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

[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.