How much longer until paper money is no longer in circulation?

[Abiky]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

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[BigBos]

As far as I've read, CBDC has no intention of replacing paper money, but CBDC issues digital money to give people choices about the type of money to use to make transactions easier. I think that paper and metal currencies will always be the main and legal currencies in transactions.
as stated by Tommaso Mancini Griffoli (Division Chief in the Monetary and Capital Markets Department IMF) CBDC has great potential and risk, so it is not possible to completely replace fiat currency “So I don't think we will arrive where we only have CBDC. I don't think that we will do it," said Tommaso in the G20 Advancing Digital Economy and Finance Side Event agenda.
if what you're asking is when is everyone using digital currency? maybe I will answer when everyone can and easily access the internet anywhere and anytime without much disturbance.

[NeuroticFish]

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

CBDCs will not replace fully the paper money. They just can't. And not all governments will issue CBDCs.
It will take more generations until paper money gets phased out, if ever. There are still many people who don't use technology, there are still many regions not covered with internet; those just cannot go without an offline currency.

[gantez]

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

But this question that you have asked is already given answer by you also from the post. Can it be real that paper money will go out ? You say it that credit card didn't replace paper money, so CBDC will not take out paper IMO. This is what I think that digital currency is just what the government people are trying to stand out bitcoin but this isn't possible to happen.

[davis196]

Everything should turn digital, as we live in a digital society.

The vast majority of the people on the planet earth DON'T live in a digital society. Maybe after several decades this will change.
What's the point of dumping paper money completely? Paper money aren't that bad. They have done their job for decades without any major issues(the only major issue is counterfeit paper money). If it works, don't dump it. I'm also a Bitcoin supporter and I don't find any problem for Bitcoin to coexist with paper money. Only 2 or 3 big central banks around the world would issue CBDCs. It's totally pointless for every country on the globe to have it's own CBDC(most of those CBDCs created by smaller and undeveloped countries would be a complete joke).

[jackg]

I think there'll always be a collectors marker for paper money and it might be one of the reasons currency isn't replaced everywhere.

There aren't many currency printers around the world though either which might mean that countries turning to CBDCs would make them more secure.

A fully digital society is only good if you can hide some transactions and get privacy. Government officials care a lot about their privacy (they apparently have a lot to hide) and if other people can't accept their currency they'll end up legislating against themselves.

[kro55]

I think CBDC will replace credit/debit cards but with paper money probably won't and I don't want them to get rid of paper money altogether. I know that we are in a digital world and getting rid of paper money can also save us a lot in production costs as well as the widespread counterfeiting in the world. But if paper money is completely phased out and replaced by digital currency, our privacy will completely disappear from there, I think even if we spend 1 dollar or 2 dollars if we use CBDC, we are still controlled by the government. If there is war or crisis, they can freeze our account at any time and we will not have a second choice.

[Husires]

Some countries, especially in South and East Asia and small countries, are able to achieve a high percentage of zero cash, but countries in Africa and many non-industrial countries will need decades to develop infrastructure, electricity, and citizen behavior.

Debit cards and others are the backbone of many economies.

[Queentoshi]

Everything should turn digital, as we live in a digital society.

As much as things are digital in your side, things and not digital everywhere yet. Before everything can go digital it will take a while for people who were not born in this internet age to it's maturity, to die out and then the old women and men by then become us who have witnessed the start and maturity of the internet, we will become  the old women and men who are extra comfortable navigating the internet.

[wmaurik]

Everything should turn digital, as we live in a digital society.

As much as things are digital in your side, things and not digital everywhere yet. Before everything can go digital it will take a while for people who were not born in this internet age to it's maturity, to die out and then the old women and men by then become us who have witnessed the start and maturity of the internet, we will become  the old women and men who are extra comfortable navigating the internet.

If for all the old women and men who were born before the internet era existed, it would be quite a long time to wait and see them use sophisticated devices when shopping because there are no more banknotes in circulation. What you say is very logical because before everything becomes digital in this world, it is necessary to spread internet signals in this world to remote areas where people are still struggling with bad provider signals to send messages or other communications.

[Majestic-milf]

 It's quite tempting to predict the demise of cash and although predictions for it's extinction has been going on for nearly 60yrs, I don't think it's end would be anytime soon.
 Coupled with the rise of credit cards, and contactless payments and even cryptocurrencies like BTC, the death knell has only gotten louder and prominent.
 
Paper money would still be preferred by many as it helps for flexibility and it gives a choice to those who are not technologically literate enough.

[Die_empty]

Everything should turn digital, as we live in a digital society.

As much as things are digital in your side, things and not digital everywhere yet. Before everything can go digital it will take a while for people who were not born in this internet age to it's maturity, to die out and then the old women and men by then become us who have witnessed the start and maturity of the internet, we will become  the old women and men who are extra comfortable navigating the internet.

I think electronic money and fiat would exist side by side for a long time. Many countries are still backward technologically which means that even if there are intentions to replace electronic money with fiat it would be adopted gradually based on the development level of the country. It would take a longer time for developing nations to adopt currencies like bitcoin and CBDC because of a lack of infrastructure. Poverty and illiteracy are other key impediments that would always increase the lifespan of fiat globally. To date, a greater percentage of the world's population doesn't have access to phones and internet connections.

[Inwestour]

Well, we still don't live in a digital society, and maybe we need to go through some more stages of acceptance for this, but in general, everything is moving towards this. The point is that we need a good example of this use of CBDC, without it, it's just big plans. Even if fiat money is no longer used in the future, then probably the cards will still remain, because in some way we will need to pay for goods and services. Of course, a smartphone can help us with this, but I don’t know how convenient it can be to use.

[electronicash]

poorer countries will take time, there are still places in my country that has no internet and people has no phones. it will probably take more than a decade in my country and we don't yet have CBDC in plan. what we have are payment systems that's peg to our local currency, close to CBDC still. our government always prefer private companies running everything including the basic necessity like electricity.

[Pokapoka124]

I doubt paper money will ever stop to exist, CBDCs cannot replace fiat. Some countries have tried creating their own digital currency and yet haven’t not been able to convince their citizens to use the digital currency for transactions. The world is not ready to for such a huge transition. Naturally people feel more safe using traditional monetary systems, little wonder why when newbies are introduced to bitcoin they always go for centralized exchanges. It’s a reflex condition that comes from being used to regulated money system.

[coupable]

Even before the advent of cryptocurrencies, what was most encouraging fiat currencies to remain in circulation is that a large percentage of the planet's population does not have a banking identity in addition to the fact that many other regions are not connected to the Internet to be fully digitized.
Banks, like governments, have started, since the twentieth century, to use electronic payment systems, with the rise of protection systems and the speed of service. There are developed countries that have almost completely eliminated banknotes and coins in terms of daily use. There are disadvantages to using cash and there are many attempts to find a solution to it.
I do not expect that the time is near to completely abandon paper currencies, but the percentage of demand for electronic money is increasing day after day at a very rapid pace.

[Smartprofit]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

Yesterday I went to the cinema by taxi.  When we arrived, I gave the taxi driver a banknote.  The taxi driver refused to accept this banknote from me, explaining that now no one pays with banknotes and he has no change. 

Based on this, we can conclude that paper banknotes will soon go out of circulation.  Already, people are actively using plastic bank cards for payments. 

In the near future, payments will be made exclusively through CBDC (yes, it will be a kind of digital concentration camp).

[Gozie51]

CBDC seem to be what countries are moving into to look to help the economy but unfortunate thing is that nothing of such can happen. The paper money replacement is not just what can happen without a serious consequence and that the world is not ready for. Daily buying and selling is still much dependent on cash despite the cashless system that is for convenience. Credit cards, ATM and the cashless mechanism are not everyone favourite, some people still prefer their money physically. Imagine in Nigeria some older people selling their land still prefer getting their money physically in cash. There are so many instances of cash transactions but getting the proceed of land sell in cash worth of $2k and above is the height of the instances of how cash still relevant in the system.

[South Park]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

It depends on the country we are talking about, some Scandinavian countries are in fact close to a complete replacement of cash so I would say that at most it would take a few decades there, however there are other economies like Japan that still use cash a lot so it will take even longer there, and then if we move to the countries that are still in a developing stage we could be talking about centuries as there are many people that do not even have access to basic services like water or electricity, then it is impossible for them to gain access to a bank account and only use digital money.

[Cryptomultiplier]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

It depends on the country we are talking about, some Scandinavian countries are in fact close to a complete replacement of cash so I would say that at most it would take a few decades there, however there are other economies like Japan that still use cash a lot so it will take even longer there, and then if we move to the countries that are still in a developing stage we could be talking about centuries as there are many people that do not even have access to basic services like water or electricity, then it is impossible for them to gain access to a bank account and only use digital money.

You are quite right in stating how it might take effect around countries you ate familiar with. It is also interesting to know that the adoption of CBDC as digital monies is a step in the actualization of a cashless economy. It might take longer to actualize in most countries, but it sure gonna happen, mostly with the continuous advancement of technology and adoption of cryptocurrency ongoing worldwide.

[Johnyz]

Even if the growing technology is already here, I doubt about leaving the paper money behind. The government will not allow this to happen and other countries are still not able to have a good internet connection so it’s really impossible to not use paper money because it is still convenient for them. Though I can still see the possibility, maybe in the next 50 years when there’s no resources anymore to print the money.

[The Sceptical Chymist]

From what little I've heard, if any country implements a CBDC, it's not meant to exist alongside their traditional fiat currency--and that's kind of the whole point.  The government wants to have a complete record of citizens' financial transactions, which is impossible as long as physical currency exists.

I'm not sure if the United States is planning on creating such a monster or if they've got any plans to eliminate physical money, but if they do they're certainly taking their sweet time doing it.  Even Canada eliminated the 1 cent coin, whereas the US still mints zillions of them per year, and you can find them in every parking lot across the country--just lying there, discarded.  You'd think the US would at least start with the easy stuff like that, but nope.

All of this is like a dystopian nightmare, and I dread the day that our governments and banks have even more control over us than they already do.

[TimeTeller]

Even if the growing technology is already here, I doubt about leaving the paper money behind. The government will not allow this to happen and other countries are still not able to have a good internet connection so it’s really impossible to not use paper money because it is still convenient for them. Though I can still see the possibility, maybe in the next 50 years when there’s no resources anymore to print the money.

Not all people are amenable to the advancement of technology.
Yes, the new generations may favor the use of digital money.
But there will be people that will stick to the traditional way of payment method.
Also, the government may be gearing towards the use of digital money but I don't think they will totally abandon the physical fiat.
It may not be seen in our lifetime that our governments will not use paper money anymore.

[DrBeer]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

1. All or most of the state-owned national banks of the leading countries of the world are actively working in the direction of CBDC. The reasons are many, and quite serious.
2. Most likely, in the future, there will be some single protocol for the implementation of cross-chain protocols similar to today's implementations (interaction of several, different blockchains)
3. Judging by the problems that today are caused by corruption, terrorism, illegal trade, drug mafia, etc., "the joys of today's world" is a matter of the near future. I will assume - 3-5 years for market leaders, and 5-10 years for other adequate countries.

[Abiky]

CBDCs will not replace fully the paper money. They just can't. And not all governments will issue CBDCs.
It will take more generations until paper money gets phased out, if ever. There are still many people who don't use technology, there are still many regions not covered with internet; those just cannot go without an offline currency.

That's what I've thought. But if governments are keen into pushing digital payments, then they're going to have to provide the necessary tools to make it happen. I believe the transition from physical to digital Fiat will be a slow one as not everyone is used to credit/debit cards or even in-app purchases. As you've said before, there are many people without access to the Internet. Not only that, but there are old people who don't like to use anything else other than paper money to pay for goods and services. Governments who issue CBDCs are going to have to experiment with it for a while before the transition is 100% complete.

We have to say that digital money is unavoidable, thanks to the ever-rising popularity of Bitcoin and its derivatives. Exactly when will the whole world go cashless, is an excellent question. I'm in no hurry of seeing CBDCs in action, especially when paper money brings greater privacy benefits to the end user. Once everything goes digital, you can say goodbye to your privacy for good. Who knows how the future will look like with CBDCs and crypto in play? Just my opinion

[ChiBitCTy]

I think there’s no question that eventually we will all move away from metal and paper money, but as for why this move is made or what’s all involved, not sure. I think eventually, whether it is including bitcoin or cryptocurrencies or not, we are likely to use something like our finger or eye ball scans that will then link to our bank accounts/credit cards/cryptocurrency etc.  Or something like this, but I think it’ll be at least another hundred years until something like this comes to fruition.

[2stout]

Just don't see paper money ever going away as it's still by far the most laundered form of money.  Also the trackability of CBCDs isn't going to be appealing for certain transactions.

[Poker Player]

Just don't see paper money ever going away as it's still by far the most laundered form of money.  Also the trackability of CBCDs isn't going to be appealing for certain transactions.

It is the wet dream of politicians and central banks that cash will disappear and, try as they might, they are having a hard time getting rid of it. The pandemic gave a boost to this program by the foolishness of making people believe that if they touched bills they would die of Covid.

I for one use quite a lot of cash on a day to day basis as an activist, although it is clear that there is a downward trend with the ease of mobile payments or smart watches.

Regarding CBDCs, as you say, someone moderately intelligent will avoid using them as much as possible, as they are not like cash, they are much worse. With the CBDC you will be identified at all times, they will know how much money you have and where you spend it, and they can program it to expire before a certain date or censor it. All disadvantages.

[YouYou0321]

Now I have digitized everything. This is a trend. Banks are also very crisis-conscious now. They need to change. If they don’t change, they will be replaced. It is said that there is a country that sends 100 yuan of digital assets to their citizens for free. assets.

[Maeve@]

I don't think paper money will be completely replaced. There are still a large number of people who do not use the Internet and are still in poverty. This is not a good move for some small countries with slow economic development.

[FrancesF]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

I don't think so, just like the current Ukrainian-Russian war, if the paper money is eliminated, once the war restricts the network, then they will face death directly, without any resistance, it will be a nightmare.

[Oasisman]

A city or a country could always do paperless transactions and go full digital, but there are no perfect system, everything has it's downtime and that is the biggest fear everyone is anticipating. Once the system fails, even momentarily, transactions will be put on hold. And so, paper money will come into play here, as a back up payment options.
Therefore, both would co-exist. Paper money will not going to be phased out, not even in the next generations.

[Kakmakr]

We will see a lot of "Gov" coins in the future, but it will all be private. You will not have a token that will be backed by public miners and public open source developers. The Banks will hire their own developers and they will develop something that can be 100% controlled by them.

They will be able to change the coin cap on demand and they will also mine all the coins or have control over the internal database. It will adhere 100% to all KYC requirements and regulations and it will be a copy of Fiat cash, but just in a digital form.

Look towards R3 and it's distributed ledger developments for the solutions that Banks will use for this. 

[Mackenzie87]

First of all, the government will not eliminate paper money, which will directly affect the economy, because some people do not particularly support storing it on a virtual network. The government will promote digital currency, but it will not completely replace paper money.

[Argoo]

I think there’s no question that eventually we will all move away from metal and paper money, but as for why this move is made or what’s all involved, not sure. I think eventually, whether it is including bitcoin or cryptocurrencies or not, we are likely to use something like our finger or eye ball scans that will then link to our bank accounts/credit cards/cryptocurrency etc.  Or something like this, but I think it’ll be at least another hundred years until something like this comes to fruition.

CBDC only improve the efficiency of the government's non-cash payments and nothing more. Non-cash payments have previously been along with the circulation of paper money, so the emergence of CBDC does not introduce anything into the financial structure that would force states to abandon paper money. Paper money performs its useful functions in society and the state. In addition, a significant part of people will not want or be able to use bank cards or other types of non-cash money. Therefore, paper money, as the simplest and most convenient method of payment, especially for small household transactions, should continue to be preserved. You should always remember that high technologies are very vulnerable to various catastrophes and cataclysms, so it makes no sense to abandon the old simple ways of paying for goods and services.

[woez]

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

Well, this is a lot of excitement for all. Abolishing paper money was one big step, and now with the advent of CBDCs we are surely, towards a future where cash will be but only a memory. Just as paper money has replaced gold/silver so will cbdcs/cryptocurrencies changed cash.

I think this is a matter of when rather than if. The sooner we can move away from paper money, the better, since it costs more to print than it's worth. The same thing with coins and dollar bills. No one uses cash in Europe because they don't need it; everything is electronic. The future belongs to crypto-currencies.

However this may take some time to fully mature and get its place in our daily routine.

[Tommiewill]

Paper money will not disappear, although digital currency is very convenient, but you know that there are still many disabled people in the world (eyes, arms, hands, legs) who cannot use smartphones independently, and there are many places that do not have Internet, and they do not have Smartphones, they have no concept of digital currency, they think paper money is in their hands, which can give them a sense of security.

[Falconer]

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

I'm not sure, CBDC will not be able to completely replace paper money even if its development accelerates rapidly. The demand for paper money among the public to meet the needs of daily transactions in traditional markets cannot be eliminated easily, even if the government has prepared all means to increase knowledge of digital usage through various programs, in the end I believe it will not be easy.

However, the next generation may have more potential to no longer use paper money. Obviously it will take a long time, but this will probably continue to change over time.

[Smartprofit]

CBDC seem to be what countries are moving into to look to help the economy but unfortunate thing is that nothing of such can happen. The paper money replacement is not just what can happen without a serious consequence and that the world is not ready for. Daily buying and selling is still much dependent on cash despite the cashless system that is for convenience. Credit cards, ATM and the cashless mechanism are not everyone favourite, some people still prefer their money physically. Imagine in Nigeria some older people selling their land still prefer getting their money physically in cash. There are so many instances of cash transactions but getting the proceed of land sell in cash worth of $2k and above is the height of the instances of how cash still relevant in the system.

If Governments want to control people, then it is not beneficial for them that people use cash. 

Cash gives people independence.  For example, the sale of real estate in many countries is taxed.  How can the tax service find out how much was actually paid for real estate if the calculations were made in paper banknotes?  $10,000?  $20,000?  $30,000?  If payment was made by transferring cash from hand to hand, then it is impossible to know for sure. 

Another thing is if the payment is made using CBDC.  This system provides full control over all transactions.

[wmaurik]

Now I have digitized everything. This is a trend. Banks are also very crisis-conscious now. They need to change. If they don’t change, they will be replaced. It is said that there is a country that sends 100 yuan of digital assets to their citizens for free. assets.

Who said that? And is 100 Yuan in digital obtained by all citizens in the country with Yuan currency? Because I haven't read the news about it, but they will be very happy if it actually happens and those who can't use the 100 Yuan sent via digital still have to be sad even if it was sent for free by someone else.

I don't think paper money will be completely replaced. There are still a large number of people who do not use the Internet and are still in poverty. This is not a good move for some small countries with slow economic development.

Small countries with economic development that tend to be slow will also develop slowly and slowly they will also lead to digital things because it can make it easier for the country to manage whatever results are in the country, especially those related to the economy. Indeed, this will not happen simultaneously in all countries because there are many considerations that must be studied and carried out so that the state financial system is not chaotic, and slowly but surely I am more confident that it will happen first to the developed countries in the world.

[PrivacyG]

While digital money sounds like the future, I do not agree paper money needs to be phased out.  I get it.  There is so much more card usage today than there was before the Pandemic and a decade ago.  Technology itself has advanced like crazy in the past decade, let alone the past fifty years.  However, there are a few reasons paper money will NOT be phased out anytime soon.

Firstly, while we do have the fortunate access to technology, there are so many parts of the world that do not.  There are so many people living without access to technology and Internet.  This problem will be extremely hard to get rid of.  Maybe easier in the United States and part of Europe, but even there you still have issues since rural areas are still a thing.

Secondly, where there is population with access to technology, there are still a lot of 'boomers' who have no idea how to properly handle technology.  Put a thousand old people in a store in a country where autonomous paying machines (such as in stores in the United States & United Kingdom) is not the norm and have them all pay by card.  You will run into so many issues that would otherwise be avoided.  We likely need at least three to four generations to pass before technology becomes understood by the vast majority of people.  Cash is universally understood, digital is still not.

Thirdly.  Remember corrupt politicians are a thing.  As long as there is corruption, ways out for the corrupted will be necessary in our laws and procedures.  In consequence, whatever is an advantage for the Rich and for the corrupt politicians will continue to either exist in the same form or they will find a better or very similar alternative.  For example, cash is in many ways just as advantageous for them as Monero is.  My brain's logic says Monero would have otherwise been gone many years ago.

Last but not least.  Privacy is finally starting to become more or less a global concern.  This alone will HOPEFULLY be a reason digital will not become the actual norm.  Nobody can tell me a State's digital money has privacy.  This is one thing I know will never actually, truly exist.  Otherwise, the entire argument against Monero ultimately becomes worthless if the new digital currency has actual respect for the privacy of its users.

If I were to speak strictly based on what I think will actually happen.  Then I think they are going to only make it more difficult to use Cash.  This is already happening and will continue to happen until they are basically enforcing Credit Card usage instead.  Then, when enough citizens are using digital over physical, they can finally start a transition by slowly phasing out Cash.  This will however likely take many decades before becoming a reality.  Under today's circumstances, we can not make this transition.

-
Regards,
PrivacyG

[Renampun]

...
How long do you think it will take for paper money to be phased out for good?

replacing paper money is not a fast job, it requires great consideration, especially since many countries are still led by old-minded people. then the timing cannot be confirmed/difficult to predict (when will paper money be eliminated).

Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

CBDC and digital money will certainly be payments that are used en masse by people in the future, their use is very easy and the security will definitely be very strong because currently there are still many banknotes that can be counterfeited.

[NeuroticFish]

CBDCs will not replace fully the paper money. They just can't. And not all governments will issue CBDCs.
It will take more generations until paper money gets phased out, if ever. There are still many people who don't use technology, there are still many regions not covered with internet; those just cannot go without an offline currency.

That's what I've thought. But if governments are keen into pushing digital payments, then they're going to have to provide the necessary tools to make it happen. I believe the transition from physical to digital Fiat will be a slow one as not everyone is used to credit/debit cards or even in-app purchases. As you've said before, there are many people without access to the Internet. Not only that, but there are old people who don't like to use anything else other than paper money to pay for goods and services. Governments who issue CBDCs are going to have to experiment with it for a while before the transition is 100% complete.

Of course they're pushing it. Paper money needs printing almost continuously. There are always banknotes that get damaged and they'll get burned (or melted) and replaced with new ones. That costs money.
If they manage to reduce the amount of "paper" money needed to stay in circulation to half, they will save a lot of money from this cycle.

Then, obviously, digital money - no matte it's banks, visa or CBDCs - it's easy to track.
And, as we already know, CBDCs will probably also be easy to freeze or seize, giving governments even more power.

But, by the law (or possibly the constitution?), the government has to ensure each and every citizen has access to the money. And if internet and technology is not available.. phasing out paper money will be illegal/unconstitutional. Simple.

[DaNNy001]

For me I think it's far any longer because the one thing everyone should know about human is that humans always Find an alternative to change things around them and as well adapt to those changes so far as those changes will yield positive results

And crypto money seems to be the leading trend so its better for the banks to follow the moving train or stay left behind

Even country that have banned the use of bitcoin and all other crypto money will still swing it to this wonderful initiative is just a matter of time

[Cookdata]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.
I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

Apart from enabling cashless transactions in metropolitan areas, I still don't get what the CBDC is trying to achieve. It isn't anything like the Defi or Bitcoin blockchain ledger, it's just a more sophisticated cashless transaction that will still be impacted by paper money. While some nations are creating their own, others are already operational, and certain nations, like the US, are still opposed to doing so, I don't believe they will do so anytime soon.

In my opinion, CBDC won't function in rural areas and will only be useful in select metro areas where there is internet access. Additionally, I believe that some regions of the world will still use paper money in 50 years.

[justdimin]

Paper money will not disappear, although digital currency is very convenient, but you know that there are still many disabled people in the world (eyes, arms, hands, legs) who cannot use smartphones independently, and there are many places that do not have Internet, and they do not have Smartphones, they have no concept of digital currency, they think paper money is in their hands, which can give them a sense of security.

Paper money is already not that much in circulation to be honest. I always preferred cash over having any money in the banks, I dislike banks and using a digital one at that too, so I am trying to avoid banking world as much as I could but of course there many periods where I would have to use it, because any other way would be just too much overwork just to avoid it.

However, not many people think like that, and most of the money in the world is digital, not in the hands of the people which allows banks to continue. It is a century old known fact that if you tried to withdraw all of the money in the banks, then banks would collapse and not be able to pay, which shows how they are bankrupt to begin with.

[Fortify]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

While the idea of blockchain currency seems ideal with the whole decentralized setup, we've seen that it is unfortunately too inefficient energy wise at the moment when there are already established payment networks like Visa or even Paypal which could potentially fill the gap of electronic currency payments in future. If the world were to shift over the cryptocurrency you would also need some mechanism to ensure that it was not vulnerable to the supposed 51% attack which it pretty hard to mitigate against unless you're using a centralized authority who can also interfere - thus removing an element of safety for people to use it as a store of value in future.

[Mahanton]

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

No matter how far we would progress out but still paper fiat would really be still on existence and as long government exist then they wont really be letting these things to happen along the way.
We cant really deny the fact that fiat do really plays out a major role.It might be having its cons but lets just not set aside when it comes to its pros and benefits.
Paper money could be printed out but of course it would really be on a constraint or controlled manner which we know that inflation could really be an inevitable thing.
No matter how CBDC's would be that rampant in near future but still its hard to believe that fiat would really wiped out from existence.

[ingiltere]

In my opinion, paper money period will come to an end in the nearer future than we imagine. But in developing countries this will take a little longer, naturally. We may see a faster transition in developed countries. We already do most of our business with credit or debit cards, but there are still places where we have to use cash.
Countries don't want to lag behind in this race, but not every country is the same. For example, our local post office system still use cash here and there is still no option to pay by credit/debit card. How is it possible for the state to make this large-scale transition when such a state institution is not yet able to achieve this integration? There is time for this to settle all over the world, but we can definitely see this step faster in leading countries.

[Gyfts]

As long as the government chooses to have paper currency, there will be paper currency. If, on a whim, they choose to no longer deem paper currency as legal tender, then it will no longer be in circulation. It's really that simple -- when you choose to have the government be the sole fiduciary of the currency, they can dictate what form the currency exists in without any recourse from anyone.

As far as I've read, CBDC has no intention of replacing paper money, but CBDC issues digital money to give people choices about the type of money to use to make transactions easier. I think that paper and metal currencies will always be the main and legal currencies in transactions.

I disagree entirely. The government might tell you this, don't buy it. They're an institution that is motivated by self preservation. CBDC's will replace paper currency eventually. It'll most likely be used as a cudgel against BTC users.

[STT]

It doesnt especially matter at this point, the majority of currency circulated is never printed.  Discussing the impact of a declining trend to using paper notes is not that influential to the movement of cash.   Some people prefer it but its already seen as suspicious to only deal with cash even when the business operated is specifically cash only and those people have to be careful when handling large amounts of cash due to its rarity to do so.

[Yatsan]

Decades,I guess.
Online payments have emerged, but fiat still has its physical form. I doubt that it would be cryptocurrencies to replace its physical form, but rather fiat as online payments. Like how other people or users in this forum have mentioned, there is always a higher tendency for crypto and fiat to co-exist in the economy, than cryptocurrency alone because of regulation issues. We cannot force it because this industry has a different nature than typical currencies being used on a daily basis.

In my opinion, paper money period will come to an end in the nearer future than we imagine. But in developing countries this will take a little longer, naturally. We may see a faster transition in developed countries. We already do most of our business with credit or debit cards, but there are still places where we have to use cash.
Countries don't want to lag behind in this race, but not every country is the same. For example, our local post office system still use cash here and there is still no option to pay by credit/debit card. How is it possible for the state to make this large-scale transition when such a state institution is not yet able to achieve this integration? There is time for this to settle all over the world, but we can definitely see this step faster in leading countries.

But look on governments' end; why would they use a sydtem of currency which will prohibit them to tract the transactions given that it is blockchain we are talking about? That's why I see blurry vision of this one. However things are subjectfor changes as long as there is a progressive development in general.

[wmaurik]

For me I think it's far any longer because the one thing everyone should know about human is that humans always Find an alternative to change things around them and as well adapt to those changes so far as those changes will yield positive results

Changes in the environment are something that is always bound to happen, but for a change with the issue of paper money to digital money it obviously takes a long time to change because each country needs to make regulations and financial systems that are more different than usual even though it is to goals that are more beautiful, easier and also more advanced in a positive direction.

And crypto money seems to be the leading trend so its better for the banks to follow the moving train or stay left behind

Even country that have banned the use of bitcoin and all other crypto money will still swing it to this wonderful initiative is just a matter of time

Countries that prohibit Bitcoin and other cryptocurrencies I think it's more of a prestige because basically the country itself also knows that Bitcoin and other cryptocurrencies are more advanced and favored by many people, so that some countries may want to hinder the progress of Bitcoin and other cryptocurrencies, but unfortunately it didn't work because now there are more countries that like Bitcoin and other cryptocurrencies.

[Natalim]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I considered this as a sort of currency development but never I think this will put an end to fiat money(cash).
I understand the situation that we need to adopt and make changes to a new one as it seems to be more suitable in this current era. However, we can't just simply reject fiat for not using it as for sure the central banks don't do that but just consider this as another alternative currency like crypto.

 - cash, digital currency, cryptocurrencies -they exist for the seek of living comfortably, and have no way to rid of any of them unless they are not useful anymore.

[Smartvirus]

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

Have the world come to that level of technology yet? I greatly doubt that if you would ask me. We might have come by a high level of technological advancement but, there are parts of our world where technology is yet to penetrate and even at that, networks are not fairly constant in all areas and completely lacking in other areas. The best that could happen is a coexistence of both fiat's and the CBDCs rather than a replacement, same goes for cryptocurrencies.
The fact that, the government's of the world are taking a page out of cryptocurrency developments makes it a good thing but, thy should be OK the part of providing alternatives rather than trying to eliminate. That chance of choosing by the masses should be there and people would definitely pick rather than forcing it on the masses.

[dezoel]

I think there’s no question that eventually we will all move away from metal and paper money, but as for why this move is made or what’s all involved, not sure. I think eventually, whether it is including bitcoin or cryptocurrencies or not, we are likely to use something like our finger or eye ball scans that will then link to our bank accounts/credit cards/cryptocurrency etc.  Or something like this, but I think it’ll be at least another hundred years until something like this comes to fruition.

That's impossible for them to disappear and then the currency will transfer digitally because not all times there are internet and there's also blackouts or power interruptions which can interfere our use of digital currencies. The internet is not new and there are digital payment methods have been invented even before but as of now, there are still physical versions of money.

If there are any changes then that would be their appearance. Elon is now working on that thing you are talking about but many people are scared of that. This is what the conspiracy are saying that humans are slowly turning into robots or we are going to be replaced by ai's soon.

[Vaculin]

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

CBDCs will not replace fully the paper money. They just can't. And not all governments will issue CBDCs.
It will take more generations until paper money gets phased out, if ever. There are still many people who don't use technology, there are still many regions not covered with internet; those just cannot go without an offline currency.

Paper money is here for good, digital currency will only be a complement to the existing paper money. And to think that not all areas have good internet connection, so digital currency will not very useful as most people will still prefer to use the paper money that they have lived for. And I guess even if the whole world gets fully digital, paper money will always remain as the main currency, and CBDCs will always be an option or a second form of currency.

[eightdots]

We assume that what we accept, the world will accept. I am like this myself. This thought deceives us. I think this transformation will take time. I assume this can only happen when the current young population gets older. Today's old people can't keep up with innovations. Among the reasons for this, there are also points on which they are right. They consider the possibility of being safe or bad. Paper money will be in circulation longer. Even the thought of removing paper money from circulation may take a long time to settle down.

[Mauser]

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

That's a really difficult question to answer because the world is so divided when it comes to cash and using credit cards. When I look at my grandmother who is above 90 I don't see any chance to remove cash for her. She only uses cash which my uncle withdraws from the bank for her, she never even made a bank transfer, everything is done for her by either the bank clerk or in our family. For her there is only cash, very similar to my parents. They do have bank cards, but rarely use them. It's hard to keep track of their finances they say and want to stick to cash. We even had online banking setup for them in the past, but they kept forgetting their login details and never use. So based on my own family I can tell there is no way that cash could disappear in the next 30 years. Any political party that would start removing cash from the economy will be gone by the next ejections. After 30 years things could be different, once our generations are in retirement age I am use we could live without cash.

[justdimin]

For me I think it's far any longer because the one thing everyone should know about human is that humans always Find an alternative to change things around them and as well adapt to those changes so far as those changes will yield positive results

Changes in the environment are something that is always bound to happen, but for a change with the issue of paper money to digital money it obviously takes a long time to change because each country needs to make regulations and financial systems that are more different than usual even though it is to goals that are more beautiful, easier and also more advanced in a positive direction.

I think nations like USA didn't have any problems to regulate it, so was UK and Germany, because they trust their own currency and know that they are going to be fine. Sure dollar, euro, sterling all dropped in value, that is not a secret and it is true but even with that in mind there isn't really that many other currencies in the world which are as valuable as these three, can you name a fourth one that you would like to have instead?

I wouldn't want Ruble or Yuan, which are the closest to them, and all others are lower by far. So all in all, the nations with strong currencies, or to be more precise the currencies with no problems, ended up with regulations instead of banning it, and nations with high inflation and low valued currency ended up with bans right away.

[posi]

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

That's a really difficult question to answer because the world is so divided when it comes to cash and using credit cards. When I look at my grandmother who is above 90 I don't see any chance to remove cash for her. She only uses cash which my uncle withdraws from the bank for her, she never even made a bank transfer, everything is done for her by either the bank clerk or in our family. For her there is only cash, very similar to my parents. They do have bank cards, but rarely use them. It's hard to keep track of their finances they say and want to stick to cash. We even had online banking setup for them in the past, but they kept forgetting their login details and never use. So based on my own family I can tell there is no way that cash could disappear in the next 30 years. Any political party that would start removing cash from the economy will be gone by the next ejections. After 30 years things could be different, once our generations are in retirement age I am use we could live without cash.

In my own family, I am facing the same situation as you. We are a poor country and access to the internet and smartphones is quite slow compared to other countries. My parents are only 50 years old but they still can't master a smartphone let alone use a bank account even though we have taught them many times. It can be said that it is very difficult for fiat to completely disappear even if CBDC is launched. There are still a lot of people who don't know how to use a phone and access the internet, so CBDC won't replace fiat anytime soon, even though it's a lot more convenient.

[albon]

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

I think it is a matter of time before cryptocurrencies will replace paper money or be another option for payment, due to the decentralization of cryptocurrencies and the unique features that make them the ideal choice for financial transactions, perhaps in the near future after the increase and expansion of cryptocurrency trading and after gaining popularity and adoption by countries and governments, we may find The era of paper money is over, in my opinion, the thing that causes concern to the Central is the loss of privacy and anonymity while dealing with cryptocurrencies, but if regulations and controls are put in place to regulate them, then cryptocurrencies can be legal one day in all countries.

[Gozie51]

I wouldn't want Ruble or Yuan, which are the closest to them, and all others are lower by far. So all in all, the nations with strong currencies, or to be more precise the currencies with no problems, ended up with regulations instead of banning it, and nations with high inflation and low valued currency ended up with bans right away.

I think you may have a reasonable argument here because if you look at countries that are creating CBDC they are all having some challenge and uncertain with the strength of their currency. Dollar, euro or pounds are the strongest of the world currency. Countries in Europe are not banning bitcoin transaction or neither creating CBDC., so I think this view is what is happening and those countries are having regulation to the currency.

[serjent05]

How long do you think it will take for paper money to be phased out for good?

No one really knows, it may take decades or centuries, it is all dependent on the development of a country.  If all corners of the world are digitized then we can possibly start to see the process of retrieving paper money in preparation for fully digitized transactions.

Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

It is possible but who knows, the financial institution doesn't reveal their plan unless it is already good for implementation.  But of course the potential of CBDCs is always there.

I think it is a matter of time before cryptocurrencies will replace paper money or be another option for payment, due to the decentralization of cryptocurrencies and the unique features that make them the ideal choice for financial transactions,

Well, the government will not agree, for them, it should be centralized where the government is the central governor so it is quite impossible to see decentralized cryptocurrency to replace paper money.

[Viscore]

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

No matter how far we would progress out but still paper fiat would really be still on existence and as long government exist then they wont really be letting these things to happen along the way.
We cant really deny the fact that fiat do really plays out a major role.It might be having its cons but lets just not set aside when it comes to its pros and benefits.
Paper money could be printed out but of course it would really be on a constraint or controlled manner which we know that inflation could really be an inevitable thing.
No matter how CBDC's would be that rampant in near future but still its hard to believe that fiat would really wiped out from existence.

And if ever it could really be phased out by chance, then it will take another long years before paper money will completely vanish and everything will be dependent on digital currency. But I believe as long as the government and central bank both exist, paper money will always serve as the main currency, and CBDCs will definitely be an option from the existing paper money.

[romero121]

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

No matter how far we would progress out but still paper fiat would really be still on existence and as long government exist then they wont really be letting these things to happen along the way.
We cant really deny the fact that fiat do really plays out a major role.It might be having its cons but lets just not set aside when it comes to its pros and benefits.
Paper money could be printed out but of course it would really be on a constraint or controlled manner which we know that inflation could really be an inevitable thing.
No matter how CBDC's would be that rampant in near future but still its hard to believe that fiat would really wiped out from existence.

And if ever it could really be phased out by chance, then it will take another long years before paper money will completely vanish and everything will be dependent on digital currency. But I believe as long as the government and central bank both exist, paper money will always serve as the main currency, and CBDCs will definitely be an option from the existing paper money.

Agreed, government wants control over the funds. This is possible through paper money and CBDC. For this reason, the governments will continue to make use of paper money and consider CBDC an alternate. Complete injection of bitcoin won't happen anytime. Maybe the Market will coexist understanding the increasing demand among the common people against the usage of traditional fiat.

[Semar Mesem]

The position of paper money is still strong even though it is often problematic, the main problem with paper money is inflation because the government is free to print money so that paper money has no value. how long does paper money last? of course as long as there is a central bank.

[Balmain]

Due to the global blocking and political conjuncture between countries there will be a transition from banknotes to crypto. In the coming period, the banknotes we know will gradually leave their place to cryptocurrencies. It's a process. Because the circulation of cryptocurrencies is much more fluid. The government cannot keep track of where the paper money goes but in this system, even though the names of the users are unknown the emission circulation amount and where the money flows can be monitored from the open ledger. When the last person who doesn't know the digital world is wiped from the face of the earth, the banknotes will disappear completely.

[Davidvictorson]

Paper money will coexist with digital money and will always be in circulation. Why? First, it’s a lot easier to track. Besides cash is still needed for a little while for a large part of the population. In addition, it’s way easier for people to track my expenses with. On the other hand, digital money may have problem especially with payment transactions viz-a-viz the high rates of hidden fees that cashless payment services required to pay in order to use their service. Inaddition to the numerous security concerns.

[BitDane]

The position of paper money is still strong even though it is often problematic, the main problem with paper money is inflation because the government is free to print money so that paper money has no value. how long does paper money last? of course as long as there is a central bank.

Regardless of how high the inflation of paper money, I think it will stay and still in circulation for decades to come and as long as the whole world is not digitized yet.  Digital currency and CBDC will be implement along paper money but the moment global digitalization is complete, we might see central banks pulling out paper money and start to implement digital money or CBDC.  I believe the digitalization process will be the determining factor for the papermoney to become obsolete.

[meser#]

My optimistical opinion should be as soon as possible But, it need a lot of thing has been done. First of all if we are talking about all around the world, every person must have internet connection and devices. "Nearly 3 billion people – or 37% of the world’s population – have never used the internet, according to the United Nations, despite the Covid-19 pandemic driving people online." ^{(https://www.theguardian.com/technology/2021/nov/30/more-than-a-third-of-worlds-population-has-never-used-the-internet-says-un)}. Secondly we need stable internet connection which all around the world even exist top of the Everest We'll have to make Elon rich for this The third and final inference is that we cannot see this happen. Because we need at least 40 years for all humanity to adapt to the technology brought by the computer and the internet. After adaptation 20 or 30 years needed to implicate to life. If we are lucky to live till 80-90 age we can see that happen

[Abiky]

Of course they're pushing it. Paper money needs printing almost continuously. There are always banknotes that get damaged and they'll get burned (or melted) and replaced with new ones. That costs money.
If they manage to reduce the amount of "paper" money needed to stay in circulation to half, they will save a lot of money from this cycle.

Then, obviously, digital money - no matte it's banks, visa or CBDCs - it's easy to track.
And, as we already know, CBDCs will probably also be easy to freeze or seize, giving governments even more power.

But, by the law (or possibly the constitution?), the government has to ensure each and every citizen has access to the money. And if internet and technology is not available.. phasing out paper money will be illegal/unconstitutional. Simple.

I think there's still a long road ahead before we see paper money being phased out for good. It's likely neither you or I will be alive by the time this happens. As you've said before, there are many parts of the world where Internet access (and technology) is not available. How would people begin using a digital currency if they don't know how it works or even have the necessary tools to make a payment? It's possible CBDCs will live alongside paper money for quite some time. It'll be the same as credit/debit cards where paper money is still being used even though the former proves to be superior.

My guess is that paper money would cease to exist 50 years from now. Governments would not only need to develop and launch CBDCs to the public, but also provide the necessary infrastructure (eg: Internet access) to help make people adopt the new system. They would also need to educate the masses about digital currency payments, especially when there are many people who have never heard about or used crypto before. Of course, privacy will be gone once CBDCs reach the mainstream. But at least, we'll have decentralized cryptocurrencies like Bitcoin and Monero at our side. Who knows what the future will bring? Just my thoughts

[Vlad1977]

“Using digital currency is no longer an issue, it’s a timing, the global pandemic crisis has led to new habits among consumers around the world, they are giving up cash, and businesses are responding,” said Daniel Schulman, Digital The development of money can ultimately help improve the financial health of people, households and businesses around the world.

[bitzizzix]

I don't think that's likely, even though in 2060 fiat money still exists and will probably coexist with crypto or something else.
and try to imagine for the lower economic class or the poor who do not have a smartphone, how they transact.
Unless the government gives smartphones to all the poor for free, paper money probably won't exist. But it is still very long ago that we will never know and feel because most likely we are no longer in this world.

[Gallar]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

it will take a very long time to abolish paper money, many factors hinder, one of which,

- among less tech-savvy parents

this aspect will definitely hinder, because there are still many parents who still don't understand technology, don't even want to use it, surely this will become an obstacle and debate.

- requires a stable internet connection

in developing countries it is not like developed countries, with the speed and stability of very good internet connections, surely this aspect will be a complaint, especially in countries where internet connections are not evenly distributed.

[cheezcarls]

The problem is that we do not know when will the paper money gonna cease to exist. In my own opinion, I think paper money is here to stay as transitioning to digitalization will take so many decades. Even the very old trading method of barter is still here in the modern world. I do not think the world is ready yet soon to cease paper money entirely, which may depend on every country.

[slaman29]

The problem is that we do not know when will the paper money gonna cease to exist. In my own opinion, I think paper money is here to stay as transitioning to digitalization will take so many decades. Even the very old trading method of barter is still here in the modern world. I do not think the world is ready yet soon to cease paper money entirely, which may depend on every country.

As long as there are parts of the world where there is no internet or that most people cannot afford it, it won't go away. And even when there is internet and digital cash, when there are some people who insist on not to use it, we will always have paper money. As much as I love crypto and digital money I totally get why some people just want to use cash in hand. It can be slightly less convenient, but it meets different needs.

Just like as you say barter, which is still alive and well in some countries.

[bakasabo]

I think that paper money will always stay in circulation. First, because there are places or people who prefer to be paid in a physical item, then with something digital. This is due to people trust more to a dollar bill in a hand (dollar is just an example), than to a bunch pixels on a screen. Second, there will always be shady deals. Paper money are still the best untraceable payment. Third - paper money are issued by government. Government have sort of a control over finances. Digital money, crypto and etc - issued by third party, means less controllable.

[virasisog]

I think that paper money will always stay in circulation. First, because there are places or people who prefer to be paid in a physical item, then with something digital. This is due to people trust more to a dollar bill in a hand (dollar is just an example), than to a bunch pixels on a screen. Second, there will always be shady deals. Paper money is still the best untraceable payment. Third - paper money is issued by the government. Government has sort of control over finances. Digital money, crypto, etc - are issued by third parties, which means less controllable.

In the current situation that we have, we're already in the modern days yet there are still lots of people who prefer the traditional mode of payment and don't want digital adoption while in some third world countries, there are still places that don't have enough equipment or even the internet connection to access online wallets and transact digitally. So fiat will still be in circulation which I think would be hard to replace or eliminate. The government won't push through digital money adoption including cryptocurrency alone without the existence of fiat.

[yhiaali3]

I think that the energy crisis in the world at the present time will delay the transformation of paper money into digital money for a long time, digital money needs a major infrastructure that depends mainly on electricity, the infrastructure mainly includes the Internet, the local network or ATMs, and all of these need electricity To keep them working permanently, what if an energy crisis developed and governments couldn't provide enough electricity to keep these systems working continuously day and night?
 I think we are still far from having permanent, cheap, clean energy and therefore a bit far from a full transition to the age of digital money.

[wmaurik]

“Using digital currency is no longer an issue, it’s a timing, the global pandemic crisis has led to new habits among consumers around the world, they are giving up cash, and businesses are responding,” said Daniel Schulman, Digital The development of money can ultimately help improve the financial health of people, households and businesses around the world.

Time will indeed answer everything, because the use of digital currency will soon penetrate all regions of the world over time slowly, although the use of fiat or paper currency will not just disappear amid the development of digital currency and its applications in society.

And if it is associated with health problems, the use of paper money can also be very safe as long as the person giving and the person receiving wear gloves for better health protection although it is also more complicated when compared to the use of digital currency which can be used very simply without have to think about gloves or something.

[Questat]

“Using digital currency is no longer an issue, it’s a timing, the global pandemic crisis has led to new habits among consumers around the world, they are giving up cash, and businesses are responding,” said Daniel Schulman, Digital The development of money can ultimately help improve the financial health of people, households and businesses around the world.

Time will indeed answer everything, because the use of digital currency will soon penetrate all regions of the world over time slowly, although the use of fiat or paper currency will not just disappear amid the development of digital currency and its applications in society.

And if it is associated with health problems, the use of paper money can also be very safe as long as the person giving and the person receiving wear gloves for better health protection although it is also more complicated when compared to the use of digital currency which can be used very simply without have to think about gloves or something.

Besides, we don't have any idea how long this Bitcoin will stay in the market but I see fiat is still there for many years to come. I'd still consider the use of fiat/cash is still the most preferred by people, especially poor people. I would say that getting into a digital mode of payment is a great development but we also have to consider that some individuals are not ready for this. That I leave this as an option for ordinary people to adopt or not.

[bakasabo]

Time will indeed answer everything

Indeed time is the best answer. When we talk about paper money, I think we talk about cash particularly (paper and coins). Just open any book about history and observe that people has been using cash money for thousands years. And some people think that digital money or cryptocurrency will replace it in nearest future or during our lives? We all can dream that one day will conquer and explore space, everything will be digitalized. But it looks like that we will destroy each other faster than will have first space colony.

[DrBeer]

In order to understand whether paper money will remain or not, it is necessary to evaluate their advantages and disadvantages. If there are critical advantages, their life will still last. Critical shortcomings - on the contrary, will shorten the lifespan.

For example, from the shortcomings of paper money, I see:
1. It is a tool of corruption
2. This is a tool for sponsoring terrorism
3. This is an "expensive" mechanism - servicing money, cash desks and other things - costs money, and creates problems - theft, robbery.

Advantages:
- you can anonymously donate money

I don't see any other benefits. If you know - write, we will appreciate!

[Oilacris]

Time will indeed answer everything

Indeed time is the best answer. When we talk about paper money, I think we talk about cash particularly (paper and coins). Just open any book about history and observe that people has been using cash money for thousands years. And some people think that digital money or cryptocurrency will replace it in nearest future or during our lives? We all can dream that one day will conquer and explore space, everything will be digitalized. But it looks like that we will destroy each other faster than will have first space colony.

As we do live on era which is more advance or inevitable changes and innovation but it wont really be still enough for me to believe on that fiat would be eradicated anytime soon.

I do agree that as long government does exist then there's no way that fiat would be no more.Its true that its been used for thousand of years and we cant
really deny that it do really serve its purpose right on day to day transactions.

So its really hard to believe that it would really be replaced by online currencies.Consider that not all are really that techy on switching up completely
came from fiat which is really that hard to believe on.

[jaberwock]

Time will indeed answer everything

Indeed time is the best answer. When we talk about paper money, I think we talk about cash particularly (paper and coins). Just open any book about history and observe that people has been using cash money for thousands years. And some people think that digital money or cryptocurrency will replace it in nearest future or during our lives? We all can dream that one day will conquer and explore space, everything will be digitalized. But it looks like that we will destroy each other faster than will have first space colony.

I think this is why we do not have a proper answer to it. Paper money is already going away, not just because of crypto but because of all the digital payments. Credit cards and debit cards took over the world, and even digital debit cards too, where you just deposit whatever you want into it and if it ever gets hacked then only the money in it could be stolen and nothing more.

So, when you consider all of this, I believe that it gets to a point where it is a lot better. I am not saying that we should be expecting it to not even exist, there will always be some paper money a bit, but not a lot I am sure that soon it will be very rarely used for only few things.

[omone1]

Paper money will continue to be in circulation but it physical use will be heavily limited in the future as it's more less costly to use technology in financial transactions than always counting paper money. Seems that Central Banks Digital Currencies won't be very well accepted like what happened in Nigeria when a vast population of the youth rejected it and went for crypto instead.

[Fivestar4everMVP]

For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

A wise man once said "Be careful what you wish for, for you might just get it" I personally do not think its time yet to phase out our analog system of money, this is not for my sake, but for the sake of our old and uneducated parents and grand parent who would have the most difficulty in adjusting to the new digital system of money.

I understand perfectly that in the more developed countries, this is probably not an issue at all, but consider the third world countries most of its citizens are uneducated, the old ones cant even operated a smart phone let alone knowing how to create and operate a bitcoin wallet, or even the government issued digital currency.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards?

As disappointing as this may sound, I personally think paper money will still very much around for a very long time, and what I mean by a very long time is, until you and most of us right now in this forum grow old and die, though this is not my wish, it is just the reality which i honestly hope to be wrong about.

[qwertyup23]

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

Personally, I doubt that we will see the end of paper money until the far future due to the convenience of having it. In addition, with tons of paper money being circulated around the globe, its sudden implementation would definitely cause a chaotic turmoil against all countries.

Remember that the elimination of paper money would only benefit the rich and cause more weakness to the poor. Access to basic technology of any kind of digital money is limited to developing and developed countries in which underdeveloped countries still suffer as to this day. If the world implements this kind of transaction, this would heavily prejudice the latter to the point that they were not be able to adapt quickly.

I guess that the coexistence of paper money (fiat) and digital currencies would be main trend in the future.

[Agbe]

 
How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

Paper money cannot be phase in anytime soon and I don't think that paper money will be replaced by CBDCs. See let me tell the illiteracy level in Africa is very high even in this 21st century, so how do want to eliminate paper money then what will these illiteracy people use? What about the retail businesses like poor sellers that selling in the garage, markets and road sides? Before planning to change every paper money to digital currency we have to think all corner of human endeavors. You have to know that, Bitcoin was not created to replace any Fiat but it was created to assist Fiat on a digital way.

[Lanatsa]

 
How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

Paper money cannot be phase in anytime soon and I don't think that paper money will be replaced by CBDCs. See let me tell the illiteracy level in Africa is very high even in this 21st century, so how do want to eliminate paper money then what will these illiteracy people use? What about the retail businesses like poor sellers that selling in the garage, markets and road sides? Before planning to change every paper money to digital currency we have to think all corner of human endeavors. You have to know that, Bitcoin was not created to replace any Fiat but it was created to assist Fiat on a digital way.

There's no way even on my wildest dream on which it cant really be that possible for paper money would out of its existence or would really be replaced by CBDC's which same as you said.

It would really be still remaining and would really be used and just like other people been saying that as long government does exist then they wouldn't really let these things to happen.

Both crypto payments, digital e-fiat payments and paper fiat would really be all existing on upcoming future ahead.This is why its never been that good nor ideal on
stressing up yourself on something which cant really be happening.

[Abiky]

Personally, I doubt that we will see the end of paper money until the far future due to the convenience of having it. In addition, with tons of paper money being circulated around the globe, its sudden implementation would definitely cause a chaotic turmoil against all countries.

Remember that the elimination of paper money would only benefit the rich and cause more weakness to the poor. Access to basic technology of any kind of digital money is limited to developing and developed countries in which underdeveloped countries still suffer as to this day. If the world implements this kind of transaction, this would heavily prejudice the latter to the point that they were not be able to adapt quickly.

I guess that the coexistence of paper money (fiat) and digital currencies would be main trend in the future.

Of course. Phasing out paper money is no easy task. Governments would have to deal with the large number of notes in circulation, as well as, old people who are reluctant to change their ways. It's going to take quite a long time before we're able to see the global economy being digitized. I'm in no hurry to see that happen, especially when Central Bank Digital Currencies (CBDCs) are poised to give governments more control over people's financial life. It'll be the end of privacy once CBDCs take over the world by storm.

Given the fact that crypto/Blockchain tech is just starting to blossom, it's likely CBDCs will co-exist with paper money for quite some time. We already have decentralized cryptocurrencies anyways (eg: Bitcoin), so why should we care about Fiat being digitized anytime soon? Just my opinion

[wmaurik]

Besides, we don't have any idea how long this Bitcoin will stay in the market but I see fiat is still there for many years to come. I'd still consider the use of fiat/cash is still the most preferred by people, especially poor people. I would say that getting into a digital mode of payment is a great development but we also have to consider that some individuals are not ready for this. That I leave this as an option for ordinary people to adopt or not.

For poor people who still use fiat/cash money, it is a good choice because they may not think about using digital currency through certain devices in their lives. Moreover, it also refers to their daily needs and needs, because if the poor are still doing all the traditional work, it is clear that they still want to use fiat currency to support the smooth running of their work.

But for some middle-class or rich people, they must have used both by now to support all the businesses they run, because the rich also saw the convenience of using digital currency when they started shopping for something that was expensive but not expensive. need to bring a suitcase of money to pay off the shopping.

[Minecache]

Given the fact that crypto/Blockchain tech is just starting to blossom, it's likely CBDCs will co-exist with paper money for quite some time. We already have decentralized cryptocurrencies anyways (eg: Bitcoin), so why should we care about Fiat being digitized anytime soon? Just my opinion

Bitcoin is a decentralized cryptocurrency, but it is being viewed as an investment or a reserve asset like digital gold rather than a currency. CBDC is inevitable, although it will bring us convenience in use and management, but our freedom will completely disappear and I do not want that to happen.
With paper money, you can still avoid government control but with CBDC it will not be possible, just a small action against them will freeze your entire assets in an instant. It's horrible to think about, I don't expect paper money to completely disappear.

[Paul Pogba]

I think paper money will continue to survive because paper money is an easy thing to apply, especially since paper money has been used for a long time and doesn't need socialization, while cryptocurrencies that use the concept of decentralization are new and take a long time to be used massively.

[nara1892]

Time will indeed answer everything

Indeed time is the best answer. When we talk about paper money, I think we talk about cash particularly (paper and coins). Just open any book about history and observe that people has been using cash money for thousands years. And some people think that digital money or cryptocurrency will replace it in nearest future or during our lives? We all can dream that one day will conquer and explore space, everything will be digitalized. But it looks like that we will destroy each other faster than will have first space colony.

On the other hand today we also have to think about the state of technology. Even though the technology is now quite advanced, this is only happening in a few large areas and there are still many areas that are lagging behind.
Although now there are many accommodations that do make some improvements such as traveling without having to pay with paper money, this only happens in some areas in big cities.
I think paper money for areas that are rarely exposed is still commonplace and this is the most possible thing to do because access to it is hampered if you leave that condition.

[philipma1957]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

I think every one of us will be long dead for no paper money to be in effect.

Here is why:
In order to make it in effect. Every one would need to be hard wired chipped.

The chip would need to be run off your body heat.
The chip would need  to match your DNA.
If you are identical twins triplets etc the chip would need special coding to say which one you are.
The chip would need to be not removable .


I think all of the above will not happen anytime soon.

Minimum 2121 A guess.

I also gives if it does happen DOGE will be the coin for the masses not BTC

BTC will be more exclusive due to its scarcity.
most peoples chips will not be allowed to possess or use it.

[trendcoin]

I don't think paper money will go out of circulation completely because there are still people in the world who cannot access the internet and technology. Moreover, even with full access to the internet and technology in the world, the basic understanding of the concept of money will not change with CDBCs. Therefore, in my opinion, this change will not be an important development because it makes no difference to me whether a concept under the unlimited intervention of central banks is paper or digital.

[Abiky]

I think every one of us will be long dead for no paper money to be in effect.

Here is why:
In order to make it in effect. Every one would need to be hard wired chipped.

The chip would need to be run off your body heat.
The chip would need  to match your DNA.
If you are identical twins triplets etc the chip would need special coding to say which one you are.
The chip would need to be not removable .


I think all of the above will not happen anytime soon.

Minimum 2121 A guess.

I also gives if it does happen DOGE will be the coin for the masses not BTC

BTC will be more exclusive due to its scarcity.
most peoples chips will not be allowed to possess or use it.

Don't forget about Quantum Computers. If governments want to digitize everything, the best way to do it is by using Quantum technology. Classical computers won't be able to scale to millions (if not billions) of people worldwide. Combine Quantum Computers with implants, and everything you do (not limited to financial transactions) will be digitized for good. If CBDCs launch before all that, they will only be a prototype or something that's a work-in-progress. It's going to take years before the system is perfected for use worldwide.

I think there's a long road ahead before paper money is phased out for good. As you've said before, neither you or I will be alive by the time that happens. At least, we'll be able to enjoy paper money's privacy benefits while it lasts. Just my thoughts

[wmaurik]

I think paper money will continue to survive because paper money is an easy thing to apply, especially since paper money has been used for a long time and doesn't need socialization, while cryptocurrencies that use the concept of decentralization are new and take a long time to be used massively.

It won't be a problem either if cryptocurrencies that use the concept of decentralization are applied to society by the government, even though the government must provide socialization of it to all people so that inland or rural communities who are not familiar with cryptocurrencies understand even though they don't use it directly because they still have to maintain paper money in general.

[kawetsriyanto]

It may be possible to replace paper money but it is impossible to live without physical money (cash & coins). The idea of turning everything to digital isn't realistic, there should be certain matters that can't be changed, including the need for physical money. Not every area/location can be reached by the internet, there is a limitation to using digital money. Also, not everyone prefers to use digital money for any transactions in daily life. In some cases, using digital money isn't as effective as physical money (ex: when you buy goods in traditional markets). Digital money requires the internet, the transaction sometimes takes time. These reasons make me doubt if CBDCs can replace paper money. I assume it is created as a complement to the needs of varied types of money in the current and future eras.

[CryptoBuds]

...These reasons make me doubt if CBDCs can replace paper money. I assume it is created as a complement to the needs of varied types of money in the current and future eras.

I agree with your statement, CBDC still cannot replace paper money, it is just a supplement to paper money to help us have more choices in life. Currently the world population has reached 8 billion people, but not all 8 billion people have the opportunity to use the internet or smartphones, so eliminating paper money is not feasible.

There are still a lot of people who need paper money and in some cases, paper money is suitable as you say, like buying goods at a traditional market. Most of the sales people are elderly and they use smartphones quite slowly.

[Argoo]

Paper money has its advantages and disadvantages compared to digital money. The service life of paper money is 2-3 years, after that they wear out and must be gradually changed. But when making small household transactions, they are indispensable, since the transaction is simple and fast, without the need to use any technical devices, with which difficulties periodically arise during transactions. It is also the most untraceable form of public money. All non-cash payments are under the full control of the state. In addition, there will always be certain categories of citizens who will be categorically against the cessation of circulation of cash. Therefore, paper money will still exist for a very long time. Their physical form may change, but the essence remains the same.

[Haunebu]

Physical money in any form will never disappear in my opinion op. CBDCs are basically another form of cryptocurrencies which are fully centralised and were designed to provide more payment options to customers around the world.

This is the digital age for sure, but there are plenty of vendors out there who only accept physical money for various reasons which is just one example as to why physical money isn't going anywhere.

This combo of physical and digital money is amazing and optimal and I feel that everyone would agree.

[Bitcoin1216]

In my opinion, paper money will continue to exist because of the support of the government, paper money is centralized so that it will continue to survive, if you use decentralization concepts such as bitcoin, there will be many problems, namely the price fluctuations that are too high so as to make prices in the country chaotic.

[wmaurik]

In my opinion, paper money will continue to exist because of the support of the government, paper money is centralized so that it will continue to survive, if you use decentralization concepts such as bitcoin, there will be many problems, namely the price fluctuations that are too high so as to make prices in the country chaotic.

You must be able to distinguish between currencies that are managed by government regulations and digital currencies that are not at all bound by any government regulations such as Bitcoin except only for a few countries that have legalized it into their country rules.

This means that if the governments of all countries want to use digital currency from now on and forever, then the government must put it in the right direction so that it does not interfere with the country's economic system and paper money does not need to be eliminated as long as its use is still very helpful and does not create chaos with the presence of options that another (digital currency).

[barisbilgili]

In my opinion, paper money will continue to exist because of the support of the government, paper money is centralized so that it will continue to survive, if you use decentralization concepts such as bitcoin, there will be many problems, namely the price fluctuations that are too high so as to make prices in the country chaotic.

You must be able to distinguish between currencies that are managed by government regulations and digital currencies that are not at all bound by any government regulations such as Bitcoin except only for a few countries that have legalized it into their country rules.

This means that if the governments of all countries want to use digital currency from now on and forever, then the government must put it in the right direction so that it does not interfere with the country's economic system and paper money does not need to be eliminated as long as its use is still very helpful and does not create chaos with the presence of options that another (digital currency).

these will go hand in hand, paper money is unlikely to get rid of just because of the many users of digital currency. I can't imagine a country implementing such a system for sure it won't work.

some countries legalize digital currency only to facilitate transactions, not the intention of eliminating paper currency, because a country has been regulated in such a way as to sustain economic transactions in that country.

[freedomgo]

It may be possible to replace paper money but it is impossible to live without physical money (cash & coins). The idea of turning everything to digital isn't realistic, there should be certain matters that can't be changed, including the need for physical money. Not every area/location can be reached by the internet, there is a limitation to using digital money. Also, not everyone prefers to use digital money for any transactions in daily life. In some cases, using digital money isn't as effective as physical money (ex: when you buy goods in traditional markets). Digital money requires the internet, the transaction sometimes takes time. These reasons make me doubt if CBDCs can replace paper money. I assume it is created as a complement to the needs of varied types of money in the current and future eras.

This is in fact true! And even if the internet will be accessible and available anywhere in the world, there will be always some people who cannot afford to buy internet or gadgets to even use the internet. Also, if physical moneys will be removed soon, what will happen to us if we lost our phone or if the batteries are drained? That is why physical money should always be in circulation, central bank can make some alternatives hence their digital money called CBDCs but that is just an option to the people and not created because they have some plans to wipe out the usage of physical coins.

[inthelongrun]

Paper money will stay for another 100 years. It won't be easy for paper money to get wiped out completely and replaced with digital money. Paper money will co-exist along with CBDCs. Some countries especially the highly modernized and rich but smaller manageable ones like Singapore and Qatar might fully implement it. Big nations with huge populations will find it difficult especially the poor and developing nations where stable internet and even electricity remain an issue. And there are also nations like Afghanistan that are too divided ethnically and in politics that make an unstable government and are always at war which diminishes their chance of modernization.

[MoonOfLife]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

Paper money has existed for thousands of years, first widely used in feudal China, although continuously improved and renewed, they have not disappeared a single day in the past 1000 years. So thinking about a future without paper money isn't going to happen anytime soon. CBDC will soon be created and adopted but it also cannot completely replace paper money, there are still many places, and many people still don't know how to use the internet as well as the phone, how can they use CBDC?

[Doan9269]

Should we be too eager in wanting the total elimination of fiat paper money? I think it's something that has to do with time and I don't expect us to anticipate for it on a rush, the era of technology and digital economy has to have been evolved all over the world whereby development is not much a thing of concern for the people to enroll together with the digital technology in their daily lives, with time, bitcoin cryptocurrency would have taken over the widespread of use as currency especially with bitcoin and fiat may not be eliminated totally but it role and application would have reduced drastically sometimes in the future we are not sure how close that is.

[sana54210]

Physical money in any form will never disappear in my opinion op. CBDCs are basically another form of cryptocurrencies which are fully centralised and were designed to provide more payment options to customers around the world.

This is the digital age for sure, but there are plenty of vendors out there who only accept physical money for various reasons which is just one example as to why physical money isn't going anywhere.

This combo of physical and digital money is amazing and optimal and I feel that everyone would agree.

That is true, it will never disappear. However, that doesn't mean that the banknotes that we use today will be the exactly the same thing that we use as paper money neither. Imagine a world where there are cbdc that is in paper form, would that be so impossible?

Imagine a world where its QR code that you have on your hands, to make it easier, and the person you give it to reads it, and it’s actually a money, worth "something", and then you end up with either spending it, or exchange it for something else, or even put it on your digital account and throw away the money itself. I am not saying this will be the future, all I am saying is, the "cash" we know could end up changing style and system in the future.

[Crypto Vira]

First, countries with weak economies will accept bitcoin as their currency. We saw this in El Salvador.

With such a process, countries with weak economies will begin to participate. Then, the top 20 countries in the world economy ranking will introduce their own digital currencies.

Later, crypto money will emerge that European countries can use in their trade with each other.

An enormous art is being built without a pen in the hand of the painter. But Satoshi will pick up the pen one day.

[Crypto Legend]

I think paper money has advantages and it is needed by the state to be able to control finances, if the state relies on a decentralized system it will be easily disturbed and make the country's economy chaotic, paper money will continue to be present as long controlled.

[Joshapat]

First, countries with weak economies will accept bitcoin as their currency. We saw this in El Salvador.

With such a process, countries with weak economies will begin to participate. Then, the top 20 countries in the world economy ranking will introduce their own digital currencies.

Later, crypto money will emerge that European countries can use in their trade with each other.

An enormous art is being built without a pen in the hand of the painter. But Satoshi will pick up the pen one day.

A country with a weak economy must certainly look for alternatives or prospective substitutes of paper money that is easy to shake, the common economic crisis is usually due to the speculator easily to buy and sell paper money so that the Fiat Drop value is significant.

[Abiky]

Paper money has existed for thousands of years, first widely used in feudal China, although continuously improved and renewed, they have not disappeared a single day in the past 1000 years. So thinking about a future without paper money isn't going to happen anytime soon. CBDC will soon be created and adopted but it also cannot completely replace paper money, there are still many places, and many people still don't know how to use the internet as well as the phone, how can they use CBDC?

It's hard to make people change their use of paper money, when it's been around with us for thousands of years. If credit/debit cards didn't manage to replace paper money, then how would CBDCs succeed? Yet, I think this time will be different as the pandemic and certain other factors will force us towards the complete digitalization of our society. Phasing out paper money would bring many benefits to the government including (but not limited to) reducing waste, eliminating privacy, and having better control over the money supply.

I know the world is going to abandon paper money at some point in the future, especially when central banks are announcing their intentions of launching CBDCs to the public. But this is going to take quite some time to achieve, as there are a lot of people who won't abandon paper money that easily (especially old people). We already have Bitcoin anyways, so there's no need to wait until Fiat becomes fully digitized. Just my opinion

[Maidak]

Paper money has existed for thousands of years, first widely used in feudal China, although continuously improved and renewed, they have not disappeared a single day in the past 1000 years. So thinking about a future without paper money isn't going to happen anytime soon. CBDC will soon be created and adopted but it also cannot completely replace paper money, there are still many places, and many people still don't know how to use the internet as well as the phone, how can they use CBDC?

It's hard to make people change their use of paper money, when it's been around with us for thousands of years. If credit/debit cards didn't manage to replace paper money, then how would CBDCs succeed? Yet, I think this time will be different as the pandemic and certain other factors will force us towards the complete digitalization of our society. Phasing out paper money would bring many benefits to the government including (but not limited to) reducing waste, eliminating privacy, and having better control over the money supply.

I know the world is going to abandon paper money at some point in the future, especially when central banks are announcing their intentions of launching CBDCs to the public. But this is going to take quite some time to achieve, as there are a lot of people who won't abandon paper money that easily (especially old people). We already have Bitcoin anyways, so there's no need to wait until Fiat becomes fully digitized. Just my opinion

I also believe that paper money will be phased out in the future but it won't happen anytime soon. As you say today our aging population still makes up a significant portion and access to technology faces certain obstacles so the elimination of paper money in this century is highly unlikely. But just look at the development of the world today, it happens because we are moving towards a digital world. And I am concerned that without paper money, our privacy will also completely disappear with paper money.

[Fortify]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

If anything has been a test recently for the ability to filter out hard currency, it was definitely Covid. The amount of people who switched to electronic payment methods surged throughout the pandemic and lots of online financial institutions benefited. Now we're somewhat seeing a reverse in that trend, as bad economic times in the form of recession have caused some to return to counting out coins and notes as a budgeting strategy. It seems like having cash available is good, especially as banks can break and having a backup solution of physical objects is helpful in certain circumstances. We're also forgetting that many other countries in the world are still playing catch up to the most cutting edge solutions in technology and accessibility.

[EdenHazard]

First, countries with weak economies will accept bitcoin as their currency. We saw this in El Salvador.

With such a process, countries with weak economies will begin to participate. Then, the top 20 countries in the world economy ranking will introduce their own digital currencies.

Later, crypto money will emerge that European countries can use in their trade with each other.

An enormous art is being built without a pen in the hand of the painter. But Satoshi will pick up the pen one day.

A country with a weak economy must certainly look for alternatives or prospective substitutes of paper money that is easy to shake, the common economic crisis is usually due to the speculator easily to buy and sell paper money so that the Fiat Drop value is significant.

First we would just offered two alternatives between the paper money or the digital money that issued by government also the cryptocurrency that has been exist for quiet a while then the next they would just feel the benefit among the alternatives , which bitcoin should win everyone's hearts!

The perfect currency for our corrupted & capitalized world we lived in.

[romero121]

I also believe that paper money will be phased out in the future but it won't happen anytime soon. As you say today our aging population still makes up a significant portion and access to technology faces certain obstacles so the elimination of paper money in this century is highly unlikely. But just look at the development of the world today, it happens because we are moving towards a digital world. And I am concerned that without paper money, our privacy will also completely disappear with paper money.

I don't know on what belief you people say paper money will be phased out with the technology. With time we can see advancement in technology, but the same won't disturb the traditional system followed. If this happens, surely this could have its impact felt over cryptocurrencies. This is how I've understood about the innovation and the traditional system. Forever the usage of fiat will exist.

[Joshapat]

In my opinion, paper money will continue to survive because it has a physical, fast transactions with paper money or cash will continue to occur because human needs will be the same, namely buying and the needs of paper money will continue to be maintained, especially during the presence of the central bank.

[wmaurik]

In my opinion, paper money will continue to survive because it has a physical, fast transactions with paper money or cash will continue to occur because human needs will be the same, namely buying and the needs of paper money will continue to be maintained, especially during the presence of the central bank.

Everyone who buys their necessities of life using paper money usually buys several kinds of goods for themselves at very affordable prices or in other words at very low prices. Why is that, because it is caused by the difficulty of carrying large amounts of banknotes or large amounts when you want to buy luxury items that are much more expensive.

That is one of the shortcomings that still exist in paper money so that the option for developing digital currency is clearly needed by everyone nowadays in order to make it easier to purchase transactions in larger sizes by only carrying one simple device. Yes, indeed paper money does not need to be eliminated from this earth as long as it can still be used and accepted by many people, but placing it in certain options is a very good thing in my opinion.

[bakasabo]

In my opinion, paper money will continue to survive because it has a physical, fast transactions with paper money or cash will continue to occur because human needs will be the same, namely buying and the needs of paper money will continue to be maintained, especially during the presence of the central bank.

Everyone who buys their necessities of life using paper money usually buys several kinds of goods for themselves at very affordable prices or in other words at very low prices. Why is that, because it is caused by the difficulty of carrying large amounts of banknotes or large amounts when you want to buy luxury items that are much more expensive.

That is one of the shortcomings that still exist in paper money so that the option for developing digital currency is clearly needed by everyone nowadays in order to make it easier to purchase transactions in larger sizes by only carrying one simple device. Yes, indeed paper money does not need to be eliminated from this earth as long as it can still be used and accepted by many people, but placing it in certain options is a very good thing in my opinion.

People can carry highest available banknotes, which makes it not so difficult to carry. For example this is how one million looks like:


That is not that much to carry. Fits perfectly in any backpack. But the think is - not in every country it is allowed to make so large cash payments. For example in some of European countries, it is not allowed to pay more than 7000 EUR for item or service in cash. You can pay 7000 EUR by cash and other part by transaction. Carrying isnt that much problem.

I can not support your idea of placing limits for cash. That does not make sense. You have earned it, but someone controls what you can do with your cash. I am for - let person decides himself what kind of payment is more convenient to him. I believe that very quickly people will come to decision that cash is inconvenient.

[Ani1985]

Inflation and economic recession that continues to occur and repeated due to paper money, the central bank will never be able to maintain the value of paper money because of the complexity of the national financial system, it is time for the state to think that the concept of paper money must have a guarantee of value for example referring to gold and silver so that when the price of gold rises, the value of paper money will rise or vice versa.

[hyudien]

In my opinion, paper money will continue to survive because it has a physical, fast transactions with paper money or cash will continue to occur because human needs will be the same, namely buying and the needs of paper money will continue to be maintained, especially during the presence of the central bank.

You are right, but gradually the demands of technological sophistication will continue to develop and digital transactions are actually implemented. 10 to 20 years from now I'm not sure that paper money will survive. unless indeed the process of equalizing the digital economy is not on an unreachable scale. It can refer to an entity or race that upholds traditional cultural values but still use fiat or paper money as a means of transaction, while the digital industry they have options for easier and simpler transaction processes.

[Woodie]

Paper money is going nowhere because it has its advantages which people like to taka advantage of for example there are certain businesses that just want to be paid by it and leave no money trails for various reasons . And knowing some people who are paranoid about money safety and choose to use hard cash over digital platforms to avoid been hacked, identity theft, phished etc, unfortunately paper money is going nowhere !

[Obari]

There are a whole lots of factors that wouldn't make this come through and as far as I know, paper money isn't fading out anytime soon, electricity and internet supply has been one of the major reasons to why digital currency wouldn't easily phase out paper money anytime soon, same also applies to illiteracy, as there is also a high rate of illiteracy and this alone can really cause a long delay for digital currency to phase out Fiat.
One other thing that will drive the dominance of digital currency is the very rate of recession and inflation and more exposure to digitalization because with the current rate of this recession and inflation, people are now seeking for every means to make more money with minimal effort.

[Crypto_I.N]

now in 2022 there are many differences in previous years because with people using digital money a lot compared to direct money, in my opinion direct money is not going anywhere it will continue to circulate, many people digital money is simpler even places even the smallest shopping now is assisted by transactions to pay with digital money, so the longer the point is, the direct money is getting less and less, but it won't disappear, like I myself have never carried money directly because digital money is more practical, many people now understand and have understand from a security point of view.

[panganib999]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

Greenbacks have been with us since time immemorial, it literally powered us humans into becoming a self-sustaining society. That alone makes me think that the dream of some radical bitcoin visionaries here where they want cryptocurrency to completely replace fiat completely, a little too impossible. For me, my concept of global adoption is that everyone has at least a couple of cryptocurrencies in their wallets they can use and exhaust, whilst still having money on their wallet to pay for products and services upfront. In my opinion this sounds better than the idea of crypto completely erasing fiat's utilization off the planet, because with the current state of crypto, even the smallest types of purchase will take a long time to be processed.

[Fara Chan]

Paper money is going nowhere because it has its advantages which people like to taka advantage of for example there are certain businesses that just want to be paid by it and leave no money trails for various reasons . And knowing some people who are paranoid about money safety and choose to use hard cash over digital platforms to avoid been hacked, identity theft, phished etc, unfortunately paper money is going nowhere !

It is very difficult to predict when paper money will stop circulating, in all countries paper money is the source of official purchases for purchasing products and services.

Paper money is clearly not going anywhere, it will still live in its functional dimension, the hegemony of paper money will continue to be maintained by the state for its survival, there will be no restrictions on the circulation of paper money in society, even though we are aware that the impact of inflation and recession is directly related to paper money and is unable to preserve the value of the currency in the future.

[Mr. Magkaisa]

It may be possible to replace paper money but it is impossible to live without physical money (cash & coins). The idea of turning everything to digital isn't realistic, there should be certain matters that can't be changed, including the need for physical money. Not every area/location can be reached by the internet, there is a limitation to using digital money. Also, not everyone prefers to use digital money for any transactions in daily life. In some cases, using digital money isn't as effective as physical money (ex: when you buy goods in traditional markets). Digital money requires the internet, the transaction sometimes takes time. These reasons make me doubt if CBDCs can replace paper money. I assume it is created as a complement to the needs of varied types of money in the current and future eras.

  -  I agree with what you said, for example, if you are in a remote area or forest and mountains that are weak and have no internet it will not apply to digital money or currency.

And then it's not realistic in this generation, maybe it's only in this aspect that it can happen where paper money and digital currency are used equally, which in my view helps in different aspects of our life like just giving a source of income to anyone who has no income, is that right?

[Cling18]

Paper money is going nowhere because it has its advantages which people like to taka advantage of for example there are certain businesses that just want to be paid by it and leave no money trails for various reasons . And knowing some people who are paranoid about money safety and choose to use hard cash over digital platforms to avoid been hacked, identity theft, phished etc, unfortunately paper money is going nowhere !

It is very difficult to predict when paper money will stop circulating, in all countries paper money is the source of official purchases for purchasing products and services.

Paper money is clearly not going anywhere, it will still live in its functional dimension, the hegemony of paper money will continue to be maintained by the state for its survival, and there will be no restrictions on the circulation of paper money in society, even though we are aware that the impact of inflation and recession is directly related to paper money and is unable to preserve the value of the currency in the future.

Paper money is also the top choice of most people especially those who don't want to adopt change and prefer using the traditional way of transacting. Some advanced areas are now switching to digital money because of the convenience and faster transactions but it will not work in areas without internet sources which still exist during this era. I believe that the circulation of paper money would still run continuously even with the presence of digital money.

[Party24*7]

Inflation and economic recession that continues to occur and repeated due to paper money, the central bank will never be able to maintain the value of paper money because of the complexity of the national financial system, it is time for the state to think that the concept of paper money must have a guarantee of value for example referring to gold and silver so that when the price of gold rises, the value of paper money will rise or vice versa.

Gold-backed national fiat money was implemented in the past but it has been phased out and today governments can print as much as they want with no strings attached. The fiat money system will inevitably become more and more difficult to control as the society gets bigger and the economy becomes more complex. The demise of the current paper money is only a matter of time and there will be a new currency to be replaced but will remain the one created by the government.

[Fara Chan]

Paper money is also the top choice of most people especially those who don't want to adopt change and prefer using the traditional way of transacting. Some advanced areas are now switching to digital money because of the convenience and faster transactions but it will not work in areas without internet sources which still exist during this era. I believe that the circulation of paper money would still run continuously even with the presence of digital money.

That's why paper money will still circulate according to its function, even in developed countries there are still many people who transact using paper money, even though some countries have adopted digital money, so it's still quite difficult for paper money to stop circulating.

Moreover, the state has special rules regarding the circulation of banknotes in terms of purchasing goods and services. And in the digitalization era, the internet is also a support for the process of digital money travel, however, in my view, the circulation of paper money will continue.

[Lida93]

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

Paper money plays a very essential role peculiar to it just like digital money , especially in the third world nation's where we have many people that are not yet even accustomed to the use of debit/credit cards thereby  entrusting and holding  their money in piggy box as safes which they feel convenient with.
 And going by the level of technology is that part of the world even credit/debit card system has many pitfalls as their technological reach is below average with lots of disappointments on customers and the security of their money .

If any Central Bank of any country wants to adopt a digital currency system for themselves then the best way to go by it is to allow both the paper money and the digital currency to operate side by side allowing people to see and test the workability of the new system which they will willingly build an interest in the digital currency  system and gradually let go of the use of paper money.

But that been said, I still don't see the paper money totally phasing out even in the next hundred years to come.

[Marvell1]

There are a whole lots of factors that wouldn't make this come through and as far as I know, paper money isn't fading out anytime soon, electricity and internet supply has been one of the major reasons to why digital currency wouldn't easily phase out paper money anytime soon, same also applies to illiteracy, as there is also a high rate of illiteracy and this alone can really cause a long delay for digital currency to phase out Fiat.
One other thing that will drive the dominance of digital currency is the very rate of recession and inflation and more exposure to digitalization because with the current rate of this recession and inflation, people are now seeking for every means to make more money with minimal effort.

It is true that paper money is not going away anytime soon, but I do not think that it is due to illiteracy, for today there is a very low level of illiteracy. The disadvantage here is that the world population still makes up a large part of the elderly and they have difficulty using the internet, smartphones, and many places are still not exposed to the internet. In addition, for people with disabilities, they will also face difficulties in life without paper money, in many cases not being able to use the internet.

[Kelvinid]

It is true that paper money is not going away anytime soon, but I do not think that it is due to illiteracy, for today there is a very low level of illiteracy. The disadvantage here is that the world population still makes up a large part of the elderly and they have difficulty using the internet, smartphones, and many places are still not exposed to the internet. In addition, for people with disabilities, they will also face difficulties in life without paper money, in many cases not being able to use the internet.

What makes fiat can't be replaced is that it gives already comfort to everyone.
For many years that we are using this, of course, all of us will surely think that paper money is very useful and adaptable to any status of life. Unlike these digital currencies that even a normal person suffered difficulties, how much more if we are PWD?

I don't think that it was necessary to stop using paper money. I don't think that we need to fully adopt digital if we know that many of us can't do it.

[fullhdpixel]

Paper money is also the top choice of most people especially those who don't want to adopt change and prefer using the traditional way of transacting. Some advanced areas are now switching to digital money because of the convenience and faster transactions but it will not work in areas without internet sources which still exist during this era. I believe that the circulation of paper money would still run continuously even with the presence of digital money.

Change are supposed to be a good thing. It means that the old thing are are going be replaced with a new one. It's more advance, more secure but I am doubting if I can say more easier. Maybe for us who are not ignorant and knows how to use a smartphone, computer and internet.

Digital money can make our life easier because we don't need to go outside anymore but we can send and receive money instantly. Internet is so common right now so the adoption of digital money is also growing. Here in my place, there are lot's of stores here which let's you fund your digital wallet account using a paper money. You can also exchange your digital money for paper money. Both are useful though.

[uneng]

Paper money is the most efficient dealing method for criminals. If governments' goal was to curb criminal activity, they would be focusing on extinguishing paper money usage by the next decade, however, that is not the case... There could be already campaigns incentivizing digital transactions' methods, especially for people with 40+ years old, that seem to be the biggest challenge when executing the adoption of digital means, especially those at low educational levels, who didn't attend to school on their early times.

I think paper money isn't going away soon because it's interesting for public agents to have side secret deals which would be easily traced in case they were dealing through digital means, however, if there was good will and effort on this matter, paper money would be near to extinction already.

[ShowOff]

It is very difficult to predict when paper money will stop circulating, in all countries paper money is the source of official purchases for purchasing products and services.

Paper money is clearly not going anywhere, it will still live in its functional dimension, the hegemony of paper money will continue to be maintained by the state for its survival, there will be no restrictions on the circulation of paper money in society, even though we are aware that the impact of inflation and recession is directly related to paper money and is unable to preserve the value of the currency in the future.

Inflation has affected currency values, but I never thought it would put paper money out of circulation. Paper money will always exist and will always be printed all the time regardless of whether its value has lost or strengthened, I can't even imagine when it will stop circulating because the probability of it stopping is very small.

Bitcoin, which is currently predicted to be better, is also not a substitute for paper money, so paper money will still exist even though people have better options to circulate among the public.

[Finestream]

It is true that paper money is not going away anytime soon, but I do not think that it is due to illiteracy, for today there is a very low level of illiteracy. The disadvantage here is that the world population still makes up a large part of the elderly and they have difficulty using the internet, smartphones, and many places are still not exposed to the internet. In addition, for people with disabilities, they will also face difficulties in life without paper money, in many cases not being able to use the internet.

What makes fiat can't be replaced is that it gives already comfort to everyone.
For many years that we are using this, of course, all of us will surely think that paper money is very useful and adaptable to any status of life. Unlike these digital currencies that even a normal person suffered difficulties, how much more if we are PWD?

I don't think that it was necessary to stop using paper money. I don't think that we need to fully adopt digital if we know that many of us can't do it.

Well, thinking that we are now in a digital community, then hopefully everything will be in digital too. But I believe it won’t be possible not unless the people are already ready for it. And seeing the current scenario, the majority are still dependent on paper money regardless if they have disabilities or not, still paper money is widely used and would shift them living like hell if paper money will be totally wiped out. However, having CBDCs is still a good option, not for the aim to replace paper money, but for the people to give them an option to where they feel more convenient to use.

[stomachgrowls]

It is true that paper money is not going away anytime soon, but I do not think that it is due to illiteracy, for today there is a very low level of illiteracy. The disadvantage here is that the world population still makes up a large part of the elderly and they have difficulty using the internet, smartphones, and many places are still not exposed to the internet. In addition, for people with disabilities, they will also face difficulties in life without paper money, in many cases not being able to use the internet.

What makes fiat can't be replaced is that it gives already comfort to everyone.
For many years that we are using this, of course, all of us will surely think that paper money is very useful and adaptable to any status of life. Unlike these digital currencies that even a normal person suffered difficulties, how much more if we are PWD?

I don't think that it was necessary to stop using paper money. I don't think that we need to fully adopt digital if we know that many of us can't do it.

Well, thinking that we are now in a digital community, then hopefully everything will be in digital too. But I believe it won’t be possible not unless the people are already ready for it. And seeing the current scenario, the majority are still dependent on paper money regardless if they have disabilities or not, still paper money is widely used and would shift them living like hell if paper money will be totally wiped out. However, having CBDCs is still a good option, not for the aim to replace paper money, but for the people to give them an option to where they feel more convenient to use.

Two things which this thing cant be possible.

• Government wont allow for such thing to happen since centralization means everything or they do like to have all the control.
• The entire world or some communities or places cant really be able to know on how to make use of digitalized transactions or in any related to it.

Which means that fully integration and making up fiat in long no existence would really be hard to be applied.There's soo much thing which we do need up to adjust
before it could really happen and it is really just that hard to have that full switch up this is why its hard to believe on.

[Kasabus]

It may be possible to replace paper money but it is impossible to live without physical money (cash & coins). The idea of turning everything to digital isn't realistic, there should be certain matters that can't be changed, including the need for physical money. Not every area/location can be reached by the internet, there is a limitation to using digital money. Also, not everyone prefers to use digital money for any transactions in daily life. In some cases, using digital money isn't as effective as physical money (ex: when you buy goods in traditional markets). Digital money requires the internet, the transaction sometimes takes time. These reasons make me doubt if CBDCs can replace paper money. I assume it is created as a complement to the needs of varied types of money in the current and future eras.

CBDCs might have the chance to replace paper money completely but definitely there will be a long process for that, and it’s hard and tough for sure. However, if we consider that most of the people are still attached to paper money and would hardly live without it, because it has been here for a lot of decade, so people have used to it and find it easy to transact in paper money than in digital currencies. Then paper money should be here for good, and CBDCs are just an alternative option for some users who prefer digital than traditional payment method.

[OgNasty]

I can't imagine paper money just going away...  Even when it is removed from circulation it will probably be phased out, but I'm sure there will always be a bank you can take paper to in order to get whatever value is passed around at the time.  I imagine there are older folks who will not be able to move to a new system and will rely on cash because that's what they've always used.  All that considered, you are already seeing cash use diminish in most countries and I think by 2040 kids won't even see cash in their lifetimes out of collections. 

[Yamifoud]

I can't imagine paper money just going away...  Even when it is removed from circulation it will probably be phased out, but I'm sure there will always be a bank you can take paper to in order to get whatever value is passed around at the time.  I imagine there are older folks who will not be able to move to a new system and will rely on cash because that's what they've always used.  All that considered, you are already seeing cash use diminish in most countries and I think by 2040 kids won't even see cash in their lifetimes out of collections. 

Maybe it will happen in developing countries but in our place, that is impossible. I say this because I know that most of my countrymen lack in financial support, no gadgets, and no internet. I couldn't really imagine how they know about using the digital systems in that status of life but for sure they preferred to keep using paper money forever.

I see there is one reason why paper money can still be in circulation.
 - capabilities to adopt the system
 

[Abiky]

If anything has been a test recently for the ability to filter out hard currency, it was definitely Covid. The amount of people who switched to electronic payment methods surged throughout the pandemic and lots of online financial institutions benefited. Now we're somewhat seeing a reverse in that trend, as bad economic times in the form of recession have caused some to return to counting out coins and notes as a budgeting strategy. It seems like having cash available is good, especially as banks can break and having a backup solution of physical objects is helpful in certain circumstances. We're also forgetting that many other countries in the world are still playing catch up to the most cutting edge solutions in technology and accessibility.

Exactly. COVID-19 greatly increased mainstream adoption for digital payments. Not only that, but it also paved the way for remote jobs and telemedicine. We were heading into full digitalization because of the negative effects of the pandemic. Unfortunately, the Russo-Ukraine war has pushed society one step backwards due to rising energy costs. We cannot avoid paper money now when most people can't use electronic systems because of the high energy costs. It's going to take quite some time (decades maybe), before paper money is phased out for good.

At least, we already have digital currencies with us. With Bitcoin and other similar cryptocurrencies, we can dive into the world of digital payments without the need to wait for the launch of CBDCs. Those who adopt crypto/Blockchain tech now would be considered pioneers of this industry in a future where everything will turn digital. As long as decentralization prevails, nothing else matters. Just my thoughts

[Lambe Ndumble]

It can be said that paper money is a symbol or pride of a country, and paper money is a simple thing because it can be used by anyone without the need to learn, this is what makes the country will continue to maintain paper money in order to provide convenience to its citizens for transactions, and I'm sure paper money paper will always be there and will never be destroyed.

[Fara Chan]

Inflation has affected currency values, but I never thought it would put paper money out of circulation. Paper money will always exist and will always be printed all the time regardless of whether its value has lost or strengthened, I can't even imagine when it will stop circulating because the probability of it stopping is very small.

Bitcoin, which is currently predicted to be better, is also not a substitute for paper money, so paper money will still exist even though people have better options to circulate among the public.

Inflation or recession will not affect the circulation of paper money, we have seen how devastating the recession destroys the world economy, but the circulation of paper money still quite dominates its circulation until now. Bitcoin can grow simultaneously amid the circulation of paper money in the community, this will not limit any of them and I think both of them deserve to walk together as legal tender and promising investments in the future.

[Kadal Ijo]

Inflation has affected currency values, but I never thought it would put paper money out of circulation. Paper money will always exist and will always be printed all the time regardless of whether its value has lost or strengthened, I can't even imagine when it will stop circulating because the probability of it stopping is very small.

Bitcoin, which is currently predicted to be better, is also not a substitute for paper money, so paper money will still exist even though people have better options to circulate among the public.

Inflation or recession will not affect the circulation of paper money, we have seen how devastating the recession destroys the world economy, but the circulation of paper money still quite dominates its circulation until now. Bitcoin can grow simultaneously amid the circulation of paper money in the community, this will not limit any of them and I think both of them deserve to walk together as legal tender and promising investments in the future.

It does not matter if inflation or recession occurs with a paper money circulation, this is common and sometimes inflation is also good because making money circulation can occur to other regions, paper money is easy to control by the central bank because it has valid data and can control paper money.

[Marvell1]

However, having CBDCs is still a good option, not for the aim to replace paper money, but for the people to give them an option to where they feel more convenient to use.

If I had to choose between paper money and CBDC, I would still prefer paper money. Although CBDC will make it more convenient and easier for us to store, what I find most frustrating about CBDC is that we have almost no privacy when using CBDC. The government tracks every transaction, even I buy a cup of coffee is tracked, every time I think about it, it makes me angry. If we use paper money, there is still a small amount of privacy.

[ajiz138]

It can be said that paper money is a symbol or pride of a country, and paper money is a simple thing because it can be used by anyone without the need to learn, this is what makes the country will continue to maintain paper money in order to provide convenience to its citizens for transactions, and I'm sure paper money paper will always be there and will never be destroyed.

I think it's more than that, because in this case paper money is still very much loved, especially with the current conditions which are still not evenly distributed from one region to another so that fiat and digital money will obviously be difficult to reach for some areas that are lagging behind.
For big cities, it may still be possible to use fiat or digital money, but for areas that are still underdeveloped, it will be very difficult to make transactions in buying and selling daily needs.

[Fara Chan]

It does not matter if inflation or recession occurs with a paper money circulation, this is common and sometimes inflation is also good because making money circulation can occur to other regions, paper money is easy to control by the central bank because it has valid data and can control paper money.

It is not a problem if there is inflation or recession in the circulation of banknotes, because government regulations have regulated circulation and how much banknotes are printed, but when there is a recession and inflation, the public will lose value to the currency they save, because all materials including food will continue to increase. Therefore, saving banknotes cannot guarantee its value, but will not limit its circulation in the community.

[Lubang Bawah]

The volume of paper money is decreasing for direct transactions because now most people will use digital money, the presence of digital money certainly makes it easy for anyone to transactions and the central bank is easier to control the circulation of money, while paper money will be lost if humans are modern and the presence of the system Payment or transaction that is better than paper money.

[CageMabok]

It does not matter if inflation or recession occurs with a paper money circulation, this is common and sometimes inflation is also good because making money circulation can occur to other regions, paper money is easy to control by the central bank because it has valid data and can control paper money.

The central bank always has valid data on banknotes in circulation because it is part of the task that the bank must know without having to wait for inflation or a recession first. And also to look at the circulation of money to other regions, I think it always goes without inflation or recession because money is always circulating all the time and you also have to know that each region has a different currency so that the money in circulation will not always be the same in every area.

It is not a problem if there is inflation or recession in the circulation of banknotes, because government regulations have regulated circulation and how much banknotes are printed, but when there is a recession and inflation, the public will lose value to the currency they save, because all materials including food will continue to increase. Therefore, saving banknotes cannot guarantee its value, but will not limit its circulation in the community.

Actually the value of money that is considered lost is when all goods and services experience an increase in price so that money seems to have lost value in the eyes of society. Due to the high cost of all the goods needed by society, money with a very small amount of value will be meaningless except for money with a larger amount of value. So that is actually what many people are afraid of at this time because when money values seem insignificant, then everyone will be forced to work hard beyond the work target that is usually done every day.

[Punakawan]

Various ways have been done to eliminate paper money, but everything will never be able to destroy paper money so I am sure that as long as there is a central bank, paper money will continue to survive because it is not possible to be eliminated because humans still need transactions.

[len01]

However, having CBDCs is still a good option, not for the aim to replace paper money, but for the people to give them an option to where they feel more convenient to use.

If I had to choose between paper money and CBDC, I would still prefer paper money. Although CBDC will make it more convenient and easier for us to store, what I find most frustrating about CBDC is that we have almost no privacy when using CBDC. The government tracks every transaction, even I buy a cup of coffee is tracked, every time I think about it, it makes me angry. If we use paper money, there is still a small amount of privacy.

Correct. by choosing paper money, our privacy will be maintained without being monitored by the government in our every transaction. even though we have freedom and privacy about finances that no one should see.


and I'm sure that several million people will prefer using paper money compared to digital money. because until now we still use banknotes as buying and selling transactions

[tygeade]

However, having CBDCs is still a good option, not for the aim to replace paper money, but for the people to give them an option to where they feel more convenient to use.

If I had to choose between paper money and CBDC, I would still prefer paper money. Although CBDC will make it more convenient and easier for us to store, what I find most frustrating about CBDC is that we have almost no privacy when using CBDC. The government tracks every transaction, even I buy a cup of coffee is tracked, every time I think about it, it makes me angry. If we use paper money, there is still a small amount of privacy.

I would too, plus paper money is still used in many places and there is no alternative, like in cabs you still use paper money, or when you are buying stuff in bazaars (which is a big thing in some nations) those are all places you use cash. On the other hand CBDC is nothing but the money in your bank account or BUSD, these two already cover the difference so there is no need for it.

There needs to be something better offered to make us want to go to CBDC route, otherwise there is absolutely no need for them and paper money and digital banks could handle the rest. Obviously, there is also a chance governments could "ban" stablecoins, which could create a trouble, lets wait and see if they would do that.

[Abiky]

If I had to choose between paper money and CBDC, I would still prefer paper money. Although CBDC will make it more convenient and easier for us to store, what I find most frustrating about CBDC is that we have almost no privacy when using CBDC. The government tracks every transaction, even I buy a cup of coffee is tracked, every time I think about it, it makes me angry. If we use paper money, there is still a small amount of privacy.

Paper money is great in the sense that you get privacy with every transaction, but it's definitely bad for the environment. Not to mention, governments spend a lot of money when printing bills and coins in the process. Having a full-fledged digital cash system not only eliminates the need for countries to print more money (sort of), but it also reduces waste (money would be digital after all). Like it or not, I think CBDCs will render paper money obsolete as the world transitions towards the digital era. The future will consist more of intangible objects than tangible ones.

You can see how decentralized cryptocurrencies and NFTs have become extremely popular these days. It shows us digitalization is unavoidable. Of course, it will take years before paper money is phased out for good since not everyone is used to making digital payments on a daily basis (think about the elderly). I wouldn't need to worry about CBDCs as long as I have decentralized cryptocurrencies (eg: Bitcoin, Litecoin) by my side. Who knows what the future would like with CBDCs and crypto in play? Just my opinion

[Lambe Ndumble]

I think the best system that will continue to survive is paper money, no specific specifications are needed to print paper money so that the case of counterfeit money continues to increase, then until when does the money money end? Of course, as long as there is a central bank, paper money will continue to exist.

[Dickiy]

I can't imagine paper money just going away...  Even when it is removed from circulation it will probably be phased out, but I'm sure there will always be a bank you can take paper to in order to get whatever value is passed around at the time.  I imagine there are older folks who will not be able to move to a new system and will rely on cash because that's what they've always used.  All that considered, you are already seeing cash use diminish in most countries and I think by 2040 kids won't even see cash in their lifetimes out of collections. 

The increase in the use of digital money in several countries is dominated by young people who currently use digital money more than cash, including me. Yes, the circulation of paper money may be stopped, but I'm not sure that paper money will be removed from circulation because paper money is a form of sovereignty of a country, and what convinces me more is of course if all digital-based transactions will be very difficult if the electricity goes out or there is no internet. I think people will always carry banknotes with them, even if they are few, just in case something like that happens.

[Mahanton]

I can't imagine paper money just going away...  Even when it is removed from circulation it will probably be phased out, but I'm sure there will always be a bank you can take paper to in order to get whatever value is passed around at the time.  I imagine there are older folks who will not be able to move to a new system and will rely on cash because that's what they've always used.  All that considered, you are already seeing cash use diminish in most countries and I think by 2040 kids won't even see cash in their lifetimes out of collections. 

The increase in the use of digital money in several countries is dominated by young people who currently use digital money more than cash, including me. Yes, the circulation of paper money may be stopped, but I'm not sure that paper money will be removed from circulation because paper money is a form of sovereignty of a country, and what convinces me more is of course if all digital-based transactions will be very difficult if the electricity goes out or there is no internet. I think people will always carry banknotes with them, even if they are few, just in case something like that happens.

It cant be stopped and this is something that wont really happen as long government does exist and there's no way that they would be allowing such thing where decentralized stuffs would take over.
I could say that it is really a dumb thing to mind and belief on where you did really come into a point which you are really that too optimistic that everything could be replaced.
Circulation? they could anytime print up paper fiat but somehow in controlled manner since we do know on how inflation works.
So its better not to stress out yourself in this regard because it cant really just be happening.

[Hypnosis00]

Honestly, It was too hard to predict when. However, we can never say NO to it as the development and adoption continues. It will certainly take a long time to see it happen, maybe 100 years (or even more). It can be shorter if we see the most significant reason for switching to digital currencies but for now, we haven't seen it yet.

The government and merchants have huge participation in regard to this. They have some influence that could really affect the adoption process.

[capedbaldy]

Honestly, It was too hard to predict when. However, we can never say NO to it as the development and adoption continues. It will certainly take a long time to see it happen, maybe 100 years (or even more). It can be shorter if we see the most significant reason for switching to digital currencies but for now, we haven't seen it yet.

The government and merchants have huge participation in regard to this. They have some influence that could really affect the adoption process.

I agree with you, anyone will say "Impossible" that paper money will disappear and the government does not agree to replace physical money with digital currency, but think about the future era because recently there was news about the discourse related to the CBDC development plan which will be realized in future. So in the current era of digitalization, the use of paper has begun to be reduced for environmentally friendly factors, even the use of postage stamps has been replaced by electronic systems, so it is not impossible that printing for banknotes will be adjusted because the use of electronic currency has increased and many shops have adopted the acceptance of future electronic payments.

[Jody.Drummer]

Honestly, It was too hard to predict when. However, we can never say NO to it as the development and adoption continues. It will certainly take a long time to see it happen, maybe 100 years (or even more). It can be shorter if we see the most significant reason for switching to digital currencies but for now, we haven't seen it yet.

The government and merchants have huge participation in regard to this. They have some influence that could really affect the adoption process.

Even though technology is now advancing, I actually feel that paper money will never be left behind.
I know that it is possible that civilization is getting more and more sophisticated and people are starting to think about how to continue to make their lives easier.
But on the other hand, for now, the circulation of paper money, which has been going on for a very long time as a medium of exchange for buying and selling, is still having difficulties and even in some areas in small areas there are still many people who do barter and this still exists in several regions in my country.
This can only happen to countries that are indeed more advanced and whose citizens understand technology, maybe they can still do it, but if in underdeveloped areas, progress like this will be hampered and when paper money is not implemented, it will be even more difficult for them.

[YOSHIE]

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

Almost an average of countries in the world, out of a total of 195 countries, for now there are already 87 countries exploring CBDCs, as a means of storage, exchange/payment in digital form, good aim.

Based on the quote below.

The real function of CBDC is to minimize the costs of printing, transporting, storing and disposing of banknotes which are quite high.

I took the last point from the black label quote and from other sources i saw about CBDC wallet.

1. The first type of wallet is a maximum of $7.171 per payment, a daily limit of $14.343 and an annual limit of $71.717.
2. The second type of wallet is a maximum of $717 per payment, a daily limit of $1.434, and an annual limit of $43.030.
3. The third type of wallet is a maximum of $286 per payment, a daily limit of $286 and an annual limit of $7.171.
4. The fourth type of wallet is a maximum of $71 per payment, a daily limit of $143, and an annual limit of $1.434.

Pretty clear, if countries explore digital currency and establish nominal and maximal features and methods in the wallets that are used by the people, I think paper money will disappear in the next 2-3 years time.

Whether digital currency CBDCs, can run according to plan......!!

[Sanitough]

I can't imagine paper money just going away...  Even when it is removed from circulation it will probably be phased out, but I'm sure there will always be a bank you can take paper to in order to get whatever value is passed around at the time.  I imagine there are older folks who will not be able to move to a new system and will rely on cash because that's what they've always used.  All that considered, you are already seeing cash use diminish in most countries and I think by 2040 kids won't even see cash in their lifetimes out of collections.  

Personally, I can’t figure it out if paper money will be out in circulation since majority of us are used to it already. I would really want to believe that it’s staying for good but we also know that traditional money is already left behind as having digital currencies or CBDCs have more advantage since we are already in a digital age. However, if CBDCs has its aim to replace paper money, then maybe it should be happening by now, but it seems that CBDCs are just made to co exist with paper money, just to give more option to the users so they can use where they feel more convenient about it.

[Yawa2020]

Honestly, It was too hard to predict when. However, we can never say NO to it as the development and adoption continues. It will certainly take a long time to see it happen, maybe 100 years (or even more). It can be shorter if we see the most significant reason for switching to digital currencies but for now, we haven't seen it yet.

The government and merchants have huge participation in regard to this. They have some influence that could really affect the adoption process.

I don't think it will actually happen even after that 100 years to come. Considering some fact especially the remote villages who have no access to internet networks. I don't think it'll be possible, at least for now it's not yet, to access digital without having access to internet. Besides, it's even unnecessary to phase out the paper money.

[jossiel]

I don't think it will actually happen even after that 100 years to come. Considering some fact especially the remote villages who have no access to internet networks. I don't think it'll be possible, at least for now it's not yet, to access digital without having access to internet. Besides, it's even unnecessary to phase out the paper money.

We don't know what will happen 100 years from now. I think most of the countries are modern by that time but with the current time, we don't know how long it will take until paper money is gone.

With the technology that's too quick in innovation, satellite technology might be reliable by that time and even in the most remote places, it's possible to gain internet access. Well, we don't know how it will look like but that's something possible with that long and span of time.

[Russlenat]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

I don’t see it happening now and in the future. CBDCs are still the product of central bank and all central banks are controlled by the government, and that government officials are personally benefiting from paper money. So there’s no chance that paper money usage will be put into oblivion. Although I’m very open for digital currencies, but I don’t see high chances for paper money to be completely replaced.

[Lanatsa]

I don't think it will actually happen even after that 100 years to come. Considering some fact especially the remote villages who have no access to internet networks. I don't think it'll be possible, at least for now it's not yet, to access digital without having access to internet. Besides, it's even unnecessary to phase out the paper money.

We don't know what will happen 100 years from now. I think most of the countries are modern by that time but with the current time, we don't know how long it will take until paper money is gone.

With the technology that's too quick in innovation, satellite technology might be reliable by that time and even in the most remote places, it's possible to gain internet access. Well, we don't know how it will look like but that's something possible with that long and span of time.

Im picturing it out that it would really be going into the same path on what China has done on where they do make their currency or having that digital Yuan.Its true that we dont know on what would happen in the

future and there would really be lots of changes and possible things that might happen that we arent that expecting.Just like the rest been saying that there's no way that fiat would really be out of existence.

It is really just that impossible for government to replace fiat which is something that cant be controlled.Paper money would exist no matter what and we know that
not all would really be that knowledgeable on digital things and there are corners of the world who arent aware on how these things works.

[Maximo Spohn]

At present, paper currency will still exist for a long time. Coins and paper money may disappear, but money will never disappear. If one day, none of us need physical currency anymore, then coins and banknotes will be abolished.

[Sayeds56]

Some countries, especially in South and East Asia and small countries, are able to achieve a high percentage of zero cash, but countries in Africa and many non-industrial countries will need decades to develop infrastructure, electricity, and citizen behavior.

Debit cards and others are the backbone of many economies.

I think paper money is not going to finish so soon because still in many Asian & African countries still a reasonable percentage of people don't maintain bank accounts due to poverty  and there is another reason paper will continue using it because small business run on paper money and they don't like to be included in tax net, that's why they don't accept electronic payments.

Paper money will remain in circulation unless governments makes electronic payments mandatory for people, through some legislation.

[fuguebtc]

I can't imagine paper money just going away...  Even when it is removed from circulation it will probably be phased out, but I'm sure there will always be a bank you can take paper to in order to get whatever value is passed around at the time.  I imagine there are older folks who will not be able to move to a new system and will rely on cash because that's what they've always used.  All that considered, you are already seeing cash use diminish in most countries and I think by 2040 kids won't even see cash in their lifetimes out of collections. 

The increase in the use of digital money in several countries is dominated by young people who currently use digital money more than cash, including me. Yes, the circulation of paper money may be stopped, but I'm not sure that paper money will be removed from circulation because paper money is a form of sovereignty of a country, and what convinces me more is of course if all digital-based transactions will be very difficult if the electricity goes out or there is no internet. I think people will always carry banknotes with them, even if they are few, just in case something like that happens.

It cant be stopped and this is something that wont really happen as long government does exist and there's no way that they would be allowing such thing where decentralized stuffs would take over.
I could say that it is really a dumb thing to mind and belief on where you did really come into a point which you are really that too optimistic that everything could be replaced.
Circulation? they could anytime print up paper fiat but somehow in controlled manner since we do know on how inflation works.
So its better not to stress out yourself in this regard because it cant really just be happening.

It is also my opinion that paper money will never disappear because if we get rid of paper money altogether, there would be a lot of problems will arise. But it seems you are misunderstanding, eliminating the use of paper money does not mean we will use bitcoin but instead CBDC or some other currency created and controlled by the government. Having Bitcoin completely replace fiat money is a paranoid fantasy that will never come true.

[SOKO-DEKE]

How long do you think it will take for paper money to be phased out for good?

Digital currency can never stop the existence of fiat currency but can only save as alternative and that is what people are hoping for not to perish fiat currency. If truly you want digital currency to replace fiat currency how those who are not educated will be treated or are you think that illiteracy will one day end in this world? I don't think that can happen.

Fiat currency is the only easy ways that some small entrepreneurship can operated especially those who have small store and likely taxes operators. It will be easy for them operating in digital currency. And with this issues of scammers which are coming more common in cryptocurrency industry I don't think it will even make sense for digital currency to replace paper money. And sometimes happiness comes when we hold the paper money not just seeing the figures of numbers in account.

[jossiel]

We don't know what will happen 100 years from now. I think most of the countries are modern by that time but with the current time, we don't know how long it will take until paper money is gone.

With the technology that's too quick in innovation, satellite technology might be reliable by that time and even in the most remote places, it's possible to gain internet access. Well, we don't know how it will look like but that's something possible with that long and span of time.

Im picturing it out that it would really be going into the same path on what China has done on where they do make their currency or having that digital Yuan.Its true that we dont know on what would happen in the

future and there would really be lots of changes and possible things that might happen that we arent that expecting.Just like the rest been saying that there's no way that fiat would really be out of existence.

It is really just that impossible for government to replace fiat which is something that cant be controlled.Paper money would exist no matter what and we know that
not all would really be that knowledgeable on digital things and there are corners of the world who arent aware on how these things works.

China just got various payment processors that's been widely adopted by its citizens and that's why they've got cashless transactions mostly in their country.

But, cash is still there yet it's being used by majority of their citizens. It's not that really a digital yuan but online and digital transactions with the help of those companies that have been partnered to their government for ease and cashless transactions.

[Fara Chan]

Actually the value of money that is considered lost is when all goods and services experience an increase in price so that money seems to have lost value in the eyes of society. Due to the high cost of all the goods needed by society, money with a very small amount of value will be meaningless except for money with a larger amount of value. So that is actually what many people are afraid of at this time because when money values seem insignificant, then everyone will be forced to work hard beyond the work target that is usually done every day.

That's right, price increases can affect the value of money, for example today you buy one product, then in five years from now you can no longer use the same amount of money to buy that product.
Apart from the difficulty in finding work, wages are also the biggest problem at the moment, the balance between the two is often contradictory, so that workers are forced to continue to work according to the current model. However, even though money cannot maintain its value, due to the increase in goods and services, paper money will continue to circulate in society.

[Inwestour]

It is also my opinion that paper money will never disappear because if we get rid of paper money altogether, there would be a lot of problems will arise. But it seems you are misunderstanding, eliminating the use of paper money does not mean we will use bitcoin but instead CBDC or some other currency created and controlled by the government. Having Bitcoin completely replace fiat money is a paranoid fantasy that will never come true.

Why do you think that paper money will never disappear? I'm not saying that it can happen in the near future, but I think it is possible. Many countries will create their own digital currencies, which they will be able to fully control, and will gradually introduce them into our daily lives. As a result, there will be less and less structures that will accept paper money, there will be less and less of them, and this will lead to the fact that a person cannot do without them in order to exist in society. It will be similar to how you now pay with a credit card in a store, there is nothing complicated about it, people will quickly get used to it.

[BigBos]

Honestly, It was too hard to predict when. However, we can never say NO to it as the development and adoption continues. It will certainly take a long time to see it happen, maybe 100 years (or even more). It can be shorter if we see the most significant reason for switching to digital currencies but for now, we haven't seen it yet.

I can't predict how many years it will take for digital currencies to normalize, but with this, I can illustrate that we need one to five new generations to accept digital currencies as legitimate global and local currencies without much question.

Just as I, who was born in the 20th century, did not ask many questions with Fiat money, why can pieces of paper be used to exchange goods and so on? Likewise, the new generation was born without doing much asking why digital-based exchange tools.
The circulation of FIAT money will gradually decrease in tandem with developments in technology and human resources because they will feel the need for digital money like we do with FIAT currency.

The government and merchants have huge participation in regard to this. They have some influence that could really affect the adoption process.

Yes, that's right, of course, they help expand adoption, but usually, they look at the market first, if the target market is already dominant in using digital currency, they make adjustments with new things to fulfil services.

I know that it is possible that civilization is getting more and more sophisticated and people are starting to think about how to continue to make their lives easier.
But on the other hand, for now, the circulation of paper money, which has been going on for a very long time as a medium of exchange for buying and selling, is still having difficulties and even in some areas in small areas there are still many people who do barter and this still exists in several regions in my country.
This can only happen to countries that are indeed more advanced and whose citizens understand technology, maybe they can still do it, but if in underdeveloped areas, progress like this will be hampered and when paper money is not implemented, it will be even more difficult for them.

Maybe it's true that they do that because it is a culture that is maintained in several tribes in remote areas.
But with the distribution of technology and the distribution of internet networks, they will slowly keep up with the times.



Additional thoughts
The circulation of FIAT money will gradually decrease along with the development of technology and human resources because they will feel the need for digital money as we feel for FIAT currency.

[fuguebtc]

It is also my opinion that paper money will never disappear because if we get rid of paper money altogether, there would be a lot of problems will arise. But it seems you are misunderstanding, eliminating the use of paper money does not mean we will use bitcoin but instead CBDC or some other currency created and controlled by the government. Having Bitcoin completely replace fiat money is a paranoid fantasy that will never come true.

Why do you think that paper money will never disappear? I'm not saying that it can happen in the near future, but I think it is possible. Many countries will create their own digital currencies, which they will be able to fully control, and will gradually introduce them into our daily lives. As a result, there will be less and less structures that will accept paper money, there will be less and less of them, and this will lead to the fact that a person cannot do without them in order to exist in society. It will be similar to how you now pay with a credit card in a store, there is nothing complicated about it, people will quickly get used to it.

Credit cards, you see credit cards have appeared for a long time, and the purpose is also to bring convenience to people, but so far it has yet to be able to replace paper money completely. People still use paper money rather than credit cards to this day. Currently, many countries have used 5G technology. However, besides that, many places in the world do not have internet coverage or are still using the technology of the 90s, so if they give up paper money, it will be a big problem for them. Not to mention internet problems are still prevalent and how would CBDCs work without the internet? Even in the future, I don't believe these problems will be fixed entirely.

[Abiky]

I think paper money is not going to finish so soon because still in many Asian & African countries still a reasonable percentage of people don't maintain bank accounts due to poverty  and there is another reason paper will continue using it because small business run on paper money and they don't like to be included in tax net, that's why they don't accept electronic payments.

Paper money will remain in circulation unless governments makes electronic payments mandatory for people, through some legislation.

I'm pretty sure governments will make electronic payments mandatory in the future, just to prevent decentralized cryptocurrencies from taking down Fiat for good. After all, they don't want to lose control over the way people use money. By forcing the use of CBDCs, it will be impossible (sort of) for people to obfuscate their transactions from both the government and central banks' eyes.

I'd imagine decentralized cryptocurrencies facing further opposition from such entities after the new digital cash system is launched to the public. It's likely they will "ban" Bitcoin and its variants just to prevent people from abandoning Fiat altogether. You may call me crazy, but this could be the path we'd be heading towards especially when governments increased their surveillance techniques after the COVID-19 pandemic took the world by storm. No one knows exactly when paper money will be phased out, so we should enjoy it while it lasts. Just my thoughts

[PrivacyG]

It's likely they will "ban" Bitcoin and its variants just to prevent people from abandoning Fiat altogether.

To offer us a false image of freedom, they only need to ban Mixers and any other kind of method of obfuscating transactions.  If they are extra paranoid and desperate, they can also impose all addresses to be registered to ID's.  As soon as they have these two bullets in, they are not going to care about Bitcoin existing as an alternative to Fiat.

They hate Bitcoin and knowing we have freedom.  But they shall continue to show the same innocent face to the public and pretend they are standing up to our freedoms while fighting the enemy (terrorism.  money laundering.  et cetera).  This is the only way they can make sure they do not become the enemy.

-
Regards,
PrivacyG

[Smartprofit]

It's likely they will "ban" Bitcoin and its variants just to prevent people from abandoning Fiat altogether.

To offer us a false image of freedom, they only need to ban Mixers and any other kind of method of obfuscating transactions.  If they are extra paranoid and desperate, they can also impose all addresses to be registered to ID's.  As soon as they have these two bullets in, they are not going to care about Bitcoin existing as an alternative to Fiat.

They hate Bitcoin and knowing we have freedom.  But they shall continue to show the same innocent face to the public and pretend they are standing up to our freedoms while fighting the enemy (terrorism.  money laundering.  et cetera).  This is the only way they can make sure they do not become the enemy.

-
Regards,
PrivacyG

Yes, governments do want to ban cash and Bitcoin. 

That is why they create CBDC.  CBDCs are inherently an element of a digital concentration camp. 

In fact, the introduction of such a financial system would mean that money would be completely alienated from its owners.  People will not be able to spend money uncontrollably, at their own discretion. 

Also, people will not be able to save money, since the CBDC system does not involve placing money on deposits (with interest accruing over the time the funds are used). 

Instead, the CBDC system will be programmed to get people to spend money as quickly as possible (buying government-authorized goods and services).

[19Nov16]

Many state plans to eliminate paper money, they consider that paper money is too many weaknesses, and the best plan is to return in the past, namely people transacting with gold and silver, no problem if people save as much as gold and silver because the value of gold and silver will not plummeted as in paper money which only relies on numbers on paper.

[Swordsoffreedom]

I think paper money is not going to finish so soon because still in many Asian & African countries still a reasonable percentage of people don't maintain bank accounts due to poverty  and there is another reason paper will continue using it because small business run on paper money and they don't like to be included in tax net, that's why they don't accept electronic payments.

Paper money will remain in circulation unless governments makes electronic payments mandatory for people, through some legislation.

I'm pretty sure governments will make electronic payments mandatory in the future, just to prevent decentralized cryptocurrencies from taking down Fiat for good. After all, they don't want to lose control over the way people use money. By forcing the use of CBDCs, it will be impossible (sort of) for people to obfuscate their transactions from both the government and central banks' eyes.

I'd imagine decentralized cryptocurrencies facing further opposition from such entities after the new digital cash system is launched to the public. It's likely they will "ban" Bitcoin and its variants just to prevent people from abandoning Fiat altogether. You may call me crazy, but this could be the path we'd be heading towards especially when governments increased their surveillance techniques after the COVID-19 pandemic took the world by storm. No one knows exactly when paper money will be phased out, so we should enjoy it while it lasts. Just my thoughts

Maybe you are right, governments will find ways to get rid of fiat because they want to control us more, but to do that is not easy and will not happen in the near future. First, they need to ensure that everyone can use a smartphone and that the internet system has global coverage. This is a complex issue to deal with as many countries in Asia and Africa do not yet have smartphones and do not have access to today's technology, so it will not be easy to implement CBDCs in this area. And another thing that comes to mind is how blind people use CBDC when they can't use the phone and the internet.

[wmaurik]

Many state plans to eliminate paper money, they consider that paper money is too many weaknesses, and the best plan is to return in the past, namely people transacting with gold and silver, no problem if people save as much as gold and silver because the value of gold and silver will not plummeted as in paper money which only relies on numbers on paper.

I want you to provide a few references or other reliable sources of what you said. Because you said things have gone too far in my opinion and I haven't even found any news about many countries planning to get rid of paper money. And one more thing is about the value of gold and silver which can increase, meaning that when both of them can increase prices globally, then a decrease in prices for both of them can also very likely occur.

Now, back to paper money, which you said only relies on numbers on paper. Do you think the numbers that have been written on the paper money can decrease? The question is a bit strange, but I don't know what is going through your mind to make you say that. Even though every country already knows that if you want to add payment options or exchange via other methods with the same currency, there is no need to get rid of paper money that has been used for a long time to make payments for goods and services.

[Abiky]

Yes, governments do want to ban cash and Bitcoin. 

That is why they create CBDC.  CBDCs are inherently an element of a digital concentration camp. 

In fact, the introduction of such a financial system would mean that money would be completely alienated from its owners.  People will not be able to spend money uncontrollably, at their own discretion. 

Also, people will not be able to save money, since the CBDC system does not involve placing money on deposits (with interest accruing over the time the funds are used). 

Instead, the CBDC system will be programmed to get people to spend money as quickly as possible (buying government-authorized goods and services).

Couldn't agree more with you, mate. CBDCs will enable full-scale surveillance from both the central bank and the government itself. People won't be able to enjoy true financial freedom because hard cash (paper money) won't exist anymore. Every transaction will be recorded on a digital ledger the aforementioned entities own. That's where decentralized cryptocurrencies (Bitcoin, Ethereum) come in.

I think the advent of CBDCs will lead towards greater adoption of decentralized financial systems. That's because not everyone will like the idea of having their entire financial life under the hands of the government. We're still a long road ahead before paper money is removed from circulation, so there's nothing to worry about. Just my opinion

[Vinaa77]

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

This cannot run smoothly until world stakeholders find common ground. In paper money there are also high-level businessmen. So central banks cannot decide that they will implement cryptocurrencies in place of fiat money. In paper money there is big business. Every change made, there will be parties who benefit and there are also parties who are disadvantaged. So to make both parties mutually beneficial of course it takes a long time.

[misterrtwisterr]

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

This cannot run smoothly until world stakeholders find common ground. In paper money there are also high-level businessmen. So central banks cannot decide that they will implement cryptocurrencies in place of fiat money. In paper money there is big business. Every change made, there will be parties who benefit and there are also parties who are disadvantaged. So to make both parties mutually beneficial of course it takes a long time.

This. Plus, we have people like Warren Buffet saying they would never ever buy crypto. We can take some cues from that I would say.

[wmaurik]

This. Plus, we have people like Warren Buffet saying they would never ever buy crypto. We can take some cues from that I would say.

What are you going to say next for this?
If only one person like Warren Buffet doesn't want to buy any cryptocurrency at any time, I don't think it will have much effect on the progress and development of cryptocurrencies in the future.

Because when there are more people who want to buy cryptocurrency and have it as an important asset in life, then that one person will definitely lose to conditions and changes. So don't just look for one person in this case, but try to see in a larger scope so that you have better knowledge and conclusions on this matter before saying the next.

[Bitcoin2009]

Paper money is issued by the central bank in accordance with government approval, of course as long as the government can still guarantee paper money it will survive, and if we think about it, of course it will be difficult to have a system that can replace paper money, if we think that cryptocurrencies can replace paper money, there will be more problems encountered than benefits.

[Tony116]

Yes, governments do want to ban cash and Bitcoin. 

That is why they create CBDC.  CBDCs are inherently an element of a digital concentration camp. 

In fact, the introduction of such a financial system would mean that money would be completely alienated from its owners.  People will not be able to spend money uncontrollably, at their own discretion. 

Also, people will not be able to save money, since the CBDC system does not involve placing money on deposits (with interest accruing over the time the funds are used). 

Instead, the CBDC system will be programmed to get people to spend money as quickly as possible (buying government-authorized goods and services).

Couldn't agree more with you, mate. CBDCs will enable full-scale surveillance from both the central bank and the government itself. People won't be able to enjoy true financial freedom because hard cash (paper money) won't exist anymore. Every transaction will be recorded on a digital ledger the aforementioned entities own. That's where decentralized cryptocurrencies (Bitcoin, Ethereum) come in.

I think the advent of CBDCs will lead towards greater adoption of decentralized financial systems. That's because not everyone will like the idea of having their entire financial life under the hands of the government. We're still a long road ahead before paper money is removed from circulation, so there's nothing to worry about. Just my opinion

Your statement is quite contradictory, if you agree that the government wants to get rid of paper money just because they want more control over us, there is no reason why they should leave decentralized currencies like Bitcoin has a chance.
Even now, paper money is not gone, and we want to use bitcoin to get out of government control, that is a tricky thing. Governments are trying to stop us from using bitcoin, trying to control us through centralized exchanges...So there is no reason when CBDC is implemented, there will be a greater chance for bitcoin.

[Casdinyard]

I think the latter will be the case, or at least it will be the case for a very long time before the shift to a purely-cashless system happens. Fiat systems have been here since time immemorial, it literally spurred our civilization into operation, and you bet your sweet bippy it would be a tough fight to relinquish ideals that have been ingrained by the cash system to the people of today. Moreover, I don't see the reason why it needs to be abolished, it has been proven today that the two can coexist and live in an albeit delicate balance between each other. I don't see the need for a pure digital currency system unless we transform ourselves into a type 1-2 civilization and suddenly acquired the taste to travel to nearby star systems.

[mvdheuvel1983]

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

CBDCs will not replace paper money anytime soon. Infact, it would take a millennium for that to happen.
Credit/debit cards will in the future may not be cards but something else. However, they will still maintain their functions.

Any day paper money is phased out then my guess is that the paper may become as valuable as gold. In addition, I do not think the world is as advanced yet for that. Until we are able to solve the energy and climate crisis paper money is going no where.

[dmamigo]

People around the globe and mostly in developing and under-developed countries, paper money and cards will not see their end very soon, at least not in the upcoming 15 years. The mindset is still dependent upon the old values and beliefs. But the thing is with recent changes and acceptance of a paperless transaction UPI which was in the news, things are going to turn around for sure.
Also, India launched its CBDC, Digital rupee, or e-rupee recently, which shows that we are on the path of this but I still believe it is too soon for complete dependency on CBDCs or digital payments.

[Chainsmokers]

Paper money is issued by the central bank in accordance with government approval, of course as long as the government can still guarantee paper money it will survive, and if we think about it, of course it will be difficult to have a system that can replace paper money, if we think that cryptocurrencies can replace paper money, there will be more problems encountered than benefits.

Yes, I also think that fiat or paper money is still an irreplaceable choice,
and if indeed it is replaced with cryptocurrency or whatever it might even cause new problems,
which is certainly basically not that easy to replace paper money

[Crypt0Gore]

I don't see paper money going away any time sooner, in the near future central bank and co will still use paper money even if digital currencies have taken over the world, can't you see that government can't take control over crypto that's why the only option they have is CBDC and I doubt it will be a success in time.

[molsewid]

I don't see paper money going away any time sooner, in the near future central bank and co will still use paper money even if digital currencies have taken over the world, can't you see that government can't take control over crypto that's why the only option they have is CBDC and I doubt it will be a success in time.

Maybe because everyday our population is increasing if all people will use paper money it will be a problem in the future but then we cannot remove paper money to be used all over the world, because it is essential even though crypto will be available everywhere still there's more thing that only paper money can do, it will not be remove in each country's economic system.

[Wong Goblog]

Paper money is money that is simple and can be used by anyone, even blind people can also transact with paper money, but of course not everyone can use crypto, it takes a long time of training and socialization so that it can be used, we are easy to use because we are used to it, but when we are still newbies, we also feel confused.

[irhact]

I don't see paper money going away any time sooner, in the near future central bank and co will still use paper money even if digital currencies have taken over the world, can't you see that government can't take control over crypto that's why the only option they have is CBDC and I doubt it will be a success in time.

The world is going digital so soon paper money will become a thing of the past. Already you can go on with your day to day activities in most part of the world without using paper money. Paper money will be replaced with a centralized digital money and many countries has began developing their own CBDC.

It'll be hard for the government to adoption cryptocurency because they can't control it. CBDC can be controlled and the monitoring of the currency will be easier since it'll be digitalized. CBDC will be a perfect tools in the hands of the government and other nations will join in enforcing it to their citizens.

[kesmex]

I don't see paper money going away any time sooner, in the near future central bank and co will still use paper money even if digital currencies have taken over the world, can't you see that government can't take control over crypto that's why the only option they have is CBDC and I doubt it will be a success in time.

Maybe because everyday our population is increasing if all people will use paper money it will be a problem in the future but then we cannot remove paper money to be used all over the world, because it is essential even though crypto will be available everywhere still there's more thing that only paper money can do, it will not be remove in each country's economic system.

It is true that paper or fiat money will not be replaced and if paper money is removed it is likely that it will create new problems as well.
so things like that have to be considered as well of course,
we never know what will happen in the future so we'll see

[Vaskiy]

I don't see paper money going away any time sooner, in the near future central bank and co will still use paper money even if digital currencies have taken over the world, can't you see that government can't take control over crypto that's why the only option they have is CBDC and I doubt it will be a success in time.

Maybe because everyday our population is increasing if all people will use paper money it will be a problem in the future but then we cannot remove paper money to be used all over the world, because it is essential even though crypto will be available everywhere still there's more thing that only paper money can do, it will not be remove in each country's economic system.

It is true that paper or fiat money will not be replaced and if paper money is removed it is likely that it will create new problems as well.
so things like that have to be considered as well of course,
we never know what will happen in the future so we'll see

People look for alternate and they are not in a situation to leave the one they've used to. Paper money won't get replaced. To restrict people and keep them using fiat, governments have created the CBDC. We don't have perfect statistics on, how effective this is getting used around. Government always want the paper money to be used, but the methods might vary. So, in the near future or later we can't experience replacement of fiat.

[Shinpako09]

A cashless society seems impossible as of the moment. There are still countries lacking behind when it comes to technology and individuals who isn't that techie. Additionally, there's still people who prefer using cash in a daily basis/transactions. To turn a cashless society into reality, poverty along with corruption must be solved first. That's one of the reason why other countries and individuals can't advance or hard to adapt in constant changes.

[Sir Legend]

A cashless society seems impossible as of the moment. There are still countries lacking behind when it comes to technology and individuals who isn't that techie. Additionally, there's still people who prefer using cash in a daily basis/transactions. To turn a cashless society into reality, poverty along with corruption must be solved first. That's one of the reason why other countries and individuals can't advance or hard to adapt in constant changes.

Right, it's impossible to replace cash with other systems such as cryptocurrencies, it's inconceivable if we want a transaction worth $ 10 but the transaction fee is more than $ 10, moreover the transaction fees during peak sessions are so expensive that it makes people continue to use cash, besides that another factor is the country can be easy to control cash than decentralized system.

[MarjorieZimmermanGinger]

Yes, governments do want to ban cash and Bitcoin. 

In the capacity of the interests of the country, I do not think the government is trying to prohibit cash completely.

That is why they create CBDC.  CBDCs are inherently an element of a digital concentration camp.

CBDC is a state product, that means that it has a function that almost resembles the Fiat currency, the reason they start to develop this as well as being able to be controlled and restricted, so that the basic fiat currency that is increasingly obsolete has a revolution in the field of CBDC, but the point can also be fully controlled by them .

Also, people will not be able to save money, since the CBDC system does not involve placing money on deposits (with interest accruing over the time the funds are used). 

Instead, the CBDC system will be programmed to get people to spend money as quickly as possible (buying government-authorized goods and services).

Different methods but have almost the same function and approach, I mean they try to revolutionize the Fiat currency, so that the existence of cryptocurrency does not make them disturbed and begin to be abandoned, although the use of crypto must also involve the Fiat currency during conversion.

They just do not want to be said to be lagging behind in terms of increasingly developing technological revolution, thus making CBDC other languages to participate in decentralized technology. CBDC also does not have unique advantages and functions, if true as you say, cannot put money in deposits and have to spend money as quickly as possible.

[Jody.Drummer]

A cashless society seems impossible as of the moment. There are still countries lacking behind when it comes to technology and individuals who isn't that techie. Additionally, there's still people who prefer using cash in a daily basis/transactions. To turn a cashless society into reality, poverty along with corruption must be solved first. That's one of the reason why other countries and individuals can't advance or hard to adapt in constant changes.

Right, it's impossible to replace cash with other systems such as cryptocurrencies, it's inconceivable if we want a transaction worth $ 10 but the transaction fee is more than $ 10, moreover the transaction fees during peak sessions are so expensive that it makes people continue to use cash, besides that another factor is the country can be easy to control cash than decentralized system.

We must be aware that the existence of Crypto is not to replace money and as for money, both in the form of fiat and paper money, it remains a legal means of payment, it's just that if btc can be an alternative there, then that can be a good thing. Being an alternative does not mean replacing.
As long as we are currently on the same step, money will still apply, especially paper money, in this case they are actually always the most reliable means of payment, especially for some small areas that are rarely touched by fiat.

[Altryist]

People look for alternate and they are not in a situation to leave the one they've used to. Paper money won't get replaced. To restrict people and keep them using fiat, governments have created the CBDC. We don't have perfect statistics on, how effective this is getting used around. Government always want the paper money to be used, but the methods might vary. So, in the near future or later we can't experience replacement of fiat.

The main goal is total control, with fiat money this is not so easy to do, but with digital currencies this task will be greatly simplified, so they will strive for this and achieve their goal. But we will not completely abandon fiat currencies soon, it should be comfortable and understandable for all segments of the population, otherwise they simply will not be used.

[Abiky]

The world is going digital so soon paper money will become a thing of the past. Already you can go on with your day to day activities in most part of the world without using paper money. Paper money will be replaced with a centralized digital money and many countries has began developing their own CBDC.

It'll be hard for the government to adoption cryptocurency because they can't control it. CBDC can be controlled and the monitoring of the currency will be easier since it'll be digitalized. CBDC will be a perfect tools in the hands of the government and other nations will join in enforcing it to their citizens.

Exactly. The transition to a digital cash system will be inevitable, especially now when the pandemic is forcing people to rely on digital payments more throughly. We can't stay with good-old paper money forever. By introducing a digital cash system, governments will be able to reduce waste and eliminate privacy for good. Such system would be extremely beneficial for mainstream governments and central banks alike.

I wouldn't worry about paper money being replaced, as long as I have Bitcoin by my side. The latter enables true financial freedom unlike any other currency on Earth. Who knows if someday Bitcoin gets to destroy Fiat for good? Just my opinion

[wmaurik]

Right, it's impossible to replace cash with other systems such as cryptocurrencies, it's inconceivable if we want a transaction worth $ 10 but the transaction fee is more than $ 10, moreover the transaction fees during peak sessions are so expensive that it makes people continue to use cash, besides that another factor is the country can be easy to control cash than decentralized system.

The more expensive transaction fees usually occur on different networks, so that everyone still has the option to reduce the number of transaction fees to become cheaper as has been applied to BSC, Tron, and others. There is no need to eliminate cash that can still be used in the payment system of each country, but it will not be seen that often when everyone makes payments by transferring via banking cards or the like.

[AndySt]

The main goal is total control, with fiat money this is not so easy to do, but with digital currencies this task will be greatly simplified, so they will strive for this and achieve their goal. But we will not completely abandon fiat currencies soon, it should be comfortable and understandable for all segments of the population, otherwise they simply will not be used.

In addition, at this point in time, the existence of cash is a matter of national security, because cash is not so tied to electronic infrastructure and may well exist and operate in the absence of it.

[The Sceptical Chymist]

I wouldn't worry about paper money being replaced, as long as I have Bitcoin by my side. The latter enables true financial freedom unlike any other currency on Earth. Who knows if someday Bitcoin gets to destroy Fiat for good? Just my opinion

I don't know if bitcoin is ever going to be a fiat-destroyer (and I'm guessing no on that one), but if any cryptocurrency was going to be the one to do it, it would have to be bitcoin.  A year or two I probably would have said another coin might come along and take bitcoin's place....then I started realizing just how centralized and fucked up most of these new projects (note that I'm not calling them coins specifically) really are. 

Yeah, a lot of them are faster and cheaper than bitcoin is, but most of them have development teams steering the course the way they want to, which is not always in the best interest of coin holders.  Just look at ETH, NEO, Solana, you name it, they're all controlled by the whales.

The best thing Satoshi ever did aside from creating bitcoin was to step away from it and let it be.  It really is money for the people.

[Argoo]

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

Governments do not issue their CBDCs to replace their fiat money. They thus simply improve the efficiency of their cashless payments. This will be another kind of non-cash money of states. Paper money in this case should not suffer. Due to the negative experience in using paper money during the spread of the coronavirus pandemic, as well as the high cost of maintaining them, the amount of paper money may be slightly reduced. However, I do not see the point in completely removing them from circulation. In some cases, the simplicity and speed of small household transactions make paper money simply irreplaceable. In addition, it should be borne in mind that paper money is the most untraceable. It is not worth striving for a completely digital world in public finance. This is the path to the complete loss of your privacy and anonymity.

[Iroh]

I don't see paper money going away any time sooner, in the near future central bank and co will still use paper money even if digital currencies have taken over the world, can't you see that government can't take control over crypto that's why the only option they have is CBDC and I doubt it will be a success in time.

The world is going digital so soon paper money will become a thing of the past. Already you can go on with your day to day activities in most part of the world without using paper money. Paper money will be replaced with a centralized digital money and many countries has began developing their own CBDC.

It'll be hard for the government to adoption cryptocurency because they can't control it. CBDC can be controlled and the monitoring of the currency will be easier since it'll be digitalized. CBDC will be a perfect tools in the hands of the government and other nations will join in enforcing it to their citizens.

It seems less likely to me that paper money will become a thing of the past. Admittedly, there are people who go through their day to day activities for up to a week without paying for anything in cash. With the various electronic means of payment, it’s no surprise that lots of people would opt to go cashless.

But you should also consider that the fiat system of payment is an old traditional means of payment that can’t be let go so easily. There are a whole lot of systems of payment that does not involve cash and makes payments really convenient but the fiat system is still very much living on despite various policies by different world governments to introduce a cashless society

[Sexylizzy2813]

Paper money not being in existence?
It will really take a long while to come in play, in as much as we're having Bitcoin and other cryptocurrency. Is not everybody that's aware of cryptocurrency, let's take example of the market women (traders in general) they have no idea that something like this is even happening. So it will take for ever for it to happen.

Paper money transactions is like the only reality that they have made any exchange when it comes to those who are not educated, it will take time to lecture these set of peoples.
IMO, is not going to be easy to just ditch paper money.

[erep]

I don't know if bitcoin is ever going to be a fiat-destroyer (and I'm guessing no on that one), but if any cryptocurrency was going to be the one to do it, it would have to be bitcoin.  A year or two I probably would have said another coin might come along and take bitcoin's place....then I started realizing just how centralized and fucked up most of these new projects (note that I'm not calling them coins specifically) really are. 

Yeah, a lot of them are faster and cheaper than bitcoin is, but most of them have development teams steering the course the way they want to, which is not always in the best interest of coin holders.  Just look at ETH, NEO, Solana, you name it, they're all controlled by the whales.

The best thing Satoshi ever did aside from creating bitcoin was to step away from it and let it be.  It really is money for the people.

Bitcoin as the only competitor could undermine fiat in the future, no doubt so governments make regulations to control crypto but it will never succeed unless it enforces regulation for centralized exchanges and altcoin projects. There will never be any coin to replace Bitcoin, even though certain coins increase when hype their position will never reach the top 3 big coins.

So everyone has experienced cases of centralized coin investment projects that have collapsed due to fraud, then the volume of bitcoins will increase higher because they switch to investing in bitcoins to recover losses in the long term.

[AndySt]

Bitcoin as the only competitor could undermine fiat in the future, no doubt so governments make regulations to control crypto but it will never succeed unless it enforces regulation for centralized exchanges and altcoin projects. There will never be any coin to replace Bitcoin, even though certain coins increase when hype their position will never reach the top 3 big coins. So everyone has experienced cases of centralized coin investment projects that have collapsed due to fraud, then the volume of bitcoins will increase higher because they switch to investing in bitcoins to recover losses in the long term.

Bitcoin cannot undermine fiat currencies in any way in the near future, because bitcoin and fiat currencies have different fields of application. Nevertheless, fiat currencies are inscribed in the economy of any capable state and serve as one of the most effective methods of economic policy, and therefore no major state will give such a tool from its arsenal, especially into the hands of other persons who have nothing to do with the state system and it is not clear what goals they pursue, even if the most benevolent.

[Abiky]

I don't know if bitcoin is ever going to be a fiat-destroyer (and I'm guessing no on that one), but if any cryptocurrency was going to be the one to do it, it would have to be bitcoin.  A year or two I probably would have said another coin might come along and take bitcoin's place....then I started realizing just how centralized and fucked up most of these new projects (note that I'm not calling them coins specifically) really are. 

Yeah, a lot of them are faster and cheaper than bitcoin is, but most of them have development teams steering the course the way they want to, which is not always in the best interest of coin holders.  Just look at ETH, NEO, Solana, you name it, they're all controlled by the whales.

The best thing Satoshi ever did aside from creating bitcoin was to step away from it and let it be.  It really is money for the people.

Agree. Bitcoin is the solution to ALL of our problems. We don't need to wait for paper money to be removed from circulation as long as we have Bitcoin. The pioneer cryptocurrency enables true financial freedom by eliminating the middleman. Even though the crypto/Blockchain industry has been heading towards centralization, all hope is not lost. There are still decentralized exchanges, and some other cryptocurrencies besides Bitcoin that actually put people's needs first above all else. It's not about the money, but rather crypto's use as an alternative to the existing monetary system. If only people realized the true meaning of Bitcoin, we wouldn't had been in this mess.

Most developers are greedy these days, so they will guide their projects towards the abyss of centralization even if that means going back to the era of traditional banking. I feel sorry for ETH and other crypto projects whose developers' and founders' identities are widely known by the public. They will easily get scrutinized by mainstream governments until they're destroyed for good (consider how Vitalik decided to please governments by turning ETH into a centralized PoS coin). No one knows exactly when CBDCs will take over the world, but my guess is that we're a long road ahead before paper money disappears for good. Once CBDCs replace paper money, things will only get worse as governments will have a full scope of our finances. Who knows what the future will bring? Just my opinion

[reagansimms]

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

Even though CBDC has appeared in the midst of society, it does not threaten the existence of paper money. CBDC will instead add options for payment instruments that guarantee the public will be able to transact under any circumstances and will not eliminate the function of paper money.
The government cannot rely on CBDCs by eliminating the function of paper money, this will invite risks that can stop transactions when the power goes out. CBDC can be used as an option in making transactions, some are more comfortable using paper money and some are using CBDC.

[posi]

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

Even though CBDC has appeared in the midst of society, it does not threaten the existence of paper money. CBDC will instead add options for payment instruments that guarantee the public will be able to transact under any circumstances and will not eliminate the function of paper money.
The government cannot rely on CBDCs by eliminating the function of paper money, this will invite risks that can stop transactions when the power goes out. CBDC can be used as an option in making transactions, some are more comfortable using paper money and some are using CBDC.

Currently, CBDCs can't wholly replace paper money, but that could happen in the future because what the government is aiming for is total control over us. CBDC is not popular yet and there are many related problems like you say, electricity or internet, many parts of the world still don't have these two so the elimination of paper money will not happen anytime soon. I also don't want paper money to disappear altogether, but we must prepare for a paperless future.

[maikrothaman]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

The circulation of CBDC will begin next year. By 2030, the government will remove cash. Cryptocurrency, however, won't replace cash for small transactions. The new cash will be privacy coins.

[wmaurik]

The circulation of CBDC will begin next year. By 2030, the government will remove cash. Cryptocurrency, however, won't replace cash for small transactions. The new cash will be privacy coins.

That would be amazing if it actually happened. But I want to know how did you get the leak from the government for 2030, which is actually still a long time coming from now and which government will do this for the first time in that year?

I haven't imagined about the success of the cash write-off because I still believe that cash will still be used in life for small transactions like what you said. Because eliminating the old system and replacing it with a new payment system clearly requires time and further analysis so that there are no deficiencies in various aspects when it is used by various groups of people who basically do not have the same caste level.

[Abiky]

Even though CBDC has appeared in the midst of society, it does not threaten the existence of paper money. CBDC will instead add options for payment instruments that guarantee the public will be able to transact under any circumstances and will not eliminate the function of paper money.
The government cannot rely on CBDCs by eliminating the function of paper money, this will invite risks that can stop transactions when the power goes out. CBDC can be used as an option in making transactions, some are more comfortable using paper money and some are using CBDC.

Everything is going digital, so I'm pretty sure paper money will disappear sometime in the future. I know CBDCs won't replace paper money right after they're launched, especially when not everyone will want to use it for day-to-day payments (like the elderly). We already have decentralized digital currencies (Bitcoin and its variants), so why should we care about Fiat going digital anyways? Once CBDCs take over the world, you can say goodbye to privacy for good. Who knows how many years do we have left before this happens? Just my thoughts

[Argoo]

Everything is going digital, so I'm pretty sure paper money will disappear sometime in the future. I know CBDCs won't replace paper money right after they're launched, especially when not everyone will want to use it for day-to-day payments (like the elderly). We already have decentralized digital currencies (Bitcoin and its variants), so why should we care about Fiat going digital anyways? Once CBDCs take over the world, you can say goodbye to privacy for good. Who knows how many years do we have left before this happens? Just my thoughts

It is unlikely that states and their governments will abandon the use of cash in the foreseeable future. Cash also plays a positive role in the development of the economy of each state. In addition, in some cases and for certain categories of people, paper money is simply irreplaceable. Of course, the volume of their circulation will decrease, but to a certain level. Their further fate will depend on how quickly our civilization develops technically. But if cataclysms and troubles, wars continue, then paper money will not disappear at all.

[Aanuoluwatofunmi]

Everything is going digital, so I'm pretty sure paper money will disappear sometime in the future. I know CBDCs won't replace paper money right after they're launched, especially when not everyone will want to use it for day-to-day payments (like the elderly). We already have decentralized digital currencies (Bitcoin and its variants), so why should we care about Fiat going digital anyways? Once CBDCs take over the world, you can say goodbye to privacy for good. Who knows how many years do we have left before this happens? Just my thoughts

It is unlikely that states and their governments will abandon the use of cash in the foreseeable future. Cash also plays a positive role in the development of the economy of each state. In addition, in some cases and for certain categories of people, paper money is simply irreplaceable. Of course, the volume of their circulation will decrease, but to a certain level. Their further fate will depend on how quickly our civilization develops technically. But if cataclysms and troubles, wars continue, then paper money will not disappear at all.

There is possibility that in the future time to come paper or fiat currency might have gone less been utilized with this kind of development we are having in the digital technology currenries nowadays, if we take a look into history abit, you will discover that even before the introduction of fiat currency the olden days have been using several means for an exchange of goods and services before paper currency, the same thing happens that this fiat over shadow every other exchange means that we all now uses fiat before we begin to make transactions of these same fiat unit in our various account from banks, now the crypto is invoke and globally recognized, it will always make more recognition than ever before for adoption taking place of fiat gradually till everyone now get used to digital currency in cryptocurrency.

[wmaurik]

It is unlikely that states and their governments will abandon the use of cash in the foreseeable future. Cash also plays a positive role in the development of the economy of each state. In addition, in some cases and for certain categories of people, paper money is simply irreplaceable. Of course, the volume of their circulation will decrease, but to a certain level. Their further fate will depend on how quickly our civilization develops technically. But if cataclysms and troubles, wars continue, then paper money will not disappear at all.

Your thinking is very logical, this is really seen in the reality of life where paper money is still being used today and will not be simply eliminated when considering the possibility of war that can still occur and natural disasters that come suddenly.

I think the government needs to study it more deeply and for a longer time if it wants to eliminate paper money in a country because in reality there are still very many people who want to use paper money even though there are already more other options when it comes to any kind of payment.

[Iroh]

My prediction is that in 10 years at most, nobody will use paper money, and this will probably start on the side of the states, where they will completely abolish paper money, digitize everything and act more easily.

I bet you that your predictions would turn out wrong. Paper money has been in existence and use for over a century(that’s a 100 years). We have gotten familiar and used to the paper money that any other means of payment would be scrutinized thoroughly and initially would be distrusted by most people.

Paper money will almost definitely still be in existence and use in 10 years. Besides, what other means of payment is as widespread, known and accepted as the fiat system? None that I know of.
In 10 years from today, we would still be using the fiat system. There may be other new and innovative means of making and receiving payments, that doesn’t mean the fiat system would be completely abolished.

[Hamphser]

Everything is going digital, so I'm pretty sure paper money will disappear sometime in the future. I know CBDCs won't replace paper money right after they're launched, especially when not everyone will want to use it for day-to-day payments (like the elderly). We already have decentralized digital currencies (Bitcoin and its variants), so why should we care about Fiat going digital anyways? Once CBDCs take over the world, you can say goodbye to privacy for good. Who knows how many years do we have left before this happens? Just my thoughts

It is unlikely that states and their governments will abandon the use of cash in the foreseeable future. Cash also plays a positive role in the development of the economy of each state. In addition, in some cases and for certain categories of people, paper money is simply irreplaceable. Of course, the volume of their circulation will decrease, but to a certain level. Their further fate will depend on how quickly our civilization develops technically. But if cataclysms and troubles, wars continue, then paper money will not disappear at all.

Unlikely or really that impossible because government cant really just let it happen on which they would really be allowing that something which is decentralized and anonymous would take place and would replace up

fiat.We know that they cant just let it happen because they would really be losing up that grasps or control into everything specially on financing sector which they wouldnt really let that happen.
Money or paper fiat would really be continue to exist and would really be in circulation no matter how crypto or BItcoin would progress out.

They would both co-exist and crypto would remain as an alternative.It might reach up some high recognition and adoption on some point but it wont be an enough reason for it to be
replacing fiat anytime soon so its better not to make yourself anticipating that much.

[Mate2237]

My prediction is that in 10 years at most, nobody will use paper money, and this will probably start on the side of the states, where they will completely abolish paper money, digitize everything and act more easily.

I bet you that your predictions would turn out wrong. Paper money has been in existence and use for over a century(that’s a 100 years). We have gotten familiar and used to the paper money that any other means of payment would be scrutinized thoroughly and initially would be distrusted by most people.

Paper money will almost definitely still be in existence and use in 10 years. Besides, what other means of payment is as widespread, known and accepted as the fiat system? None that I know of.
In 10 years from today, we would still be using the fiat system. There may be other new and innovative means of making and receiving payments, that doesn’t mean the fiat system would be completely abolished.

What Hauff Murray is saying is not far from the truth but 10 years are too close to forget paper money. I will say yes and no. Yes because there will a generation that is coming in the future that paper money will be automatically remove, in that generation, everything will be computerized and digitally oriented. No in the sense that, paper money makes things easier for people to buy and sell so for paper money to fade away will take another century. And I don't think Americans leaders will allow that to happen. Because dollar is worldly accepted currency and Americans are making profit from it.

[Crypto Library]

My prediction is that in 10 years at most, nobody will use paper money, and this will probably start on the side of the states, where they will completely abolish paper money, digitize everything and act more easily.

I bet you that your predictions would turn out wrong. Paper money has been in existence and use for over a century(that’s a 100 years). We have gotten familiar and used to the paper money that any other means of payment would be scrutinized thoroughly and initially would be distrusted by most people.

Paper money will almost definitely still be in existence and use in 10 years. Besides, what other means of payment is as widespread, known and accepted as the fiat system? None that I know of.
In 10 years from today, we would still be using the fiat system. There may be other new and innovative means of making and receiving payments, that doesn’t mean the fiat system would be completely abolished.

What Hauff Murray is saying is not far from the truth but 10 years are too close to forget paper money. I will say yes and no. Yes because there will a generation that is coming in the future that paper money will be automatically remove, in that generation, everything will be computerized and digitally oriented. No in the sense that, paper money makes things easier for people to buy and sell so for paper money to fade away will take another century. And I don't think Americans leaders will allow that to happen. Because dollar is worldly accepted currency and Americans are making profit from it.

A survey by a Singapore-based blockchain firm found that only 4.2 percent of people around the world are involved in cryptocurrency.
So there is a large number of percentage to go. I agree with that words that the use of paper money or currency will gradually become obsolete in the future. But I think it is still have to long way to go and I think that is not possible in the next ten years. If we see that cryptocurrency is still illegal in most countries of the world, maybe they will bring digital currency but paper money is still a long time to see. So I also think that it will take a long time for paper money to go away which by no means will happen in 10 years.

[GeorgeJohn]

I doubt paper money will ever stop to exist, CBDCs cannot replace fiat. Some countries have tried creating their own digital currency and yet haven’t not been able to convince their citizens to use the digital currency for transactions. The world is not ready to for such a huge transition. Naturally people feel more safe using traditional monetary systems, little wonder why when newbies are introduced to bitcoin they always go for centralized exchanges. It’s a reflex condition that comes from being used to regulated money system.

You are right from your assumptions or suggestions, paper money, ot will be very difficult or rigid before paper money can be abolish, provided that this Earth stand paper money will definitely stand from my perspective, so therefore i believe that paper money have been into existence for long time and it will continue to exist even though that digital money is becoming generally accepted.

[Abiky]

I bet you that your predictions would turn out wrong. Paper money has been in existence and use for over a century(that’s a 100 years). We have gotten familiar and used to the paper money that any other means of payment would be scrutinized thoroughly and initially would be distrusted by most people.

Paper money will almost definitely still be in existence and use in 10 years. Besides, what other means of payment is as widespread, known and accepted as the fiat system? None that I know of.
In 10 years from today, we would still be using the fiat system. There may be other new and innovative means of making and receiving payments, that doesn’t mean the fiat system would be completely abolished.

In a decade, things will remain most likely the same way as they are right now. But set yourself forward 4-5 decades from now, and paper money will no longer exist as a standard means of payment. Our society is advancing quickly by making good use of technology. With CBDCs, governments will be able to reduce waste and gain more control over people's finances. They won't be able to do that with paper money, though.

The advent of crypto/Blockchain tech has raised the bar of the way we pay for goods and services. Central banks and mainstream governments became interested in the tech after the industry grew quickly in popularity. Exactly when will paper money cease to exist, is a mystery. I wouldn't worry about this, as long as we've got decentralized cryptocurrencies at our side. Just my opinion

[naira]

In a decade, things will remain most likely the same way as they are right now. But set yourself forward 4-5 decades from now, and paper money will no longer exist as a standard means of payment. Our society is advancing quickly by making good use of technology. With CBDCs, governments will be able to reduce waste and gain more control over people's finances. They won't be able to do that with paper money, though.

The advent of crypto/Blockchain tech has raised the bar of the way we pay for goods and services. Central banks and mainstream governments became interested in the tech after the industry grew quickly in popularity. Exactly when will paper money cease to exist, is a mystery. I wouldn't worry about this, as long as we've got decentralized cryptocurrencies at our side. Just my opinion

If we talk about 2-5 decades, it is not impossible that paper money will be replaced. I believe in those days we have progressed to a more sophisticated technology sector than we are today. Or maybe there will be a new technology that goes beyond blockchain. We can only speculate, I believe the CBDC will also experience rule changes in the next 5 decades.

To narrow down a topic related to today's finances, namely paper money we need to look back before there was a medium of exchange. At that time, it had not been thought that there would be a name for paper money, so we did not know what it would be like in the future.

[Iroh]

In a decade, things will remain most likely the same way as they are right now. But set yourself forward 4-5 decades from now, and paper money will no longer exist as a standard means of payment. Our society is advancing quickly by making good use of technology. With CBDCs, governments will be able to reduce waste and gain more control over people's finances. They won't be able to do that with paper money, though.

The advent of crypto/Blockchain tech has raised the bar of the way we pay for goods and services. Central banks and mainstream governments became interested in the tech after the industry grew quickly in popularity. Exactly when will paper money cease to exist, is a mystery. I wouldn't worry about this, as long as we've got decentralized cryptocurrencies at our side. Just my opinion

In a decade, I think people would be using and still very much dependent on fiat currencies for most of their transactions and daily payments. Jumping forward to a few decades from today, fiat currencies may likely not be the most preferred form of making daily payments and small businesses might prefer some other sort of method for making transactions. But I still think the fiat currency would still be very much with us in the next few decades. Maybe not as relevant but still very much alive.

Yeah, I also wouldn’t worry too much about if or when paper money would cease to exist.

[Sterbens]

In a decade, things will remain most likely the same way as they are right now. But set yourself forward 4-5 decades from now, and paper money will no longer exist as a standard means of payment. Our society is advancing quickly by making good use of technology. With CBDCs, governments will be able to reduce waste and gain more control over people's finances. They won't be able to do that with paper money, though.

The advent of crypto/Blockchain tech has raised the bar of the way we pay for goods and services. Central banks and mainstream governments became interested in the tech after the industry grew quickly in popularity. Exactly when will paper money cease to exist, is a mystery. I wouldn't worry about this, as long as we've got decentralized cryptocurrencies at our side. Just my opinion

In a decade, I think people would be using and still very much dependent on fiat currencies for most of their transactions and daily payments. Jumping forward to a few decades from today, fiat currencies may likely not be the most preferred form of making daily payments and small businesses might prefer some other sort of method for making transactions. But I still think the fiat currency would still be very much with us in the next few decades. Maybe not as relevant but still very much alive.

Yeah, I also wouldn’t worry too much about if or when paper money would cease to exist.

There will always be changes, and we may not see money no longer circulating or vice versa. In my opinion, only time can answer this, because with an increasingly advanced era, there will definitely be policies and changes to keep up with the times. However, the process to get to an age where money will no longer be seen will be a very long process, and it may not be easy to take it for granted and become a new problem later. We are in an age where nothing is impossible with all the progress, so innovation will always be there and even discussions like this already exist now, so maybe new ideas might start from here.

[peter0425]

It is true that paper or fiat money will not be replaced and if paper money is removed it is likely that it will create new problems as well.
so things like that have to be considered as well of course,
we never know what will happen in the future so we'll see

Bitcoin is becoming more popular for the last 13 years , and then what would happen if this continues ? then crypto will be the priority using  and the Paper money will be the alternative .
It will continue to circulate of course ( at least for the next 10 years) but the situation will not remain as this because the urge for alternative transaction is happening and this is why crypto will be the best option and choice of the people.

[boltz]

There was a very interesting topic in my country regarding FIAT and yes , the system is slowly taking our FIAT away but we are not seeing Bitcoin being the replace right ? No , we don't! They want us to have a fully electronic payment system that is fully controlled by the Government and they could also block your assets anytime they want and all the other things but when it comes to FIAT money , they can't do the same thing and for me , FIAT money are currently essential in the world we living by.

Without a doubt , Bitcoin and cryptos are the future as long as they won't get fully regulated and implemented into a new Financial system that will be fully controlled by other entities.  We could also see an experiment in the near future with all these 3 money systems being run until just one will be left.

[Minor Miner]

It is true that paper or fiat money will not be replaced and if paper money is removed it is likely that it will create new problems as well.
so things like that have to be considered as well of course,
we never know what will happen in the future so we'll see

Bitcoin is becoming more popular for the last 13 years , and then what would happen if this continues ? then crypto will be the priority using  and the Paper money will be the alternative .
It will continue to circulate of course ( at least for the next 10 years) but the situation will not remain as this because the urge for alternative transaction is happening and this is why crypto will be the best option and choice of the people.

I agree that cryptocurrency, the digital currency, will gradually replace paper money, but I firmly believe that bitcoin will not be an alternative but will instead be CBDC or government-created cryptocurrency and control. Bitcoin is the creator of cryptocurrencies, but unfortunately, we still live in a centralized world where the government controls everything. Therefore, it is not possible to expect a decentralized currency to be widely used and replace the current fiat.

[Wildwest]

Although currently many central banks have created digital currencies, banknotes will still be used forever because it is difficult to remove banknotes that are currently used around the world, but to circulate simultaneously between banknotes and digital currencies I think this can happen, because both of them are currently known by many people so that to make exchanges can already be done by many parties, but this will not happen in the near future because the government must also make the best possible regulations so as not to be misused.

[ringgo96]

With the development of the current era everything can happen, but to replace banknotes using digital currencies I don't think it will happen in the near future, because there are many things that must be completed by the government if banknotes are not circulated anymore, because banknotes have been used for so long that it is difficult to eliminate among the public, And currently some people do not fully understand about digital currencies so it takes time to replace fiat currencies.

[Majestic-milf]

While the world is constantly evolving and means of exchange for goods and services have changed over time, it's quite important to note how far the paper money has come and even though there are newer and better forms of accepting payment like the digital form, I think it would take awhile before paper money would go out of circulation even though the W.H.O has warned of it's susceptibility to spreading sickness.

[ilovealtcoins]

With the current development of digital technology, paper money will almost certainly disappear, but I think it is a long time before they can be completely eliminated. Because to use digital currency, we need the internet but while many places still do not have internet and smartphones, getting rid of paper money will be very difficult.

[Cryptodebjoe]

Since currencies started evolving from trade by batter to coins as invented by the Lydians and the paper money as we saw by the Chinese which eventually became a globally accepted mode of financial transactions you can be certain that we have less than 2 decades to evolve to virtual currency Viz Bitcoin.... And paper money will no longer be used... Currently in China they have 60% cashless society.... So it's very feasible

[chrisculanag]

Many more years will be spent before such a system is realized. We know that many countries do not yet have the ability to receive this system, because they lack knowledge and there are countries that still have problems with their internet connection, which is usually the case with these systems.

What is the big deal it will implements in n every country? Is the effect good or not?

[My ThuiHa]

Paper money must have always been in circulation, it's just that the denominations on the paper are getting bigger and bigger. As technology becomes more and more advanced, the use of smartphones is also common in many small cities. If the world can be connected to the Internet. Then the utilization rate of banknotes will definitely decrease. But it will still exist, and it will not disappear completely. I hope to pay by mobile phone in the future, which is more convenient. But it will be convenient for thieves to steal things, so watch your personal belongings.

[Roggeredek]

I think it will take a long time to become popular. The world's financial regulators are moving very cautiously many others have done the opposite of the country. They are trying to control the digital currency through this in the age of internet. It cannot be said whether this strategy will be successful in the era of internet, its prevalence will decrease a lot, everyone will enjoy more benefits through internet.

[Godday]

Currently many central banks are already interested in currencies in the gital, and they have begun to design to create digital currencies to become a means of exchange such as banknotes that have spread throughout the world, so with the development of today's times economic competition is getting higher and it will not be impossible that digital currencies will replace banknotes in the future, but everything takes time because there are many things that must be made by the government so that people can use digital currencies as a means of payment, if this can be done then later there will definitely be interesting things that we will find.

[Peanutswar]

I guess for the next coming 5 to 10 years because some of the countries are still would like to stick with their currencies having paper money as a mode of payment, not all people can afford having a device for making a payment instead getting suffering of this why not stick with the old way of making a payment, and adopt that kind of thing to the people who can afford to have online payment, if the country does not have a lower status people I guess this kind of thing might immediately adopt as success rate.

[Iroh]

While the world is constantly evolving and means of exchange for goods and services have changed over time, it's quite important to note how far the paper money has come and even though there are newer and better forms of accepting payment like the digital form, I think it would take awhile before paper money would go out of circulation even though the W.H.O has warned of it's susceptibility to spreading sickness.

Paper money has been in use for over a hundred years. Over that period of time, man has gone through different phases and has undergone technological advances with new lovely technologies and innovations. All through this while, man has always used paper money.
Even with the outbreak of different pandemic over the years, paper money has still been in usage. This should tell anyone that paper money won’t be going anywhere anytime soon. We’ve gotten so used and comfortable with the concept of paper money that anything else would seem strange and unusable.

The use of Paper money for transactions and purchases might gradually decrease over the coming decades.

[wmaurik]

Many more years will be spent before such a system is realized. We know that many countries do not yet have the ability to receive this system, because they lack knowledge and there are countries that still have problems with their internet connection, which is usually the case with these systems.

This of course will not be suitable for poor countries or countries with no internet connection, because the digital payment system will not work well in places where the internet network is problematic. So this is clearly aimed at developing countries as well as countries that have advanced in the economic field as well as in other fields that are considered very important for the country.

What is the big deal it will implements in n every country? Is the effect good or not?

The big issue is the change in the rules because new payment options have been added with unusual methods. And the effect is clear, namely that it will make it easier for those who don't often carry cash in their pockets if they want to shop in large quantities or make large payments.

[Erumo]

The use of Paper money for transactions and purchases might gradually decrease over the coming decades.

True, true. The usage of paper money indeed is decreasing. What people use it for mostly? As presents, illegal deals and payments while being abroad? The worlds becomes to much developed. Even beggars get digital money now.

Does anyone know if new paper money are being printed now? I guess not as often as used to be. That means that old paper money will be destroyed in 10-20 years with transactions and all that money roundabouts.

[Abiky]

In a decade, I think people would be using and still very much dependent on fiat currencies for most of their transactions and daily payments. Jumping forward to a few decades from today, fiat currencies may likely not be the most preferred form of making daily payments and small businesses might prefer some other sort of method for making transactions. But I still think the fiat currency would still be very much with us in the next few decades. Maybe not as relevant but still very much alive.

Yeah, I also wouldn’t worry too much about if or when paper money would cease to exist.

I think it will take more than a decade for Fiat (paper money) to be taken out of circulation for good. CBDCs haven't been rigorously tested yet to become Fiat's eventual successor. Some countries have already launched their own digital currencies, while others are still thinking it through. We already have "digital cash" in the form of decentralized cryptocurrencies (eg: Bitcoin, Ethereum), so why wait until CBDCs are released for public use?

You can bet that once CBDCs are launched, the end of privacy will begin. They will give more power/control to the government over people's finances. It's likely people will massively adopt decentralized cryptocurrencies after this happens. No one can predict the future so we can only hope for the best. Just my thoughts

[Ozero]

With the current development of digital technology, paper money will almost certainly disappear, but I think it is a long time before they can be completely eliminated. Because to use digital currency, we need the internet but while many places still do not have internet and smartphones, getting rid of paper money will be very difficult.

The volume of paper money due to the gradual transition to non-cash payments will be reduced, but to certain limits. This process will also be facilitated by the emergence of CBDCs, which are varieties of government non-cash payments. Paper money plays a positive role and is often indispensable for small household transactions, as well as for their use by certain groups of citizens.
The fate of paper money in the end will depend on how quickly the well-being of people in general on our planet and technological progress will grow. But if such idiots as Putin will still appear who will unleash wars of conquest and destroy the infrastructure of both other states and their own state, causing devastation and poverty, then paper money will never disappear.

[impresiones]

I do not know, in China I do not think nowadays that is common to use cash, they actually perform electronic payments generally

[crunck]

I do not know, in China I do not think nowadays that is common to use cash, they actually perform electronic payments generally

Not only China, many developed countries have also restricted the use of paper money and switched to digital or card payment methods. But the complete elimination of paper money is unlikely to happen in the next decade because in many places it can be said that the internet is limited, and smartphones are not yet widely used, so getting rid of paper money is very difficult.

[gunhell16]

While the world is constantly evolving and means of exchange for goods and services have changed over time, it's quite important to note how far the paper money has come and even though there are newer and better forms of accepting payment like the digital form, I think it would take awhile before paper money would go out of circulation even though the W.H.O has warned of it's susceptibility to spreading sickness.

Paper money has been in use for over a hundred years. Over that period of time, man has gone through different phases and has undergone technological advances with new lovely technologies and innovations. All through this while, man has always used paper money.
Even with the outbreak of different pandemic over the years, paper money has still been in usage. This should tell anyone that paper money won’t be going anywhere anytime soon. We’ve gotten so used and comfortable with the concept of paper money that anything else would seem strange and unusable.

The use of Paper money for transactions and purchases might gradually decrease over the coming decades.

In these times, I think we can use it for a long time, and no one knows when it will stop being used. Because honestly, paper money is still used no matter where we go.

And you're right, we've been using it for decades even though we use different currencies around the world. It is still a big benefit from our expenses, business, bank affairs, and so on. If it is still unclear during this period, users will be stopped.

[Fakhrulenclix]

I do not know, in China I do not think nowadays that is common to use cash, they actually perform electronic payments generally

Not only China, many developed countries have also restricted the use of paper money and switched to digital or card payment methods. But the complete elimination of paper money is unlikely to happen in the next decade because in many places it can be said that the internet is limited, and smartphones are not yet widely used, so getting rid of paper money is very difficult.

it is not only difficult but impossible to get rid of paper money, nowadays technology is very advanced and many people are carried away by that change but not all people can use the same things.
nowadays almost all corners of the world in big cities with big businesses can use electronic payments, that's a very natural thing in a very advanced world like today but with more and more growth and more and more things that won't erase or turn off paper money .
reduction in the circulation of paper money is of course very likely to occur but it will not be eliminated in any country.

[Ayers]

I do not know, in China I do not think nowadays that is common to use cash, they actually perform electronic payments generally

Not only China, many developed countries have also restricted the use of paper money and switched to digital or card payment methods. But the complete elimination of paper money is unlikely to happen in the next decade because in many places it can be said that the internet is limited, and smartphones are not yet widely used, so getting rid of paper money is very difficult.

it is not only difficult but impossible to get rid of paper money, nowadays technology is very advanced and many people are carried away by that change but not all people can use the same things.
nowadays almost all corners of the world in big cities with big businesses can use electronic payments, that's a very natural thing in a very advanced world like today but with more and more growth and more and more things that won't erase or turn off paper money .
reduction in the circulation of paper money is of course very likely to occur but it will not be eliminated in any country.

I think the phasing out of paper money is still possible but it won't happen in the near future, and it may take longer than we think. As you say, if we can successfully reduce the circulation of paper money, then just more time to get rid of it completely is possible.

To be honest, paper money causes some problems such as printing and circulation costs, and is quite cumbersome if shipped in large quantities. But in some cases, paper money also gives us convenience such as paying small bills very quickly, and using paper money still gives us a little more privacy than an account bank or CBDC.

[n0ne]

I do not know, in China I do not think nowadays that is common to use cash, they actually perform electronic payments generally

Not only China, many developed countries have also restricted the use of paper money and switched to digital or card payment methods. But the complete elimination of paper money is unlikely to happen in the next decade because in many places it can be said that the internet is limited, and smartphones are not yet widely used, so getting rid of paper money is very difficult.

it is not only difficult but impossible to get rid of paper money, nowadays technology is very advanced and many people are carried away by that change but not all people can use the same things.
nowadays almost all corners of the world in big cities with big businesses can use electronic payments, that's a very natural thing in a very advanced world like today but with more and more growth and more and more things that won't erase or turn off paper money .
reduction in the circulation of paper money is of course very likely to occur but it will not be eliminated in any country.

I think the phasing out of paper money is still possible but it won't happen in the near future, and it may take longer than we think. As you say, if we can successfully reduce the circulation of paper money, then just more time to get rid of it completely is possible.

To be honest, paper money causes some problems such as printing and circulation costs, and is quite cumbersome if shipped in large quantities. But in some cases, paper money also gives us convenience such as paying small bills very quickly, and using paper money still gives us a little more privacy than an account bank or CBDC.

Phasing out of paper money is not at all possible. When paper money gets its usage stopped, automatically it takes another form. The paper money comes in the digital form. The usage comes to an end only if each and every country agree to stop using paper money. Everything runs on a cyclic process, same is with the financial structure. We've evolved from the barter method to the cryptocurrency and maybe once again we can move back to the barter method. So, usage of paper money will continue amidst all form of technology based development.

[o48o]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

It's happening slowly. Banks are already refusing to give too big amounts of fiat money in circulation. Or you would need a very good reason to for it. As long as they can track it, they don't need completely remove it from circulation. But old paper money is going to be harder and harder to wash looking like legit money.

Governments aren't interested about people buying booze, food, small electronics or even small amounts of illegal drugs with cash money. They are interested about people laundering millions and buying houses and art with them. Governments wouldn't even need to track our spendings. that's not what CBDC is for. They could just buy that data from different companies using loyality cards etc.

[uneng]

I guess for the next coming 5 to 10 years because some of the countries are still would like to stick with their currencies having paper money as a mode of payment, not all people can afford having a device for making a payment instead getting suffering of this why not stick with the old way of making a payment, and adopt that kind of thing to the people who can afford to have online payment, if the country does not have a lower status people I guess this kind of thing might immediately adopt as success rate.

it's probably taking more time yet. Right now, there are many people on their 40's and 50's old years who don't dominate electronic devices yet. People who didn't attend to school and only deal with paper money. The older they get, the hardest it's going to be to learn new things, so in 10 years these people will be on their 50-60's years old yet. I guess a paperless society will take 30 years to happen. That is the time until this generation gets too old to deal with money, so a new technology can be widely introduced without prejudice to these people.

[monineklutak]

While the world is constantly evolving and means of exchange for goods and services have changed over time, it's quite important to note how far the paper money has come and even though there are newer and better forms of accepting payment like the digital form, I think it would take awhile before paper money would go out of circulation even though the W.H.O has warned of it's susceptibility to spreading sickness.

Paper money has been in use for over a hundred years. Over that period of time, man has gone through different phases and has undergone technological advances with new lovely technologies and innovations. All through this while, man has always used paper money.
Even with the outbreak of different pandemic over the years, paper money has still been in usage. This should tell anyone that paper money won’t be going anywhere anytime soon. We’ve gotten so used and comfortable with the concept of paper money that anything else would seem strange and unusable.

The use of Paper money for transactions and purchases might gradually decrease over the coming decades.

In these times, I think we can use it for a long time, and no one knows when it will stop being used. Because honestly, paper money is still used no matter where we go.

And you're right, we've been using it for decades even though we use different currencies around the world. It is still a big benefit from our expenses, business, bank affairs, and so on. If it is still unclear during this period, users will be stopped.

For now, people still use paper money as the main means of payment,
but on the other hand they also use e-wallets and other digital money because it's simpler,
maybe in the future the use of paper money will decrease we never know what will happen next.

[browsiek]

I do not know, in China I do not think nowadays that is common to use cash, they actually perform electronic payments generally

Not only China, many developed countries have also restricted the use of paper money and switched to digital or card payment methods. But the complete elimination of paper money is unlikely to happen in the next decade because in many places it can be said that the internet is limited, and smartphones are not yet widely used, so getting rid of paper money is very difficult.

  Even in my country, which incidentally is a developing country, has implemented a digital system, but only in certain shops.  To be honest, so far I'm more comfortable using digital money than paper because people won't know the  balance we have, whereas if we use paper money people know better how rich we are.  But in terms of loss, the biggest potential is digital money. If you have a problem with your e-wallet, the money you have will be forfeited.  but so far I'm doing fine using digital money and hopefully no issues.

[Ayers]

I do not know, in China I do not think nowadays that is common to use cash, they actually perform electronic payments generally

Not only China, many developed countries have also restricted the use of paper money and switched to digital or card payment methods. But the complete elimination of paper money is unlikely to happen in the next decade because in many places it can be said that the internet is limited, and smartphones are not yet widely used, so getting rid of paper money is very difficult.

it is not only difficult but impossible to get rid of paper money, nowadays technology is very advanced and many people are carried away by that change but not all people can use the same things.
nowadays almost all corners of the world in big cities with big businesses can use electronic payments, that's a very natural thing in a very advanced world like today but with more and more growth and more and more things that won't erase or turn off paper money .
reduction in the circulation of paper money is of course very likely to occur but it will not be eliminated in any country.

I think the phasing out of paper money is still possible but it won't happen in the near future, and it may take longer than we think. As you say, if we can successfully reduce the circulation of paper money, then just more time to get rid of it completely is possible.

To be honest, paper money causes some problems such as printing and circulation costs, and is quite cumbersome if shipped in large quantities. But in some cases, paper money also gives us convenience such as paying small bills very quickly, and using paper money still gives us a little more privacy than an account bank or CBDC.

Phasing out of paper money is not at all possible. When paper money gets its usage stopped, automatically it takes another form. The paper money comes in the digital form. The usage comes to an end only if each and every country agree to stop using paper money. Everything runs on a cyclic process, same is with the financial structure. We've evolved from the barter method to the cryptocurrency and maybe once again we can move back to the barter method. So, usage of paper money will continue amidst all form of technology based development.

If the world continues to develop and there are no disasters like World War 3, the technologies will still be preserved and developed, I don't think there's any reason for us to go back to the barter method. We're moving towards convenience, eliminating bulky stuff, so there's no reason to return to the previous methods. I am not saying that paper money will be phased out any time soon but certainly in the future, CBDC will be the first experimental step to get rid of paper money.

[crunck]

I do not know, in China I do not think nowadays that is common to use cash, they actually perform electronic payments generally

Not only China, many developed countries have also restricted the use of paper money and switched to digital or card payment methods. But the complete elimination of paper money is unlikely to happen in the next decade because in many places it can be said that the internet is limited, and smartphones are not yet widely used, so getting rid of paper money is very difficult.

it is not only difficult but impossible to get rid of paper money, nowadays technology is very advanced and many people are carried away by that change but not all people can use the same things.
nowadays almost all corners of the world in big cities with big businesses can use electronic payments, that's a very natural thing in a very advanced world like today but with more and more growth and more and more things that won't erase or turn off paper money .
reduction in the circulation of paper money is of course very likely to occur but it will not be eliminated in any country.

Paper money has existed every year in China and is modified in use to this day. Although technology is changing the world, getting rid of paper money is actually extremely difficult. In my area, many people still do not know how to use smartphones, especially the elderly, whose families are too difficult. If they give up paper money, they will face a lot of difficulties

[lizarder]

If the world continues to develop and there are no disasters like World War 3, the technologies will still be preserved and developed, I don't think there's any reason for us to go back to the barter method. We're moving towards convenience, eliminating bulky stuff, so there's no reason to return to the previous methods. I am not saying that paper money will be phased out any time soon but certainly in the future, CBDC will be the first experimental step to get rid of paper money.

At present or in the next ten years, banknotes will still be in circulation, a lot of effort must be made to eliminate the circulation of paper money, while the resources needed have not been fully met, the generation of people over 40 to 50 years it is too complicated to understand technology, so the potential to get rid of the swirl of banknotes is almost impossible. What's more, there are still quite a number of countries that have special agreements on fiat currency, so efforts to eliminate them require new regulations that are so complicated.

While the government also did not try to develop technology that would reduce the circulation of paper money, on the contrary the CBDC introduced by the Bank was a government product whose function was only to restrain the rate of growth of crypto and these efforts were not successful

[erep]

At present or in the next ten years, banknotes will still be in circulation, a lot of effort must be made to eliminate the circulation of paper money, while the resources needed have not been fully met, the generation of people over 40 to 50 years it is too complicated to understand technology, so the potential to get rid of the swirl of banknotes is almost impossible. What's more, there are still quite a number of countries that have special agreements on fiat currency, so efforts to eliminate them require new regulations that are so complicated.

Reality predictions about paper money can be measured based on the growth in current technology use, every year statistics on technology use continue to grow from all ages so online transactions in e-commerce are increasing but transactions for paper money are decreasing compared to the previous year, but efforts to eliminate circulation of paper money is not easy because the government must ensure that the use is very low and not even used anymore in every transaction in traditional markets and any other transactions, if the position of the situation is then the government can make new regulations regarding the use of paper money without the negative impact of criticism Public.

[STT]

If paper includes coin based or elemental based currency then the answer is very likely never.   Just going on historic precedent, we've had alot of turmoil over five thousand years or so and yet we carry on exchanging value especially over distance based on compact high value rare type metals.  Whether we put the value into fixed coins or bars or promissory notes doesnt matter too much its the idea we exchange one for the other and always have done so.

[Abiky]

Not only China, many developed countries have also restricted the use of paper money and switched to digital or card payment methods. But the complete elimination of paper money is unlikely to happen in the next decade because in many places it can be said that the internet is limited, and smartphones are not yet widely used, so getting rid of paper money is very difficult.

Governments are going to need to provide the necessary tools to help spur the adoption of CBDCs worldwide. Otherwise, don't count on paper money disappearing anytime soon. I'm pretty sure we won't be using paper money forever, especially when the world evolves over time. The future of money is complete digitalization, so paper money in its current form will become history. China has been at the forefront of CBDC development, but it should only be a matter of time before other countries follow suit.

There are already plans among the world's superpowers to launch CBDCs of their own. The US and the EU have already announced their intentions of doing so. You can thank Bitcoin for helping banks rethink the way they issue/handle the world's money supply. They have no choice but to digitize Fiat or be left behind in the dust. No one knows what the future holds, so we can only hope for the best. Just my thoughts

[Ayers]

~~

While the government also did not try to develop technology that would reduce the circulation of paper money, on the contrary the CBDC introduced by the Bank was a government product whose function was only to restrain the rate of growth of crypto and these efforts were not successful

I don't think creating a bank's CBDC is to limit or slow down the growth of cryptocurrencies, even if a successful CBDC would have no impact on cryptocurrencies. The cryptocurrency market is a financial market used for investment, while CBDC represents fiat in the digital version, which is only seen as an evolution of technology. Fiat is a currency, not an investment market, so the two can't hurt each other. Alternatively, a CBDC could also be the idea that gives the government more control over us.

[Savemore]

There someone who is pulling the shadow behind and that shadow will not let the fiat money extinct and fully replace by digital money. That is the reason why a lot of government today are still not adapting and have laws and regulation regarding the ban of cryptocurrencies. Try to search in the internet the CBDC and the families who establish the banks that priting fiat money. They are the ones who are printing money that came from paper and ink only. That is the real free money out there and those shadows will not let the CBDC to come at end.

[KingsDen]

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

I think the paper money is going no where. I mean it won't phase out and neither will it extinct. Even if it will phase out we shouldn't expect it to happen any time soon.
My strong reason for saying this is that, paper money doesn't only represent money for buying goods, properties or paying for services. It's value isn't only its purchasing power. But the paper money is a symbol of National Identity.
It is a legal tender that is very unique across countries, that is the reason paper money will be preserved longer.
There are human heads and other figures printed on the paper money which represents money deep things.

[crunck]

Not only China, many developed countries have also restricted the use of paper money and switched to digital or card payment methods. But the complete elimination of paper money is unlikely to happen in the next decade because in many places it can be said that the internet is limited, and smartphones are not yet widely used, so getting rid of paper money is very difficult.

Governments are going to need to provide the necessary tools to help spur the adoption of CBDCs worldwide. Otherwise, don't count on paper money disappearing anytime soon. I'm pretty sure we won't be using paper money forever, especially when the world evolves over time. The future of money is complete digitalization, so paper money in its current form will become history. China has been at the forefront of CBDC development, but it should only be a matter of time before other countries follow suit.

There are already plans among the world's superpowers to launch CBDCs of their own. The US and the EU have already announced their intentions of doing so. You can thank Bitcoin for helping banks rethink the way they issue/handle the world's money supply. They have no choice but to digitize Fiat or be left behind in the dust. No one knows what the future holds, so we can only hope for the best. Just my thoughts

Honestly, we ordinary people also know that printing a lot of money will cause inflation, I don't think the government is stupid enough to not know that. It wasn't bitcoin that came along but we realized that the limited supply is good for the inflation it has shown with gold. Gold can be said to be a very limited supply because gold mining is not easy and challenging. I think that running an economy is not easy, while the population is increasing, supply and demand will be very difficult to handle and the restriction of printing paper money is not too difficult. But they didn't, they must have had a reason.

[savetheFORUM]

I guess for the next coming 5 to 10 years because some of the countries are still would like to stick with their currencies having paper money as a mode of payment, not all people can afford having a device for making a payment instead getting suffering of this why not stick with the old way of making a payment, and adopt that kind of thing to the people who can afford to have online payment, if the country does not have a lower status people I guess this kind of thing might immediately adopt as success rate.

it's probably taking more time yet. Right now, there are many people on their 40's and 50's old years who don't dominate electronic devices yet. People who didn't attend to school and only deal with paper money. The older they get, the hardest it's going to be to learn new things, so in 10 years these people will be on their 50-60's years old yet. I guess a paperless society will take 30 years to happen. That is the time until this generation gets too old to deal with money, so a new technology can be widely introduced without prejudice to these people.

Actually, people on those said age groups are now into techie trips, thanks to the social media king facebook. They use it because it's their way of communicating to their loved ones here and abroad. The pandemic have also taught people to rely mostly online. Online shopping have risen and as well as the use of digital wallets to be able to pay the merchants.

This can also act to receive money without the need of going outside. People are now ready to depend on electronic money. The older the people get, the more knowledge they can learn. If they can't do it for themselves then they can always ask a help for their family members.

[autumnleaf]

Similar to what the majority of the other posters in this thread said, it is difficult to predict with certainty when paper money will stop being used because cash is still necessary for small transactions and for those who do not have bank accounts, as well as because it continues to play a significant role in many economies.

[wmaurik]

I do not know, in China I do not think nowadays that is common to use cash, they actually perform electronic payments generally

In developed countries using electronic cash payments has become very commonplace, but we also don't hear that China is throwing away cash. Because I'm sure there are still residents there who use cash even though the percentage is very small when compared to residents who use electronic cash when shopping.

Not only China, many developed countries have also restricted the use of paper money and switched to digital or card payment methods. But the complete elimination of paper money is unlikely to happen in the next decade because in many places it can be said that the internet is limited, and smartphones are not yet widely used, so getting rid of paper money is very difficult.

This is indeed true and as I said, in developed countries like China, for example, there are also those who use cash in several places and by citizens who are still in the poor category. Because it's not that they don't want to use an electronic card for payment or something digital, but maybe because they haven't been able to have one so they still use the old method of making any payments.

  Even in my country, which incidentally is a developing country, has implemented a digital system, but only in certain shops.  To be honest, so far I'm more comfortable using digital money than paper because people won't know the  balance we have, whereas if we use paper money people know better how rich we are.  But in terms of loss, the biggest potential is digital money. If you have a problem with your e-wallet, the money you have will be forfeited.  but so far I'm doing fine using digital money and hopefully no issues.

Developing countries are countries that are not yet in the developed category and it is natural that the use of digital payments only exists in certain shops because most of them still rely on cash or paper money when shopping. But that's not a problem for people who still live in developing countries because I see that these two payment methods are still very comfortable for everyone to use and have never had any problems even though the advantages are clearly different.

[Bushdark]

If paper includes coin based or elemental based currency then the answer is very likely never.   Just going on historic precedent, we've had alot of turmoil over five thousand years or so and yet we carry on exchanging value especially over distance based on compact high value rare type metals.  Whether we put the value into fixed coins or bars or promissory notes doesnt matter too much its the idea we exchange one for the other and always have done so.

There might be a revolution from paper money to other forms of money just like had many years ago seeing money moving from one particular matter to another and now we are both in paper money and digital money.

Everything is moving gradually and in due time we might see that the way we spend money could never changed but the forms might look very different. Paperony is not going to take much longer to disappear because of the expenses banks and government do pay on printing and keeping them safe. Digital money is here to stay and soon paper would be transmitted to digital in the nearest future.

[rat03gopoh]

Before it reaches the stage where paper money is completely gone, think that the government still has a number of public trust issues and debates just by announcing plans to launch a CBDC which is likely to remain in place for more than 5 years. Opposition everywhere especially from the crypto community prefers decentralization. So, the government should have a lot of time and strategy.

[Abiky]

Similar to what the majority of the other posters in this thread said, it is difficult to predict with certainty when paper money will stop being used because cash is still necessary for small transactions and for those who do not have bank accounts, as well as because it continues to play a significant role in many economies.

It's going to be hard to get unbanked people to use a CBDC, but not impossible. I'm pretty sure governments will find a way to do this, especially if they want full control over the monetary system (effectively putting an end to privacy for good). Paper money will eventually be phased out as the world fully transitions into the digital age. The real question is when will that happen? Considering that CBDC are still experimental, it's going to take decades before paper money is put out of circulation for good. We already have stablecoins which serve nearly the exact same purpose as a CBDC. Either governments create a coin of their own or use an existing solution (stablecoins). The future is widely unpredictable, so we can only hope for the best. As long as we have decentralized cryptocurrencies at our side, nothing else matters. Just my opinion

[Razmirraz]

CBDC implementation will not eliminate paper currency. The existence of CBDC can actually add transaction options apart from paper money and electronic money. The government cannot eliminate the circulation of physical money or paper money after the CBDC is launched. If everything uses digital, of course there are risks that must be considered such as power outages or other things that make the internet connection disappear. Paper money will still exist even though CBDC has been widely used among the public, CBDC is only an additional option in making transactions, some choose to use paper money and some choose to use CBDC, the choice depends on where you live.

[cabron]

CBDC implementation will not eliminate paper currency. The existence of CBDC can actually add transaction options apart from paper money and electronic money. The government cannot eliminate the circulation of physical money or paper money after the CBDC is launched. If everything uses digital, of course there are risks that must be considered such as power outages or other things that make the internet connection disappear. Paper money will still exist even though CBDC has been widely used among the public, CBDC is only an additional option in making transactions, some choose to use paper money and some choose to use CBDC, the choice depends on where you live.

Everybody will adopt the CBDC though. And if everyone will do, so are the lowest people in society because thier employers will eventually send thier wages in digital currency. Businesses will not be able to get customers when most of them can only pay in digital currency. This is how it's going to be adopted everywhere and it may take years probably more than one generation in some countries.

Banks will cooperate in a way to gradually stop the circulation of papers.

[lizarder]

Reality predictions about paper money can be measured based on the growth in current technology use, every year statistics on technology use continue to grow from all ages so online transactions in e-commerce are increasing but transactions for paper money are decreasing compared to the previous year, but efforts to eliminate circulation of paper money is not easy because the government must ensure that the use is very low and not even used anymore in every transaction in traditional markets and any other transactions, if the position of the situation is then the government can make new regulations regarding the use of paper money without the negative impact of criticism Public.

Transactions using paper money have indeed entered a decline stage, because there are many online payment technologies available in e-commerce, so that people have choices in shopping even if they don't hold banknotes, but this problem will not make the circulation of banknotes disappear, because, as previously stated, I said earlier that supporting resources are not fully accessible except in urban areas.

Making new regulations is not easy, because it requires a lot of consideration and approval from several authorized agencies, other considerations will have a lot of negative impacts and protests that will occur as you said. If this continues to be enforced and before the source of support is not available in all areas.

I don't think creating a bank's CBDC is to limit or slow down the growth of cryptocurrencies, even if a successful CBDC would have no impact on cryptocurrencies. The cryptocurrency market is a financial market used for investment, while CBDC represents fiat in the digital version, which is only seen as an evolution of technology. Fiat is a currency, not an investment market, so the two can't hurt each other. Alternatively, a CBDC could also be the idea that gives the government more control over us.

Limiting what I mean is not included in the category of slowing down the growth of crypto as an investment, CBDC was created to fulfill the revolution in the field of state finance, so that fiat is not left behind because the development of crypto has increased sharply. Believe it or not, crypto and bitcoin in particular are considered fiat competitors by them, if they don't try to revolutionize anything against fiat currency it will impact the future of fiat.

CBDC is just a matter of transition for those who don't want crypto to develop and that's why there are many challenges and restrictions from the government in limiting it, so regulations are always discussed for security and continue to be voiced until now.

[Abiky]

Everybody will adopt the CBDC though. And if everyone will do, so are the lowest people in society because thier employers will eventually send thier wages in digital currency. Businesses will not be able to get customers when most of them can only pay in digital currency. This is how it's going to be adopted everywhere and it may take years probably more than one generation in some countries.

Banks will cooperate in a way to gradually stop the circulation of papers.

Of course banks will cooperate. Especially when CBDCs brings a lot more benefits than paper money. Governments are going to have to force the use of digital currencies just to get rid of paper money for good. No one knows when this will happen, since there's still a lot of people using cash for day-to-day payments. As I've said before, this is a process that could take decades. We already have decentralized cryptocurrencies and even stablecoins (although many are centralized), so why wait until CBDCs are released?

If we use stablecoins now, we will become early adopters of CBDCs in the future. The world is changing at a quick pace, so I wouldn't be surprised if the process of phasing out paper money is accelerated just to keep up with governments' agenda of a "New World Order". Who knows what surprises we'll find in the long run? Just my thoughts

[Ozero]

There someone who is pulling the shadow behind and that shadow will not let the fiat money extinct and fully replace by digital money. That is the reason why a lot of government today are still not adapting and have laws and regulation regarding the ban of cryptocurrencies. Try to search in the internet the CBDC and the families who establish the banks that priting fiat money. They are the ones who are printing money that came from paper and ink only. That is the real free money out there and those shadows will not let the CBDC to come at end.

We should not abandon paper money. It must always be remembered that paper money is the most untraceable by governments, and digital money allows officials to completely control the financial activities of their citizens. Yes, and in many cases it is very convenient to make small everyday transactions in cash, especially if transactions are made between citizens. Therefore, I think that cash will always be in demand. Their mass will undoubtedly decrease, however, to a certain level. In addition, cash should be kept at least as a backup option, when the use of technical devices for making non-cash payments becomes impossible due to various technical failures and large-scale disasters.

[KaliLinux]

There someone who is pulling the shadow behind and that shadow will not let the fiat money extinct and fully replace by digital money. That is the reason why a lot of government today are still not adapting and have laws and regulation regarding the ban of cryptocurrencies. Try to search in the internet the CBDC and the families who establish the banks that priting fiat money. They are the ones who are printing money that came from paper and ink only. That is the real free money out there and those shadows will not let the CBDC to come at end.

We should not abandon paper money. It must always be remembered that paper money is the most untraceable by governments, and digital money allows officials to completely control the financial activities of their citizens. Yes, and in many cases it is very convenient to make small everyday transactions in cash, especially if transactions are made between citizens. Therefore, I think that cash will always be in demand. Their mass will undoubtedly decrease, however, to a certain level. In addition, cash should be kept at least as a backup option, when the use of technical devices for making non-cash payments becomes impossible due to various technical failures and large-scale disasters.

That would be one of the main reasons Governments might want to adopt digital money so that transactions can easily be traced however, from my understanding, I don't think launching CBDC in most countries will necessarily mean the abandonment of paper money because we know there still remote locations where this tech are a problem for transactions.

[Henrobakkara]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

I believe so far from this Central Bank Digital Currency (CBDC) Traker site, we can see that up till 2022 as was reported
only 11 countries have actually launched the CBDC and some have even canceled that idea while others are on different faces with it when you filter by each title. However, I don't think adopting CBDC was meant to totally displace the paper money, maybe reduce its use as is the case with Nigeria now where the Federal Government along with Central Bank just redesigned the Naira and has also limited the total amount printed in order to boost the use of Digital financing like the e-Niara along with the limited paper Naira available.

[Bananington]

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

Why so much in a hurry for it to happen. Paper money will go out at the right time when people are already very used to operating, Buying and selling without paper money. Around some of us, this is already happening, people are used to paperless economy, but not the same situation with everyone everywhere. The time when paper money will go out of circulation completely will happen with even the government forcing it to happen, it will just happen because will no longer see it as something to do when there is the safer paperless method for transacting.

[Wong Gendheng]

I think paper money will continue to be used as long as humans are still there, maybe technology will continue to grow but direct transactions via cash will never be abandoned, many people hope to immediately eliminate paper money, but there is no better solution than paper money so that the state will continue to manage paper money.

[Abiky]

I believe so far from this Central Bank Digital Currency (CBDC) Traker site, we can see that up till 2022 as was reported

only 11 countries have actually launched the CBDC and some have even canceled that idea while others are on different faces with it when you filter by each title. However, I don't think adopting CBDC was meant to totally displace the paper money, maybe reduce its use as is the case with Nigeria now where the Federal Government along with Central Bank just redesigned the Naira and has also limited the total amount printed in order to boost the use of Digital financing like the e-Niara along with the limited paper Naira available.

The number of countries using CBDCs may be small, but that's bound to change in the future. After all, the agenda is to eliminate privacy for good. The new digital cash system will enable mainstream governments to gain better control over people's finances. What wouldn't had been possible with traditional paper money, will become possible with a CBDC. The implementation of this system at a large scale worldwide is going to take a few decades from now.

With decentralized cryptocurrencies in play, we don't have to worry about CBDCs taking over our privacy ever again. At least, we'd get to enjoy paper money while it lasts. Just my opinion

[RockBell]

is only a matter of time because it is already taking place. Considering the new withdrawal policies that Nigeria is currently dealing with, as well as the deadline for collecting the old notes, all of this is simply a strategy to reduce the circulation of cash, and it is already taking place because there are so few new notes available. If the government can implement such a policy, then cash will eventually cease to be in circulation.

[Ludmilla_rose1995]

We should not abandon paper money. It must always be remembered that paper money is the most untraceable by governments, and digital money allows officials to completely control the financial activities of their citizens. Yes, and in many cases it is very convenient to make small everyday transactions in cash, especially if transactions are made between citizens. Therefore, I think that cash will always be in demand. Their mass will undoubtedly decrease, however, to a certain level. In addition, cash should be kept at least as a backup option, when the use of technical devices for making non-cash payments becomes impossible due to various technical failures and large-scale disasters.

It's not safe to keep cash on a large scale because the government is always making new banknotes and the thing to fear is that the banknotes you keep will be withdrawn from circulation and that will expose yourself. for the next few decades, people will definitely continue to use paper money because the government also recommends that, but the use of digital money will shift the dominance of paper money.

[Abiky]

is only a matter of time because it is already taking place. Considering the new withdrawal policies that Nigeria is currently dealing with, as well as the deadline for collecting the old notes, all of this is simply a strategy to reduce the circulation of cash, and it is already taking place because there are so few new notes available. If the government can implement such a policy, then cash will eventually cease to be in circulation.

Paper money will be eliminated, so governments can proceed with their agenda of a "New World Order". How will they be able to control society if they can't control people's financial lives at a full extent? CBDCs are the answer to all of governments' and central banks' problems. With a new digital cash system, it will be the end of privacy for good. Every transaction would be visible by the aforementioned entities. It will also be easier to control the money supply and inflation rate.

Exactly when paper money will be phased out is an excellent question. CBDCs are still under development, so it's going to take quite a few decades before paper money disappears from the face of the Earth. At least, we'll have decentralized cryptocurrencies to save the day. Just my opinion

[wmaurik]

It's not safe to keep cash on a large scale because the government is always making new banknotes and the thing to fear is that the banknotes you keep will be withdrawn from circulation and that will expose yourself. for the next few decades, people will definitely continue to use paper money because the government also recommends that, but the use of digital money will shift the dominance of paper money.

For this I agree, because it is clear that the use of digital money is increasingly dominating in some circles of society at this time even though paper money is still used, but its use is starting to look minimal for urban communities.

This indicates that the use of digital money is starting to increase in big cities and those who still use paper money, most of them are rural people who currently have not experienced infrastructure such as ATM machines and the like. So they often still use banknotes in cash and haven't used any credit cards or debit cards until now.

[Fortify]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

It's a bit of a catch-22 situation, because the majority of the world have been brought up in a society that was largely built around having easy access to physical coins and notes. However we're now getting to a stage where there are lots of different alternative electronic methods that we can pay for things - Apple Pay, Credit cards, Paypal, Cryptocurrency, etc. This means we have plenty of fall back solutions but there are drastic scenarios like the internet getting severed in times of war where we would definitely need some sort of exchange of value that does not rely on the internet to function, however in such an extreme scenario we might all be back on rations anyway.

[carlfebz2]

We should not abandon paper money. It must always be remembered that paper money is the most untraceable by governments, and digital money allows officials to completely control the financial activities of their citizens. Yes, and in many cases it is very convenient to make small everyday transactions in cash, especially if transactions are made between citizens. Therefore, I think that cash will always be in demand. Their mass will undoubtedly decrease, however, to a certain level. In addition, cash should be kept at least as a backup option, when the use of technical devices for making non-cash payments becomes impossible due to various technical failures and large-scale disasters.

It's not safe to keep cash on a large scale because the government is always making new banknotes and the thing to fear is that the banknotes you keep will be withdrawn from circulation and that will expose yourself. for the next few decades, people will definitely continue to use paper money because the government also recommends that, but the use of digital money will shift the dominance of paper money.

I dont think that dominance would really be having some shift in compared to fiat and with digital on which we know that paper fiat would really be that significant if we do talk about existence because as long

government does exist then money would really still existing because this is what they do like on something that could really be handled and monitored out.It is really just that hard to believe that they would be
letting other things to be in control which is something decentralized.They would definitely be trying out to block in out and would insert up on things according to their preference.
We do know on how government do behaves in talks like this.

[Bushdark]

There someone who is pulling the shadow behind and that shadow will not let the fiat money extinct and fully replace by digital money. That is the reason why a lot of government today are still not adapting and have laws and regulation regarding the ban of cryptocurrencies. Try to search in the internet the CBDC and the families who establish the banks that priting fiat money. They are the ones who are printing money that came from paper and ink only. That is the real free money out there and those shadows will not let the CBDC to come at end.

We should not abandon paper money. It must always be remembered that paper money is the most untraceable by governments, and digital money allows officials to completely control the financial activities of their citizens. Yes, and in many cases it is very convenient to make small everyday transactions in cash, especially if transactions are made between citizens. Therefore, I think that cash will always be in demand. Their mass will undoubtedly decrease, however, to a certain level. In addition, cash should be kept at least as a backup option, when the use of technical devices for making non-cash payments becomes impossible due to various technical failures and large-scale disasters.

That would be one of the main reasons Governments might want to adopt digital money so that transactions can easily be traced however, from my understanding, I don't think launching CBDC in most countries will necessarily mean the abandonment of paper money because we know there still remote locations where this tech are a problem for transactions.

We a know that the government are spending so mucho ey printing paper money and that is why some countries choose to go for cbdc so that the citizens can also operate online and transactions would be less dependent on local banks. The avenue of creating so many options for businesses is a better way to solve many challenges that is been faced by the country monetary policies.
Since the adoption of cryptocurrency is continueous, some countries still see it as an opportunity to dive into the Blockchain space so that people who are more interested in Blockchain can consider that an option instead of of just opting into other form of digital currency transactions.

[valeneu]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

Paper money will not be eliminated. Although digitalization is a trend now and digital currency is very convenient, there are still many people who do not use smartphones. Many people still rely on paper money, and its use has become habitual.

[Pejoh Asu]

It is difficult to predict whether paper money will last in the long term or not, now more and more banks are issuing digital money which of course will reduce the use of paper money, the presence of cryptocurrencies is also a cause that can make paper money disappear faster, but I'm sure it will take time a long time because many people only rely on paper money for daily instant transactions.

[Abiky]

Paper money will not be eliminated. Although digitalization is a trend now and digital currency is very convenient, there are still many people who do not use smartphones. Many people still rely on paper money, and its use has become habitual.

Believe me, the transition to digital payments will be inevitable. Especially when governments want to reduce waste (protect the environment) and eliminate privacy for good. It may not happen during our lifetimes, but it will in the future. The new generation will become digitally-native, so they will choose a CBDC over paper money anytime. This may be only the beginning as the worst is yet to come.

When paper money becomes history, decentralized cryptocurrencies will be the only alternative for those looking to preserve their privacy. Let's make the most out of paper money now, before it's too late. Just my thoughts

[autumnleaf]

I've read some articles about paper money going out of circulation, and I have to admit that it's hard to predict. However, given that so many nations are switching to digital forms of payment, it's possible that paper money will eventually become less and less common. However, this is not likely to happen anytime soon.

[goldkingcoiner]

Paper money will definitely be phased out but not because the government invented some CBDC bs but rather because its old world money. What we are going towards is a future of Bitcoin and crypto. CBDC will merely be one out of many options and it definitely will not be the prominent one.

People and even governments are starting to understand that Bitcoin is the next generation of money and once it is globally adopted, we will see a new future of finance.

Even the government acknowledged this simple fact indirectly by attempting to copy Bitcoin with their own version.

[odunybiz]

For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

This can't really work in some countries typically in Nigeria. This is what has being causing comotion in the country for days now as there is a big scarcity of Naira note. Even a protest was made in Ibadan, a town in Oyo state, Nigeria base on this scarcity of this naira note.
https://www.thecable.ng/roadblocks-bonfires-as-ibadan-residents-protest-fuel-currency-scarcity/amp
Digital payment can't really work for some countries because of
1. Bad network
2. High price of data
3. Illiterate old people.
I love digital currency but I don't see it in use in Nigeria soon.

[Unbunplease]

I personally think that paper money will remain in one form or another for quite some time. And I wouldn't idealize digital money. Governments may well make access to digital money quite complicated. for example, a social rating may be introduced (as in china). If a person has a bad social rating, he may lose access to his digital money (state digital money), and he may not be allowed to exchange cryptocurrency for state digital money.

[leonair]

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

CBDCs will not replace fully the paper money. They just can't. And not all governments will issue CBDCs.
It will take more generations until paper money gets phased out, if ever. There are still many people who don't use technology, there are still many regions not covered with internet; those just cannot go without an offline currency.

Yes I agree with you that all the people of current generation are still not familiar with technology and don't know about digital money and how to use it.

A total of 5.16 billion people around the world use the internet at the start of 2023, which is equivalent to 64.4 percent of the world’s total population.

Source
According to the datareporter article only 64% of people worldwide know and use the internet.  But it is doubtful how many percent of people know about digital money. So I'm still confused how many generations later digital money will be in circulation worldwide instead of paper money. However, as some countries are slowly starting to introduce digital money into the market, it is true that one day in the future, paper money will be replaced by digital money only.

[Henrobakkara]

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

Why so much in a hurry for it to happen. Paper money will go out at the right time when people are already very used to operating, Buying and selling without paper money. Around some of us, this is already happening, people are used to paperless economy, but not the same situation with everyone everywhere. The time when paper money will go out of circulation completely will happen with even the government forcing it to happen, it will just happen because will no longer see it as something to do when there is the safer paperless method for transacting.

Well, you would understand how some of us want things to happen when we feel like it is the right time. I, however, agree with your own assumption, paper money will naturally fade out once people get used to using digital transactions I however still believe that this will still predominantly be within the Urban settlers because, in my region, it will be difficult to conform people living in rural communities to give up using paper monies because these people are still heavily unbanked and are still only used to that form of transaction.

[ivankoh]

Paper money will not be eliminated. Although digitalization is a trend now and digital currency is very convenient, there are still many people who do not use smartphones. Many people still rely on paper money, and its use has become habitual.

I think paper money will be eliminated in the future but the time of application will not be soon to synchronize worldwide for reasons such as:
1. Habits
2. Infrastructure, people's knowledge
3. equipment users  .  

We seem to have experienced the covid19 pandemic - the way people change their habit of limiting cash and opting for electronic/crypto payments instead.  Until those reasons improve, I think it's time for the world to get rid of cash.  Advanced economic states also remove the limits of crypto payment.

[summonerrk]

I think in the days of gold, no one could have thought that paper money, even with many degrees of protection, could replace gold coins. It was the same with plastic cards. You shouldn't think that paper money still has a significant use - I often notice that I don't have cash. As for cryptocurrencies, I don't think they will become widespread in the near future, up to daily transactions in stores. After all, the true meaning of cryptocurrencies is that it is an honest payment instrument. And state economists do not approve of this.

[wmaurik]

Well, you would understand how some of us want things to happen when we feel like it is the right time. I, however, agree with your own assumption, paper money will naturally fade out once people get used to using digital transactions I however still believe that this will still predominantly be within the Urban settlers because, in my region, it will be difficult to conform people living in rural communities to give up using paper monies because these people are still heavily unbanked and are still only used to that form of transaction.

People who still live in rural areas or who live in inland areas are still very many traditional traders who are generally still very happy to use paper money because they are limited there by the lack of qualified infrastructure and technology to make transactions via digital.

So, in my opinion, this still really depends on the environment or certain places that already have more services for digital transactions. Because in underdeveloped countries, the use of digital transactions is clearly still very small, so that most of the people still have to use paper money.

[fuer44]

Well, you would understand how some of us want things to happen when we feel like it is the right time. I, however, agree with your own assumption, paper money will naturally fade out once people get used to using digital transactions I however still believe that this will still predominantly be within the Urban settlers because, in my region, it will be difficult to conform people living in rural communities to give up using paper monies because these people are still heavily unbanked and are still only used to that form of transaction.

People who still live in rural areas or who live in inland areas are still very many traditional traders who are generally still very happy to use paper money because they are limited there by the lack of qualified infrastructure and technology to make transactions via digital.

So, in my opinion, this still really depends on the environment or certain places that already have more services for digital transactions. Because in underdeveloped countries, the use of digital transactions is clearly still very small, so that most of the people still have to use paper money.

In my place where I live in a small village is currently starting to use a card to purchase fertilizers, and various farms equipment. Whether it is the government's move as a new technology or the government's move to reduce the purchase of chemical farming equipment, I don't know the details. But what is clear is that residents have been introduced to digital transactions. However, I agree that paper money may not be eliminated by the government because of transactions in traditional markets, and transactions with small amounts will certainly be easier to use paper money.

[Argoo]

If humanity developed harmoniously and spent its efforts on science and technological progress, and at the same time irreparable harm was not caused to the ecology of the planet, then we could say that we are going to a better world, and that automation, comfort and convenience will lead to the rejection of cash money in favor of cashless payments. But it is only dreams.
In fact, we see that the economic situation in the world continues to deteriorate, there are constant wars on the planet that destroy material wealth. Due to unreasonable human activities, the climate is changing very quickly, which leads to numerous cataclysms and the deterioration of people's well-being. This will not allow us to completely abandon cash, the use of which does not require additional technical devices.

[wmaurik]

In my place where I live in a small village is currently starting to use a card to purchase fertilizers, and various farms equipment. Whether it is the government's move as a new technology or the government's move to reduce the purchase of chemical farming equipment, I don't know the details. But what is clear is that residents have been introduced to digital transactions. However, I agree that paper money may not be eliminated by the government because of transactions in traditional markets, and transactions with small amounts will certainly be easier to use paper money.

Maybe it is a kind of assistance card for people who are less well off in terms of buying fertilizer, because the government is really obliged to help people in terms of agriculture for the welfare of the economy of people in rural areas. So it's more about community data related to aid even though it looks like digital.

And if you look at the level of progress in urban areas and in rural areas in a country, it is clear that banknotes will be more easily lost in urban areas because the average person in the city now uses cards from banks more often when shopping.

[nimogsm]

I will express an unpopular opinion,but I do not want paper money to be completely replaced by a digital analogue.There should always be several payment options for goods or services, in some places cash is accepted much more readily and this is unclear.Because you can not pay taxes on such operations as one of the variations.Or,for example,when you are in an area where there is not even a mobile connection, ordinary paper money will be an advantage.

[Jatiluhung]

I personally think that paper money will remain in one form or another for quite some time. And I wouldn't idealize digital money. Governments may well make access to digital money quite complicated. for example, a social rating may be introduced (as in china). If a person has a bad social rating, he may lose access to his digital money (state digital money), and he may not be allowed to exchange cryptocurrency for state digital money.

yeah right. And actually there are still many developing countries that are still not fully ready for the Digitalization Era. in countries that are still poverty-stricken, the people are even quite unfamiliar with technological advances. they only focus on survival. so knowledge about technological progress is very foreign to some areas in a poor country. and paper money is still the prima donna in developing countries. so paper money will definitely last longer.

[Cantsay]

Currently I have been using a whole lot of digital means to make payments and I don't think I would want that to continue for a very long time. I still want the paper money to be present, I know the difference between spending with paper money and spending directly from your bank account. And aside form that I have been unable to get some certain stuff just because those selling refuse to accept bank transfer stating that they only want paper money.

[Iranus]

Currently I have been using a whole lot of digital means to make payments and I don't think I would want that to continue for a very long time. I still want the paper money to be present, I know the difference between spending with paper money and spending directly from your bank account. And aside form that I have been unable to get some certain stuff just because those selling refuse to accept bank transfer stating that they only want paper money.

In today's life paper money is still king and indispensable in our lives because our world is still full of people who don't know how to use digital payment methods including my parents. But in the future, I believe that paper money will soon be phased out to make way for cryptocurrencies and digital currencies. We are moving toward the digital world, so the disappearance of paper money may only be a matter of time. But I have to admit that in some cases, I still prefer to use paper money, probably out of habit or something.

[Fatunad]

Currently I have been using a whole lot of digital means to make payments and I don't think I would want that to continue for a very long time. I still want the paper money to be present, I know the difference between spending with paper money and spending directly from your bank account. And aside form that I have been unable to get some certain stuff just because those selling refuse to accept bank transfer stating that they only want paper money.

In today's life paper money is still king and indispensable in our lives because our world is still full of people who don't know how to use digital payment methods including my parents. But in the future, I believe that paper money will soon be phased out to make way for cryptocurrencies and digital currencies. We are moving toward the digital world, so the disappearance of paper money may only be a matter of time. But I have to admit that in some cases, I still prefer to use paper money, probably out of habit or something.

Fact! We do know that not all does have the mobile phone, the knowledge, the awareness, the internet connection to be able to access on whats the latest tech and developments as of today.It wont be that surprising that there would be people having no knowledge about on things that are currently existing or something that they could really make use of.Also we should not really that avoid the fact that
as long government does exist then there's no way that it would really make things possible on which fiat would be eradicated? They cant really just let it happen on where
cryptocurrencies would really be taking over.It cant really be just that possible.

[Abiky]

Paper money will definitely be phased out but not because the government invented some CBDC bs but rather because its old world money. What we are going towards is a future of Bitcoin and crypto. CBDC will merely be one out of many options and it definitely will not be the prominent one.

People and even governments are starting to understand that Bitcoin is the next generation of money and once it is globally adopted, we will see a new future of finance.

Even the government acknowledged this simple fact indirectly by attempting to copy Bitcoin with their own version.

We're in the 21st century, where everything is heading towards complete digitalization. The advent of computers, the Internet, smartphones, and crypto/Blockchain tech should lead us to a cashless society within the not-so-distant future. Change is inevitable whenever you like it or not. Paper money is known to transmit diseases, and harm the environment. A full-fledged digital currency solves this. Not only a digital currency would eliminate the need to print money, but it will also enable governments and central banks to have better control over your transactions. The transition from paper money to a CBDC would be a slow and steady one, as there's a lot of people who don't want to change their old ways.

Who needs CBDCs when we already have stablecoins, anyways? They serve the exact same purpose of digital Fiat. If you want the full experience of using a digital Fiat currency (especially the USD), then stablecoins are for you. But if you want complete control of your money, then Bitcoin would be your only choice. Who knows how our economic landscape will look like decades from now? Just my opinion

[DOH!]

My opinion is that after more than 15 years of bitcoin and blockchain, the government has implicitly acknowledged the power of blockchain technology.  That is also the reason why I believe why the government despite quickly experimenting with CBDC, their ability will continue to impose on the use but who will care about using the coin with centralization  (will be called the next generation of polymer money).  Bitcoin/crypto will still represent its value and the free market of choice decides the change.  Certainly paper money will be removed from circulation in the future, but it is difficult to know when.  We're really ready for that with bitcoin, it won't change

[Dickiy]

My opinion is that after more than 15 years of bitcoin and blockchain, the government has implicitly acknowledged the power of blockchain technology.  That is also the reason why I believe why the government despite quickly experimenting with CBDC, their ability will continue to impose on the use but who will care about using the coin with centralization  (will be called the next generation of polymer money).  Bitcoin/crypto will still represent its value and the free market of choice decides the change.  Certainly paper money will be removed from circulation in the future, but it is difficult to know when.  We're really ready for that with bitcoin, it won't change

But in my opinion this is impossible, especially in 15 years of blockchain. In terms of implementing this, the government must see its own power over how the circulation of currency circulates even though basically the government has acknowledged the power that exists in crypto/bitcoin.
this must be supported by a service infrastructure that is easily accessible by the public wherever they are, and the bad thing that might happen is when everyone is already using crypto/bitcoin and the circulation of fiat money is eliminated when something bad happens to the network and electricity at that time may make it difficult for people to make transactions. So it is very likely that fiat cannot be destroyed, it is only possible to reduce circulation, unless there is an alternative to deal with this fundamental problem.

[og kush420]

My opinion is that after more than 15 years of bitcoin and blockchain, the government has implicitly acknowledged the power of blockchain technology.  That is also the reason why I believe why the government despite quickly experimenting with CBDC, their ability will continue to impose on the use but who will care about using the coin with centralization  (will be called the next generation of polymer money).  Bitcoin/crypto will still represent its value and the free market of choice decides the change.  Certainly paper money will be removed from circulation in the future, but it is difficult to know when.  We're really ready for that with bitcoin, it won't change

But in my opinion this is impossible, especially in 15 years of blockchain. In terms of implementing this, the government must see its own power over how the circulation of currency circulates even though basically the government has acknowledged the power that exists in crypto/bitcoin.
this must be supported by a service infrastructure that is easily accessible by the public wherever they are, and the bad thing that might happen is when everyone is already using crypto/bitcoin and the circulation of fiat money is eliminated when something bad happens to the network and electricity at that time may make it difficult for people to make transactions. So it is very likely that fiat cannot be destroyed, it is only possible to reduce circulation, unless there is an alternative to deal with this fundamental problem.

I think the same - it is impossible to get rid of the paper money. HOwever the use will be reduced in developed country.
In my country a lot of senior citizen don't know how to make transaction on the smartphone.

[wmaurik]

I think the same - it is impossible to get rid of the paper money. HOwever the use will be reduced in developed country.
In my country a lot of senior citizen don't know how to make transaction on the smartphone.

Elderly lay people no longer think about technology and transactions using more advanced methods, because very old or elderly lay people only think about how they can still enjoy their life by eating, resting and worshiping. So those who are elderly don't need to be used as an example in this regard because it is no longer possible for them to learn and get to know digital technology which is highly developed at this time.

[ShowOff]

Elderly lay people no longer think about technology and transactions using more advanced methods, because very old or elderly lay people only think about how they can still enjoy their life by eating, resting and worshiping. So those who are elderly don't need to be used as an example in this regard because it is no longer possible for them to learn and get to know digital technology which is highly developed at this time.

Not all the elderly are those who do not care about the modern financial system, even though in many cases they spend the rest of their lives praying and maintaining their health. They are people who don't really care about the financial system, that's understandable because their age doesn't allow them to have many outdoor activities.

But anyway, I can't generalize that all the elderly are the same especially when they are former businessmen or shareholders in many companies. Bitcoin would be an option they might be familiar with, but I think their concern about it is limited to what it's used for and what it's worth. Certain age group as described above are most likely to hope fiat is the most helpful currency, while bitcoin is a viable option for later generations to use and benefit from.

[Vishnu.Reang]

Today, 90% of the central banks are developing a central bank digital currency (CBDC) and 62% are experimenting at the proof of concept stage. The share of countries developing a CBDC or running a pilot doubled from 14% to 26% between 2020 and 2021.

[Andrija Branislav]

Who needs CBDCs when we already have stablecoins, anyways? They serve the exact same purpose of digital Fiat. If you want the full experience of using a digital Fiat currency (especially the USD), then stablecoins are for you. But if you want complete control of your money, then Bitcoin would be your only choice. Who knows how our economic landscape will look like decades from now? Just my opinion

Yes, while stablecoins and CBDCs can serve a similar purpose of providing a digital representation of fiat currency, they are not the same. CBDCs are issued by central banks and have the potential to provide greater stability and security than stablecoins, which are typically backed by private entities.In addition, a CBDC can serve as a tool for central banks to implement monetary policy and regulate the economy.

Well, for Bitcoin, on the other hand, is a decentralized cryptocurrency that offers a high degree of control over one's funds but is subject to price volatility and lacks the stability and wide acceptance of fiat currency. I think the choice between using CBDC, stablecoins, or Bitcoin comes down to individual priorities and preferences.

[KiaKia]

Fiat does better been paper money and till the end of time Fiat will always be on the paper, the fact that the government is the printer I don't see anything stopping this,  the games they are playing, the power they are using, it's all because they have access to printing billions if they want, CBDC will just be an extra option for the digital lovers,  where I am from, digital currency is not doing well, people aren't using it, they prefer the paper money instead. I don't blame people because there are no benefits that come with digital money, it's also what I believe will happen to CBDC, only fewer people will use it.

[DrBeer]

Fiat money is waiting for the fate of other monetary "surrogates" from the past - cowrie shells, barter, metal coins, paper bank notes.
The time of fiat money is coming to an end. And cryptocurrency technologies gave an excellent impetus to the emergence of state digital currencies. This is normal, this is a spiral of progress.
I can say one thing - fiat money, in fact, has a lot of disadvantages - from constant wear and tear, the cost of collecting, processing, storing ... to security problems and the ability to use it for illegal steps. Therefore, we are getting ready - the era of digital money is on the way!

[huu78]

if it is done evenly throughout the world it will take a very long time, because conditions in one place are not the same as in other places.
imagine people who live in villages and are not familiar with digital payment systems and they are still comfortable using paper money.
and other examples if there is an invention or something new that goes viral, it will not immediately spread evenly to all areas but will spread slowly.

[gaston castano]

if you think like that I think it will take a long time, or maybe it won't happen, this is the same as old things that have been done will be difficult to get rid of, maybe a big movement will be able to change all that.

[gunhell16]

But just for my personal perception, it seems that the CBDC is preparing to replace paper money in the future, it's not obvious and open that that's the real plan, but it seems like that's the direction why it was created.

I just don't know if others who have been here for a long time in the cryptocurrency field industry have also noticed this. Moreover, there is a prediction that the day will come when money will not be needed and no one knows when it will happen.

[usekevin]

The cryptocurrency or paper money both had their demand,after the launch of cryptocurrency over a decade.Still the cryptocurrencies doesn’t replace the fiat,because the dollars still holding their demands in the world economy.Actually iot may take another decade for the cryptocurrency to replace the fiat.Because most of the country legalise the cryptocurrencies and charging taxes for the cryptocurrency.Then all the country will make their own cryptocurrency for them.It’s long process for the replacement of the fiat to digital assets and that digital currency of various countries replace by the cryptocurrency.

[Argoo]

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

CBDC is only an improved form of non-cash payments of states. Cashless payments existed in every state before, and no one wondered when they would replace ordinary paper money. It won't be this time either. Digital money will be another type of non-cash money, and everything will coexist with and together with cryptocurrency this time. Convenience lies precisely in the use of all types of means of payment, but they do not replace each other. After all, each type has its own advantages and disadvantages.

[bosede1]

For my country I'm not seeing it phasing out, if that time comes it will majorly be spent together with the crypto in circulation.

[Cryptomultiplier]

Upon a reconsideration of opinion based on my recent findings from traveling and research on urban and rural life, it would be a very long time into the future, before paper money will no longer be in use.
A reason being that the awareness hasn't quite gotten there and until it does, the only constant that would gain much usership in the nearest future is CBDC.

[Hispo]

I am not an expert, but if we are talking about a country with big technological and economical capabilities like the United States, United Kingdom or China. I would not be surprised if they managed to get rid of their paper money by 2050.

On the other hand, other countries where the step forward to CBDCs are not a priority but rather the state of the economy itself, those centralized digital coins will take much longer to become the norm, people will continue to use paper, I would also expect China to sell specialized CBDC software to her allies so they can implement it faster and even with the typical surveillance mechanism they are mastering lately.

[ichsan ardi]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

In my opinion, paper money will become extinct in 10-20 years. CBDC and Bitcoin will replace everything, including credit cards. Because technology is getting more and more sophisticated every day, everything is digital and the world of the metaverse, we have to be prepared for all of that. Maybe that is one very good step. CBDC and bitcoin will replace paper money forever

[Unbunplease]

I believe that it is very early to bury paper money. Despite the fact that all monetary calculations now want to be controlled, people will still try to take some part of money out of control. And paper money is a good anonymous medium. In addition, not everywhere (e.g. underdeveloped countries) is able to use electronic money (e.g. Papua and Guinea, Guatemala, Peru).

[Twentyonepaylots]

I am not an expert, but if we are talking about a country with big technological and economical capabilities like the United States, United Kingdom or China. I would not be surprised if they managed to get rid of their paper money by 2050.

On the other hand, other countries where the step forward to CBDCs are not a priority but rather the state of the economy itself, those centralized digital coins will take much longer to become the norm, people will continue to use paper, I would also expect China to sell specialized CBDC software to her allies so they can implement it faster and even with the typical surveillance mechanism they are mastering lately.

Indeed, it is really possible that the adoption of digital currency would be faster on developed countries, but for those in the third world countries whose digital adoption is so low, it would be a long way for them to get rid of paper money and fully use a digital one. In my country, I think it would take a lot of years to adopt to digital currency since paper money is what the general public is still using. Although, I might be wrong since there is an increasing usage of digital wallets in our country and a lot of merchants are accepting it. So, the challenge is to make the public be more into. All in all, digital currency would be a great deal in the future and I could see the reason why it is being pushed, hope that we all could catch up into the fast digitalization of the world.

[S A KHAIR]

Today, 90% of the central banks are developing a central bank digital currency (CBDC) and 62% are experimenting at the proof of concept stage. The share of countries developing a CBDC or running a pilot doubled from 14% to 26% between 2020 and 2021.

Development and testing is one thing, and successful adoption is another. Just like they used to apply online banking but did not succeed as expected, until now, people still use cash. It can be said that paper money will be phased out at some point, but that will not happen anytime soon, even if CBDCs exist.

[mamesso]

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

Technological developments have encouraged the government to innovate to make it easier for people to make transactions. Cryptocurrency technology has opened the eyes of the government to increase public interest in official money issued by the government, the popularity of Bitcoin and other crypto assets has made the government launch CBDC.

CBDC can only be accessed through the internet network, imagine if the internet is not available in some areas, people cannot make transactions if banknotes are no longer in circulation. The presence of CBDC to facilitate transactions, CBDC and paper money will work side by side without having to eliminate one of them because both have their own advantages and disadvantages.

[WatChe]

The cryptocurrency or paper money both had their demand,after the launch of cryptocurrency over a decade.Still the cryptocurrencies doesn’t replace the fiat,because the dollars still holding their demands in the world economy.Actually iot may take another decade for the cryptocurrency to replace the fiat.Because most of the country legalise the cryptocurrencies and charging taxes for the cryptocurrency.Then all the country will make their own cryptocurrency for them.It’s long process for the replacement of the fiat to digital assets and that digital currency of various countries replace by the cryptocurrency.

Crypto has its own reasons of existence and has never been designed to replace fiat currency. CBDC or centralized digital currencies are just digital form of fiat currency since they don't provide transparency and the issuer has complete control to manipulate the digital tokens. Even if you look in cryptocurrency world, apart from Bitcoin there is no token that is fully decentralized. The recent shifting of Ethereum from Pow to PoS just confirms that there are developers that have complete control over the ETH blockchain.

[Abiky]

Technological developments have encouraged the government to innovate to make it easier for people to make transactions. Cryptocurrency technology has opened the eyes of the government to increase public interest in official money issued by the government, the popularity of Bitcoin and other crypto assets has made the government launch CBDC.

CBDC can only be accessed through the internet network, imagine if the internet is not available in some areas, people cannot make transactions if banknotes are no longer in circulation. The presence of CBDC to facilitate transactions, CBDC and paper money will work side by side without having to eliminate one of them because both have their own advantages and disadvantages.

Lack of internet access wouldn't prevent CBDCs from taking over the world. Governments will eventually fix the problem by giving access to the Internet to everyone via the use of satellites (or any other device). While paper money is a "useful tool" to most people, it's certainly a headache for central banks and governments alike. They can't trace or easily confiscate paper money transactions than those linked to credit/debit cards. Therefore, the ultimate solution would be to "phase out" paper money and force people to use digital currencies of their own. Who cares about CBDCs when we already have decentralized cryptocurrencies such as Bitcoin and Ethereum? Just my opinion

[slapper]

Technological developments have encouraged the government to innovate to make it easier for people to make transactions. Cryptocurrency technology has opened the eyes of the government to increase public interest in official money issued by the government, the popularity of Bitcoin and other crypto assets has made the government launch CBDC.

CBDC can only be accessed through the internet network, imagine if the internet is not available in some areas, people cannot make transactions if banknotes are no longer in circulation. The presence of CBDC to facilitate transactions, CBDC and paper money will work side by side without having to eliminate one of them because both have their own advantages and disadvantages.

Lack of internet access wouldn't prevent CBDCs from taking over the world. Governments will eventually fix the problem by giving access to the Internet to everyone via the use of satellites (or any other device). While paper money is a "useful tool" to most people, it's certainly a headache for central banks and governments alike. They can't trace or easily confiscate paper money transactions than those linked to credit/debit cards. Therefore, the ultimate solution would be to "phase out" paper money and force people to use digital currencies of their own. Who cares about CBDCs when we already have decentralized cryptocurrencies such as Bitcoin and Ethereum? Just my opinion

CBDCs, in theory, might appear as a fantastic enigma, but in reality? They could spawn detrimental consequences for people and the social fabric. Eliminating physical currency coerces individuals into a perplexing, potentially disagreeable system.

Moreover, the notion of digital currencies enhancing transparency and responsibility? Highly debatable. CBDCs remain under government and central bank control, sparking surveillance and power misuse worries. Limited internet access? Forcing CBDCs isn't the remedy. Let's guarantee equal access to both digital and tangible cash.

[Joshapat]

In my opinion, the thing that keeps paper money going is the central bank which will provide guarantees, as long as there is still a government and a central bank, paper money will continue to circulate, and I think it is only natural for the government to take care of paper money because it is easier for the state to control paper money than the system decentralization.

[ammo121810]

There is no definite timeline on when the paper money will be out of the circulation, I think it would depends on the technological advancement or adoption of the government to digital currencies. From the time being the trend on digital payments is increasing, it only means that people are slowly adopting to the advancement of digital currencies. It will take a long period of time before all the people around the world could adopt the use of digital currency and it will depends on the government if they will face out the paper money. 

[Abiky]

CBDCs, in theory, might appear as a fantastic enigma, but in reality? They could spawn detrimental consequences for people and the social fabric. Eliminating physical currency coerces individuals into a perplexing, potentially disagreeable system.

Moreover, the notion of digital currencies enhancing transparency and responsibility? Highly debatable. CBDCs remain under government and central bank control, sparking surveillance and power misuse worries. Limited internet access? Forcing CBDCs isn't the remedy. Let's guarantee equal access to both digital and tangible cash.

Like it or not, change is inevitable. With the global economy on the brink of total collapse, central banks would have no choice but to proceed with their agenda of a "global reset". Phasing out paper money would be the first step towards ensuring both the central bank and the government has full control over the mainstream economy. They can simply remove paper money's status as legal tender to stop people from using it. Only then, they will force everyone to get into CBDCs.

This new digital cash system would give said entities more power than usual as they can easily trac and trace every transaction made in a digital ledger only they can control. With paper money, it's hard to keep track of payments made from one person to another due to its anonymous nature (fungible). Decentralized cryptocurrencies such as Bitcoin and Ethereum would be your only "escape route" from CBDCs. We're talking about decades before this happens, so sit back and enjoy paper money while it lasts. Just my thoughts

[naikturun]

It's difficult to predict exactly how long it will take for paper money to be phased out, as it will vary from country to country. Some countries are already well on their way to becoming cashless societies, while others still heavily rely on physical cash. However, it's likely that the process will be gradual and could take several years, if not decades.

[nesty]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

If the major central banks begins the creation of their own digital currencies it only means that the CBDC is already adopting the circulation of digital currencies. With the said development it only means that the government is slowly adopting the use of digital currencies as transaction payment and transfers. Replacing paper and credit card would be possible in the future but it will take a lot of time for the people around the world to adopt the use of the digital currencies. We cannot tell when will that happen. With the existence of digital payment now a lot of people now are exposed on how to do transactions using it, soon majority can adopt using digital currencies.

[Bitcoin_people]

Nowadays everyone is trying to make everything digital in this digital world. Virtual currency in particular is growing in popularity the most and is being used in most cases. Various central banks around the world are using their own virtual currencies. Virtual currency has become the most popular by which all transactions are introduced and virtual currency has become widely popular for purchasing goods. But at some point this paper money will have no more value because everything will be possible with different debit cards and credit cards. But only in the future one we will see that paper money will be stopped very soon and all transactions will be introduced by virtual currency. Nowadays most of the people use virtual currency more than paper money especially the young ones.

[Unbunplease]

I believe that paper money will not disappear completely, because there will always be people who don't have smartphones and computers, or don't have the physical or other ability to use cryptocurrencies. Of course, if everyone gets chips (so far it looks fantastic, but who knows), paper money will definitely disappear.

[wmaurik]

It's difficult to predict exactly how long it will take for paper money to be phased out, as it will vary from country to country. Some countries are already well on their way to becoming cashless societies, while others still heavily rely on physical cash. However, it's likely that the process will be gradual and could take several years, if not decades.

The process of converting the use of paper money into cash in a different form will indeed take time for each country because it is inseparable from the development of technology and infrastructure owned by each country. This means that some developed countries and developing countries have started implementing the use of money in digital form without having to hold paper money anymore, although there are also some citizens who live in rural areas who still use paper money in their lives.

[cryptoknightt]

In my opinion, currently there is nothing that can completely replace banknotes, because there are still many transactions that still use banknotes. Maybe paper money can be replaced, but it will take a very long time.

[Abiky]

As for how long it will take for paper money to be phased out, this is difficult to predict and will likely depend on a range of factors, including consumer preferences, technological developments, and government policies. Some countries have already made significant progress in reducing cash usage, while others continue to rely heavily on paper money.

The COVID-19 pandemic and the Russo-Ukraine war has set us back for a few years. It's going to take quite a long time before CBDCs are developed and tested for mainstream use. Even after launch, governments would need to get people to accept the new digital cash system. Paper money will probably be with us for a few decades before CBDCs take over the world by storm. We'd probably be dead before this happens.

I don't want to live in a world where governments take control of everything with their new digital cash system. This cannot be avoided due to the inception of Blockchain tech in 2009. If Bitcoin wasn't born in the first place, then CBDCs wouldn't had gone through the minds of central banks and governments alike. Who knows if we're heading towards a darker future? Just my opinion

[Ryu_Ar1]

As for how long it will take for paper money to be phased out, this is difficult to predict and will likely depend on a range of factors, including consumer preferences, technological developments, and government policies. Some countries have already made significant progress in reducing cash usage, while others continue to rely heavily on paper money.

The COVID-19 pandemic and the Russo-Ukraine war has set us back for a few years. It's going to take quite a long time before CBDCs are developed and tested for mainstream use. Even after launch, governments would need to get people to accept the new digital cash system. Paper money will probably be with us for a few decades before CBDCs take over the world by storm. We'd probably be dead before this happens.

I don't want to live in a world where governments take control of everything with their new digital cash system. This cannot be avoided due to the inception of Blockchain tech in 2009. If Bitcoin wasn't born in the first place, then CBDCs wouldn't had gone through the minds of central banks and governments alike. Who knows if we're heading towards a darker future? Just my opinion

It's true, some of the tough conditions that have been experienced over the past few years, consciously or not, are clearly detrimental and indeed the setback is being felt at this time. It is even possible if you look at some cases, such as Russia, which is still involved in conflict, in some cases, their conditions are now very degenerate, and some reports say that they have stepped back 4 years since their conflict with Ukraine.

In a bleak tally of the war for Russia, an economy that was picking up speed at the start of 2022 swung into a contraction during the second quarter. Data due on Friday will show gross domestic product shrank for the first time in over a year, dropping an annual 4.7%, according to the median forecast of 12 analysts surveyed by Bloomberg.

But of course this is not the only country that has been hit by setbacks but almost all countries are now feeling the same way and indeed at this time the setback will still be felt if indeed some events such as Inflation or even a recession that are being felt by almost every country now will make this worse.
Talking about CBDC, I quite agree because the government seems to be inspired by this, but no matter how strong it is, it needs a few more things, and as you said, it will really take a lot of time to really convince its citizens to switch and paper money will still exist. .

[Iadegbola34]

The creation of central bank digital currencies (CBDCs) by major central banks is in response to the emergence of Bitcoin and decentralized finance. Although CBDCs aspire to coexist with existing systems, they are unlikely to totally replace paper money or credit/debit cards. The shift to a totally digital society is slow and dependent on a number of things. The coexistence of many payment systems is predicted to continue in the near future by balancing innovation and stability.

[Vaskiy]

It is almost few decades that the digital payment have gained importance and made a big transition in the whole of financial system. An advancement won't be easily adopted to the persisting system into usage. Even after decades we were able to see good number of paper currency users who haven't used to digital payments. So, it is all about the people.

If I'm not wrong, when we think of making way for the usage of digital transition there is a need for proper awareness and education. This can't be done all of the sudden, and according to me it takes atleast few generations to have complete transition to digital money.

[Argoo]

As for how long it will take for paper money to be phased out, this is difficult to predict and will likely depend on a range of factors, including consumer preferences, technological developments, and government policies. Some countries have already made significant progress in reducing cash usage, while others continue to rely heavily on paper money.

The COVID-19 pandemic and the Russo-Ukraine war has set us back for a few years. It's going to take quite a long time before CBDCs are developed and tested for mainstream use. Even after launch, governments would need to get people to accept the new digital cash system. Paper money will probably be with us for a few decades before CBDCs take over the world by storm. We'd probably be dead before this happens.

I don't want to live in a world where governments take control of everything with their new digital cash system. This cannot be avoided due to the inception of Blockchain tech in 2009. If Bitcoin wasn't born in the first place, then CBDCs wouldn't had gone through the minds of central banks and governments alike. Who knows if we're heading towards a darker future? Just my opinion

In order for cash to disappear from circulation, a high level of technical progress and, most importantly, a high level of income of the population is needed. We are now on the verge of a dramatic climate change and, as a consequence, an increase in the frequency and size of natural disasters. And this, in turn, will lead to the fact that the population of the planet will lose their savings and rapidly become poorer. If these assumptions turn out to be correct, then there will not even be a question about the displacement of paper money. Yes, and it's useless. Paper money is the most untraceable government, and therefore keeps our privacy. The cashless world is not entirely good in this regard.

[serjent05]

As for how long it will take for paper money to be phased out, this is difficult to predict and will likely depend on a range of factors, including consumer preferences, technological developments, and government policies. Some countries have already made significant progress in reducing cash usage, while others continue to rely heavily on paper money.

The COVID-19 pandemic and the Russo-Ukraine war has set us back for a few years. It's going to take quite a long time before CBDCs are developed and tested for mainstream use. Even after launch, governments would need to get people to accept the new digital cash system. Paper money will probably be with us for a few decades before CBDCs take over the world by storm. We'd probably be dead before this happens.

I don't want to live in a world where governments take control of everything with their new digital cash system. This cannot be avoided due to the inception of Blockchain tech in 2009. If Bitcoin wasn't born in the first place, then CBDCs wouldn't had gone through the minds of central banks and governments alike. Who knows if we're heading towards a darker future? Just my opinion

In order for cash to disappear from circulation, a high level of technical progress and, most importantly, a high level of income of the population is needed. We are now on the verge of a dramatic climate change and, as a consequence, an increase in the frequency and size of natural disasters. And this, in turn, will lead to the fact that the population of the planet will lose their savings and rapidly become poorer. If these assumptions turn out to be correct, then there will not even be a question about the displacement of paper money. Yes, and it's useless. Paper money is the most untraceable government, and therefore keeps our privacy. The cashless world is not entirely good in this regard.

First, every corner of the world should have access to Internet.  Second, merchants must not accept paper money and local store should do the same.  By implementing the two things, will surely create a scenario that paper money is not needed anymore. This will eventually stop the creation of paper money and may become obsolete.

[Abiky]

It is almost few decades that the digital payment have gained importance and made a big transition in the whole of financial system. An advancement won't be easily adopted to the persisting system into usage. Even after decades we were able to see good number of paper currency users who haven't used to digital payments. So, it is all about the people.

If I'm not wrong, when we think of making way for the usage of digital transition there is a need for proper awareness and education. This can't be done all of the sudden, and according to me it takes atleast few generations to have complete transition to digital money.

I believe we don't have to worry about a full-fledged cashless society during our lifetimes. CBDCs aren't even mainstream yet. Even after they're launched, it's going to take quite some time for the population to get used to the new digital cash system. The elderly will have issues abandoning paper money in the first place. It's the new generation that will embrace digital money at its fullest.

Governments will ultimately solve the issues of Internet access to proceed with their ambitions to phase out paper money for good. This could be done via the use of satellites positioned in different areas of the globe. Once our society becomes cashless, you can say goodbye to privacy and anonymity for good. At least, decentralized cryptocurrencies will be there to save the day. Maybe they'll go as far as living alongside CBDCs for generations? Just my thoughts

[Hamphser]

It is almost few decades that the digital payment have gained importance and made a big transition in the whole of financial system. An advancement won't be easily adopted to the persisting system into usage. Even after decades we were able to see good number of paper currency users who haven't used to digital payments. So, it is all about the people.

If I'm not wrong, when we think of making way for the usage of digital transition there is a need for proper awareness and education. This can't be done all of the sudden, and according to me it takes atleast few generations to have complete transition to digital money.

I believe we don't have to worry about a full-fledged cashless society during our lifetimes. CBDCs aren't even mainstream yet. Even after they're launched, it's going to take quite some time for the population to get used to the new digital cash system. The elderly will have issues abandoning paper money in the first place. It's the new generation that will embrace digital money at its fullest.

Governments will ultimately solve the issues of Internet access to proceed with their ambitions to phase out paper money for good. This could be done via the use of satellites positioned in different areas of the globe. Once our society becomes cashless, you can say goodbye to privacy and anonymity for good. At least, decentralized cryptocurrencies will be there to save the day. Maybe they'll go as far as living alongside CBDCs for generations? Just my thoughts

There's no way that digital cash system would really be 100% fully adopted on which it would cause for such full integration or changes because we know that not all people would be having the access when it

comes to internet or having their own pc or having  their own smartphone considering that there are places in the world on which it wasnt been reached out by internet and a community which it is really that suffering from poverty which means that not everyone would really be having or knowledgeable on using it if in case there's a full wipe out or changes in fiat notes or paper cash.

It is really that hard to believe even on having that CBDC integration in exchange with fiat would be applied. As long government does exist then there's no way that they would
really be agreeing on such huge change but having both things on existence would really be that preferable or something that good for us though.

[Texac]

It is almost few decades that the digital payment have gained importance and made a big transition in the whole of financial system. An advancement won't be easily adopted to the persisting system into usage. Even after decades we were able to see good number of paper currency users who haven't used to digital payments. So, it is all about the people.

If I'm not wrong, when we think of making way for the usage of digital transition there is a need for proper awareness and education. This can't be done all of the sudden, and according to me it takes atleast few generations to have complete transition to digital money.

I believe we don't have to worry about a full-fledged cashless society during our lifetimes. CBDCs aren't even mainstream yet. Even after they're launched, it's going to take quite some time for the population to get used to the new digital cash system. The elderly will have issues abandoning paper money in the first place. It's the new generation that will embrace digital money at its fullest.

Governments will ultimately solve the issues of Internet access to proceed with their ambitions to phase out paper money for good. This could be done via the use of satellites positioned in different areas of the globe. Once our society becomes cashless, you can say goodbye to privacy and anonymity for good. At least, decentralized cryptocurrencies will be there to save the day. Maybe they'll go as far as living alongside CBDCs for generations? Just my thoughts

There's no way that digital cash system would really be 100% fully adopted on which it would cause for such full integration or changes because we know that not all people would be having the access when it

comes to internet or having their own pc or having  their own smartphone considering that there are places in the world on which it wasnt been reached out by internet and a community which it is really that suffering from poverty which means that not everyone would really be having or knowledgeable on using it if in case there's a full wipe out or changes in fiat notes or paper cash.

It is really that hard to believe even on having that CBDC integration in exchange with fiat would be applied. As long government does exist then there's no way that they would
really be agreeing on such huge change but having both things on existence would really be that preferable or something that good for us though.

The government will be the one to bring that change, no one else, because it will be more beneficial than harmful, CBDC will help them control us better than cash.  but implementing CBDC is very difficult because our world still has a lot of internet inadequacies, and the number of people who cannot use smartphones is still quite large. therefore, CBDC or digital payment will be inevitable, but it will take a lot of time to do so.

[Sayeds56]

How much longer until paper money is no longer in circulation?

It is very hard to estimate the timeline of potential phasing out of paper money and replacement of credit/debit card with Central Banks digital Currencies (CBDC) as it is a complex task and depends on many factors. These factors include, preparing of infrastructure, educating general public to adopt and accept it & establishment of regulatory framework by governments. Furthermore, important to understand the diverse needs of societies and their preferences, indicating the possibility of a future where multiple systems of payment could coexist. This evolving landscape could include, paper money, CBDC and crypto currencies.

[Ozero]

How much longer until paper money is no longer in circulation?

It is very hard to estimate the timeline of potential phasing out of paper money and replacement of credit/debit card with Central Banks digital Currencies (CBDC) as it is a complex task and depends on many factors. These factors include, preparing of infrastructure, educating general public to adopt and accept it & establishment of regulatory framework by governments. Furthermore, important to understand the diverse needs of societies and their preferences, indicating the possibility of a future where multiple systems of payment could coexist. This evolving landscape could include, paper money, CBDC and crypto currencies.

I do not think that ordinary citizens of any state need to approve and strive to ensure that paper money disappears from circulation. If we want to keep the remnants of our privacy and anonymity, we must remember that paper money is the least monitored by governments. Any non-cash money issued by states, governments can and will use to collect confidential information about their users as well as their financial activities.
At the same time, paper money is very easy to use, does not require the use of technical devices and is sometimes simply indispensable for small household transactions.

[BenCodie]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

In most western countries, branches, atms and so on have started to decline in their availability instead of expanding like the past. When this transition is complete, the only way you will be able to contact a bank is digitally or by the phone. Cash won't be available from them, and cash will probably only be able to be traded in with the limited access points available or by established facilities, or encouraged to be spent/deposited as soon as possible.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

This period of time seems like 5 - 10 years away plus, however I think this will start to occur within the next 2 - 3 years. It will act to reduce the circulating money supply by excluding what the banks and governments see as illicit cash from being a part of the system, while being able to properly calculate the supply of fiat money with CBDCs.

At this stage I think this will be a catalyst for fiat money as supply reduces, of course short-lived as the money is technically worthless anyway.

Cash will be abolished, credit and debit cards definitely will not face any disruption during this change. The only thing that will change is the $ or fiat symbol will change to the CBDC ticker/symbol. Likely, UM and BRICS, depending where you are.

[DanWalker]

How much longer until paper money is no longer in circulation?

It is very hard to estimate the timeline of potential phasing out of paper money and replacement of credit/debit card with Central Banks digital Currencies (CBDC) as it is a complex task and depends on many factors. These factors include, preparing of infrastructure, educating general public to adopt and accept it & establishment of regulatory framework by governments. Furthermore, important to understand the diverse needs of societies and their preferences, indicating the possibility of a future where multiple systems of payment could coexist. This evolving landscape could include, paper money, CBDC and crypto currencies.

I do not think that ordinary citizens of any state need to approve and strive to ensure that paper money disappears from circulation. If we want to keep the remnants of our privacy and anonymity, we must remember that paper money is the least monitored by governments. Any non-cash money issued by states, governments can and will use to collect confidential information about their users as well as their financial activities.
At the same time, paper money is very easy to use, does not require the use of technical devices and is sometimes simply indispensable for small household transactions.

Indeed, we will still be safer using paper money, and I don't want it to be completely phased out and replaced by CBDCs. But the government doesn't want that because they know that CBDC will give them better control over us, so I think CBDC is inevitable, and we won't be able to stop it. But that's not going to happen anytime soon, at least not in our generation, because our current world is still full of people who don't have access to smartphones or the internet, so it's tough for comprehensive CBDC implementation.

[o48o]

Indeed, we will still be safer using paper money, and I don't want it to be completely phased out and replaced by CBDCs. But the government doesn't want that because they know that CBDC will give them better control over us, so I think CBDC is inevitable, and we won't be able to stop it. But that's not going to happen anytime soon, at least not in our generation, because our current world is still full of people who don't have access to smartphones or the internet, so it's tough for comprehensive CBDC implementation.

I understand your scepticism, but i don't think that problem will be in adoption but in the fact that there's no suitable ZK tech for it yet that governments would allow in larger scale. We are in the testing phase of few alpha versions that are most likely not going to take off as any of current platforms isn't really regulatory compliant or safe enough.

And while there technically still are people that 2023 Internet user statistics ] don't have an access to internet, [/url]there are people who don't have an access to banking or money either. But in civilized countries those numbers of internet users are way up, And that number is slowly increasing as the meaning and demand for physcal cash is decreasing. And this tech will start from first world contries, that's for sure.

[MFahad]

In my opinion, the thing that keeps paper money going is the central bank which will provide guarantees, as long as there is still a government and a central bank, paper money will continue to circulate, and I think it is only natural for the government to take care of paper money because it is easier for the state to control paper money than the system decentralization.

Paper money is under the control of government whereas the bitcoin is not under the control of government so government will always prefer that type of currency which is easy to control for them.

Everyone knows very well that the value of paper money cannot be denied until it is in circulation and bitcoin will be accepted by 10 or 20 percent but all individuals never accept bitcoin due to its volatile features whereas paper money cannot change its value or state so therefore I don't think that it will ever be loss its worth. Paper money is permissible in every country but some country's government has keep banned on bitcoin so in that countries circulation of paper money can never be ceased.

[Abiky]

In most western countries, branches, atms and so on have started to decline in their availability instead of expanding like the past. When this transition is complete, the only way you will be able to contact a bank is digitally or by the phone. Cash won't be available from them, and cash will probably only be able to be traded in with the limited access points available or by established facilities, or encouraged to be spent/deposited as soon as possible.

Governments are going to accelerate the process if they want to have full control of the economy. Their main excuse would be to eliminate (or at least reduce) money laundering, tax evasion, and other illegal activities by phasing out paper money for good. But we all know there are other intentions behind this. Many say Internet access would be an issue for mainstream adoption of CBDCs, but satellites already provide the solution. Governments can spend on the necessary infrastructure to include even poor people in the system.

With crypto becoming popular each day, banks will rush in the development of CBDCs to avoid being left behind in the dust. Once paper money is gone, we'll have no way to achieve financial privacy other than using a privacy-oriented cryptocurrency such as Zcash or Monero. Who knows if paper money is phased out faster than we've previously imagined? Just my thoughts

[BALIK]

In most western countries, branches, atms and so on have started to decline in their availability instead of expanding like the past. When this transition is complete, the only way you will be able to contact a bank is digitally or by the phone. Cash won't be available from them, and cash will probably only be able to be traded in with the limited access points available or by established facilities, or encouraged to be spent/deposited as soon as possible.

Governments are going to accelerate the process if they want to have full control of the economy. Their main excuse would be to eliminate (or at least reduce) money laundering, tax evasion, and other illegal activities by phasing out paper money for good. But we all know there are other intentions behind this. Many say Internet access would be an issue for mainstream adoption of CBDCs, but satellites already provide the solution. Governments can spend on the necessary infrastructure to include even poor people in the system.

With crypto becoming popular each day, banks will rush in the development of CBDCs to avoid being left behind in the dust. Once paper money is gone, we'll have no way to achieve financial privacy other than using a privacy-oriented cryptocurrency such as Zcash or Monero. Who knows if paper money is phased out faster than we've previously imagined? Just my thoughts

When paper money is completely phased out and replaced by CBDCs, our privacy is seriously threatened as they can control our entire finances, even with the smallest expenditures. Using privacy coins like Zcash or Monero will also not be able to guarantee our privacy if CBDC is the main currency of the world. I mean, we still need to convert crypto to CBDC, which is very easy to expose our privacy. I really don't want paper money to disappear, it's really not in our favor.

[Inwestour]

Governments are going to accelerate the process if they want to have full control of the economy. Their main excuse would be to eliminate (or at least reduce) money laundering, tax evasion, and other illegal activities by phasing out paper money for good. But we all know there are other intentions behind this. Many say Internet access would be an issue for mainstream adoption of CBDCs, but satellites already provide the solution. Governments can spend on the necessary infrastructure to include even poor people in the system.

I'm pretty sure that CBDC will not help in any way in the fight against corruption, or anything else, it is of course only aimed at total control. How quickly this will be implemented, I don't know, but I think that it will happen quite quickly. You are right, there is everything you need for this, satellites, SIM cards, all this will allow to realize this plans.

When paper money is completely phased out and replaced by CBDCs, our privacy is seriously threatened as they can control our entire finances, even with the smallest expenditures. Using privacy coins like Zcash or Monero will also not be able to guarantee our privacy if CBDC is the main currency of the world. I mean, we still need to convert crypto to CBDC, which is very easy to expose our privacy. I really don't want paper money to disappear, it's really not in our favor.

Yes, we will have to show everything that we have if it happens that governments will allocate some time so that the population has time to replace fiat money with digital money. It's a very bad script, I hope it won't happen soon, now it's more like a movie script.

[Jatiluhung]

The phasing out of paper money is a complex process that involves multiple factors. While some countries have already made significant progress in transitioning to cashless societies, others are still heavily reliant on cash transactions. One of the main drivers of the shift towards digital payments is technological innovation. With the rise of mobile banking, contactless payments and cryptocurrencies, consumers are increasingly turning to digital alternatives to traditional cash transactions. This trend is particularly evident among younger generations who are more comfortable with technology and more likely to adopt new payment methods. Phasing out paper money is not without challenges. There are concerns around financial exclusion, as some people may not have access to the technology required to make digital payments. There are security concerns around digital payments as cybercrime and fraud become more prevalent. It is difficult to predict exactly when paper money will no longer be in circulation.

But right now it seems that the majority of countries are not ready to make their citizens make transactions via digital payments. Because educational equity related to digital assets is still minimal. Even about CBDC, the reality is that not many ordinary people know about it. only people who diligently watch economic news know about this digital money.

So I think fiat money will continue to exist even several centuries later. except for some developed countries, perhaps the adoption of digital money will be realized much more quickly. From Asia itself, China seems to be the first to encourage its citizens to use digital money. Even the use of fiat money in China seems to have decreased. because most of the public facilities there are equipped with digital payments. so that residents are getting used to using digital money there, namely CBDC eCNY.

[WillyAp]

I wonder when people will stop confusing people with countries?  

BRIC obviously holds the production of the world in their aerea. China, being the number one producer there is nothing out of normal.

People don't pay in yuan nor Rimini or rubles. Hardly anyone wants those if you cannot exchange them for goods. 
The dollar is accepted almost everywhere, its a national currency in some countries: 

Five U.S. territories and 11 foreign nations use the U.S. dollar as their official currency.

Source: https://www.investopedia.com/articles/forex/040915/countries-use-us-dollar.asp 

[Renampun]

The phasing out of paper money is a complex process that involves multiple factors. While some countries have already made significant progress in transitioning to cashless societies, others are still heavily reliant on cash transactions. One of the main drivers of the shift towards digital payments is technological innovation. With the rise of mobile banking, contactless payments and cryptocurrencies, consumers are increasingly turning to digital alternatives to traditional cash transactions. This trend is particularly evident among younger generations who are more comfortable with technology and more likely to adopt new payment methods. Phasing out paper money is not without challenges. There are concerns around financial exclusion, as some people may not have access to the technology required to make digital payments. There are security concerns around digital payments as cybercrime and fraud become more prevalent. It is difficult to predict exactly when paper money will no longer be in circulation.

paper money will continue to be used by people for their various needs. even when many people use digital money, paper money will be the choice because it doesn't require internet, can be carried anywhere in the pocket, is free of personal information, and when needed, paper money is very valuable during an economic crisis.

and this is also the reason why many rich people in the world keep paper money in their safes, because the money they keep in the bank cannot be cashed out at any time, so when they need cash for urgent needs they can use their cash stored in their vaults. so paper money will continue to exist and be people's choice.

[nlovric]

Snip....

It is very hard to estimate the timeline of potential phasing out of paper money and replacement of credit/debit card with Central Banks digital Currencies (CBDC) as it is a complex task and depends on many factors. These factors include, preparing of infrastructure, educating general public to adopt and accept it & establishment of regulatory framework by governments. Furthermore, important to understand the diverse needs of societies and their preferences, indicating the possibility of a future where multiple systems of payment could coexist. This evolving landscape could include, paper money, CBDC and crypto currencies.

I do not think that ordinary citizens of any state need to approve and strive to ensure that paper money disappears from circulation. If we want to keep the remnants of our privacy and anonymity, we must remember that paper money is the least monitored by governments. Any non-cash money issued by states, governments can and will use to collect confidential information about their users as well as their financial activities.
At the same time, paper money is very easy to use, does not require the use of technical devices and is sometimes simply indispensable for small household transactions.

Indeed, we will still be safer using paper money, and I don't want it to be completely phased out and replaced by CBDCs. But the government doesn't want that because they know that CBDC will give them better control over us, so I think CBDC is inevitable, and we won't be able to stop it. But that's not going to happen anytime soon, at least not in our generation, because our current world is still full of people who don't have access to smartphones or the internet, so it's tough for comprehensive CBDC implementation.

While it is true that physical money provides a sense of stability and familiarity CBDCs have some advantages that should not be disregarded. Although the government may have reasons for putting CBDCs into place such as better control and monitoring it is important to take the bigger picture into account. A more inclusive financial system lower transaction costs greater efficiency and the provision of a more transparent and traceable financial system are all possible benefits of CBDCs. However making the whole switch to CBDCs is a difficult process that needs significant thought and preparation. True not everyone has access to cellphones or the internet at this time which prevents widespread adoption. The switch to CBDCs could nevertheless become more attainable as technology develops and digital connectivity spreads. To create a future that is in line with societal needs and beliefs it is critical to promote a balanced dialogue about this issue assessing the advantages and disadvantages while assuring the participation of all stakeholders.

[Wend]

The phasing out of paper money is a complex process that involves multiple factors. While some countries have already made significant progress in transitioning to cashless societies, others are still heavily reliant on cash transactions. One of the main drivers of the shift towards digital payments is technological innovation. With the rise of mobile banking, contactless payments and cryptocurrencies, consumers are increasingly turning to digital alternatives to traditional cash transactions. This trend is particularly evident among younger generations who are more comfortable with technology and more likely to adopt new payment methods. Phasing out paper money is not without challenges. There are concerns around financial exclusion, as some people may not have access to the technology required to make digital payments. There are security concerns around digital payments as cybercrime and fraud become more prevalent. It is difficult to predict exactly when paper money will no longer be in circulation.

paper money will continue to be used by people for their various needs. even when many people use digital money, paper money will be the choice because it doesn't require internet, can be carried anywhere in the pocket, is free of personal information, and when needed, paper money is very valuable during an economic crisis.

and this is also the reason why many rich people in the world keep paper money in their safes, because the money they keep in the bank cannot be cashed out at any time, so when they need cash for urgent needs they can use their cash stored in their vaults. so paper money will continue to exist and be people's choice.

Paper money is very beneficial to us in some cases, but the problem is that the government will no longer want it. They have realized that using CBDC will give them better control over us, and that is why they are working hard and rushing to create CBDC. Getting rid of paper money will be very challenging, and they won't be able to get rid of them overnight. But I believe they will find a way to get rid of paper money and implement CBDC on a global scale.

[slapper]

In most western countries, branches, atms and so on have started to decline in their availability instead of expanding like the past. When this transition is complete, the only way you will be able to contact a bank is digitally or by the phone. Cash won't be available from them, and cash will probably only be able to be traded in with the limited access points available or by established facilities, or encouraged to be spent/deposited as soon as possible.

Governments are going to accelerate the process if they want to have full control of the economy. Their main excuse would be to eliminate (or at least reduce) money laundering, tax evasion, and other illegal activities by phasing out paper money for good. But we all know there are other intentions behind this. Many say Internet access would be an issue for mainstream adoption of CBDCs, but satellites already provide the solution. Governments can spend on the necessary infrastructure to include even poor people in the system.

With crypto becoming popular each day, banks will rush in the development of CBDCs to avoid being left behind in the dust. Once paper money is gone, we'll have no way to achieve financial privacy other than using a privacy-oriented cryptocurrency such as Zcash or Monero. Who knows if paper money is phased out faster than we've previously imagined? Just my thoughts

Undeniably, your perspective on the erosion of traditional banking in the face of rising digital currencies has noteworthy merits. However, the implications for personal liberty and privacy should not be downplayed. The proposed transition away from physical money, seen as an anti-illicit tactic by governments, elicits concerns about financial scrutiny and dominance.

CBDC could indeed upend conventional banking but could also grant governments unprecedented financial oversight, infringing upon privacy. Privacy-centric cryptocurrencies might offer a respite but not without their risks, including security and regulation.

Moreover, the belief in a smooth transition to a cashless society may gloss over socio-economic inequities within and across nations.

[BALIK]

When paper money is completely phased out and replaced by CBDCs, our privacy is seriously threatened as they can control our entire finances, even with the smallest expenditures. Using privacy coins like Zcash or Monero will also not be able to guarantee our privacy if CBDC is the main currency of the world. I mean, we still need to convert crypto to CBDC, which is very easy to expose our privacy. I really don't want paper money to disappear, it's really not in our favor.

Yes, we will have to show everything that we have if it happens that governments will allocate some time so that the population has time to replace fiat money with digital money. It's a very bad script, I hope it won't happen soon, now it's more like a movie script.

The elimination of paper money will not happen anytime soon, at least not in our generation, as we have a lot of elderly and disabled people who have difficulty using smartphones and the internet. But most governments are already preparing to release their CBDC, in the next 3 to 5 years, I think CBDC will be released in most countries of the world. CBDCs are no longer like a movie script, they are gradually coming into our lives, and that is inevitable. I just hope they can keep paper money for as long as possible, the two coexist side by side.

[Abiky]

When paper money is completely phased out and replaced by CBDCs, our privacy is seriously threatened as they can control our entire finances, even with the smallest expenditures. Using privacy coins like Zcash or Monero will also not be able to guarantee our privacy if CBDC is the main currency of the world. I mean, we still need to convert crypto to CBDC, which is very easy to expose our privacy. I really don't want paper money to disappear, it's really not in our favor.

That's certainly true, mate. Privacy will be non-existent once CBDCs take over the world by storm. When paper money is phased out, it'll be difficult to "exit" the crypto world without bringing unwanted attention. You'll be limited to spending crypto at merchants and/or businesses that accept it. That wouldn't be a problem if salaries are paid in crypto.

Unfortunately, that's not the case these days. Maybe this will change in the future? Living only on crypto will ensure your financial freedom and independence from banks and the government itself. Some countries are beginning to accept BTC as legal tender, so living on crypto would no longer be a distant dream. Who knows how much longer will it take for CBDCs to replace good-old paper money? Just my thoughts

[xSkylarx]

When paper money is completely phased out and replaced by CBDCs, our privacy is seriously threatened as they can control our entire finances, even with the smallest expenditures. Using privacy coins like Zcash or Monero will also not be able to guarantee our privacy if CBDC is the main currency of the world. I mean, we still need to convert crypto to CBDC, which is very easy to expose our privacy. I really don't want paper money to disappear, it's really not in our favor.

Yes, we will have to show everything that we have if it happens that governments will allocate some time so that the population has time to replace fiat money with digital money. It's a very bad script, I hope it won't happen soon, now it's more like a movie script.

The elimination of paper money will not happen anytime soon, at least not in our generation, as we have a lot of elderly and disabled people who have difficulty using smartphones and the internet. But most governments are already preparing to release their CBDC, in the next 3 to 5 years, I think CBDC will be released in most countries of the world. CBDCs are no longer like a movie script, they are gradually coming into our lives, and that is inevitable. I just hope they can keep paper money for as long as possible, the two coexist side by side.

The next generation would really be the cashless one, as you are right, a lot of people right now are not technically literate, which means that it is very difficult to use Bitcoin as our primary currency and that CBDC is really for sure a big thing, as we know the government is pushing this also and other governments are banning Bitcoin. Let's see in a few years what will happen.

[Fatunad]

When paper money is completely phased out and replaced by CBDCs, our privacy is seriously threatened as they can control our entire finances, even with the smallest expenditures. Using privacy coins like Zcash or Monero will also not be able to guarantee our privacy if CBDC is the main currency of the world. I mean, we still need to convert crypto to CBDC, which is very easy to expose our privacy. I really don't want paper money to disappear, it's really not in our favor.

Yes, we will have to show everything that we have if it happens that governments will allocate some time so that the population has time to replace fiat money with digital money. It's a very bad script, I hope it won't happen soon, now it's more like a movie script.

The elimination of paper money will not happen anytime soon, at least not in our generation, as we have a lot of elderly and disabled people who have difficulty using smartphones and the internet. But most governments are already preparing to release their CBDC, in the next 3 to 5 years, I think CBDC will be released in most countries of the world. CBDCs are no longer like a movie script, they are gradually coming into our lives, and that is inevitable. I just hope they can keep paper money for as long as possible, the two coexist side by side.

The next generation would really be the cashless one, as you are right, a lot of people right now are not technically literate, which means that it is very difficult to use Bitcoin as our primary currency and that CBDC is really for sure a big thing, as we know the government is pushing this also and other governments are banning Bitcoin. Let's see in a few years what will happen.

Cashless but not on the sense that fiat would be eradicated on which means that fiat would remain still as long government exist then there's no way that it would really be removed in circulation. This is why it is really
just that there's no point on thinking or assuming that it would be removed soon due to crypto existence. There's no way that they would be letting these things to happen, instead on thinking up on this way, it would be better to assume that both things would co-exist to each other which we know that this is really and advantage because we do have different options to take.Instead on making yourself having these type of questions in mind then its better to mind off on how you would increase your portfolio.

Fiat would remain no matter what, it might be having that full transition to digital but it would really still remain and exist. Crypto would remain as an option but just like i said
that the more option we do have the better it would be.

[rachael9385]

I strongly believe that the circulation of paper money will always continue since Bitcoin adoption is still growing stronger, paper will always circulate because some remote villages that doesn't have network do without paper money, paper money has been in an on board for years and I don't want to believe that a new government can change that, if the government stop the circulation of paper money it affect the society at Large nomatter what even the rich, richer and the poor will suffer largely for it.

[GiftedMAN]

I strongly believe that the circulation of paper money will always continue since Bitcoin adoption is still growing stronger, paper will always circulate because some remote villages that doesn't have network do without paper money, paper money has been in an on board for years and I don't want to believe that a new government can change that, if the government stop the circulation of paper money it affect the society at Large nomatter what even the rich, richer and the poor will suffer largely for it.

There are countries that had ban the use if Bitcoin for no reason, maybe to strengthened there own currency but I don't think this will in any way strengthen the local currency. The ban on Bitcoin in some regions had stopped the use of Bitcoin in those regions and those that are still hiding to trade Bitcoin are doing that at there own perils. If tye adoption of Bitcoin will continue in regions where Bitcoin was once ban, it will helo the universal use of Bitcoin in international transactions boasting local uses.

[tjtonmoy]

CBDC is a thing that the governments are creating in order to challenge Bitcoin, or maybe they were inspired by the concept of Bitcoin. This is highly unlikely. Anything which is centralized and controlled by the government is never a challenge towards Bitcoin. CBDC does not have limited supply like Bitcoin. The government can create more from thin air. So the common problem that paper money has will still remain the same. As for the fact of replacing paper money, it will be possible, but will take a long time. Maybe not in our lifetime. Some people still don't know how smartphone works. Some doesn't know about internet. Will they be able to use it the way we think we can use it? Also, not all the governments around the world will implement CBDC. So the question will remain the same. And the answer is, No one knows when that will happen.

[Dr.Bitcoin_Strange]

We have long had the inventory of debit and credit cards, which would have displaced the paper money, but even in some countries, you will still find out that even most people there don't have their debit cards (because they don't want to use it), and some businesses don't yet have the Point of sale machine that can allow them to accept Payments only via debit cards; they still prefer the paper money. In my opinion, I feel that humans are still the reason why this paper money still exists, because if everyone is just relying more on transfers and card debits, then you will see every business have more POS machines and only request card payment. Even if the paper money stops circulating, I think it is really going to take a very long time.

[Franctoshi]

I don't see the possibility of totally getting rid of paper money anytime soon, it could be possible in developed countries and cities but it will be difficult in undeveloped countries and when it comes to rural areas due to the unavailability of networks and the technology in the rural areas to carry out transactions, e.g POS. In my country, Despite the CBN's cashless policy in my country, the government has failed to make POS available for businesses operating in rural areas let alone provide a network to run this transaction. Lastly, not everyone has a bank account to go cashless.

[chrisculanag]

I don't see the possibility of totally getting rid of paper money anytime soon, it could be possible in developed countries and cities but it will be difficult in undeveloped countries and when it comes to rural areas due to the unavailability of networks and the technology in the rural areas to carry out transactions, e.g POS. In my country, Despite the CBN's cashless policy in my country, the government has failed to make POS available for businesses operating in rural areas let alone provide a network to run this transaction. Lastly, not everyone has a bank account to go cashless.

I agree with that, poor countries cannot afford to use this kind of financial system (cashless) because they cannot give good results because of those deficiencies. This will only work if the rich countries support the countries with deficits to extend it and make it useful.

As for getting a bank account, it's sure to be easy as long as their country supports them, even if it happens it will take centuries before it becomes successful.

[stomachgrowls]

I strongly believe that the circulation of paper money will always continue since Bitcoin adoption is still growing stronger, paper will always circulate because some remote villages that doesn't have network do without paper money, paper money has been in an on board for years and I don't want to believe that a new government can change that, if the government stop the circulation of paper money it affect the society at Large nomatter what even the rich, richer and the poor will suffer largely for it.

There are countries that had ban the use if Bitcoin for no reason, maybe to strengthened there own currency but I don't think this will in any way strengthen the local currency. The ban on Bitcoin in some regions had stopped the use of Bitcoin in those regions and those that are still hiding to trade Bitcoin are doing that at there own perils. If tye adoption of Bitcoin will continue in regions where Bitcoin was once ban, it will helo the universal use of Bitcoin in international transactions boasting local uses.

Banned for no reason? There's always a reason on why they do have done such thing because they dont just simply like on those decentralized and something which cant be controlled and this is why its not shocking that they

wouldn't really be liking its existence on which it isnt really that shocking anymore. In speaking about fiat would really be non existent then it is really that impossible.I agree on some points on here that as long government does exist, there's no way for this thing to be removed. We've been using it through ages or since from the beginning of time and there's no way that it would be simply removed just like that.

This is why its better not to make yourself get stressed out about on how fiat should be removed because there's no way that it could happen.It would stay forever and government wouldn't really be
allowing it on the first place. This is why it would be not shocking that bans are everywhere when it comes to crypto or Bitcoin because of such characteristic or feature which
it  doesnt really suit out into their main interest.

[serveria.com]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

Yes, I think paper money is going to be phased out at some point globally. In some countries, like Sweden most transactions are digital already now and paper money is quite rare. On the other hand, in countries like Germany or the US cash is still king, there still are many places where cards are not accepted.

[wmaurik]

I agree with that, poor countries cannot afford to use this kind of financial system (cashless) because they cannot give good results because of those deficiencies. This will only work if the rich countries support the countries with deficits to extend it and make it useful.

As for getting a bank account, it's sure to be easy as long as their country supports them, even if it happens it will take centuries before it becomes successful.

The use of non-cash money is often more visible in developed countries because developed countries are able to provide better infrastructure and services as well as modern technology. And what is the duty of poor countries is to be able to get help from developed countries so that they can create more advanced infrastructure and services as other countries have done. Because the use of non-cash, as has been felt by many people, is always better because everyone doesn't have to worry about always carrying cash in their pockets when going anywhere.

[bakasabo]

As more people adopt digital payment options, it's likely that the use of paper money will continue to decline until it becomes obsolete.

Just got back from a short abroad trip to the see and people there mostly used paper or cash money, instead of digital. Even though digital payments are more convenient, paying in cash or paper is still faster. For the small business, and business that is aimed on tourism, paper or cash money still will be preferable. Even locals spend cash on buying candies, water, souvenirs, playing street video games or  claw like vending machines and etc. If this business switches to digital payment, whole streets and businesses will disappear.

P.S. One day I have ran out of cash and had to search for ATM, to be able to use all those fun activities in the area - this means paper money will be in circulation for long.

[Smack That Ace]

I agree with that, poor countries cannot afford to use this kind of financial system (cashless) because they cannot give good results because of those deficiencies. This will only work if the rich countries support the countries with deficits to extend it and make it useful.

As for getting a bank account, it's sure to be easy as long as their country supports them, even if it happens it will take centuries before it becomes successful.

The use of non-cash money is often more visible in developed countries because developed countries are able to provide better infrastructure and services as well as modern technology. And what is the duty of poor countries is to be able to get help from developed countries so that they can create more advanced infrastructure and services as other countries have done. Because the use of non-cash, as has been felt by many people, is always better because everyone doesn't have to worry about always carrying cash in their pockets when going anywhere.

Going cashless might be more convenient for us, but in terms of privacy, I don't think that's a good thing. To me, paper money still offers better privacy than the CBDC that the government is about to release in the near future. To use CBDC, we only need a phone with an internet connection, it's simple, but all our spending activities will be strictly controlled. Our freedoms will be further curtailed if paper money is eliminated and CBDCs take their place.

[burpime]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

It is happening gradually and will take few years when paper money is completely out of fashion. It will save governments lot of money on printing the notes.

[Uruhara]

I don't see the possibility of totally getting rid of paper money anytime soon, it could be possible in developed countries and cities but it will be difficult in undeveloped countries and when it comes to rural areas due to the unavailability of networks and the technology in the rural areas to carry out transactions, e.g POS. In my country, Despite the CBN's cashless policy in my country, the government has failed to make POS available for businesses operating in rural areas let alone provide a network to run this transaction. Lastly, not everyone has a bank account to go cashless.

yep that's exactly what I can think of right now. Because actually there are more developing countries than developed countries and I think in developing countries physical fiat money will certainly last longer than we think. because this is a matter of facilities being built too slowly. maybe in developed countries physical fiat will become less frequently used because public facilities and even small shops also provide digital payments. but in developing countries shops that do not have digital payment options still predominate. So I think physical money will be around much longer than we think here.

[Abiky]

Yes, I think paper money is going to be phased out at some point globally. In some countries, like Sweden most transactions are digital already now and paper money is quite rare. On the other hand, in countries like Germany or the US cash is still king, there still are many places where cards are not accepted.

It's a good thing cash is around, especially when we want financial privacy. Once all of the world's countries switch to a CBDC, you can say goodbye to anonymity for good. By the time that happens, our only option would be a decentralized cryptocurrency such as Bitcoin or Ethereum. That's if we still want financial freedom.

For true privacy, we'd need to use a mixer or a privacy-oriented cryptocurrency such as Monero or Zcash. When offline, I can't think of a way to pay for goods and/or services other than using Gold, Silver, or any other precious metal in physical form. We're decades away from seeing paper money being phased out of existence, so there should be nothing to worry about. Just my opinion

[Smartvirus]

Yes, I think paper money is going to be phased out at some point globally. In some countries, like Sweden most transactions are digital already now and paper money is quite rare. On the other hand, in countries like Germany or the US cash is still king, there still are many places where cards are not accepted.

It's a good thing cash is around, especially when we want financial privacy. Once all of the world's countries switch to a CBDC, you can say goodbye to anonymity for good. By the time that happens, our only option would be a decentralized cryptocurrency such as Bitcoin or Ethereum. That's if we still want financial freedom.

I think the question here is,
Can we ever be free or attain financial freedom?
Let’s think about that critically.

There would always be those that won’t be cool with decentralized systems or systems that aren’t backed up by some organization, agency or some thing of that nature. Not to mention the government that won’t be ready to let loose their product in fiat currency and it’s controlling power. It’s just not something that would come about.

Fiat helps either way we look at it. At least, the blind gets to use them and it needs no confirmation time for physical exchange.

[BenCodie]

In most western countries, branches, atms and so on have started to decline in their availability instead of expanding like the past. When this transition is complete, the only way you will be able to contact a bank is digitally or by the phone. Cash won't be available from them, and cash will probably only be able to be traded in with the limited access points available or by established facilities, or encouraged to be spent/deposited as soon as possible.

Governments are going to accelerate the process if they want to have full control of the economy. Their main excuse would be to eliminate (or at least reduce) money laundering, tax evasion, and other illegal activities by phasing out paper money for good. But we all know there are other intentions behind this. Many say Internet access would be an issue for mainstream adoption of CBDCs, but satellites already provide the solution. Governments can spend on the necessary infrastructure to include even poor people in the system.

With crypto becoming popular each day, banks will rush in the development of CBDCs to avoid being left behind in the dust. Once paper money is gone, we'll have no way to achieve financial privacy other than using a privacy-oriented cryptocurrency such as Zcash or Monero. Who knows if paper money is phased out faster than we've previously imagined? Just my thoughts

Undeniably, your perspective on the erosion of traditional banking in the face of rising digital currencies has noteworthy merits. However, the implications for personal liberty and privacy should not be downplayed. The proposed transition away from physical money, seen as an anti-illicit tactic by governments, elicits concerns about financial scrutiny and dominance.

CBDC could indeed upend conventional banking but could also grant governments unprecedented financial oversight, infringing upon privacy. Privacy-centric cryptocurrencies might offer a respite but not without their risks, including security and regulation.

Moreover, the belief in a smooth transition to a cashless society may gloss over socio-economic inequities within and across nations.

Both of you are very much on the money with your opinions. The fact is that we don't have a crystal ball so we can't be sure if it will play out in a way where people can still survive tyranny or if it will be a dystopian chain of events that forcefully effects freedoms.

I think that if Monero and Zcash (as well as other privacy protocols) don't sell out and maintain the integrity of their systems, then regulation shouldn't matter too much. Security is in the hands of developers as well, but to an extent also in the hands of the user.

I just hope that when the transition is toward its completion, that people can still work their way around the forceful use of CBDCs and have a way to maintain privacy legally.

[Hamphser]

Yes, I think paper money is going to be phased out at some point globally. In some countries, like Sweden most transactions are digital already now and paper money is quite rare. On the other hand, in countries like Germany or the US cash is still king, there still are many places where cards are not accepted.

It's a good thing cash is around, especially when we want financial privacy. Once all of the world's countries switch to a CBDC, you can say goodbye to anonymity for good. By the time that happens, our only option would be a decentralized cryptocurrency such as Bitcoin or Ethereum. That's if we still want financial freedom.

For true privacy, we'd need to use a mixer or a privacy-oriented cryptocurrency such as Monero or Zcash. When offline, I can't think of a way to pay for goods and/or services other than using Gold, Silver, or any other precious metal in physical form. We're decades away from seeing paper money being phased out of existence, so there should be nothing to worry about. Just my opinion

Everything would be digital? Its preferred but for sure it would really be causing a long list of debates and meetings about doing such stuff because we know that not all would really be having the devices on which they could own for them to make some online transactions or transfers on the time that they would be buying something or simply with those simple transactions on day to day living on which means that
if we do fully applying that CBDC then i cant really be able to cope up on how everything would really be just fine because not all would really be that knowledgeable on doing so.
Not all would be having the opportunity for them to make use of whats needed.

This is why i dont really believe that fiat or paper money would really cease to exist because know on how important it is and there's no way that government would really be allowing
for it to be eradicated so easily.Its true that there's still way on being anonymous on fiat unlike on cbdc on which everything would really be known about incoming or outgoing transactions.

[axxo]

We cannot predict until when will be the money would run in the circulation. Many countries have already begun transitioning to digital currencies, the process of completely phasing out physical currency is likely to take several years, if not decades. One major factor in the transition to digital currency is the level of technological infrastructures available in a given country. Countries with more advanced digital payment systems are likely to make the switch to digital currencies more quickly than those with less developed. Public trust in digital currency is another factor to consider in the transition.

[chrisculanag]

I agree with that, poor countries cannot afford to use this kind of financial system (cashless) because they cannot give good results because of those deficiencies. This will only work if the rich countries support the countries with deficits to extend it and make it useful.

As for getting a bank account, it's sure to be easy as long as their country supports them, even if it happens it will take centuries before it becomes successful.

The use of non-cash money is often more visible in developed countries because developed countries are able to provide better infrastructure and services as well as modern technology. And what is the duty of poor countries is to be able to get help from developed countries so that they can create more advanced infrastructure and services as other countries have done. Because the use of non-cash, as has been felt by many people, is always better because everyone doesn't have to worry about always carrying cash in their pockets when going anywhere.

You are right, when the country is developed it will be easier to use non-cash systems and above all they will be able to expand it in their jurisdiction. But if there are countries willing to help poor countries to make this system work, it will surely give good results to everyone. Even if there are a few who are against using it, they will surely receive its good benefits for each other.

[libert19]

I don't think digital money will ever obliterate paper money. For the record, first you will need electronic device to use digital money, in first world countries, may be everyone would have it but there are nations where you look at population and you just hear resounding 'No' to the question asked in topic.

[Abiky]

Both of you are very much on the money with your opinions. The fact is that we don't have a crystal ball so we can't be sure if it will play out in a way where people can still survive tyranny or if it will be a dystopian chain of events that forcefully effects freedoms.

I think that if Monero and Zcash (as well as other privacy protocols) don't sell out and maintain the integrity of their systems, then regulation shouldn't matter too much. Security is in the hands of developers as well, but to an extent also in the hands of the user.

I just hope that when the transition is toward its completion, that people can still work their way around the forceful use of CBDCs and have a way to maintain privacy legally.

If Monero and Zcash were to please the regulators, there's always a "Plan B". The community could fork out of these chains and carry on as usual. That's the beauty of decentralization and open source. You won't get this with a CBDC controlled by both the government and the central bank. You'll be a complete slave subject to the desires of these two entities alone.

With paper money, you'd get a certain level of freedom due to its tangible nature. It can't be traced or restricted at will, unlike a CBDC. The transition will be a slow and steady one, especially when not everyone is used to digital payments yet. This could take decades to complete, so let's all enjoy paper money while it lasts. Just my thoughts

[Fortify]

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

It's a curious idea, a totally paper and coin free society, but it does feel like a bit a bit dangerous in some ways - like what happens if a solar flare knocked out all electronics, but really at that point the world will descend into chaos so it wouldn't matter anyway. There should definitely be an ability for anyone, I'm mainly thinking of the most disadvantaged or vulnerable people, to be able to access a way that they can store money like anyone else. Each bank should be required to offer a basic bank account for free, along with the ability to get a card or other payment mechanism without question. That would allow people like the homeless the ability to access all the normal payment methods that everyone else is using.

[Pierre 2]

I guess it will take much longer than expected for paper money to be removed from circulation. It still gives option to average Joe or mediocre IQ people to trade. Otherwise nearly all smartphone users are already using bank accounts and credit cards and cryptocurrency supported options. I feel like goverments also want paper money to stay in circulation because it helps them. It may take hundreds more years to see that paper money is dead.

[hannahB4]

In my country Nigeria, I don't see paper money any longer in circulation in the next ten years if I'm being realistic. The  development of our economy does not allow it to work that way even though it will be cost-effective on the part of the government