The future of the paper money

[Getcoinsite]

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?

definitely this will never happen,i love crypto and i want this virtual currency this is a big help for every user specially those relying in online transactions less effort and time,but due to respect in physical money the capacity and capability of fiat is indeed..as we knew that digital currency only works using internet and electric power,without those two this wont available,so still the paper money will do the job.

[1713294432]

1713294432

[1713294432]

1713294432

[lilRoy07]

Paper money absolutely has no future.

[queenlaurel]

Paper money will last a very very very long time, it's going no where and believe it or not 99.9% of human likes paper money, they like to be in control and paper money make one feel in control.

[komjhq]

Paper money will last a very very very long time, it's going no where and believe it or not 99.9% of human likes paper money, they like to be in control and paper money make one feel in control.

I think that it's not about control, but how much easier it is for a person to use paper money and to make purchases and sales of different goods. For many people, the crypto currency is out of reach for today and all because of the lack of knowledge and certain technologies.

[gigantus]

Paper money will last a very very very long time, it's going no where and believe it or not 99.9% of human likes paper money, they like to be in control and paper money make one feel in control.

I disagree with you. I think the government will spur people on the fact that they would switch to a digital currency and the criterion would help.

[Rafar8]

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?

According to the Bank for International Settlements, not more than 3 percent of the economy of modern Sweden is expressed in banknotes and coins. In the Eurozone, this value does not exceed 9 percent, and in the 300 millionth of the United States, cash retains only 7 percent of the economy. What does this figure mean? In the US, only 7 percent of all transactions involve the use of cash - and in most cases it is a question of small amounts. As soon as 98-99 percent of all settlements become non-cash, from the remaining 1-2 percent of transactions will simply get rid of, excluding situations in which a "cache" may be required.

Journalist David Wolman in his book "The End of Money" predicts a quick and inevitable end to cash payments (and, therefore, cash), noting that in other countries only for the production of money goes to one percent of GDP. In addition, both governments and corporations intend to establish control over all transactions - under the pretext of combating crime in the financial sphere.

In developed economies, this is likely to be achieved no later than 10-15 years. It seems that it will not be twenty years since the analyst's euro is finally "virtualized". It will not take long for the transition to electronic settlements in other European and Asian countries: in Russia, for example, this process will apparently be connected with the introduction of Universal Electronic Cards.

[vinz7229]

Paper money absolutely has no future.

Are you out of your mind? How can you say that paper money doesn't have a future.?
Fiat money has been defined variously as: Any money declared by a government to be legal tender. State-issued money which is neither convertible by law to any other thing, nor fixed in value in terms of any objective standard. Intrinsically valueless money used as money because of government decree lol

[jademaxsuy]

Well it would be difficult to ban the paper money for it is widely used nowadays in any market transactions. Somehow some of the transactions were done online with the help of the third party which are the banks. Of course we consider these online transactions since these third party provide security with the transactions with the help also of technology like atm cards with chips. Anyway there is a probability that bitcoin could play market transactions as an alternative for paper money. I hope so that there will be a third party also who will make sure that trading and marketing using bitcoins is secured.

[Ngewex Yuk]

Now in various countries there is a study of digital money, because the higher the value of transactions then using paper money becomes a complicated problem and central banks in various countries are planning to use digital money, it certainly makes the future of paper money disappear.

[Justin Dowman]

I like to pay online. No need to take with u a great amount of money

[layoutph]

We are approaching to have a cashless society very soon. Nations will be using its own crypto currency. Paper money will be wipeout. Transactions is now stored inside a mans body using RFID chip.

[Punisherx100]

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 the usage of future money will be lessened  but it will not gone permanently in the future. Not because we are expose to new technology and advancement we are not going to use paper money. There are still stuffs that needs paper money rather than those technologies.

[jlaw007]

It could work, but it would definitely take a long time before it does. They have to make sure that the alternative can replace it. They are trying to do it with paper checks this year but it won't come to fruition unless they are able to create a good and feasible plan, since many English people, esp. the older gen., are still widely using checks for a lot of things including paying their bills. The number of users are decreasing, but there are still users so unless they can convince them to actually switch.

[ashfer]

It is not that easy for the government to introduce digital money for the whole country and even digital currency comes up the paper money will still have value and i don't think that the future of paper money will end so fast.It will take so much effort and time for the government to create more number of digital cash to provide for the enitire country so it is one hundred percent sure that paper money will still continue to stay for the next 50 to 100years as it is not some simple job to create more digital money for the entire population.

[Satry]

Paper money absolutely has no future.

How can you say that, you can use it everyday. Paper money is similar to our food because you can't live without food and you can't survive for long without money. Because of money you can buy all you want even your health you can't go to clinic if you don't have money. All the things we use in our lives have monetary value, whether it is direct or indirect. That's why paper have future.

[rowel21]

I think paper money can't replace maybe in big transaction the electric money is good to use but how those in the market we also need a point to point money  I cant imagine those poor seller using a high-tech cp and having a phpwallet a lot of our elderly and those undergrad don't know how to use cellphone and they don't even know to read so it's hard for them to adjust in this type of system

[Farma]

Paper money absolutely has no future.

How can you say that, you can use it everyday. Paper money is similar to our food because you can't live without food and you can't survive for long without money. Because of money you can buy all you want even your health you can't go to clinic if you don't have money. All the things we use in our lives have monetary value, whether it is direct or indirect. That's why paper have future.

LOL. I think he rarely uses paper money 
I think it is very difficult to replace paper money, because almost 100% of people in the world, using paper money as a means of transaction. it's because its use is very easy and practical. of course this will continue to be used until in the future.

[Ekimzjames20]

Paper money absolutely has no future.

How can you say that, you can use it everyday. Paper money is similar to our food because you can't live without food and you can't survive for long without money. Because of money you can buy all you want even your health you can't go to clinic if you don't have money. All the things we use in our lives have monetary value, whether it is direct or indirect. That's why paper have future.

LOL. I think he rarely uses paper money 
I think it is very difficult to replace paper money, because almost 100% of people in the world, using paper money as a means of transaction. it's because its use is very easy and practical. of course this will continue to be used until in the future.

For me paper money last forever because the transaction is easy compare to digital. You can touch and feel it unlike digital, we can't hold.

[janccschiffer]

Paper money will stay forever.
Why? Because its easier to make than coins.

I ageer with you, and govement want to controls money of resident.

[rinamor]

In my opinion, digital currency can replace the paper money that we use now. Its same newspaper because of the technology of this ere it owns smartphone or mobile phone we can read the news and other important things on our sounding. Now there are a lot of new coin coming to the tendency of that is to replace the paper money if the all the retailer, stores, hotel, and restaurant is accepting the digital currency.