How much longer until paper money is no longer in circulation? - page 12.

Abiky

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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

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Quote from: Inwestour on December 09, 2022, 01:44:35 AM

Quote from: fuguebtc on December 08, 2022, 04:55:07 AM

It is also my opinion that paper money will never disappear because if we get rid of paper money altogether, there would be a lot of problems will arise. But it seems you are misunderstanding, eliminating the use of paper money does not mean we will use bitcoin but instead CBDC or some other currency created and controlled by the government. Having Bitcoin completely replace fiat money is a paranoid fantasy that will never come true.

Why do you think that paper money will never disappear? I'm not saying that it can happen in the near future, but I think it is possible. Many countries will create their own digital currencies, which they will be able to fully control, and will gradually introduce them into our daily lives. As a result, there will be less and less structures that will accept paper money, there will be less and less of them, and this will lead to the fact that a person cannot do without them in order to exist in society. It will be similar to how you now pay with a credit card in a store, there is nothing complicated about it, people will quickly get used to it.

Credit cards, you see credit cards have appeared for a long time, and the purpose is also to bring convenience to people, but so far it has yet to be able to replace paper money completely. People still use paper money rather than credit cards to this day. Currently, many countries have used 5G technology. However, besides that, many places in the world do not have internet coverage or are still using the technology of the 90s, so if they give up paper money, it will be a big problem for them. Not to mention internet problems are still prevalent and how would CBDCs work without the internet? Even in the future, I don't believe these problems will be fixed entirely.

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Quote from: Hypnosis00 on December 06, 2022, 05:39:03 PM

Honestly, It was too hard to predict when. However, we can never say NO to it as the development and adoption continues. It will certainly take a long time to see it happen, maybe 100 years (or even more). It can be shorter if we see the most significant reason for switching to digital currencies but for now, we haven't seen it yet.

I can't predict how many years it will take for digital currencies to normalize, but with this, I can illustrate that we need one to five new generations to accept digital currencies as legitimate global and local currencies without much question.

Just as I, who was born in the 20th century, did not ask many questions with Fiat money, why can pieces of paper be used to exchange goods and so on? Likewise, the new generation was born without doing much asking why digital-based exchange tools.
The circulation of FIAT money will gradually decrease in tandem with developments in technology and human resources because they will feel the need for digital money like we do with FIAT currency.

Quote from: Jody.Drummer on December 07, 2022, 11:10:40 AM

I know that it is possible that civilization is getting more and more sophisticated and people are starting to think about how to continue to make their lives easier.
But on the other hand, for now, the circulation of paper money, which has been going on for a very long time as a medium of exchange for buying and selling, is still having difficulties and even in some areas in small areas there are still many people who do barter and this still exists in several regions in my country.
This can only happen to countries that are indeed more advanced and whose citizens understand technology, maybe they can still do it, but if in underdeveloped areas, progress like this will be hampered and when paper money is not implemented, it will be even more difficult for them.

Maybe it's true that they do that because it is a culture that is maintained in several tribes in remote areas.
But with the distribution of technology and the distribution of internet networks, they will slowly keep up with the times.

Additional thoughts
The circulation of FIAT money will gradually decrease along with the development of technology and human resources because they will feel the need for digital money as we feel for FIAT currency.

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Quote from: fuguebtc on December 08, 2022, 04:55:07 AM

It is also my opinion that paper money will never disappear because if we get rid of paper money altogether, there would be a lot of problems will arise. But it seems you are misunderstanding, eliminating the use of paper money does not mean we will use bitcoin but instead CBDC or some other currency created and controlled by the government. Having Bitcoin completely replace fiat money is a paranoid fantasy that will never come true.

Why do you think that paper money will never disappear? I'm not saying that it can happen in the near future, but I think it is possible. Many countries will create their own digital currencies, which they will be able to fully control, and will gradually introduce them into our daily lives. As a result, there will be less and less structures that will accept paper money, there will be less and less of them, and this will lead to the fact that a person cannot do without them in order to exist in society. It will be similar to how you now pay with a credit card in a store, there is nothing complicated about it, people will quickly get used to it.

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Quote from: CageMabok on December 04, 2022, 06:02:25 AM

Actually the value of money that is considered lost is when all goods and services experience an increase in price so that money seems to have lost value in the eyes of society. Due to the high cost of all the goods needed by society, money with a very small amount of value will be meaningless except for money with a larger amount of value. So that is actually what many people are afraid of at this time because when money values seem insignificant, then everyone will be forced to work hard beyond the work target that is usually done every day.

That's right, price increases can affect the value of money, for example today you buy one product, then in five years from now you can no longer use the same amount of money to buy that product.
Apart from the difficulty in finding work, wages are also the biggest problem at the moment, the balance between the two is often contradictory, so that workers are forced to continue to work according to the current model. However, even though money cannot maintain its value, due to the increase in goods and services, paper money will continue to circulate in society.

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Quote from: Lanatsa on December 07, 2022, 04:42:46 PM

Quote from: jossiel on December 07, 2022, 03:56:39 PM

We don't know what will happen 100 years from now. I think most of the countries are modern by that time but with the current time, we don't know how long it will take until paper money is gone.

With the technology that's too quick in innovation, satellite technology might be reliable by that time and even in the most remote places, it's possible to gain internet access. Well, we don't know how it will look like but that's something possible with that long and span of time.

Im picturing it out that it would really be going into the same path on what China has done on where they do make their currency or having that digital Yuan.Its true that we dont know on what would happen in the

future and there would really be lots of changes and possible things that might happen that we arent that expecting.Just like the rest been saying that there's no way that fiat would really be out of existence.

It is really just that impossible for government to replace fiat which is something that cant be controlled.Paper money would exist no matter what and we know that
not all would really be that knowledgeable on digital things and there are corners of the world who arent aware on how these things works.

China just got various payment processors that's been widely adopted by its citizens and that's why they've got cashless transactions mostly in their country.

But, cash is still there yet it's being used by majority of their citizens. It's not that really a digital yuan but online and digital transactions with the help of those companies that have been partnered to their government for ease and cashless transactions.

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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?

Digital currency can never stop the existence of fiat currency but can only save as alternative and that is what people are hoping for not to perish fiat currency. If truly you want digital currency to replace fiat currency how those who are not educated will be treated or are you think that illiteracy will one day end in this world? I don't think that can happen.

Fiat currency is the only easy ways that some small entrepreneurship can operated especially those who have small store and likely taxes operators. It will be easy for them operating in digital currency. And with this issues of scammers which are coming more common in cryptocurrency industry I don't think it will even make sense for digital currency to replace paper money. And sometimes happiness comes when we hold the paper money not just seeing the figures of numbers in account.

fuguebtc

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Quote from: Mahanton on December 06, 2022, 03:20:21 PM

Quote from: Dickiy on December 06, 2022, 03:00:21 PM

Quote from: OgNasty on December 02, 2022, 03:56:50 PM

I can't imagine paper money just going away... Even when it is removed from circulation it will probably be phased out, but I'm sure there will always be a bank you can take paper to in order to get whatever value is passed around at the time. I imagine there are older folks who will not be able to move to a new system and will rely on cash because that's what they've always used. All that considered, you are already seeing cash use diminish in most countries and I think by 2040 kids won't even see cash in their lifetimes out of collections.

The increase in the use of digital money in several countries is dominated by young people who currently use digital money more than cash, including me. Yes, the circulation of paper money may be stopped, but I'm not sure that paper money will be removed from circulation because paper money is a form of sovereignty of a country, and what convinces me more is of course if all digital-based transactions will be very difficult if the electricity goes out or there is no internet. I think people will always carry banknotes with them, even if they are few, just in case something like that happens.

It cant be stopped and this is something that wont really happen as long government does exist and there's no way that they would be allowing such thing where decentralized stuffs would take over.
I could say that it is really a dumb thing to mind and belief on where you did really come into a point which you are really that too optimistic that everything could be replaced.
Circulation? they could anytime print up paper fiat but somehow in controlled manner since we do know on how inflation works.
So its better not to stress out yourself in this regard because it cant really just be happening.

It is also my opinion that paper money will never disappear because if we get rid of paper money altogether, there would be a lot of problems will arise. But it seems you are misunderstanding, eliminating the use of paper money does not mean we will use bitcoin but instead CBDC or some other currency created and controlled by the government. Having Bitcoin completely replace fiat money is a paranoid fantasy that will never come true.

Sayeds56

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Quote from: Husires on November 09, 2022, 09:58:51 AM

Some countries, especially in South and East Asia and small countries, are able to achieve a high percentage of zero cash, but countries in Africa and many non-industrial countries will need decades to develop infrastructure, electricity, and citizen behavior.

Debit cards and others are the backbone of many economies.

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.

Maximo Spohn

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At present, paper currency will still exist for a long time. Coins and paper money may disappear, but money will never disappear. If one day, none of us need physical currency anymore, then coins and banknotes will be abolished.

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Quote from: jossiel on December 07, 2022, 03:56:39 PM

Quote from: Yawa2020 on December 07, 2022, 03:11:50 PM

I don't think it will actually happen even after that 100 years to come. Considering some fact especially the remote villages who have no access to internet networks. I don't think it'll be possible, at least for now it's not yet, to access digital without having access to internet. Besides, it's even unnecessary to phase out the paper money.

We don't know what will happen 100 years from now. I think most of the countries are modern by that time but with the current time, we don't know how long it will take until paper money is gone.

With the technology that's too quick in innovation, satellite technology might be reliable by that time and even in the most remote places, it's possible to gain internet access. Well, we don't know how it will look like but that's something possible with that long and span of time.

Im picturing it out that it would really be going into the same path on what China has done on where they do make their currency or having that digital Yuan.Its true that we dont know on what would happen in the

future and there would really be lots of changes and possible things that might happen that we arent that expecting.Just like the rest been saying that there's no way that fiat would really be out of existence.

It is really just that impossible for government to replace fiat which is something that cant be controlled.Paper money would exist no matter what and we know that
not all would really be that knowledgeable on digital things and there are corners of the world who arent aware on how these things works.

Russlenat

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

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 don’t see it happening now and in the future. CBDCs are still the product of central bank and all central banks are controlled by the government, and that government officials are personally benefiting from paper money. So there’s no chance that paper money usage will be put into oblivion. Although I’m very open for digital currencies, but I don’t see high chances for paper money to be completely replaced.

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Quote from: Yawa2020 on December 07, 2022, 03:11:50 PM

I don't think it will actually happen even after that 100 years to come. Considering some fact especially the remote villages who have no access to internet networks. I don't think it'll be possible, at least for now it's not yet, to access digital without having access to internet. Besides, it's even unnecessary to phase out the paper money.

We don't know what will happen 100 years from now. I think most of the countries are modern by that time but with the current time, we don't know how long it will take until paper money is gone.

With the technology that's too quick in innovation, satellite technology might be reliable by that time and even in the most remote places, it's possible to gain internet access. Well, we don't know how it will look like but that's something possible with that long and span of time.

Yawa2020

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Quote from: Hypnosis00 on December 06, 2022, 05:39:03 PM

Honestly, It was too hard to predict when. However, we can never say NO to it as the development and adoption continues. It will certainly take a long time to see it happen, maybe 100 years (or even more). It can be shorter if we see the most significant reason for switching to digital currencies but for now, we haven't seen it yet.

The government and merchants have huge participation in regard to this. They have some influence that could really affect the adoption process.

I don't think it will actually happen even after that 100 years to come. Considering some fact especially the remote villages who have no access to internet networks. I don't think it'll be possible, at least for now it's not yet, to access digital without having access to internet. Besides, it's even unnecessary to phase out the paper money.

Sanitough

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Quote from: OgNasty on December 02, 2022, 03:56:50 PM

I can't imagine paper money just going away... Even when it is removed from circulation it will probably be phased out, but I'm sure there will always be a bank you can take paper to in order to get whatever value is passed around at the time. I imagine there are older folks who will not be able to move to a new system and will rely on cash because that's what they've always used. All that considered, you are already seeing cash use diminish in most countries and I think by 2040 kids won't even see cash in their lifetimes out of collections.

Personally, I can’t figure it out if paper money will be out in circulation since majority of us are used to it already. I would really want to believe that it’s staying for good but we also know that traditional money is already left behind as having digital currencies or CBDCs have more advantage since we are already in a digital age. However, if CBDCs has its aim to replace paper money, then maybe it should be happening by now, but it seems that CBDCs are just made to co exist with paper money, just to give more option to the users so they can use where they feel more convenient about it.

YOSHIE

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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.

Almost an average of countries in the world, out of a total of 195 countries, for now there are already 87 countries exploring CBDCs, as a means of storage, exchange/payment in digital form, good aim.

Based on the quote below.

Quote

The real function of CBDC is to minimize the costs of printing, transporting, storing and disposing of banknotes which are quite high.

I took the last point from the black label quote and from other sources i saw about CBDC wallet.

Quote

1. The first type of wallet is a maximum of $7.171 per payment, a daily limit of $14.343 and an annual limit of $71.717.
2. The second type of wallet is a maximum of $717 per payment, a daily limit of $1.434, and an annual limit of $43.030.
3. The third type of wallet is a maximum of $286 per payment, a daily limit of $286 and an annual limit of $7.171.
4. The fourth type of wallet is a maximum of $71 per payment, a daily limit of $143, and an annual limit of $1.434.

Pretty clear, if countries explore digital currency and establish nominal and maximal features and methods in the wallets that are used by the people, I think paper money will disappear in the next 2-3 years time.

Whether digital currency CBDCs, can run according to plan......!!

Jody.Drummer

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Quote from: Hypnosis00 on December 06, 2022, 05:39:03 PM

Honestly, It was too hard to predict when. However, we can never say NO to it as the development and adoption continues. It will certainly take a long time to see it happen, maybe 100 years (or even more). It can be shorter if we see the most significant reason for switching to digital currencies but for now, we haven't seen it yet.

The government and merchants have huge participation in regard to this. They have some influence that could really affect the adoption process.

Even though technology is now advancing, I actually feel that paper money will never be left behind.
I know that it is possible that civilization is getting more and more sophisticated and people are starting to think about how to continue to make their lives easier.
But on the other hand, for now, the circulation of paper money, which has been going on for a very long time as a medium of exchange for buying and selling, is still having difficulties and even in some areas in small areas there are still many people who do barter and this still exists in several regions in my country.
This can only happen to countries that are indeed more advanced and whose citizens understand technology, maybe they can still do it, but if in underdeveloped areas, progress like this will be hampered and when paper money is not implemented, it will be even more difficult for them.

capedbaldy

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Quote from: Hypnosis00 on December 06, 2022, 05:39:03 PM

Honestly, It was too hard to predict when. However, we can never say NO to it as the development and adoption continues. It will certainly take a long time to see it happen, maybe 100 years (or even more). It can be shorter if we see the most significant reason for switching to digital currencies but for now, we haven't seen it yet.

The government and merchants have huge participation in regard to this. They have some influence that could really affect the adoption process.

I agree with you, anyone will say "Impossible" that paper money will disappear and the government does not agree to replace physical money with digital currency, but think about the future era because recently there was news about the discourse related to the CBDC development plan which will be realized in future. So in the current era of digitalization, the use of paper has begun to be reduced for environmentally friendly factors, even the use of postage stamps has been replaced by electronic systems, so it is not impossible that printing for banknotes will be adjusted because the use of electronic currency has increased and many shops have adopted the acceptance of future electronic payments.

Hypnosis00

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Honestly, It was too hard to predict when. However, we can never say NO to it as the development and adoption continues. It will certainly take a long time to see it happen, maybe 100 years (or even more). It can be shorter if we see the most significant reason for switching to digital currencies but for now, we haven't seen it yet.

The government and merchants have huge participation in regard to this. They have some influence that could really affect the adoption process.

Mahanton

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Quote from: Dickiy on December 06, 2022, 03:00:21 PM

Quote from: OgNasty on December 02, 2022, 03:56:50 PM

I can't imagine paper money just going away... Even when it is removed from circulation it will probably be phased out, but I'm sure there will always be a bank you can take paper to in order to get whatever value is passed around at the time. I imagine there are older folks who will not be able to move to a new system and will rely on cash because that's what they've always used. All that considered, you are already seeing cash use diminish in most countries and I think by 2040 kids won't even see cash in their lifetimes out of collections.

The increase in the use of digital money in several countries is dominated by young people who currently use digital money more than cash, including me. Yes, the circulation of paper money may be stopped, but I'm not sure that paper money will be removed from circulation because paper money is a form of sovereignty of a country, and what convinces me more is of course if all digital-based transactions will be very difficult if the electricity goes out or there is no internet. I think people will always carry banknotes with them, even if they are few, just in case something like that happens.

It cant be stopped and this is something that wont really happen as long government does exist and there's no way that they would be allowing such thing where decentralized stuffs would take over.
I could say that it is really a dumb thing to mind and belief on where you did really come into a point which you are really that too optimistic that everything could be replaced.
Circulation? they could anytime print up paper fiat but somehow in controlled manner since we do know on how inflation works.
So its better not to stress out yourself in this regard because it cant really just be happening.

Topic: How much longer until paper money is no longer in circulation? - page 12. (Read 4343 times)