How much longer until paper money is no longer in circulation? - page 17.

wmaurik

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Quote from: Vlad1977 on November 13, 2022, 10:02:40 PM

“Using digital currency is no longer an issue, it’s a timing, the global pandemic crisis has led to new habits among consumers around the world, they are giving up cash, and businesses are responding,” said Daniel Schulman, Digital The development of money can ultimately help improve the financial health of people, households and businesses around the world.

Time will indeed answer everything, because the use of digital currency will soon penetrate all regions of the world over time slowly, although the use of fiat or paper currency will not just disappear amid the development of digital currency and its applications in society.

And if it is associated with health problems, the use of paper money can also be very safe as long as the person giving and the person receiving wear gloves for better health protection although it is also more complicated when compared to the use of digital currency which can be used very simply without have to think about gloves or something.

yhiaali3

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I think that the energy crisis in the world at the present time will delay the transformation of paper money into digital money for a long time, digital money needs a major infrastructure that depends mainly on electricity, the infrastructure mainly includes the Internet, the local network or ATMs, and all of these need electricity To keep them working permanently, what if an energy crisis developed and governments couldn't provide enough electricity to keep these systems working continuously day and night?
I think we are still far from having permanent, cheap, clean energy and therefore a bit far from a full transition to the age of digital money.

virasisog

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Quote from: bakasabo on November 14, 2022, 04:34:50 AM

I think that paper money will always stay in circulation. First, because there are places or people who prefer to be paid in a physical item, then with something digital. This is due to people trust more to a dollar bill in a hand (dollar is just an example), than to a bunch pixels on a screen. Second, there will always be shady deals. Paper money is still the best untraceable payment. Third - paper money is issued by the government. Government has sort of control over finances. Digital money, crypto, etc - are issued by third parties, which means less controllable.

In the current situation that we have, we're already in the modern days yet there are still lots of people who prefer the traditional mode of payment and don't want digital adoption while in some third world countries, there are still places that don't have enough equipment or even the internet connection to access online wallets and transact digitally. So fiat will still be in circulation which I think would be hard to replace or eliminate. The government won't push through digital money adoption including cryptocurrency alone without the existence of fiat.

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I think that paper money will always stay in circulation. First, because there are places or people who prefer to be paid in a physical item, then with something digital. This is due to people trust more to a dollar bill in a hand (dollar is just an example), than to a bunch pixels on a screen. Second, there will always be shady deals. Paper money are still the best untraceable payment. Third - paper money are issued by government. Government have sort of a control over finances. Digital money, crypto and etc - issued by third party, means less controllable.

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Quote from: cheezcarls on November 14, 2022, 02:31:25 AM

The problem is that we do not know when will the paper money gonna cease to exist. In my own opinion, I think paper money is here to stay as transitioning to digitalization will take so many decades. Even the very old trading method of barter is still here in the modern world. I do not think the world is ready yet soon to cease paper money entirely, which may depend on every country.

As long as there are parts of the world where there is no internet or that most people cannot afford it, it won't go away. And even when there is internet and digital cash, when there are some people who insist on not to use it, we will always have paper money. As much as I love crypto and digital money I totally get why some people just want to use cash in hand. It can be slightly less convenient, but it meets different needs.

Just like as you say barter, which is still alive and well in some countries.

cheezcarls

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The problem is that we do not know when will the paper money gonna cease to exist. In my own opinion, I think paper money is here to stay as transitioning to digitalization will take so many decades. Even the very old trading method of barter is still here in the modern world. I do not think the world is ready yet soon to cease paper money entirely, which may depend on every country.

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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.

it will take a very long time to abolish paper money, many factors hinder, one of which,

- among less tech-savvy parents

this aspect will definitely hinder, because there are still many parents who still don't understand technology, don't even want to use it, surely this will become an obstacle and debate.

- requires a stable internet connection

in developing countries it is not like developed countries, with the speed and stability of very good internet connections, surely this aspect will be a complaint, especially in countries where internet connections are not evenly distributed.

bitzizzix

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I don't think that's likely, even though in 2060 fiat money still exists and will probably coexist with crypto or something else.
and try to imagine for the lower economic class or the poor who do not have a smartphone, how they transact.
Unless the government gives smartphones to all the poor for free, paper money probably won't exist. But it is still very long ago that we will never know and feel because most likely we are no longer in this world. Cheesy

Vlad1977

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“Using digital currency is no longer an issue, it’s a timing, the global pandemic crisis has led to new habits among consumers around the world, they are giving up cash, and businesses are responding,” said Daniel Schulman, Digital The development of money can ultimately help improve the financial health of people, households and businesses around the world.

Abiky

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Quote from: NeuroticFish on November 10, 2022, 09:20:30 AM

Of course they're pushing it. Paper money needs printing almost continuously. There are always banknotes that get damaged and they'll get burned (or melted) and replaced with new ones. That costs money.
If they manage to reduce the amount of "paper" money needed to stay in circulation to half, they will save a lot of money from this cycle.

Then, obviously, digital money - no matte it's banks, visa or CBDCs - it's easy to track.
And, as we already know, CBDCs will probably also be easy to freeze or seize, giving governments even more power.

But, by the law (or possibly the constitution?), the government has to ensure each and every citizen has access to the money. And if internet and technology is not available.. phasing out paper money will be illegal/unconstitutional. Simple.

I think there's still a long road ahead before we see paper money being phased out for good. It's likely neither you or I will be alive by the time this happens. As you've said before, there are many parts of the world where Internet access (and technology) is not available. How would people begin using a digital currency if they don't know how it works or even have the necessary tools to make a payment? It's possible CBDCs will live alongside paper money for quite some time. It'll be the same as credit/debit cards where paper money is still being used even though the former proves to be superior.

My guess is that paper money would cease to exist 50 years from now. Governments would not only need to develop and launch CBDCs to the public, but also provide the necessary infrastructure (eg: Internet access) to help make people adopt the new system. They would also need to educate the masses about digital currency payments, especially when there are many people who have never heard about or used crypto before. Of course, privacy will be gone once CBDCs reach the mainstream. But at least, we'll have decentralized cryptocurrencies like Bitcoin and Monero at our side. Who knows what the future will bring? Just my thoughts Grin

meser#

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My optimistical opinion should be as soon as possible

But, it need a lot of thing has been done. First of all if we are talking about all around the world, every person must have internet connection and devices. "Nearly 3 billion people – or 37% of the world’s population – have never used the internet, according to the United Nations, despite the Covid-19 pandemic driving people online." ^{(https://www.theguardian.com/technology/2021/nov/30/more-than-a-third-of-worlds-population-has-never-used-the-internet-says-un)}. Secondly we need stable internet connection which all around the world even exist top of the Everest

We'll have to make Elon rich for this Cheesy

The third and final inference is that we cannot see this happen. Because we need at least 40 years for all humanity to adapt to the technology brought by the computer and the internet. After adaptation 20 or 30 years needed to implicate to life. If we are lucky to live till 80-90 age we can see that happen

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Quote from: Semar Mesem on November 13, 2022, 02:26:02 AM

The position of paper money is still strong even though it is often problematic, the main problem with paper money is inflation because the government is free to print money so that paper money has no value. how long does paper money last? of course as long as there is a central bank.

Regardless of how high the inflation of paper money, I think it will stay and still in circulation for decades to come and as long as the whole world is not digitized yet. Digital currency and CBDC will be implement along paper money but the moment global digitalization is complete, we might see central banks pulling out paper money and start to implement digital money or CBDC. I believe the digitalization process will be the determining factor for the papermoney to become obsolete.

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Paper money will coexist with digital money and will always be in circulation. Why? First, it’s a lot easier to track. Besides cash is still needed for a little while for a large part of the population. In addition, it’s way easier for people to track my expenses with. On the other hand, digital money may have problem especially with payment transactions viz-a-viz the high rates of hidden fees that cashless payment services required to pay in order to use their service. Inaddition to the numerous security concerns.

Balmain

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Due to the global blocking and political conjuncture between countries there will be a transition from banknotes to crypto. In the coming period, the banknotes we know will gradually leave their place to cryptocurrencies. It's a process. Because the circulation of cryptocurrencies is much more fluid. The government cannot keep track of where the paper money goes but in this system, even though the names of the users are unknown the emission circulation amount and where the money flows can be monitored from the open ledger. When the last person who doesn't know the digital world is wiped from the face of the earth, the banknotes will disappear completely.

Semar Mesem

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The position of paper money is still strong even though it is often problematic, the main problem with paper money is inflation because the government is free to print money so that paper money has no value. how long does paper money last? of course as long as there is a central bank.

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Quote from: Viscore on November 12, 2022, 04:38:57 PM

Quote from: Mahanton on November 10, 2022, 05:45:33 PM

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.

No matter how far we would progress out but still paper fiat would really be still on existence and as long government exist then they wont really be letting these things to happen along the way.
We cant really deny the fact that fiat do really plays out a major role.It might be having its cons but lets just not set aside when it comes to its pros and benefits.
Paper money could be printed out but of course it would really be on a constraint or controlled manner which we know that inflation could really be an inevitable thing.
No matter how CBDC's would be that rampant in near future but still its hard to believe that fiat would really wiped out from existence.

And if ever it could really be phased out by chance, then it will take another long years before paper money will completely vanish and everything will be dependent on digital currency. But I believe as long as the government and central bank both exist, paper money will always serve as the main currency, and CBDCs will definitely be an option from the existing paper money.

Agreed, government wants control over the funds. This is possible through paper money and CBDC. For this reason, the governments will continue to make use of paper money and consider CBDC an alternate. Complete injection of bitcoin won't happen anytime. Maybe the Market will coexist understanding the increasing demand among the common people against the usage of traditional fiat.

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Quote from: Mahanton on November 10, 2022, 05:45:33 PM

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.

No matter how far we would progress out but still paper fiat would really be still on existence and as long government exist then they wont really be letting these things to happen along the way.
We cant really deny the fact that fiat do really plays out a major role.It might be having its cons but lets just not set aside when it comes to its pros and benefits.
Paper money could be printed out but of course it would really be on a constraint or controlled manner which we know that inflation could really be an inevitable thing.
No matter how CBDC's would be that rampant in near future but still its hard to believe that fiat would really wiped out from existence.

And if ever it could really be phased out by chance, then it will take another long years before paper money will completely vanish and everything will be dependent on digital currency. But I believe as long as the government and central bank both exist, paper money will always serve as the main currency, and CBDCs will definitely be an option from the existing paper money.

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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?

No one really knows, it may take decades or centuries, it is all dependent on the development of a country. If all corners of the world are digitized then we can possibly start to see the process of retrieving paper money in preparation for fully digitized transactions.

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

Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

It is possible but who knows, the financial institution doesn't reveal their plan unless it is already good for implementation. But of course the potential of CBDCs is always there.

Quote from: albon on November 12, 2022, 02:12:19 PM

I think it is a matter of time before cryptocurrencies will replace paper money or be another option for payment, due to the decentralization of cryptocurrencies and the unique features that make them the ideal choice for financial transactions,

Well, the government will not agree, for them, it should be centralized where the government is the central governor so it is quite impossible to see decentralized cryptocurrency to replace paper money.

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Quote from: justdimin on November 12, 2022, 10:29:22 AM

I wouldn't want Ruble or Yuan, which are the closest to them, and all others are lower by far. So all in all, the nations with strong currencies, or to be more precise the currencies with no problems, ended up with regulations instead of banning it, and nations with high inflation and low valued currency ended up with bans right away.

I think you may have a reasonable argument here because if you look at countries that are creating CBDC they are all having some challenge and uncertain with the strength of their currency. Dollar, euro or pounds are the strongest of the world currency. Countries in Europe are not banning bitcoin transaction or neither creating CBDC., so I think this view is what is happening and those countries are having regulation to the currency.

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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.

I think it is a matter of time before cryptocurrencies will replace paper money or be another option for payment, due to the decentralization of cryptocurrencies and the unique features that make them the ideal choice for financial transactions, perhaps in the near future after the increase and expansion of cryptocurrency trading and after gaining popularity and adoption by countries and governments, we may find The era of paper money is over, in my opinion, the thing that causes concern to the Central is the loss of privacy and anonymity while dealing with cryptocurrencies, but if regulations and controls are put in place to regulate them, then cryptocurrencies can be legal one day in all countries.

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