: 1232
Merit: 12
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November 03, 2017, 05:12:18 PM |
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With the decrease in direct transactions, I am sure that the future of paper money will disappear soon. besides, of course the concern that paper money triggers global warming due to raw materials from trees.
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Trela
Legendary
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Activity: 1106
Merit: 1001
The Decentralized TCP/IP Internet Protocol
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November 03, 2017, 05:33:50 PM |
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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 this thing is feasible considering the fact that a whole nation would not entirely allow paper money to be extinct and digital currency to reign. Maybe for some ways bitcoin will have a place for some countries but dominating the whole state is too far from possible. Paper money is what we are used to so changing would surely create a conflict leading to a greater damage than a reformation for the greater good. I agree because bitcoin is a online currency i don't see bitcoin becoming paper money anytime soon. And i think that bitcoin will be a standard form of currency in the future because i think that in the future there won't be many people who will walk to a shop to buy something they will probably buy something online. There are many digital currency or payment method can use for online payment. Internet banking for national payment or Paypal, WU (Western Union), or other digital currencies can also use for online payment in global, not only Bitcoin can provide you this function.  |
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AbyssLagiaz
Jr. Member
Offline
Activity: 185
Merit: 3
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November 03, 2017, 05:48:04 PM |
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In my opinion, I don't think that paper money will be banned entirely. It is what almost every individual got used to. However there will be a case that will really happen, then it might slow down the economy of some countries due to lack of technology or technology literacy. Some country might need to adopt the new way of making transactions worldwide and it might take a lot of time to do that.
I think the risks would still be the same as using paper money where some people could do some illegal trading behind.
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