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

[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.