How much longer until paper money is no longer in circulation? - page 19.

wmaurik

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Quote from: YouYou0321 on November 10, 2022, 01:37:08 AM

Now I have digitized everything. This is a trend. Banks are also very crisis-conscious now. They need to change. If they don’t change, they will be replaced. It is said that there is a country that sends 100 yuan of digital assets to their citizens for free. assets.

Who said that? And is 100 Yuan in digital obtained by all citizens in the country with Yuan currency? Because I haven't read the news about it, but they will be very happy if it actually happens and those who can't use the 100 Yuan sent via digital still have to be sad even if it was sent for free by someone else.

Quote from: Maeve@ on November 10, 2022, 01:50:40 AM

I don't think paper money will be completely replaced. There are still a large number of people who do not use the Internet and are still in poverty. This is not a good move for some small countries with slow economic development.

Small countries with economic development that tend to be slow will also develop slowly and slowly they will also lead to digital things because it can make it easier for the country to manage whatever results are in the country, especially those related to the economy. Indeed, this will not happen simultaneously in all countries because there are many considerations that must be studied and carried out so that the state financial system is not chaotic, and slowly but surely I am more confident that it will happen first to the developed countries in the world.

Smartprofit

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Quote from: Gozie51 on November 09, 2022, 01:51:15 PM

CBDC seem to be what countries are moving into to look to help the economy but unfortunate thing is that nothing of such can happen. The paper money replacement is not just what can happen without a serious consequence and that the world is not ready for. Daily buying and selling is still much dependent on cash despite the cashless system that is for convenience. Credit cards, ATM and the cashless mechanism are not everyone favourite, some people still prefer their money physically. Imagine in Nigeria some older people selling their land still prefer getting their money physically in cash. There are so many instances of cash transactions but getting the proceed of land sell in cash worth of $2k and above is the height of the instances of how cash still relevant in the system.

If Governments want to control people, then it is not beneficial for them that people use cash.

Cash gives people independence. For example, the sale of real estate in many countries is taxed. How can the tax service find out how much was actually paid for real estate if the calculations were made in paper banknotes? $10,000? $20,000? $30,000? If payment was made by transferring cash from hand to hand, then it is impossible to know for sure.

Another thing is if the payment is made using CBDC. This system provides full control over all 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? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

I'm not sure, CBDC will not be able to completely replace paper money even if its development accelerates rapidly. The demand for paper money among the public to meet the needs of daily transactions in traditional markets cannot be eliminated easily, even if the government has prepared all means to increase knowledge of digital usage through various programs, in the end I believe it will not be easy.

However, the next generation may have more potential to no longer use paper money. Obviously it will take a long time, but this will probably continue to change over time.

Tommiewill

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Paper money will not disappear, although digital currency is very convenient, but you know that there are still many disabled people in the world (eyes, arms, hands, legs) who cannot use smartphones independently, and there are many places that do not have Internet, and they do not have Smartphones, they have no concept of digital currency, they think paper money is in their hands, which can give them a sense of security.

woez

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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.

Well, this is a lot of excitement for all. Abolishing paper money was one big step, and now with the advent of CBDCs we are surely, towards a future where cash will be but only a memory. Just as paper money has replaced gold/silver so will cbdcs/cryptocurrencies changed cash.

I think this is a matter of when rather than if. The sooner we can move away from paper money, the better, since it costs more to print than it's worth. The same thing with coins and dollar bills. No one uses cash in Europe because they don't need it; everything is electronic. The future belongs to crypto-currencies.

However this may take some time to fully mature and get its place in our daily routine.

Argoo

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Quote from: ChiBitCTy on November 09, 2022, 08:08:24 PM

I think there’s no question that eventually we will all move away from metal and paper money, but as for why this move is made or what’s all involved, not sure. I think eventually, whether it is including bitcoin or cryptocurrencies or not, we are likely to use something like our finger or eye ball scans that will then link to our bank accounts/credit cards/cryptocurrency etc. Or something like this, but I think it’ll be at least another hundred years until something like this comes to fruition.

CBDC only improve the efficiency of the government's non-cash payments and nothing more. Non-cash payments have previously been along with the circulation of paper money, so the emergence of CBDC does not introduce anything into the financial structure that would force states to abandon paper money. Paper money performs its useful functions in society and the state. In addition, a significant part of people will not want or be able to use bank cards or other types of non-cash money. Therefore, paper money, as the simplest and most convenient method of payment, especially for small household transactions, should continue to be preserved. You should always remember that high technologies are very vulnerable to various catastrophes and cataclysms, so it makes no sense to abandon the old simple ways of paying for goods and services.

Mackenzie87

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First of all, the government will not eliminate paper money, which will directly affect the economy, because some people do not particularly support storing it on a virtual network. The government will promote digital currency, but it will not completely replace paper money.

Kakmakr

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We will see a lot of "Gov" coins in the future, but it will all be private. You will not have a token that will be backed by public miners and public open source developers. The Banks will hire their own developers and they will develop something that can be 100% controlled by them.

They will be able to change the coin cap on demand and they will also mine all the coins or have control over the internal database. It will adhere 100% to all KYC requirements and regulations and it will be a copy of Fiat cash, but just in a digital form.

Look towards R3 and it's distributed ledger developments for the solutions that Banks will use for this. Roll Eyes

Oasisman

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A city or a country could always do paperless transactions and go full digital, but there are no perfect system, everything has it's downtime and that is the biggest fear everyone is anticipating. Once the system fails, even momentarily, transactions will be put on hold. And so, paper money will come into play here, as a back up payment options.
Therefore, both would co-exist. Paper money will not going to be phased out, not even in the next generations.

FrancesF

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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 think so, just like the current Ukrainian-Russian war, if the paper money is eliminated, once the war restricts the network, then they will face death directly, without any resistance, it will be a nightmare.

Maeve@

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I don't think paper money will be completely replaced. There are still a large number of people who do not use the Internet and are still in poverty. This is not a good move for some small countries with slow economic development.

YouYou0321

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Now I have digitized everything. This is a trend. Banks are also very crisis-conscious now. They need to change. If they don’t change, they will be replaced. It is said that there is a country that sends 100 yuan of digital assets to their citizens for free. assets.

Poker Player

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Quote from: 2stout on November 09, 2022, 10:29:49 PM

Just don't see paper money ever going away as it's still by far the most laundered form of money. Also the trackability of CBCDs isn't going to be appealing for certain transactions.

It is the wet dream of politicians and central banks that cash will disappear and, try as they might, they are having a hard time getting rid of it. The pandemic gave a boost to this program by the foolishness of making people believe that if they touched bills they would die of Covid.

I for one use quite a lot of cash on a day to day basis as an activist, although it is clear that there is a downward trend with the ease of mobile payments or smart watches.

Regarding CBDCs, as you say, someone moderately intelligent will avoid using them as much as possible, as they are not like cash, they are much worse. With the CBDC you will be identified at all times, they will know how much money you have and where you spend it, and they can program it to expire before a certain date or censor it. All disadvantages.

2stout

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Just don't see paper money ever going away as it's still by far the most laundered form of money. Also the trackability of CBCDs isn't going to be appealing for certain transactions.

ChiBitCTy

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I think there’s no question that eventually we will all move away from metal and paper money, but as for why this move is made or what’s all involved, not sure. I think eventually, whether it is including bitcoin or cryptocurrencies or not, we are likely to use something like our finger or eye ball scans that will then link to our bank accounts/credit cards/cryptocurrency etc. Or something like this, but I think it’ll be at least another hundred years until something like this comes to fruition.

Abiky

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Quote from: NeuroticFish on November 09, 2022, 06:41:01 AM

CBDCs will not replace fully the paper money. They just can't. And not all governments will issue CBDCs.
It will take more generations until paper money gets phased out, if ever. There are still many people who don't use technology, there are still many regions not covered with internet; those just cannot go without an offline currency.

That's what I've thought. But if governments are keen into pushing digital payments, then they're going to have to provide the necessary tools to make it happen. I believe the transition from physical to digital Fiat will be a slow one as not everyone is used to credit/debit cards or even in-app purchases. As you've said before, there are many people without access to the Internet. Not only that, but there are old people who don't like to use anything else other than paper money to pay for goods and services. Governments who issue CBDCs are going to have to experiment with it for a while before the transition is 100% complete.

We have to say that digital money is unavoidable, thanks to the ever-rising popularity of Bitcoin and its derivatives. Exactly when will the whole world go cashless, is an excellent question. I'm in no hurry of seeing CBDCs in action, especially when paper money brings greater privacy benefits to the end user. Once everything goes digital, you can say goodbye to your privacy for good. Who knows how the future will look like with CBDCs and crypto in play? Just my opinion

DrBeer

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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.

1. All or most of the state-owned national banks of the leading countries of the world are actively working in the direction of CBDC. The reasons are many, and quite serious.
2. Most likely, in the future, there will be some single protocol for the implementation of cross-chain protocols similar to today's implementations (interaction of several, different blockchains)
3. Judging by the problems that today are caused by corruption, terrorism, illegal trade, drug mafia, etc., "the joys of today's world" is a matter of the near future. I will assume - 3-5 years for market leaders, and 5-10 years for other adequate countries.

TimeTeller

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Quote from: Johnyz on November 09, 2022, 04:09:16 PM

Even if the growing technology is already here, I doubt about leaving the paper money behind. The government will not allow this to happen and other countries are still not able to have a good internet connection so it’s really impossible to not use paper money because it is still convenient for them. Though I can still see the possibility, maybe in the next 50 years when there’s no resources anymore to print the money.

Not all people are amenable to the advancement of technology.
Yes, the new generations may favor the use of digital money.
But there will be people that will stick to the traditional way of payment method.
Also, the government may be gearing towards the use of digital money but I don't think they will totally abandon the physical fiat.
It may not be seen in our lifetime that our governments will not use paper money anymore.

The Sceptical Chymist

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From what little I've heard, if any country implements a CBDC, it's not meant to exist alongside their traditional fiat currency--and that's kind of the whole point. The government wants to have a complete record of citizens' financial transactions, which is impossible as long as physical currency exists.

I'm not sure if the United States is planning on creating such a monster or if they've got any plans to eliminate physical money, but if they do they're certainly taking their sweet time doing it. Even Canada eliminated the 1 cent coin, whereas the US still mints zillions of them per year, and you can find them in every parking lot across the country--just lying there, discarded. You'd think the US would at least start with the easy stuff like that, but nope.

All of this is like a dystopian nightmare, and I dread the day that our governments and banks have even more control over us than they already do.

Johnyz

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Even if the growing technology is already here, I doubt about leaving the paper money behind. The government will not allow this to happen and other countries are still not able to have a good internet connection so it’s really impossible to not use paper money because it is still convenient for them. Though I can still see the possibility, maybe in the next 50 years when there’s no resources anymore to print the money.

Topic: How much longer until paper money is no longer in circulation? - page 19. (Read 4332 times)