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Author Topic: How much longer until paper money is no longer in circulation?  (Read 912 times)
kawetsriyanto
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November 23, 2022, 12:11:17 AM
 #101

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.


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November 23, 2022, 03:00:40 AM
 #102

...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.

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November 23, 2022, 04:45:38 AM
 #103

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.

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November 23, 2022, 05:37:48 AM
 #104

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.

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Bitcoin1216
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November 24, 2022, 09:41:25 AM
 #105

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.

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November 24, 2022, 02:44:53 PM
 #106

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).

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barisbilgili
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November 24, 2022, 03:03:26 PM
 #107

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.
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November 24, 2022, 03:15:57 PM
 #108

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.

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November 24, 2022, 03:39:13 PM
 #109

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.

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November 24, 2022, 04:02:27 PM
 #110

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. Smiley

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?

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Doan9269
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November 24, 2022, 04:03:00 PM
 #111

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.

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November 24, 2022, 08:23:33 PM
 #112

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.

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November 25, 2022, 03:35:32 AM
 #113

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.
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November 25, 2022, 10:27:18 AM
 #114

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.

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November 25, 2022, 01:37:59 PM
 #115

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.

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November 28, 2022, 01:03:03 AM
 #116

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 Smiley

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November 28, 2022, 03:52:04 AM
 #117

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 Smiley

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.


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November 28, 2022, 09:45:42 PM
 #118

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. Smiley

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.

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November 28, 2022, 11:12:08 PM
 #119

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.

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November 28, 2022, 11:33:09 PM
 #120


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.

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