Topic: How much longer until paper money is no longer in circulation? (Read 4343 times)
In my country Nigeria, I don't see paper money any longer in circulation in the next ten years if I'm being realistic. The development of our economy does not allow it to work that way even though it will be cost-effective on the part of the government
I guess it will take much longer than expected for paper money to be removed from circulation. It still gives option to average Joe or mediocre IQ people to trade. Otherwise nearly all smartphone users are already using bank accounts and credit cards and cryptocurrency supported options. I feel like goverments also want paper money to stay in circulation because it helps them. It may take hundreds more years to see that paper money is dead.
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'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 a curious idea, a totally paper and coin free society, but it does feel like a bit a bit dangerous in some ways - like what happens if a solar flare knocked out all electronics, but really at that point the world will descend into chaos so it wouldn't matter anyway. There should definitely be an ability for anyone, I'm mainly thinking of the most disadvantaged or vulnerable people, to be able to access a way that they can store money like anyone else. Each bank should be required to offer a basic bank account for free, along with the ability to get a card or other payment mechanism without question. That would allow people like the homeless the ability to access all the normal payment methods that everyone else is using.
Both of you are very much on the money with your opinions. The fact is that we don't have a crystal ball so we can't be sure if it will play out in a way where people can still survive tyranny or if it will be a dystopian chain of events that forcefully effects freedoms.
I think that if Monero and Zcash (as well as other privacy protocols) don't sell out and maintain the integrity of their systems, then regulation shouldn't matter too much. Security is in the hands of developers as well, but to an extent also in the hands of the user.
I just hope that when the transition is toward its completion, that people can still work their way around the forceful use of CBDCs and have a way to maintain privacy legally.
I think that if Monero and Zcash (as well as other privacy protocols) don't sell out and maintain the integrity of their systems, then regulation shouldn't matter too much. Security is in the hands of developers as well, but to an extent also in the hands of the user.
I just hope that when the transition is toward its completion, that people can still work their way around the forceful use of CBDCs and have a way to maintain privacy legally.
If Monero and Zcash were to please the regulators, there's always a "Plan B". The community could fork out of these chains and carry on as usual. That's the beauty of decentralization and open source. You won't get this with a CBDC controlled by both the government and the central bank. You'll be a complete slave subject to the desires of these two entities alone.
With paper money, you'd get a certain level of freedom due to its tangible nature. It can't be traced or restricted at will, unlike a CBDC. The transition will be a slow and steady one, especially when not everyone is used to digital payments yet. This could take decades to complete, so let's all enjoy paper money while it lasts. Just my thoughts
I don't think digital money will ever obliterate paper money. For the record, first you will need electronic device to use digital money, in first world countries, may be everyone would have it but there are nations where you look at population and you just hear resounding 'No' to the question asked in topic.
I agree with that, poor countries cannot afford to use this kind of financial system (cashless) because they cannot give good results because of those deficiencies. This will only work if the rich countries support the countries with deficits to extend it and make it useful.
As for getting a bank account, it's sure to be easy as long as their country supports them, even if it happens it will take centuries before it becomes successful.
The use of non-cash money is often more visible in developed countries because developed countries are able to provide better infrastructure and services as well as modern technology. And what is the duty of poor countries is to be able to get help from developed countries so that they can create more advanced infrastructure and services as other countries have done. Because the use of non-cash, as has been felt by many people, is always better because everyone doesn't have to worry about always carrying cash in their pockets when going anywhere.As for getting a bank account, it's sure to be easy as long as their country supports them, even if it happens it will take centuries before it becomes successful.
You are right, when the country is developed it will be easier to use non-cash systems and above all they will be able to expand it in their jurisdiction. But if there are countries willing to help poor countries to make this system work, it will surely give good results to everyone. Even if there are a few who are against using it, they will surely receive its good benefits for each other.
We cannot predict until when will be the money would run in the circulation. Many countries have already begun transitioning to digital currencies, the process of completely phasing out physical currency is likely to take several years, if not decades. One major factor in the transition to digital currency is the level of technological infrastructures available in a given country. Countries with more advanced digital payment systems are likely to make the switch to digital currencies more quickly than those with less developed. Public trust in digital currency is another factor to consider in the transition.
Yes, I think paper money is going to be phased out at some point globally. In some countries, like Sweden most transactions are digital already now and paper money is quite rare. On the other hand, in countries like Germany or the US cash is still king, there still are many places where cards are not accepted.
It's a good thing cash is around, especially when we want financial privacy. Once all of the world's countries switch to a CBDC, you can say goodbye to anonymity for good. By the time that happens, our only option would be a decentralized cryptocurrency such as Bitcoin or Ethereum. That's if we still want financial freedom.
For true privacy, we'd need to use a mixer or a privacy-oriented cryptocurrency such as Monero or Zcash. When offline, I can't think of a way to pay for goods and/or services other than using Gold, Silver, or any other precious metal in physical form. We're decades away from seeing paper money being phased out of existence, so there should be nothing to worry about. Just my opinion
if we do fully applying that CBDC then i cant really be able to cope up on how everything would really be just fine because not all would really be that knowledgeable on doing so.
Not all would be having the opportunity for them to make use of whats needed.
This is why i dont really believe that fiat or paper money would really cease to exist because know on how important it is and there's no way that government would really be allowing
for it to be eradicated so easily.Its true that there's still way on being anonymous on fiat unlike on cbdc on which everything would really be known about incoming or outgoing transactions.
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
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.
Both of you are very much on the money with your opinions. The fact is that we don't have a crystal ball so we can't be sure if it will play out in a way where people can still survive tyranny or if it will be a dystopian chain of events that forcefully effects freedoms.
I think that if Monero and Zcash (as well as other privacy protocols) don't sell out and maintain the integrity of their systems, then regulation shouldn't matter too much. Security is in the hands of developers as well, but to an extent also in the hands of the user.
I just hope that when the transition is toward its completion, that people can still work their way around the forceful use of CBDCs and have a way to maintain privacy legally.
Yes, I think paper money is going to be phased out at some point globally. In some countries, like Sweden most transactions are digital already now and paper money is quite rare. On the other hand, in countries like Germany or the US cash is still king, there still are many places where cards are not accepted.
It's a good thing cash is around, especially when we want financial privacy. Once all of the world's countries switch to a CBDC, you can say goodbye to anonymity for good. By the time that happens, our only option would be a decentralized cryptocurrency such as Bitcoin or Ethereum. That's if we still want financial freedom.
Can we ever be free or attain financial freedom?
Let’s think about that critically.
There would always be those that won’t be cool with decentralized systems or systems that aren’t backed up by some organization, agency or some thing of that nature. Not to mention the government that won’t be ready to let loose their product in fiat currency and it’s controlling power. It’s just not something that would come about.
Fiat helps either way we look at it. At least, the blind gets to use them and it needs no confirmation time for physical exchange.
Yes, I think paper money is going to be phased out at some point globally. In some countries, like Sweden most transactions are digital already now and paper money is quite rare. On the other hand, in countries like Germany or the US cash is still king, there still are many places where cards are not accepted.
It's a good thing cash is around, especially when we want financial privacy. Once all of the world's countries switch to a CBDC, you can say goodbye to anonymity for good. By the time that happens, our only option would be a decentralized cryptocurrency such as Bitcoin or Ethereum. That's if we still want financial freedom.
For true privacy, we'd need to use a mixer or a privacy-oriented cryptocurrency such as Monero or Zcash. When offline, I can't think of a way to pay for goods and/or services other than using Gold, Silver, or any other precious metal in physical form. We're decades away from seeing paper money being phased out of existence, so there should be nothing to worry about. Just my opinion
I don't see the possibility of totally getting rid of paper money anytime soon, it could be possible in developed countries and cities but it will be difficult in undeveloped countries and when it comes to rural areas due to the unavailability of networks and the technology in the rural areas to carry out transactions, e.g POS. In my country, Despite the CBN's cashless policy in my country, the government has failed to make POS available for businesses operating in rural areas let alone provide a network to run this transaction. Lastly, not everyone has a bank account to go cashless.
yep that's exactly what I can think of right now. Because actually there are more developing countries than developed countries and I think in developing countries physical fiat money will certainly last longer than we think. because this is a matter of facilities being built too slowly. maybe in developed countries physical fiat will become less frequently used because public facilities and even small shops also provide digital payments. but in developing countries shops that do not have digital payment options still predominate. So I think physical money will be around much longer than we think here. 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'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 is happening gradually and will take few years when paper money is completely out of fashion. It will save governments lot of money on printing the notes.
I agree with that, poor countries cannot afford to use this kind of financial system (cashless) because they cannot give good results because of those deficiencies. This will only work if the rich countries support the countries with deficits to extend it and make it useful.
As for getting a bank account, it's sure to be easy as long as their country supports them, even if it happens it will take centuries before it becomes successful.
The use of non-cash money is often more visible in developed countries because developed countries are able to provide better infrastructure and services as well as modern technology. And what is the duty of poor countries is to be able to get help from developed countries so that they can create more advanced infrastructure and services as other countries have done. Because the use of non-cash, as has been felt by many people, is always better because everyone doesn't have to worry about always carrying cash in their pockets when going anywhere.As for getting a bank account, it's sure to be easy as long as their country supports them, even if it happens it will take centuries before it becomes successful.
Going cashless might be more convenient for us, but in terms of privacy, I don't think that's a good thing. To me, paper money still offers better privacy than the CBDC that the government is about to release in the near future. To use CBDC, we only need a phone with an internet connection, it's simple, but all our spending activities will be strictly controlled. Our freedoms will be further curtailed if paper money is eliminated and CBDCs take their place.
As more people adopt digital payment options, it's likely that the use of paper money will continue to decline until it becomes obsolete.
Just got back from a short abroad trip to the see and people there mostly used paper or cash money, instead of digital. Even though digital payments are more convenient, paying in cash or paper is still faster. For the small business, and business that is aimed on tourism, paper or cash money still will be preferable. Even locals spend cash on buying candies, water, souvenirs, playing street video games or claw like vending machines and etc. If this business switches to digital payment, whole streets and businesses will disappear.
P.S. One day I have ran out of cash and had to search for ATM, to be able to use all those fun activities in the area - this means paper money will be in circulation for long.
I agree with that, poor countries cannot afford to use this kind of financial system (cashless) because they cannot give good results because of those deficiencies. This will only work if the rich countries support the countries with deficits to extend it and make it useful.
As for getting a bank account, it's sure to be easy as long as their country supports them, even if it happens it will take centuries before it becomes successful.
The use of non-cash money is often more visible in developed countries because developed countries are able to provide better infrastructure and services as well as modern technology. And what is the duty of poor countries is to be able to get help from developed countries so that they can create more advanced infrastructure and services as other countries have done. Because the use of non-cash, as has been felt by many people, is always better because everyone doesn't have to worry about always carrying cash in their pockets when going anywhere. As for getting a bank account, it's sure to be easy as long as their country supports them, even if it happens it will take centuries before it becomes successful.
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'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.
Yes, I think paper money is going to be phased out at some point globally. In some countries, like Sweden most transactions are digital already now and paper money is quite rare. On the other hand, in countries like Germany or the US cash is still king, there still are many places where cards are not accepted.
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. wouldn't really be liking its existence on which it isnt really that shocking anymore. In speaking about fiat would really be non existent then it is really that impossible.I agree on some points on here that as long government does exist, there's no way for this thing to be removed. We've been using it through ages or since from the beginning of time and there's no way that it would be simply removed just like that.
This is why its better not to make yourself get stressed out about on how fiat should be removed because there's no way that it could happen.It would stay forever and government wouldn't really be
allowing it on the first place. This is why it would be not shocking that bans are everywhere when it comes to crypto or Bitcoin because of such characteristic or feature which
it doesnt really suit out into their main interest.
I don't see the possibility of totally getting rid of paper money anytime soon, it could be possible in developed countries and cities but it will be difficult in undeveloped countries and when it comes to rural areas due to the unavailability of networks and the technology in the rural areas to carry out transactions, e.g POS. In my country, Despite the CBN's cashless policy in my country, the government has failed to make POS available for businesses operating in rural areas let alone provide a network to run this transaction. Lastly, not everyone has a bank account to go cashless.
I agree with that, poor countries cannot afford to use this kind of financial system (cashless) because they cannot give good results because of those deficiencies. This will only work if the rich countries support the countries with deficits to extend it and make it useful.
As for getting a bank account, it's sure to be easy as long as their country supports them, even if it happens it will take centuries before it becomes successful.
I don't see the possibility of totally getting rid of paper money anytime soon, it could be possible in developed countries and cities but it will be difficult in undeveloped countries and when it comes to rural areas due to the unavailability of networks and the technology in the rural areas to carry out transactions, e.g POS. In my country, Despite the CBN's cashless policy in my country, the government has failed to make POS available for businesses operating in rural areas let alone provide a network to run this transaction. Lastly, not everyone has a bank account to go cashless.
Jump to: