How much longer until paper money is no longer in circulation? - page 11.

kesmex

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Quote from: molsewid on December 16, 2022, 03:27:05 PM

Quote from: Crypt0Gore on December 16, 2022, 02:39:39 PM

I don't see paper money going away any time sooner, in the near future central bank and co will still use paper money even if digital currencies have taken over the world, can't you see that government can't take control over crypto that's why the only option they have is CBDC and I doubt it will be a success in time.

Maybe because everyday our population is increasing if all people will use paper money it will be a problem in the future but then we cannot remove paper money to be used all over the world, because it is essential even though crypto will be available everywhere still there's more thing that only paper money can do, it will not be remove in each country's economic system.

It is true that paper or fiat money will not be replaced and if paper money is removed it is likely that it will create new problems as well.
so things like that have to be considered as well of course,
we never know what will happen in the future so we'll see

irhact

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Quote from: Crypt0Gore on December 16, 2022, 02:39:39 PM

I don't see paper money going away any time sooner, in the near future central bank and co will still use paper money even if digital currencies have taken over the world, can't you see that government can't take control over crypto that's why the only option they have is CBDC and I doubt it will be a success in time.

The world is going digital so soon paper money will become a thing of the past. Already you can go on with your day to day activities in most part of the world without using paper money. Paper money will be replaced with a centralized digital money and many countries has began developing their own CBDC.

It'll be hard for the government to adoption cryptocurency because they can't control it. CBDC can be controlled and the monitoring of the currency will be easier since it'll be digitalized. CBDC will be a perfect tools in the hands of the government and other nations will join in enforcing it to their citizens.

Wong Goblog

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Paper money is money that is simple and can be used by anyone, even blind people can also transact with paper money, but of course not everyone can use crypto, it takes a long time of training and socialization so that it can be used, we are easy to use because we are used to it, but when we are still newbies, we also feel confused.

molsewid

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Quote from: Crypt0Gore on December 16, 2022, 02:39:39 PM

I don't see paper money going away any time sooner, in the near future central bank and co will still use paper money even if digital currencies have taken over the world, can't you see that government can't take control over crypto that's why the only option they have is CBDC and I doubt it will be a success in time.

Maybe because everyday our population is increasing if all people will use paper money it will be a problem in the future but then we cannot remove paper money to be used all over the world, because it is essential even though crypto will be available everywhere still there's more thing that only paper money can do, it will not be remove in each country's economic system.

Crypt0Gore

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I don't see paper money going away any time sooner, in the near future central bank and co will still use paper money even if digital currencies have taken over the world, can't you see that government can't take control over crypto that's why the only option they have is CBDC and I doubt it will be a success in time.

Chainsmokers

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Quote from: Bitcoin2009 on December 16, 2022, 08:53:47 AM

Paper money is issued by the central bank in accordance with government approval, of course as long as the government can still guarantee paper money it will survive, and if we think about it, of course it will be difficult to have a system that can replace paper money, if we think that cryptocurrencies can replace paper money, there will be more problems encountered than benefits.

Yes, I also think that fiat or paper money is still an irreplaceable choice,
and if indeed it is replaced with cryptocurrency or whatever it might even cause new problems,
which is certainly basically not that easy to replace paper money

dmamigo

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People around the globe and mostly in developing and under-developed countries, paper money and cards will not see their end very soon, at least not in the upcoming 15 years. The mindset is still dependent upon the old values and beliefs. But the thing is with recent changes and acceptance of a paperless transaction UPI which was in the news, things are going to turn around for sure.
Also, India launched its CBDC, Digital rupee, or e-rupee recently, which shows that we are on the path of this but I still believe it is too soon for complete dependency on CBDCs or digital payments.

mvdheuvel1983

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Quote from: Abiky on November 09, 2022, 05:47:16 AM

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.

CBDCs will not replace paper money anytime soon. Infact, it would take a millennium for that to happen.
Credit/debit cards will in the future may not be cards but something else. However, they will still maintain their functions.

Any day paper money is phased out then my guess is that the paper may become as valuable as gold. In addition, I do not think the world is as advanced yet for that. Until we are able to solve the energy and climate crisis paper money is going no where.

Casdinyard

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I think the latter will be the case, or at least it will be the case for a very long time before the shift to a purely-cashless system happens. Fiat systems have been here since time immemorial, it literally spurred our civilization into operation, and you bet your sweet bippy it would be a tough fight to relinquish ideals that have been ingrained by the cash system to the people of today. Moreover, I don't see the reason why it needs to be abolished, it has been proven today that the two can coexist and live in an albeit delicate balance between each other. I don't see the need for a pure digital currency system unless we transform ourselves into a type 1-2 civilization and suddenly acquired the taste to travel to nearby star systems.

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Quote from: Abiky on December 15, 2022, 11:30:12 AM

Quote from: Smartprofit on December 09, 2022, 08:21:34 PM

Yes, governments do want to ban cash and Bitcoin.

That is why they create CBDC. CBDCs are inherently an element of a digital concentration camp.

In fact, the introduction of such a financial system would mean that money would be completely alienated from its owners. People will not be able to spend money uncontrollably, at their own discretion.

Also, people will not be able to save money, since the CBDC system does not involve placing money on deposits (with interest accruing over the time the funds are used).

Instead, the CBDC system will be programmed to get people to spend money as quickly as possible (buying government-authorized goods and services).

Couldn't agree more with you, mate. CBDCs will enable full-scale surveillance from both the central bank and the government itself. People won't be able to enjoy true financial freedom because hard cash (paper money) won't exist anymore. Every transaction will be recorded on a digital ledger the aforementioned entities own. That's where decentralized cryptocurrencies (Bitcoin, Ethereum) come in.

I think the advent of CBDCs will lead towards greater adoption of decentralized financial systems. That's because not everyone will like the idea of having their entire financial life under the hands of the government. We're still a long road ahead before paper money is removed from circulation, so there's nothing to worry about. Just my opinion

Your statement is quite contradictory, if you agree that the government wants to get rid of paper money just because they want more control over us, there is no reason why they should leave decentralized currencies like Bitcoin has a chance.
Even now, paper money is not gone, and we want to use bitcoin to get out of government control, that is a tricky thing. Governments are trying to stop us from using bitcoin, trying to control us through centralized exchanges...So there is no reason when CBDC is implemented, there will be a greater chance for bitcoin.

Bitcoin2009

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Paper money is issued by the central bank in accordance with government approval, of course as long as the government can still guarantee paper money it will survive, and if we think about it, of course it will be difficult to have a system that can replace paper money, if we think that cryptocurrencies can replace paper money, there will be more problems encountered than benefits.

wmaurik

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Quote from: misterrtwisterr on December 16, 2022, 05:27:01 AM

This. Plus, we have people like Warren Buffet saying they would never ever buy crypto. We can take some cues from that I would say.

What are you going to say next for this?
If only one person like Warren Buffet doesn't want to buy any cryptocurrency at any time, I don't think it will have much effect on the progress and development of cryptocurrencies in the future.

Because when there are more people who want to buy cryptocurrency and have it as an important asset in life, then that one person will definitely lose to conditions and changes. So don't just look for one person in this case, but try to see in a larger scope so that you have better knowledge and conclusions on this matter before saying the next.

misterrtwisterr

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Quote from: Vinaa77 on December 15, 2022, 03:13:59 PM

Quote from: Abiky on November 09, 2022, 05:47:16 AM

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.

This cannot run smoothly until world stakeholders find common ground. In paper money there are also high-level businessmen. So central banks cannot decide that they will implement cryptocurrencies in place of fiat money. In paper money there is big business. Every change made, there will be parties who benefit and there are also parties who are disadvantaged. So to make both parties mutually beneficial of course it takes a long time.

This. Plus, we have people like Warren Buffet saying they would never ever buy crypto. We can take some cues from that I would say.

Vinaa77

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Quote from: Abiky on November 09, 2022, 05:47:16 AM

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.

This cannot run smoothly until world stakeholders find common ground. In paper money there are also high-level businessmen. So central banks cannot decide that they will implement cryptocurrencies in place of fiat money. In paper money there is big business. Every change made, there will be parties who benefit and there are also parties who are disadvantaged. So to make both parties mutually beneficial of course it takes a long time.

Abiky

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Quote from: Smartprofit on December 09, 2022, 08:21:34 PM

Yes, governments do want to ban cash and Bitcoin.

That is why they create CBDC. CBDCs are inherently an element of a digital concentration camp.

In fact, the introduction of such a financial system would mean that money would be completely alienated from its owners. People will not be able to spend money uncontrollably, at their own discretion.

Also, people will not be able to save money, since the CBDC system does not involve placing money on deposits (with interest accruing over the time the funds are used).

Instead, the CBDC system will be programmed to get people to spend money as quickly as possible (buying government-authorized goods and services).

Couldn't agree more with you, mate. CBDCs will enable full-scale surveillance from both the central bank and the government itself. People won't be able to enjoy true financial freedom because hard cash (paper money) won't exist anymore. Every transaction will be recorded on a digital ledger the aforementioned entities own. That's where decentralized cryptocurrencies (Bitcoin, Ethereum) come in.

I think the advent of CBDCs will lead towards greater adoption of decentralized financial systems. That's because not everyone will like the idea of having their entire financial life under the hands of the government. We're still a long road ahead before paper money is removed from circulation, so there's nothing to worry about. Just my opinion

wmaurik

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Quote from: 19Nov16 on December 09, 2022, 08:39:02 PM

Many state plans to eliminate paper money, they consider that paper money is too many weaknesses, and the best plan is to return in the past, namely people transacting with gold and silver, no problem if people save as much as gold and silver because the value of gold and silver will not plummeted as in paper money which only relies on numbers on paper.

I want you to provide a few references or other reliable sources of what you said. Because you said things have gone too far in my opinion and I haven't even found any news about many countries planning to get rid of paper money. And one more thing is about the value of gold and silver which can increase, meaning that when both of them can increase prices globally, then a decrease in prices for both of them can also very likely occur.

Now, back to paper money, which you said only relies on numbers on paper. Do you think the numbers that have been written on the paper money can decrease? The question is a bit strange, but I don't know what is going through your mind to make you say that. Even though every country already knows that if you want to add payment options or exchange via other methods with the same currency, there is no need to get rid of paper money that has been used for a long time to make payments for goods and services.

Swordsoffreedom

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Quote from: Abiky on December 09, 2022, 07:41:12 PM

Quote from: Sayeds56 on December 08, 2022, 03:45:14 AM

I think paper money is not going to finish so soon because still in many Asian & African countries still a reasonable percentage of people don't maintain bank accounts due to poverty and there is another reason paper will continue using it because small business run on paper money and they don't like to be included in tax net, that's why they don't accept electronic payments.

Paper money will remain in circulation unless governments makes electronic payments mandatory for people, through some legislation.

I'm pretty sure governments will make electronic payments mandatory in the future, just to prevent decentralized cryptocurrencies from taking down Fiat for good. After all, they don't want to lose control over the way people use money. By forcing the use of CBDCs, it will be impossible (sort of) for people to obfuscate their transactions from both the government and central banks' eyes.

I'd imagine decentralized cryptocurrencies facing further opposition from such entities after the new digital cash system is launched to the public. It's likely they will "ban" Bitcoin and its variants just to prevent people from abandoning Fiat altogether. You may call me crazy, but this could be the path we'd be heading towards especially when governments increased their surveillance techniques after the COVID-19 pandemic took the world by storm. No one knows exactly when paper money will be phased out, so we should enjoy it while it lasts. Just my thoughts Grin

Maybe you are right, governments will find ways to get rid of fiat because they want to control us more, but to do that is not easy and will not happen in the near future. First, they need to ensure that everyone can use a smartphone and that the internet system has global coverage. This is a complex issue to deal with as many countries in Asia and Africa do not yet have smartphones and do not have access to today's technology, so it will not be easy to implement CBDCs in this area. And another thing that comes to mind is how blind people use CBDC when they can't use the phone and the internet.

19Nov16

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Many state plans to eliminate paper money, they consider that paper money is too many weaknesses, and the best plan is to return in the past, namely people transacting with gold and silver, no problem if people save as much as gold and silver because the value of gold and silver will not plummeted as in paper money which only relies on numbers on paper.

Smartprofit

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Quote from: PrivacyG on December 09, 2022, 08:05:18 PM

Quote from: Abiky on December 09, 2022, 07:41:12 PM

It's likely they will "ban" Bitcoin and its variants just to prevent people from abandoning Fiat altogether.

To offer us a false image of freedom, they only need to ban Mixers and any other kind of method of obfuscating transactions. If they are extra paranoid and desperate, they can also impose all addresses to be registered to ID's. As soon as they have these two bullets in, they are not going to care about Bitcoin existing as an alternative to Fiat.

They hate Bitcoin and knowing we have freedom. But they shall continue to show the same innocent face to the public and pretend they are standing up to our freedoms while fighting the enemy (terrorism. money laundering. et cetera). This is the only way they can make sure they do not become the enemy.

-
Regards,
PrivacyG

Yes, governments do want to ban cash and Bitcoin.

That is why they create CBDC. CBDCs are inherently an element of a digital concentration camp.

In fact, the introduction of such a financial system would mean that money would be completely alienated from its owners. People will not be able to spend money uncontrollably, at their own discretion.

Also, people will not be able to save money, since the CBDC system does not involve placing money on deposits (with interest accruing over the time the funds are used).

Instead, the CBDC system will be programmed to get people to spend money as quickly as possible (buying government-authorized goods and services).

PrivacyG

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Quote from: Abiky on December 09, 2022, 07:41:12 PM

It's likely they will "ban" Bitcoin and its variants just to prevent people from abandoning Fiat altogether.

To offer us a false image of freedom, they only need to ban Mixers and any other kind of method of obfuscating transactions. If they are extra paranoid and desperate, they can also impose all addresses to be registered to ID's. As soon as they have these two bullets in, they are not going to care about Bitcoin existing as an alternative to Fiat.

They hate Bitcoin and knowing we have freedom. But they shall continue to show the same innocent face to the public and pretend they are standing up to our freedoms while fighting the enemy (terrorism. money laundering. et cetera). This is the only way they can make sure they do not become the enemy.

-
Regards,
PrivacyG

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