Topic: How much longer until paper money is no longer in circulation? - page 10. (Read 4343 times)

That would be amazing if it actually happened. But I want to know how did you get the leak from the government for 2030, which is actually still a long time coming from now and which government will do this for the first time in that year?

I haven't imagined about the success of the cash write-off because I still believe that cash will still be used in life for small transactions like what you said. Because eliminating the old system and replacing it with a new payment system clearly requires time and further analysis so that there are no deficiencies in various aspects when it is used by various groups of people who basically do not have the same caste level.

The circulation of CBDC will begin next year. By 2030, the government will remove cash. Cryptocurrency, however, won't replace cash for small transactions. The new cash will be privacy coins.

Currently, CBDCs can't wholly replace paper money, but that could happen in the future because what the government is aiming for is total control over us. CBDC is not popular yet and there are many related problems like you say, electricity or internet, many parts of the world still don't have these two so the elimination of paper money will not happen anytime soon. I also don't want paper money to disappear altogether, but we must prepare for a paperless future.

Even though CBDC has appeared in the midst of society, it does not threaten the existence of paper money. CBDC will instead add options for payment instruments that guarantee the public will be able to transact under any circumstances and will not eliminate the function of paper money.
The government cannot rely on CBDCs by eliminating the function of paper money, this will invite risks that can stop transactions when the power goes out. CBDC can be used as an option in making transactions, some are more comfortable using paper money and some are using CBDC.

Agree. Bitcoin is the solution to ALL of our problems. We don't need to wait for paper money to be removed from circulation as long as we have Bitcoin. The pioneer cryptocurrency enables true financial freedom by eliminating the middleman. Even though the crypto/Blockchain industry has been heading towards centralization, all hope is not lost. There are still decentralized exchanges, and some other cryptocurrencies besides Bitcoin that actually put people's needs first above all else. It's not about the money, but rather crypto's use as an alternative to the existing monetary system. If only people realized the true meaning of Bitcoin, we wouldn't had been in this mess.

Most developers are greedy these days, so they will guide their projects towards the abyss of centralization even if that means going back to the era of traditional banking. I feel sorry for ETH and other crypto projects whose developers' and founders' identities are widely known by the public. They will easily get scrutinized by mainstream governments until they're destroyed for good (consider how Vitalik decided to please governments by turning ETH into a centralized PoS coin). No one knows exactly when CBDCs will take over the world, but my guess is that we're a long road ahead before paper money disappears for good. Once CBDCs replace paper money, things will only get worse as governments will have a full scope of our finances. Who knows what the future will bring? Just my opinion

Bitcoin cannot undermine fiat currencies in any way in the near future, because bitcoin and fiat currencies have different fields of application. Nevertheless, fiat currencies are inscribed in the economy of any capable state and serve as one of the most effective methods of economic policy, and therefore no major state will give such a tool from its arsenal, especially into the hands of other persons who have nothing to do with the state system and it is not clear what goals they pursue, even if the most benevolent.

Bitcoin as the only competitor could undermine fiat in the future, no doubt so governments make regulations to control crypto but it will never succeed unless it enforces regulation for centralized exchanges and altcoin projects. There will never be any coin to replace Bitcoin, even though certain coins increase when hype their position will never reach the top 3 big coins.

So everyone has experienced cases of centralized coin investment projects that have collapsed due to fraud, then the volume of bitcoins will increase higher because they switch to investing in bitcoins to recover losses in the long term.

Paper money not being in existence?
It will really take a long while to come in play, in as much as we're having Bitcoin and other cryptocurrency. Is not everybody that's aware of cryptocurrency, let's take example of the market women (traders in general) they have no idea that something like this is even happening. So it will take for ever for it to happen.

Paper money transactions is like the only reality that they have made any exchange when it comes to those who are not educated, it will take time to lecture these set of peoples.
IMO, is not going to be easy to just ditch paper money.

It seems less likely to me that paper money will become a thing of the past. Admittedly, there are people who go through their day to day activities for up to a week without paying for anything in cash. With the various electronic means of payment, it’s no surprise that lots of people would opt to go cashless.

But you should also consider that the fiat system of payment is an old traditional means of payment that can’t be let go so easily. There are a whole lot of systems of payment that does not involve cash and makes payments really convenient but the fiat system is still very much living on despite various policies by different world governments to introduce a cashless society

Governments do not issue their CBDCs to replace their fiat money. They thus simply improve the efficiency of their cashless payments. This will be another kind of non-cash money of states. Paper money in this case should not suffer. Due to the negative experience in using paper money during the spread of the coronavirus pandemic, as well as the high cost of maintaining them, the amount of paper money may be slightly reduced. However, I do not see the point in completely removing them from circulation. In some cases, the simplicity and speed of small household transactions make paper money simply irreplaceable. In addition, it should be borne in mind that paper money is the most untraceable. It is not worth striving for a completely digital world in public finance. This is the path to the complete loss of your privacy and anonymity.

I don't know if bitcoin is ever going to be a fiat-destroyer (and I'm guessing no on that one), but if any cryptocurrency was going to be the one to do it, it would have to be bitcoin.  A year or two I probably would have said another coin might come along and take bitcoin's place....then I started realizing just how centralized and fucked up most of these new projects (note that I'm not calling them coins specifically) really are. 

Yeah, a lot of them are faster and cheaper than bitcoin is, but most of them have development teams steering the course the way they want to, which is not always in the best interest of coin holders.  Just look at ETH, NEO, Solana, you name it, they're all controlled by the whales.

The best thing Satoshi ever did aside from creating bitcoin was to step away from it and let it be.  It really is money for the people.

In addition, at this point in time, the existence of cash is a matter of national security, because cash is not so tied to electronic infrastructure and may well exist and operate in the absence of it.

The more expensive transaction fees usually occur on different networks, so that everyone still has the option to reduce the number of transaction fees to become cheaper as has been applied to BSC, Tron, and others. There is no need to eliminate cash that can still be used in the payment system of each country, but it will not be seen that often when everyone makes payments by transferring via banking cards or the like.

Exactly. The transition to a digital cash system will be inevitable, especially now when the pandemic is forcing people to rely on digital payments more throughly. We can't stay with good-old paper money forever. By introducing a digital cash system, governments will be able to reduce waste and eliminate privacy for good. Such system would be extremely beneficial for mainstream governments and central banks alike.

I wouldn't worry about paper money being replaced, as long as I have Bitcoin by my side. The latter enables true financial freedom unlike any other currency on Earth. Who knows if someday Bitcoin gets to destroy Fiat for good? Just my opinion

The main goal is total control, with fiat money this is not so easy to do, but with digital currencies this task will be greatly simplified, so they will strive for this and achieve their goal. But we will not completely abandon fiat currencies soon, it should be comfortable and understandable for all segments of the population, otherwise they simply will not be used.

We must be aware that the existence of Crypto is not to replace money and as for money, both in the form of fiat and paper money, it remains a legal means of payment, it's just that if btc can be an alternative there, then that can be a good thing. Being an alternative does not mean replacing.
As long as we are currently on the same step, money will still apply, especially paper money, in this case they are actually always the most reliable means of payment, especially for some small areas that are rarely touched by fiat.

In the capacity of the interests of the country, I do not think the government is trying to prohibit cash completely.

CBDC is a state product, that means that it has a function that almost resembles the Fiat currency, the reason they start to develop this as well as being able to be controlled and restricted, so that the basic fiat currency that is increasingly obsolete has a revolution in the field of CBDC, but the point can also be fully controlled by them .

Different methods but have almost the same function and approach, I mean they try to revolutionize the Fiat currency, so that the existence of cryptocurrency does not make them disturbed and begin to be abandoned, although the use of crypto must also involve the Fiat currency during conversion.

They just do not want to be said to be lagging behind in terms of increasingly developing technological revolution, thus making CBDC other languages to participate in decentralized technology. CBDC also does not have unique advantages and functions, if true as you say, cannot put money in deposits and have to spend money as quickly as possible.

Right, it's impossible to replace cash with other systems such as cryptocurrencies, it's inconceivable if we want a transaction worth $ 10 but the transaction fee is more than $ 10, moreover the transaction fees during peak sessions are so expensive that it makes people continue to use cash, besides that another factor is the country can be easy to control cash than decentralized system.

A cashless society seems impossible as of the moment. There are still countries lacking behind when it comes to technology and individuals who isn't that techie. Additionally, there's still people who prefer using cash in a daily basis/transactions. To turn a cashless society into reality, poverty along with corruption must be solved first. That's one of the reason why other countries and individuals can't advance or hard to adapt in constant changes.

People look for alternate and they are not in a situation to leave the one they've used to. Paper money won't get replaced. To restrict people and keep them using fiat, governments have created the CBDC. We don't have perfect statistics on, how effective this is getting used around. Government always want the paper money to be used, but the methods might vary. So, in the near future or later we can't experience replacement of fiat.