The future of the paper money

[bhadnaufal]

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?

Paper money will be replaced for crypto soon, there is no way the don't adapt futures technologies.

[1713888829]

1713888829

[BILGPS]

The paper money is accepted every where and that's why we like it very much as we know that bitcoin is the digital currency and we can use it for many things like online buying and selling we can do good jobs by this currency. the paper money will be used for the every thing in the future and we can use it everywhere. Bitcoin is the digital currency and we can use it through internet. with out internet it is useless.

[heleng05]

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.

I agree with I also like that way to know by other people that you can also make things happened using a paper money but I also say that paper money is more better than bitcoin because bitcoin for me is more better than paper money.

[Zooplus]

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.

I agree with I also like that way to know by other people that you can also make things happened using a paper money but I also say that paper money is more better than bitcoin because bitcoin for me is more better than paper money.

Paper money is more better to be use for transaction because you do not need to do it online, you can transact very simple and fast.
Bitcoin will become more popular because it's also a great investment and those people who love to transact online can benefit with the decentralized system.

[Mystika]

I think paper money in the future will be less used. More and more people are getting aware of bitcoin and it can be use in different transactions like money transfer or buying some items. But i think i will not be extinct because not all people have access to internet so they will still use paper money.

[Nylelyn]

Paper money will still be present in the future.  Yes it is true that digital currency is now widely known around the world but the physical money will always be in the circulation because it is the government who takes control of it. And it cannot be deny that having phyaical money at hand give us sense of security and ownership unlike the digital currency which can be hacked.

[stadus]

Paper money will still be present in the future.  Yes it is true that digital currency is now widely known around the world but the physical money will always be in the circulation because it is the government who takes control of it. And it cannot be deny that having phyaical money at hand give us sense of security and ownership unlike the digital currency which can be hacked.

When we save in the bank we are secured with insurance and that is because banks are regulated by the government.
Bitcoin is decentralized, it can give us full freedom but with that full freedom we will enjoy, comes with a big risk and therefore we should understand
that to be able to make ways to minimize the risk.

[TeraBitHoven]

I think it does not have any effect on paper moneys. Since, solid money differs on cryptos, and so bitcoin is only an asset and because of its risk in volatility some take a hands off with it.

[conected]

Many predictions from financial experts that the future of paper money disappear soon and replaced with digital money, paper money will follow the paper that previously disappear such as book paper, magazines, newspapers and so forth.

- Every year, experts predict hundreds of things that may happen in the future but in fact, the things that can become true remain very small, mostly just silly things and never happened, I also read the news predicted paper money will disappear from many years ago but until now the paper money is still popular and used everywhere, people still like it, it does not have any signs that will disappear. Paper money is still too convenient and useful in transactions, it will still exist in the future, it can not disappear

[qsypoq]

Well, even if digital currency take other the world, you will certainly need to still make offline/technology-free transactions in certain condition or areas of the world.

What are the differences between paper money and "ticket to exchange for 1BTC" ? (Excluding the whole blockchain/decentralized part & the fiat vs crypto stuffs)

[Flexx]

According to some experts, non-cash settlements, having obvious advantages, will soon replace paper money in all spheres of trade. According to the financiers, virtual money has its indisputable advantages: Control - virtual money is easier to track where they are spent and where they are sent, so the risk that the money will go "in the shade" or will be spent on financing, for example terrorism, arms trade - will be minimal. There is no need for continuous printing of new banknotes, since virtual money does not wear out.

[Nikola95]

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?

Paper money will be replaced for crypto soon, there is no way the don't adapt futures technologies.

Paper money won't be replaced soon, especially not with these crypto currencies. We are far away from that to happen. It will be hard also to replace fiat with crypto because governments like to have control over it. We can fight for that, but it won't happen soon I am sure.

[Granxis]

According to some experts, non-cash settlements, having obvious advantages, will soon replace paper money in all spheres of trade. According to the financiers, virtual money has its indisputable advantages: Control - virtual money is easier to track where they are spent and where they are sent, so the risk that the money will go "in the shade" or will be spent on financing, for example terrorism, arms trade - will be minimal. There is no need for continuous printing of new banknotes, since virtual money does not wear out.

States have not realized that they are doing a costly job by constantly pushing money, yet it is not possible for the virtual money to buy the fiat money. When there is sufficient infrastructure, we will say goodbye to the paper.

[RavRider]

I dont think Paper Money will disapper in the next 20 years. I think many people will be against digital money who ist controlled by the gouverment. It will be circulating less, but the people dont want to give up the freedom of paper money.

[glgeux]

Paper money amount is decreasing, besides cryptocurrency there is digital money in lots of places and there are everyday more services offering this type of on-the-go payments

[Lyne01]

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 dont think paper money will be banned. Its the only thing that makes every government has contoll over there economics.

[Saidmod]

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?

Paper money will be replaced for crypto soon, there is no way the don't adapt futures technologies.

Paper money won't be replaced soon, especially not with these crypto currencies. We are far away from that to happen. It will be hard also to replace fiat with crypto because governments like to have control over it. We can fight for that, but it won't happen soon I am sure.

It is quite hard to accept that paper money is possible to be replaced soon but it will actually will. Don't you notice the existence of cards like ATM cards, debit and credit card, store cards and such? Are these cards still considered as papers? Not anymore. It just contain the value of the paper money but it don't seem to look like a paper money isn't it? So don't make yourself believe that it is impossible for paper money to get replaced by others medium of exchange. Especially that digital currencies like bitcoin is not arising.

[Marrionbitcoin]

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 are so many speculations happening about using digital currency to replace a paper money. First, there are so many things to consider in order to implement that. The security of digital currency is very weak that might be hacked by other people. Paper money is accepted by the whole world and this is enough as our medium of exchange by buying our basic needs and commodities. Fairly to say that we can use digital currency as alternative payment thru online transactions or fund transfer outside the country but still there's no reason to abolish paper money. Maybe in the future if that is secured and everyone accepts it but not for now and let's just focus today.

[yvesp110]

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 dont think paper money will be banned. Its the only thing that makes every government has contoll over there economics.

Paper money has its own reputation in the world and it is having its own market, the introduction of digital currencies had effected the market of paper money but even then, paper money will remain as the significant part of the society. Though the usage of paper money will get reduced but it will not be entirely wiped out from this world. Paper money will remain there and will be used by the people.

[Shrinath]

In the world economy both fiat money and crypto currency need to exist side by side.

In the first world countries where there is ever increasing GDP levels, bitcoin has already been introduced in their payment system. This has led to big multinational companies, like Amazon, started using bitcoin. They can think of moving towards a cashless society.

However, in the third world countries the level of poverty is so high that we see an ever decreasing GDP levels. The major crowd cannot even afford their basic necessities of life (food, clothes and shelter). Here it is almost impossible to introduce the concept of crypto-currency, including the far reaching effects of internet. To make both the ends meet here fiat money need to exist.

At any point in time since there is always a difference in the economy of all the countries, fiat money will always need the presence of crypto currency to survive.