The future of the paper money

[domari]

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?

The future of paper money I think will continue to exist but the amount is reduced. Because the technology is getting better and every payment can be done with debit or digital currency. But it will not get rid of paper money. Paper money will continue to exist.

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[BitGenerator]

Along as e-money and crypto keep increasing around the globe, the paper money will be slowly to dissapear.

[P3]

The future of paper money became indefinite when online currencies began. The thing is in the future, advanced technology will be the new treand and of course the payment system of the world should be able to adapt to that change. Therefore, money will be extinct by that time.

In past individuals will absolutely utilize paper cash in light of the fact that around then there was idea of computerized cash and installment of advanced money is sufficiently simple as contrast with paper cash and it is more expected that in future the paper cash will vanish in coming time.

[stadus]

Along as e-money and crypto keep increasing around the globe, the paper money will be slowly to dissapear.

I don't think ti will ever disappear, I might agree that the demand will be lessen but not totally disappear.
Think of the majority of people, they are still relying on paper money because it's more simple and easy to use, it's their freedom.

[guoyu78]

I think paper money have its own importance and will never dead. It's faster to buy some food or in a convenient store or in a market using paper money you'll just handed it.

That’s true, paper money has its own role to play, so it won’t be going extinct or whatever people may say. Paper money is very much needed, just as we need electronic money, and money is basically physical before being entered into electronics.

There are lots of activities that we do daily that requires being paid for physically, lots of things we also do everyday that requires physical money.

[Genemind]

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 that it is possible that if bitcoin or online currencies will be implemented in the future they will not just ban paper money, they will announce it as entirely worthless. The only problem with this is that people are not too fond of change, so it might take a long time. It would definitely work the same thing as how credit cards work. Perhaps the only risk are the hackers. Every transaction will be made through a card like where the contents would be bitcoin or altcoins.

[BabyBoss]

Maybe somewhere it will stay, in countries like Japan - they still use paper money more then cards, but in the other world i think it will disappear

Yeah that's true buddy! There are sime countries that will accepts bitcoin as their main payment in the future but there are some countries also that will stay in paper money. But as think of this our generation is going to enter now the modern society so I think rhere big possibilities that even money will become modern. And will be the way for bitcoin to become the king and the future of paper money will soon defeated.

[ynatopak14]

waht will be a fiat in the near future ? theres a lot of people telling and predicting that each and every FIAT will be a centavo of bitcoin..
sooner or later 1 satoshi will be equal to 1 cent uSD and not too far there will bbe a dolloar to satoshi
the future of fiat will still a fiat in the future but  its value is not moving like bitcoin i would say in the near future bitcoin will be the primary currency in the world !

[youngagethinker]

I personally do not see any disadvantage of government issued paper money towards government issued digital money, as the problem is that both is issued and controlled by private banks and that this system robs the fruits of our work thru too much taxes and fees and inflation. As the from governments independent crypto currencies will be the future of our monetary system, there is no future for the paper money. And you can forget that the Bank of England will introduce a system based on bitcoin!

Based on their own made crypto but not on BTC, these guys are on fire and they are scratching their heads because of the new technology. Telling us to be careful because it might be a scam or is risky. Yup there are people who run scams but if you are knowledgeable enough you won't be scammed here. It is risky but we have our own heart on it. EVen the first trip to the moon is a risky one.
There is nothing wrong on paper money, what's wrong is the people behind them, its just a medium of transactions, just the cold hard truth is that someone is taking its advantages.

[obinine]

True. I believe that paper money will soon be replaced by cryptocurrencies because of its efficiency, convenience and near real-time value. People will soon realize how convenient it is to transact using digital currencies because by then there will be equal value of what we buy and/or sell. Like for instance, you need not wait for change when you pay using fiat currency because by using cryptocurrencies, there is an actual equivalent to your purchase. That is just one of the many instances you will later realize once cryptocurrencies dominate the market. 

   I think the same! No one can say when will this happen, reality is that now
cash have alternative, 10 years ago this alternative did not exist.
   Real-time value is something that is not yet achieved, from there all fluctuations
come.
   This year many new ICO`s appeared, and many companies joining. In my opinion
the end of traditional currencies already started! Member Zinkin said it will be a long
process and that is true, it will be but it is happening already.

The future of paper money will not stop but As we are observing the popularity and increasing in the value of Bitcoin it will create a great impact on the paper money. As Bitcoin transaction is more secure than paper money. There are so other reasons that will affect paper money and pumps Bitcoin.

[nerverd99]

I don't think paper money will be banned.because not all countries in the world adopt digital currency.
so, paper money will still exist

[tanginamoo]

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?

The money we have known as the "paper money" can be replaced by cryptocurrency in the near future. How? As the people of the world continues to invest in cryotocurrency or digital money, it can replace the real money in dominating and controlling all the economy.

[bluefly]

Paper money would not be necessary in the future

[qq1041414104]

I think banknotes can not be replaced within a short period of time,The portability and breadth of banknotes make it sustainable for a long time.
But I hope one day we can see a more open monetary policy that will be the future of digital money.

[romeitaly]

Living in a digital generation where we are doing something that needed a technology and device, I think we can spend, buy anything with the use of internet and only in a few years paper money would not be used by people. We still have fuat currencies but it can also be accessed through internet connection.

[KrLos]

Even now, paper money is already a thing of the past. A large amount of paper money can not be "honestly" owned without proper documents. In the future, the role of paper money will be purely museum.

I think so, too. Even transactions  through the blockchain are more transparent...
Also now most of the youth daily use either a payment card or an apple pay

[kokobaba880]

The future of paper money is the same as now because the paper money is using through out the world and the digital money like bitcoin etc is the attached money with internet and without internet it will not working the future is said to be enough good because everywhere in the world people can use it with out any problem and through this the paper money is valuable and acceptable in the world.

[goldcoinminer]

The future of paper money is the same as now because the paper money is using through out the world and the digital money like bitcoin etc is the attached money with internet and without internet it will not working the future is said to be enough good because everywhere in the world people can use it with out any problem and through this the paper money is valuable and acceptable in the world.

If people are still using it then there is no reason that it will be eliminated in the circulation, online transaction is good but we should
not all trust on it as there are delays that could happen unlike with paper money where you can spend instantly and without fees.

[BeGoods]

I think banknotes can not be replaced within a short period of time,The portability and breadth of banknotes make it sustainable for a long time.
But I hope one day we can see a more open monetary policy that will be the future of digital money.

of course it will take a long time for paper money to be replaced. see still many people in the world still likes to transact physically so paper money still have big demand. but I've seen a lot of people interested in using digital currency as in many malls and supermarkets already accept payment by credit card, debitcard, etc

[Faxmate]

I think banknotes can not be replaced within a short period of time,The portability and breadth of banknotes make it sustainable for a long time.
But I hope one day we can see a more open monetary policy that will be the future of digital money.

Everything have a value in on its own place and we must respect to every one when there was no concept of bitcoin so everyone was using paper money and still a lot of people re using paper money but it’s also a fact that everyone want to make its life easy and bitcoin is doing it so now bitcoin is better now than any other currency and I will prefer bitcoin instead of any paper money because best of the best and my support is with bitcoin all the time.