The future of the paper money

[MFY151]

I like paper money. I like to feel the buying power in my hands :p Bitcoin makes me feel like a robot. I am not saying paper money is better tho.

The robot comparison is funny haha but I guess that is correct in some way because we are processing our transactions through internet like an computer, but still I prefer bitcoin in many ways compared to paper money though I wouldn't mind becoming a robot too haha.

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[KingdomHearts]

I am even think that in the future, digital systems will be used more often than physical ones. So also with money, will later transform into something more concise than credit card. Paper money will be a collection item.

Exactly! There is a very common misconception amongst the people that bitcoin and all other crypto currencies will eliminate the need of paper money in the society. The fact is still there is only 1% population of the entire world who actually knows about this concept of crypto currency. Paper money will be used in the very similar fashion as it is being used now in the future as well.

[Nanot]

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?

May be the paper money was unvalid or no value when the electronic money price was higher than paper money so it is possible

[beej]

If it's something made by the government or by banks then you should definitly know that it won't be private and they will have control of everything just like the banks right , nothing much will change .
and for what comes to the Paper money I don't think it will dissapaear , maybe on some countries yes but worldwide ?definitly not because some countries don't even use Credit cards for their transactions so ... yep

Paper money will never vanish. I agree with what has been quoted above. If anything is under dominion by
any government or bank, regulation will always be there to partner it in it's peregrination. There is nothing
wrong with digital currency, it's reliable and innovative. But real money is factual and concrete, it has been for
a very long time now. It exists until this point in time to ensure conformity for everyone.

[reijusama2583]

I think paper money would still exist because it is more reliable compared to the electronic one. Since the world was not totally engage with pure technology I think paper money would still exist because not all of us are fully accessible in technology many of us are illiterate in technology because not all of our place is highly civilized so that still paper money would still exist till the end of our lives I think based of y own beliefs and principles in life.

[hangar18]

people are interested in trading online.In the era of information technology, people are not willing to deal with money. So there is no possibility of paper money in the future.

Days of paper money are calculated cause internet and developmnet of whole world is going to internet Times.

Not that fast I believe, the internet is here a long time ago already and yet paper money is still in the circulation.
People has different preference, some are using online or digital money but most people are using paper money as it's more simple to use.

agree with you. a very simple use makes people prefer to use paper money in comparison to digital money. well, actually, using digital is so inconvenient, even though it's so instant, but there are still many people who do not understand in using it. so that's why paper money will survive.

Yeah, the elder do not have ability to understand how to use Bitcoin and the blockchain technology, it is really hard with them while using paper money is easilier than Bitcoin many much and friendly with anyone. Even, my parent do not know how to use credit card, so, how to explain the method to using cryptocurrency for them ?

[mininghubby]

people are interested in trading online.In the era of information technology, people are not willing to deal with money. So there is no possibility of paper money in the future.

Days of paper money are calculated cause internet and developmnet of whole world is going to internet Times.

if people want to survive then they have to adapt. In the future, especially with all these illegal loggings all over the world and cutting trees to build factory , I dont think that it is still wise to use paper as money when there are more convenience tools for payment. Goverment will act and cut off paper money in the near future when the earth is suffering without any trees

[makoyoshioh22223]

スウェーデンでは今後、紙幣がほぼなくなってくるみたいで日本でも少しずつ紙幣はなくなってきますよ。

[BUK2016]

It is really a tall order to begin to predict accurately as to the future of paper money. Virtual currencies still lacks popular adoption. Replacing Bitcoin with paper money requires a lot of work. There is a need to first build a strong and serious structure around cryptocurrency and then put in place safety measures and all the needed logistics that would aid it's smooth take off. While Bitcoin is still gaining global prominence, we must approach the issue of it replacing paper money with cautious optimism. However, with time and the needed framework, I believe the era will soon dawn on us.

[davinchi]

Paper money will be used less but will not go away. Money will be digitized more but security breach will draw people, especially government, back to paper money. Crypto will continue boom but need to get over the hurdle of regulation and security before it becomes accepted by mass market.

Nope, that’s not going to happen. But excuse me, I don’t get what you guys are talking about– do you mean paper money or Fiat? Some people here sees dollars and euros as paper money, lol. Dollars are not just paper money, because they’re both in electronic form and also in cash form.So if what you’re trying to say is that Fiat will seize to exist, then you’re wrong.

And if you’re also trying to say that there will be nothing like cash anymore due to your own selfish reasons and not considering the poor, then it won’t also work. Cash is always needed and they will always remain no matter what. And mind you, Bitcoin is just a digital asset and is replacing nothing.

[cryptojaani]

Paper cas wll obviously exist later on, there isn't any reahon that it is going to vanish in the future.We all know of program that on the internet cash and Bitcoin and so on is going to be popular but that will not change the document money.is

The future of paper money is highly based on the adoption of bitcoin. But as you have said, maid or autorickshaw raids could not be paid with bitcoin even in next 5 to 10 years. Paper money will exist in this world but we can assume only with very less percentage of usage.

[btcminer6212]

I think paper money would still exist because it is more reliable compared to the electronic one. Since the world was not totally engage with pure technology I think paper money would still exist because not all of us are fully accessible in technology many of us are illiterate in technology because not all of our place is highly civilized so that still paper money would still exist till the end of our lives I think based of y own beliefs and principles in life.

Having no paper money and shifting to a completely cashless society would require a decentralized currency, especially when you consider that it would be assumed that the government would have eyes on all transactions and could control everything related to banks and so, and thus Bitcoin and other cryptocurrencies would become immensely valuable in the future due to their relative anonymity and decentralization, where no-one could control anyone else's funds.

[Faxmate]

The day is going forward technology. In this age of technology, people do not want to deal with hands.So, people are interested in trading online.

I think everything have his on value and place and I think paper money have also its value in world but as we know that now a days it’s a modern technology world and everything is going digital so bitcoin is also of the example of modern technology because it’s easy to carry and its price is also high than any other currency so I think bitcoin is better than cash.

[yourialfa]

I think paper money will never die. because it still has its own reasons. There are still many people who are more interested in paper money. This will be a competition for digital money. Hmm maybe not. they have their respective positions

[Daektum]

If paper money is going to be phased out, I expect it to be replaced by conventional banks as we know it now. Pay with plastic, not with bitcoin.
But as long as there is a need for a private payment, and I think there will always be one, people will come up with other things. It could be paper money from a different country, good-old-gold, or cryptocurrencies. Its a simple fact that I don't want all my transactions to be seen by a bank/government.

[noory]

an economics professor and economic expert here at About.com, 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 - for some, they already are! 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.

But even this scenario is difficult to picture, in part because of how we have historically placed a value on paper money.

THE VALUE OF MONEY
The concept behind money dates back to the beginning of civilization. It's no surprise why money caught on amongst civilized people: it was a much more efficient and convenient way to transact business as opposed to bartering with other goods and services.

Can you image keeping all of your wealth in something like livestock?

But unlike goods and services, money does not hold an intrinsic value in and of itself. In fact, today, money is merely a piece of specialized paper or numbers on a ledger. While it's important to note that this was not always the case (for much of history, money was minted in coins of metals that held real value), today the system relies on a mutual set of beliefs. That is to say that money has value because we as a society have assigned it value. In that sense, you can consider money a good with a limited supply and a demand simply because we want more of it. Simply put, I want money because I know that other people want money, so I can trade money for goods and services. This system works because a majority of us, if not all of us, believe in the future value of this money.

THE FUTURE OF CURRENCY
So if we are already in a future where the value of money is simply the value assigned to it, what has stopped us from moving toward an entirely digital currency, like the one our reader described above? The answer is in large part due to our national governments. We have seen the rise (and falls) of digital or cryptographic currencies like Bitcoin.

Some continue to wonder what we're all still doing with the dollar (or the pound, euro, yen, etc.). But beyond the issues of storage of value with these digital currencies, it is difficult to imagine a world in which such currencies replace the national currencies like dollar. In fact, as long as governments continue to collect tax, they will have the authority to dictate the currency in which those taxes may be paid.

As for one universal currency, I'm not sure if we'll get there anytime soon, though I do suspect that the number of currencies will fall as time goes on and the world becomes more globalized. We already see that happening today like when a Canadian oil firm negotiates a contract with a Saudi Arabian company and the deal is negotiated in American dollars or EU euros, not Canadian dollars.

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I could see the world getting to the point where there are only 4 or 5 different currencies in use. At that point, we'll likely be battling over standards, one on the largest deterrents to such a global change.

[Icaxx]

i know bitcoin is kind of currency virtual that has many disadvantages but it does not mean can make paper money banned or disappear. paper money has strong supporter and community that you can not deny like government. so i am very sure that paper money is exist in future.

[kodtycoon]

Until now i have never heard if paper money will be lost or replaced by any currency. So I think paper money will always exist apart from the material used for the manufacture of banknotes that become controversial. We know the paper is made from tree processing, but as long as there is enough supply I think it will be fine. Perhaps in the future eventually paper money may be lost and not used anymore.

[yonjitsu]

I think the future of paper money is questionable since the rise of cryptocurrencies especially for bitcoin. But i think paper money will survive because it has an advantage over crypto currencies where you can buy anything very fast and you can do it offline.

[tommy05]

I think the future of paper money is questionable since the rise of cryptocurrencies especially for bitcoin. But i think paper money will survive because it has an advantage over crypto currencies where you can buy anything very fast and you can do it offline.

I agree we cant deny the fact that there will always be power shortage , no internet connection and the likes ! the government will never extinct paper money  because this will  the alternative if the problem mention above will occur