How much longer until paper money is no longer in circulation? - page 14.

Finestream

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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.

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Quote from: Fara Chan on December 01, 2022, 12:31:48 AM

It is very difficult to predict when paper money will stop circulating, in all countries paper money is the source of official purchases for purchasing products and services.

Paper money is clearly not going anywhere, it will still live in its functional dimension, the hegemony of paper money will continue to be maintained by the state for its survival, there will be no restrictions on the circulation of paper money in society, even though we are aware that the impact of inflation and recession is directly related to paper money and is unable to preserve the value of the currency in the future.

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.

uneng

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Paper money is the most efficient dealing method for criminals. If governments' goal was to curb criminal activity, they would be focusing on extinguishing paper money usage by the next decade, however, that is not the case... There could be already campaigns incentivizing digital transactions' methods, especially for people with 40+ years old, that seem to be the biggest challenge when executing the adoption of digital means, especially those at low educational levels, who didn't attend to school on their early times.

I think paper money isn't going away soon because it's interesting for public agents to have side secret deals which would be easily traced in case they were dealing through digital means, however, if there was good will and effort on this matter, paper money would be near to extinction already.

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Quote from: Cling18 on December 01, 2022, 10:45:58 AM

Paper money is also the top choice of most people especially those who don't want to adopt change and prefer using the traditional way of transacting. Some advanced areas are now switching to digital money because of the convenience and faster transactions but it will not work in areas without internet sources which still exist during this era. I believe that the circulation of paper money would still run continuously even with the presence of digital money.

Change are supposed to be a good thing. It means that the old thing are are going be replaced with a new one. It's more advance, more secure but I am doubting if I can say more easier. Maybe for us who are not ignorant and knows how to use a smartphone, computer and internet.

Digital money can make our life easier because we don't need to go outside anymore but we can send and receive money instantly. Internet is so common right now so the adoption of digital money is also growing. Here in my place, there are lot's of stores here which let's you fund your digital wallet account using a paper money. You can also exchange your digital money for paper money. Both are useful though.

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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.

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Quote from: Obari on November 30, 2022, 11:21:20 AM

There are a whole lots of factors that wouldn't make this come through and as far as I know, paper money isn't fading out anytime soon, electricity and internet supply has been one of the major reasons to why digital currency wouldn't easily phase out paper money anytime soon, same also applies to illiteracy, as there is also a high rate of illiteracy and this alone can really cause a long delay for digital currency to phase out Fiat.
One other thing that will drive the dominance of digital currency is the very rate of recession and inflation and more exposure to digitalization because with the current rate of this recession and inflation, people are now seeking for every means to make more money with minimal effort.

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.

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Quote from: Abiky on November 09, 2022, 06:47:16 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.

Paper money plays a very essential role peculiar to it just like digital money , especially in the third world nation's where we have many people that are not yet even accustomed to the use of debit/credit cards thereby entrusting and holding their money in piggy box as safes which they feel convenient with.
And going by the level of technology is that part of the world even credit/debit card system has many pitfalls as their technological reach is below average with lots of disappointments on customers and the security of their money .

If any Central Bank of any country wants to adopt a digital currency system for themselves then the best way to go by it is to allow both the paper money and the digital currency to operate side by side allowing people to see and test the workability of the new system which they will willingly build an interest in the digital currency system and gradually let go of the use of paper money.

But that been said, I still don't see the paper money totally phasing out even in the next hundred years to come.

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Quote from: Cling18 on December 01, 2022, 10:45:58 AM

Paper money is also the top choice of most people especially those who don't want to adopt change and prefer using the traditional way of transacting. Some advanced areas are now switching to digital money because of the convenience and faster transactions but it will not work in areas without internet sources which still exist during this era. I believe that the circulation of paper money would still run continuously even with the presence of digital money.

That's why paper money will still circulate according to its function, even in developed countries there are still many people who transact using paper money, even though some countries have adopted digital money, so it's still quite difficult for paper money to stop circulating.

Moreover, the state has special rules regarding the circulation of banknotes in terms of purchasing goods and services. And in the digitalization era, the internet is also a support for the process of digital money travel, however, in my view, the circulation of paper money will continue.

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Quote from: Ani1985 on November 30, 2022, 06:42:52 AM

Inflation and economic recession that continues to occur and repeated due to paper money, the central bank will never be able to maintain the value of paper money because of the complexity of the national financial system, it is time for the state to think that the concept of paper money must have a guarantee of value for example referring to gold and silver so that when the price of gold rises, the value of paper money will rise or vice versa.

Gold-backed national fiat money was implemented in the past but it has been phased out and today governments can print as much as they want with no strings attached. The fiat money system will inevitably become more and more difficult to control as the society gets bigger and the economy becomes more complex. The demise of the current paper money is only a matter of time and there will be a new currency to be replaced but will remain the one created by the government.

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Quote from: Fara Chan on December 01, 2022, 12:31:48 AM

Quote from: Woodie on November 30, 2022, 10:34:48 AM

Paper money is going nowhere because it has its advantages which people like to taka advantage of for example there are certain businesses that just want to be paid by it and leave no money trails for various reasons . And knowing some people who are paranoid about money safety and choose to use hard cash over digital platforms to avoid been hacked, identity theft, phished etc, unfortunately paper money is going nowhere !

It is very difficult to predict when paper money will stop circulating, in all countries paper money is the source of official purchases for purchasing products and services.

Paper money is clearly not going anywhere, it will still live in its functional dimension, the hegemony of paper money will continue to be maintained by the state for its survival, and there will be no restrictions on the circulation of paper money in society, even though we are aware that the impact of inflation and recession is directly related to paper money and is unable to preserve the value of the currency in the future.

Paper money is also the top choice of most people especially those who don't want to adopt change and prefer using the traditional way of transacting. Some advanced areas are now switching to digital money because of the convenience and faster transactions but it will not work in areas without internet sources which still exist during this era. I believe that the circulation of paper money would still run continuously even with the presence of digital money.

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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.

- I agree with what you said, for example, if you are in a remote area or forest and mountains that are weak and have no internet it will not apply to digital money or currency.

And then it's not realistic in this generation, maybe it's only in this aspect that it can happen where paper money and digital currency are used equally, which in my view helps in different aspects of our life like just giving a source of income to anyone who has no income, is that right?

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Quote from: Woodie on November 30, 2022, 10:34:48 AM

Paper money is going nowhere because it has its advantages which people like to taka advantage of for example there are certain businesses that just want to be paid by it and leave no money trails for various reasons . And knowing some people who are paranoid about money safety and choose to use hard cash over digital platforms to avoid been hacked, identity theft, phished etc, unfortunately paper money is going nowhere !

It is very difficult to predict when paper money will stop circulating, in all countries paper money is the source of official purchases for purchasing products and services.

Paper money is clearly not going anywhere, it will still live in its functional dimension, the hegemony of paper money will continue to be maintained by the state for its survival, there will be no restrictions on the circulation of paper money in society, even though we are aware that the impact of inflation and recession is directly related to paper money and is unable to preserve the value of the currency in the future.

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Quote from: Abiky on November 09, 2022, 06:47:16 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.

Greenbacks have been with us since time immemorial, it literally powered us humans into becoming a self-sustaining society. That alone makes me think that the dream of some radical bitcoin visionaries here where they want cryptocurrency to completely replace fiat completely, a little too impossible. For me, my concept of global adoption is that everyone has at least a couple of cryptocurrencies in their wallets they can use and exhaust, whilst still having money on their wallet to pay for products and services upfront. In my opinion this sounds better than the idea of crypto completely erasing fiat's utilization off the planet, because with the current state of crypto, even the smallest types of purchase will take a long time to be processed.

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now in 2022 there are many differences in previous years because with people using digital money a lot compared to direct money, in my opinion direct money is not going anywhere it will continue to circulate, many people digital money is simpler even places even the smallest shopping now is assisted by transactions to pay with digital money, so the longer the point is, the direct money is getting less and less, but it won't disappear, like I myself have never carried money directly because digital money is more practical, many people now understand and have understand from a security point of view.

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There are a whole lots of factors that wouldn't make this come through and as far as I know, paper money isn't fading out anytime soon, electricity and internet supply has been one of the major reasons to why digital currency wouldn't easily phase out paper money anytime soon, same also applies to illiteracy, as there is also a high rate of illiteracy and this alone can really cause a long delay for digital currency to phase out Fiat.
One other thing that will drive the dominance of digital currency is the very rate of recession and inflation and more exposure to digitalization because with the current rate of this recession and inflation, people are now seeking for every means to make more money with minimal effort.

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Paper money is going nowhere because it has its advantages which people like to taka advantage of for example there are certain businesses that just want to be paid by it and leave no money trails for various reasons . And knowing some people who are paranoid about money safety and choose to use hard cash over digital platforms to avoid been hacked, identity theft, phished etc, unfortunately paper money is going nowhere !

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Quote from: Joshapat on November 29, 2022, 12:47:58 AM

In my opinion, paper money will continue to survive because it has a physical, fast transactions with paper money or cash will continue to occur because human needs will be the same, namely buying and the needs of paper money will continue to be maintained, especially during the presence of the central bank.

You are right, but gradually the demands of technological sophistication will continue to develop and digital transactions are actually implemented. 10 to 20 years from now I'm not sure that paper money will survive. unless indeed the process of equalizing the digital economy is not on an unreachable scale. It can refer to an entity or race that upholds traditional cultural values but still use fiat or paper money as a means of transaction, while the digital industry they have options for easier and simpler transaction processes.

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Inflation and economic recession that continues to occur and repeated due to paper money, the central bank will never be able to maintain the value of paper money because of the complexity of the national financial system, it is time for the state to think that the concept of paper money must have a guarantee of value for example referring to gold and silver so that when the price of gold rises, the value of paper money will rise or vice versa.

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Quote from: wmaurik on November 30, 2022, 02:43:45 AM

Quote from: Joshapat on November 29, 2022, 12:47:58 AM

In my opinion, paper money will continue to survive because it has a physical, fast transactions with paper money or cash will continue to occur because human needs will be the same, namely buying and the needs of paper money will continue to be maintained, especially during the presence of the central bank.

Everyone who buys their necessities of life using paper money usually buys several kinds of goods for themselves at very affordable prices or in other words at very low prices. Why is that, because it is caused by the difficulty of carrying large amounts of banknotes or large amounts when you want to buy luxury items that are much more expensive.

That is one of the shortcomings that still exist in paper money so that the option for developing digital currency is clearly needed by everyone nowadays in order to make it easier to purchase transactions in larger sizes by only carrying one simple device. Yes, indeed paper money does not need to be eliminated from this earth as long as it can still be used and accepted by many people, but placing it in certain options is a very good thing in my opinion.

People can carry highest available banknotes, which makes it not so difficult to carry. For example this is how one million looks like:

That is not that much to carry. Fits perfectly in any backpack. But the think is - not in every country it is allowed to make so large cash payments. For example in some of European countries, it is not allowed to pay more than 7000 EUR for item or service in cash. You can pay 7000 EUR by cash and other part by transaction. Carrying isnt that much problem.

I can not support your idea of placing limits for cash. That does not make sense. You have earned it, but someone controls what you can do with your cash. I am for - let person decides himself what kind of payment is more convenient to him. I believe that very quickly people will come to decision that cash is inconvenient.

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Quote from: Joshapat on November 29, 2022, 12:47:58 AM

In my opinion, paper money will continue to survive because it has a physical, fast transactions with paper money or cash will continue to occur because human needs will be the same, namely buying and the needs of paper money will continue to be maintained, especially during the presence of the central bank.

Everyone who buys their necessities of life using paper money usually buys several kinds of goods for themselves at very affordable prices or in other words at very low prices. Why is that, because it is caused by the difficulty of carrying large amounts of banknotes or large amounts when you want to buy luxury items that are much more expensive.

That is one of the shortcomings that still exist in paper money so that the option for developing digital currency is clearly needed by everyone nowadays in order to make it easier to purchase transactions in larger sizes by only carrying one simple device. Yes, indeed paper money does not need to be eliminated from this earth as long as it can still be used and accepted by many people, but placing it in certain options is a very good thing in my opinion.

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