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

[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

[1714660145]

1714660145

[1714660145]

1714660145

[1714660145]

1714660145

[1714660145]

1714660145

[1714660145]

1714660145

[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.