How much longer until paper money is no longer in circulation? - page 13.

Mahanton

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Quote from: Dickiy on December 06, 2022, 04:00:21 PM

Quote from: OgNasty on December 02, 2022, 04:56:50 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.

Dickiy

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Quote from: OgNasty on December 02, 2022, 04:56:50 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.

Lambe Ndumble

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I think the best system that will continue to survive is paper money, no specific specifications are needed to print paper money so that the case of counterfeit money continues to increase, then until when does the money money end? Of course, as long as there is a central bank, paper money will continue to exist.

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Quote from: Marvell1 on December 03, 2022, 11:19:58 AM

If I had to choose between paper money and CBDC, I would still prefer paper money. Although CBDC will make it more convenient and easier for us to store, what I find most frustrating about CBDC is that we have almost no privacy when using CBDC. The government tracks every transaction, even I buy a cup of coffee is tracked, every time I think about it, it makes me angry. If we use paper money, there is still a small amount of privacy.

Paper money is great in the sense that you get privacy with every transaction, but it's definitely bad for the environment. Not to mention, governments spend a lot of money when printing bills and coins in the process. Having a full-fledged digital cash system not only eliminates the need for countries to print more money (sort of), but it also reduces waste (money would be digital after all). Like it or not, I think CBDCs will render paper money obsolete as the world transitions towards the digital era. The future will consist more of intangible objects than tangible ones.

You can see how decentralized cryptocurrencies and NFTs have become extremely popular these days. It shows us digitalization is unavoidable. Of course, it will take years before paper money is phased out for good since not everyone is used to making digital payments on a daily basis (think about the elderly). I wouldn't need to worry about CBDCs as long as I have decentralized cryptocurrencies (eg: Bitcoin, Litecoin) by my side. Who knows what the future would like with CBDCs and crypto in play? Just my opinion

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Quote from: Marvell1 on December 03, 2022, 11:19:58 AM

Quote from: Finestream on December 02, 2022, 03:52:36 PM

However, having CBDCs is still a good option, not for the aim to replace paper money, but for the people to give them an option to where they feel more convenient to use.

If I had to choose between paper money and CBDC, I would still prefer paper money. Although CBDC will make it more convenient and easier for us to store, what I find most frustrating about CBDC is that we have almost no privacy when using CBDC. The government tracks every transaction, even I buy a cup of coffee is tracked, every time I think about it, it makes me angry. If we use paper money, there is still a small amount of privacy.

I would too, plus paper money is still used in many places and there is no alternative, like in cabs you still use paper money, or when you are buying stuff in bazaars (which is a big thing in some nations) those are all places you use cash. On the other hand CBDC is nothing but the money in your bank account or BUSD, these two already cover the difference so there is no need for it.

There needs to be something better offered to make us want to go to CBDC route, otherwise there is absolutely no need for them and paper money and digital banks could handle the rest. Obviously, there is also a chance governments could "ban" stablecoins, which could create a trouble, lets wait and see if they would do that.

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Quote from: Marvell1 on December 03, 2022, 11:19:58 AM

Quote from: Finestream on December 02, 2022, 03:52:36 PM

However, having CBDCs is still a good option, not for the aim to replace paper money, but for the people to give them an option to where they feel more convenient to use.

If I had to choose between paper money and CBDC, I would still prefer paper money. Although CBDC will make it more convenient and easier for us to store, what I find most frustrating about CBDC is that we have almost no privacy when using CBDC. The government tracks every transaction, even I buy a cup of coffee is tracked, every time I think about it, it makes me angry. If we use paper money, there is still a small amount of privacy.

Correct. by choosing paper money, our privacy will be maintained without being monitored by the government in our every transaction. even though we have freedom and privacy about finances that no one should see.

and I'm sure that several million people will prefer using paper money compared to digital money. because until now we still use banknotes as buying and selling transactions

Punakawan

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Various ways have been done to eliminate paper money, but everything will never be able to destroy paper money so I am sure that as long as there is a central bank, paper money will continue to survive because it is not possible to be eliminated because humans still need transactions.

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Quote from: Kadal Ijo on December 03, 2022, 02:58:05 AM

It does not matter if inflation or recession occurs with a paper money circulation, this is common and sometimes inflation is also good because making money circulation can occur to other regions, paper money is easy to control by the central bank because it has valid data and can control paper money.

The central bank always has valid data on banknotes in circulation because it is part of the task that the bank must know without having to wait for inflation or a recession first. And also to look at the circulation of money to other regions, I think it always goes without inflation or recession because money is always circulating all the time and you also have to know that each region has a different currency so that the money in circulation will not always be the same in every area.

Quote from: Fara Chan on December 04, 2022, 12:02:59 AM

It is not a problem if there is inflation or recession in the circulation of banknotes, because government regulations have regulated circulation and how much banknotes are printed, but when there is a recession and inflation, the public will lose value to the currency they save, because all materials including food will continue to increase. Therefore, saving banknotes cannot guarantee its value, but will not limit its circulation in the community.

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.

Lubang Bawah

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The volume of paper money is decreasing for direct transactions because now most people will use digital money, the presence of digital money certainly makes it easy for anyone to transactions and the central bank is easier to control the circulation of money, while paper money will be lost if humans are modern and the presence of the system Payment or transaction that is better than paper money.

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Quote from: Kadal Ijo on December 03, 2022, 02:58:05 AM

It does not matter if inflation or recession occurs with a paper money circulation, this is common and sometimes inflation is also good because making money circulation can occur to other regions, paper money is easy to control by the central bank because it has valid data and can control paper money.

It is not a problem if there is inflation or recession in the circulation of banknotes, because government regulations have regulated circulation and how much banknotes are printed, but when there is a recession and inflation, the public will lose value to the currency they save, because all materials including food will continue to increase. Therefore, saving banknotes cannot guarantee its value, but will not limit its circulation in the community.

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Quote from: Lambe Ndumble on December 03, 2022, 01:29:14 AM

It can be said that paper money is a symbol or pride of a country, and paper money is a simple thing because it can be used by anyone without the need to learn, this is what makes the country will continue to maintain paper money in order to provide convenience to its citizens for transactions, and I'm sure paper money paper will always be there and will never be destroyed.

I think it's more than that, because in this case paper money is still very much loved, especially with the current conditions which are still not evenly distributed from one region to another so that fiat and digital money will obviously be difficult to reach for some areas that are lagging behind.
For big cities, it may still be possible to use fiat or digital money, but for areas that are still underdeveloped, it will be very difficult to make transactions in buying and selling daily needs.

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Quote from: Finestream on December 02, 2022, 03:52:36 PM

However, having CBDCs is still a good option, not for the aim to replace paper money, but for the people to give them an option to where they feel more convenient to use.

If I had to choose between paper money and CBDC, I would still prefer paper money. Although CBDC will make it more convenient and easier for us to store, what I find most frustrating about CBDC is that we have almost no privacy when using CBDC. The government tracks every transaction, even I buy a cup of coffee is tracked, every time I think about it, it makes me angry. If we use paper money, there is still a small amount of privacy.

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Quote from: Fara Chan on December 03, 2022, 01:35:43 AM

Quote from: ShowOff on December 02, 2022, 12:41:57 PM

Inflation has affected currency values, but I never thought it would put paper money out of circulation. Paper money will always exist and will always be printed all the time regardless of whether its value has lost or strengthened, I can't even imagine when it will stop circulating because the probability of it stopping is very small.

Bitcoin, which is currently predicted to be better, is also not a substitute for paper money, so paper money will still exist even though people have better options to circulate among the public.

Inflation or recession will not affect the circulation of paper money, we have seen how devastating the recession destroys the world economy, but the circulation of paper money still quite dominates its circulation until now. Bitcoin can grow simultaneously amid the circulation of paper money in the community, this will not limit any of them and I think both of them deserve to walk together as legal tender and promising investments in the future.

It does not matter if inflation or recession occurs with a paper money circulation, this is common and sometimes inflation is also good because making money circulation can occur to other regions, paper money is easy to control by the central bank because it has valid data and can control paper money.

Fara Chan

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Quote from: ShowOff on December 02, 2022, 12:41:57 PM

Inflation has affected currency values, but I never thought it would put paper money out of circulation. Paper money will always exist and will always be printed all the time regardless of whether its value has lost or strengthened, I can't even imagine when it will stop circulating because the probability of it stopping is very small.

Bitcoin, which is currently predicted to be better, is also not a substitute for paper money, so paper money will still exist even though people have better options to circulate among the public.

Inflation or recession will not affect the circulation of paper money, we have seen how devastating the recession destroys the world economy, but the circulation of paper money still quite dominates its circulation until now. Bitcoin can grow simultaneously amid the circulation of paper money in the community, this will not limit any of them and I think both of them deserve to walk together as legal tender and promising investments in the future.

Lambe Ndumble

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It can be said that paper money is a symbol or pride of a country, and paper money is a simple thing because it can be used by anyone without the need to learn, this is what makes the country will continue to maintain paper money in order to provide convenience to its citizens for transactions, and I'm sure paper money paper will always be there and will never be destroyed.

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Quote from: Fortify on November 28, 2022, 05:45:42 PM

If anything has been a test recently for the ability to filter out hard currency, it was definitely Covid. The amount of people who switched to electronic payment methods surged throughout the pandemic and lots of online financial institutions benefited. Now we're somewhat seeing a reverse in that trend, as bad economic times in the form of recession have caused some to return to counting out coins and notes as a budgeting strategy. It seems like having cash available is good, especially as banks can break and having a backup solution of physical objects is helpful in certain circumstances. We're also forgetting that many other countries in the world are still playing catch up to the most cutting edge solutions in technology and accessibility.

Exactly. COVID-19 greatly increased mainstream adoption for digital payments. Not only that, but it also paved the way for remote jobs and telemedicine. We were heading into full digitalization because of the negative effects of the pandemic. Unfortunately, the Russo-Ukraine war has pushed society one step backwards due to rising energy costs. We cannot avoid paper money now when most people can't use electronic systems because of the high energy costs. It's going to take quite some time (decades maybe), before paper money is phased out for good.

At least, we already have digital currencies with us. With Bitcoin and other similar cryptocurrencies, we can dive into the world of digital payments without the need to wait for the launch of CBDCs. Those who adopt crypto/Blockchain tech now would be considered pioneers of this industry in a future where everything will turn digital. As long as decentralization prevails, nothing else matters. Just my thoughts Grin

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Quote from: OgNasty on December 02, 2022, 04:56:50 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.

Maybe it will happen in developing countries but in our place, that is impossible. I say this because I know that most of my countrymen lack in financial support, no gadgets, and no internet. I couldn't really imagine how they know about using the digital systems in that status of life but for sure they preferred to keep using paper money forever.

I see there is one reason why paper money can still be in circulation.
- capabilities to adopt the system

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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.

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Quote from: kawetsriyanto on November 22, 2022, 08:11:17 PM

It may be possible to replace paper money but it is impossible to live without physical money (cash & coins). The idea of turning everything to digital isn't realistic, there should be certain matters that can't be changed, including the need for physical money. Not every area/location can be reached by the internet, there is a limitation to using digital money. Also, not everyone prefers to use digital money for any transactions in daily life. In some cases, using digital money isn't as effective as physical money (ex: when you buy goods in traditional markets). Digital money requires the internet, the transaction sometimes takes time. These reasons make me doubt if CBDCs can replace paper money. I assume it is created as a complement to the needs of varied types of money in the current and future eras.

CBDCs might have the chance to replace paper money completely but definitely there will be a long process for that, and it’s hard and tough for sure. However, if we consider that most of the people are still attached to paper money and would hardly live without it, because it has been here for a lot of decade, so people have used to it and find it easy to transact in paper money than in digital currencies. Then paper money should be here for good, and CBDCs are just an alternative option for some users who prefer digital than traditional payment method.

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Quote from: Finestream on December 02, 2022, 03:52:36 PM

Quote from: Kelvinid on December 02, 2022, 07:56:26 AM

Quote from: Marvell1 on December 02, 2022, 12:16:31 AM

It is true that paper money is not going away anytime soon, but I do not think that it is due to illiteracy, for today there is a very low level of illiteracy. The disadvantage here is that the world population still makes up a large part of the elderly and they have difficulty using the internet, smartphones, and many places are still not exposed to the internet. In addition, for people with disabilities, they will also face difficulties in life without paper money, in many cases not being able to use the internet.

What makes fiat can't be replaced is that it gives already comfort to everyone.
For many years that we are using this, of course, all of us will surely think that paper money is very useful and adaptable to any status of life. Unlike these digital currencies that even a normal person suffered difficulties, how much more if we are PWD?

I don't think that it was necessary to stop using paper money. I don't think that we need to fully adopt digital if we know that many of us can't do it.

Well, thinking that we are now in a digital community, then hopefully everything will be in digital too. But I believe it won’t be possible not unless the people are already ready for it. And seeing the current scenario, the majority are still dependent on paper money regardless if they have disabilities or not, still paper money is widely used and would shift them living like hell if paper money will be totally wiped out. However, having CBDCs is still a good option, not for the aim to replace paper money, but for the people to give them an option to where they feel more convenient to use.

Two things which this thing cant be possible.

• Government wont allow for such thing to happen since centralization means everything or they do like to have all the control.
• The entire world or some communities or places cant really be able to know on how to make use of digitalized transactions or in any related to it.

Which means that fully integration and making up fiat in long no existence would really be hard to be applied.There's soo much thing which we do need up to adjust
before it could really happen and it is really just that hard to have that full switch up this is why its hard to believe on.

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