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

[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.