How much longer until paper money is no longer in circulation? - page 3.

BenCodie

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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.

In most western countries, branches, atms and so on have started to decline in their availability instead of expanding like the past. When this transition is complete, the only way you will be able to contact a bank is digitally or by the phone. Cash won't be available from them, and cash will probably only be able to be traded in with the limited access points available or by established facilities, or encouraged to be spent/deposited as soon as possible.

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.

This period of time seems like 5 - 10 years away plus, however I think this will start to occur within the next 2 - 3 years. It will act to reduce the circulating money supply by excluding what the banks and governments see as illicit cash from being a part of the system, while being able to properly calculate the supply of fiat money with CBDCs.

At this stage I think this will be a catalyst for fiat money as supply reduces, of course short-lived as the money is technically worthless anyway.

Cash will be abolished, credit and debit cards definitely will not face any disruption during this change. The only thing that will change is the $ or fiat symbol will change to the CBDC ticker/symbol. Likely, UM and BRICS, depending where you are.

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Quote from: Sayeds56 on June 17, 2023, 07:54:13 PM

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

How much longer until paper money is no longer in circulation?

It is very hard to estimate the timeline of potential phasing out of paper money and replacement of credit/debit card with Central Banks digital Currencies (CBDC) as it is a complex task and depends on many factors. These factors include, preparing of infrastructure, educating general public to adopt and accept it & establishment of regulatory framework by governments. Furthermore, important to understand the diverse needs of societies and their preferences, indicating the possibility of a future where multiple systems of payment could coexist. This evolving landscape could include, paper money, CBDC and crypto currencies.

I do not think that ordinary citizens of any state need to approve and strive to ensure that paper money disappears from circulation. If we want to keep the remnants of our privacy and anonymity, we must remember that paper money is the least monitored by governments. Any non-cash money issued by states, governments can and will use to collect confidential information about their users as well as their financial activities.
At the same time, paper money is very easy to use, does not require the use of technical devices and is sometimes simply indispensable for small household transactions.

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

How much longer until paper money is no longer in circulation?

It is very hard to estimate the timeline of potential phasing out of paper money and replacement of credit/debit card with Central Banks digital Currencies (CBDC) as it is a complex task and depends on many factors. These factors include, preparing of infrastructure, educating general public to adopt and accept it & establishment of regulatory framework by governments. Furthermore, important to understand the diverse needs of societies and their preferences, indicating the possibility of a future where multiple systems of payment could coexist. This evolving landscape could include, paper money, CBDC and crypto currencies.

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Quote from: Hamphser on June 17, 2023, 06:25:17 PM

Quote from: Abiky on June 17, 2023, 01:42:03 PM

Quote from: Vaskiy on May 24, 2023, 03:14:16 PM

It is almost few decades that the digital payment have gained importance and made a big transition in the whole of financial system. An advancement won't be easily adopted to the persisting system into usage. Even after decades we were able to see good number of paper currency users who haven't used to digital payments. So, it is all about the people.

If I'm not wrong, when we think of making way for the usage of digital transition there is a need for proper awareness and education. This can't be done all of the sudden, and according to me it takes atleast few generations to have complete transition to digital money.

I believe we don't have to worry about a full-fledged cashless society during our lifetimes. CBDCs aren't even mainstream yet. Even after they're launched, it's going to take quite some time for the population to get used to the new digital cash system. The elderly will have issues abandoning paper money in the first place. It's the new generation that will embrace digital money at its fullest.

Governments will ultimately solve the issues of Internet access to proceed with their ambitions to phase out paper money for good. This could be done via the use of satellites positioned in different areas of the globe. Once our society becomes cashless, you can say goodbye to privacy and anonymity for good. At least, decentralized cryptocurrencies will be there to save the day. Maybe they'll go as far as living alongside CBDCs for generations? Just my thoughts Grin

There's no way that digital cash system would really be 100% fully adopted on which it would cause for such full integration or changes because we know that not all people would be having the access when it

comes to internet or having their own pc or having their own smartphone considering that there are places in the world on which it wasnt been reached out by internet and a community which it is really that suffering from poverty which means that not everyone would really be having or knowledgeable on using it if in case there's a full wipe out or changes in fiat notes or paper cash.

It is really that hard to believe even on having that CBDC integration in exchange with fiat would be applied. As long government does exist then there's no way that they would
really be agreeing on such huge change but having both things on existence would really be that preferable or something that good for us though.

The government will be the one to bring that change, no one else, because it will be more beneficial than harmful, CBDC will help them control us better than cash. but implementing CBDC is very difficult because our world still has a lot of internet inadequacies, and the number of people who cannot use smartphones is still quite large. therefore, CBDC or digital payment will be inevitable, but it will take a lot of time to do so.

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Quote from: Abiky on June 17, 2023, 01:42:03 PM

Quote from: Vaskiy on May 24, 2023, 03:14:16 PM

It is almost few decades that the digital payment have gained importance and made a big transition in the whole of financial system. An advancement won't be easily adopted to the persisting system into usage. Even after decades we were able to see good number of paper currency users who haven't used to digital payments. So, it is all about the people.

If I'm not wrong, when we think of making way for the usage of digital transition there is a need for proper awareness and education. This can't be done all of the sudden, and according to me it takes atleast few generations to have complete transition to digital money.

I believe we don't have to worry about a full-fledged cashless society during our lifetimes. CBDCs aren't even mainstream yet. Even after they're launched, it's going to take quite some time for the population to get used to the new digital cash system. The elderly will have issues abandoning paper money in the first place. It's the new generation that will embrace digital money at its fullest.

Governments will ultimately solve the issues of Internet access to proceed with their ambitions to phase out paper money for good. This could be done via the use of satellites positioned in different areas of the globe. Once our society becomes cashless, you can say goodbye to privacy and anonymity for good. At least, decentralized cryptocurrencies will be there to save the day. Maybe they'll go as far as living alongside CBDCs for generations? Just my thoughts Grin

There's no way that digital cash system would really be 100% fully adopted on which it would cause for such full integration or changes because we know that not all people would be having the access when it

comes to internet or having their own pc or having their own smartphone considering that there are places in the world on which it wasnt been reached out by internet and a community which it is really that suffering from poverty which means that not everyone would really be having or knowledgeable on using it if in case there's a full wipe out or changes in fiat notes or paper cash.

It is really that hard to believe even on having that CBDC integration in exchange with fiat would be applied. As long government does exist then there's no way that they would
really be agreeing on such huge change but having both things on existence would really be that preferable or something that good for us though.

Abiky

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Quote from: Vaskiy on May 24, 2023, 03:14:16 PM

It is almost few decades that the digital payment have gained importance and made a big transition in the whole of financial system. An advancement won't be easily adopted to the persisting system into usage. Even after decades we were able to see good number of paper currency users who haven't used to digital payments. So, it is all about the people.

If I'm not wrong, when we think of making way for the usage of digital transition there is a need for proper awareness and education. This can't be done all of the sudden, and according to me it takes atleast few generations to have complete transition to digital money.

I believe we don't have to worry about a full-fledged cashless society during our lifetimes. CBDCs aren't even mainstream yet. Even after they're launched, it's going to take quite some time for the population to get used to the new digital cash system. The elderly will have issues abandoning paper money in the first place. It's the new generation that will embrace digital money at its fullest.

Governments will ultimately solve the issues of Internet access to proceed with their ambitions to phase out paper money for good. This could be done via the use of satellites positioned in different areas of the globe. Once our society becomes cashless, you can say goodbye to privacy and anonymity for good. At least, decentralized cryptocurrencies will be there to save the day. Maybe they'll go as far as living alongside CBDCs for generations? Just my thoughts Grin

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Quote from: Argoo on May 25, 2023, 01:19:51 PM

Quote from: Abiky on May 24, 2023, 01:01:24 PM

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As for how long it will take for paper money to be phased out, this is difficult to predict and will likely depend on a range of factors, including consumer preferences, technological developments, and government policies. Some countries have already made significant progress in reducing cash usage, while others continue to rely heavily on paper money.

The COVID-19 pandemic and the Russo-Ukraine war has set us back for a few years. It's going to take quite a long time before CBDCs are developed and tested for mainstream use. Even after launch, governments would need to get people to accept the new digital cash system. Paper money will probably be with us for a few decades before CBDCs take over the world by storm. We'd probably be dead before this happens.

I don't want to live in a world where governments take control of everything with their new digital cash system. This cannot be avoided due to the inception of Blockchain tech in 2009. If Bitcoin wasn't born in the first place, then CBDCs wouldn't had gone through the minds of central banks and governments alike. Who knows if we're heading towards a darker future? Just my opinion

In order for cash to disappear from circulation, a high level of technical progress and, most importantly, a high level of income of the population is needed. We are now on the verge of a dramatic climate change and, as a consequence, an increase in the frequency and size of natural disasters. And this, in turn, will lead to the fact that the population of the planet will lose their savings and rapidly become poorer. If these assumptions turn out to be correct, then there will not even be a question about the displacement of paper money. Yes, and it's useless. Paper money is the most untraceable government, and therefore keeps our privacy. The cashless world is not entirely good in this regard.

First, every corner of the world should have access to Internet. Second, merchants must not accept paper money and local store should do the same. By implementing the two things, will surely create a scenario that paper money is not needed anymore. This will eventually stop the creation of paper money and may become obsolete.

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Quote from: Abiky on May 24, 2023, 01:01:24 PM

Quote from: ?? on ??

As for how long it will take for paper money to be phased out, this is difficult to predict and will likely depend on a range of factors, including consumer preferences, technological developments, and government policies. Some countries have already made significant progress in reducing cash usage, while others continue to rely heavily on paper money.

The COVID-19 pandemic and the Russo-Ukraine war has set us back for a few years. It's going to take quite a long time before CBDCs are developed and tested for mainstream use. Even after launch, governments would need to get people to accept the new digital cash system. Paper money will probably be with us for a few decades before CBDCs take over the world by storm. We'd probably be dead before this happens.

I don't want to live in a world where governments take control of everything with their new digital cash system. This cannot be avoided due to the inception of Blockchain tech in 2009. If Bitcoin wasn't born in the first place, then CBDCs wouldn't had gone through the minds of central banks and governments alike. Who knows if we're heading towards a darker future? Just my opinion

In order for cash to disappear from circulation, a high level of technical progress and, most importantly, a high level of income of the population is needed. We are now on the verge of a dramatic climate change and, as a consequence, an increase in the frequency and size of natural disasters. And this, in turn, will lead to the fact that the population of the planet will lose their savings and rapidly become poorer. If these assumptions turn out to be correct, then there will not even be a question about the displacement of paper money. Yes, and it's useless. Paper money is the most untraceable government, and therefore keeps our privacy. The cashless world is not entirely good in this regard.

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It is almost few decades that the digital payment have gained importance and made a big transition in the whole of financial system. An advancement won't be easily adopted to the persisting system into usage. Even after decades we were able to see good number of paper currency users who haven't used to digital payments. So, it is all about the people.

If I'm not wrong, when we think of making way for the usage of digital transition there is a need for proper awareness and education. This can't be done all of the sudden, and according to me it takes atleast few generations to have complete transition to digital money.

Iadegbola34

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The creation of central bank digital currencies (CBDCs) by major central banks is in response to the emergence of Bitcoin and decentralized finance. Although CBDCs aspire to coexist with existing systems, they are unlikely to totally replace paper money or credit/debit cards. The shift to a totally digital society is slow and dependent on a number of things. The coexistence of many payment systems is predicted to continue in the near future by balancing innovation and stability.

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Quote from: Abiky on May 24, 2023, 01:01:24 PM

Quote from: ?? on ??

As for how long it will take for paper money to be phased out, this is difficult to predict and will likely depend on a range of factors, including consumer preferences, technological developments, and government policies. Some countries have already made significant progress in reducing cash usage, while others continue to rely heavily on paper money.

The COVID-19 pandemic and the Russo-Ukraine war has set us back for a few years. It's going to take quite a long time before CBDCs are developed and tested for mainstream use. Even after launch, governments would need to get people to accept the new digital cash system. Paper money will probably be with us for a few decades before CBDCs take over the world by storm. We'd probably be dead before this happens.

I don't want to live in a world where governments take control of everything with their new digital cash system. This cannot be avoided due to the inception of Blockchain tech in 2009. If Bitcoin wasn't born in the first place, then CBDCs wouldn't had gone through the minds of central banks and governments alike. Who knows if we're heading towards a darker future? Just my opinion

It's true, some of the tough conditions that have been experienced over the past few years, consciously or not, are clearly detrimental and indeed the setback is being felt at this time. It is even possible if you look at some cases, such as Russia, which is still involved in conflict, in some cases, their conditions are now very degenerate, and some reports say that they have stepped back 4 years since their conflict with Ukraine.

Quote from: https://fortune.com/2022/08/11/putin-war-ukraine-russian-economy-impact/

In a bleak tally of the war for Russia, an economy that was picking up speed at the start of 2022 swung into a contraction during the second quarter. Data due on Friday will show gross domestic product shrank for the first time in over a year, dropping an annual 4.7%, according to the median forecast of 12 analysts surveyed by Bloomberg.

But of course this is not the only country that has been hit by setbacks but almost all countries are now feeling the same way and indeed at this time the setback will still be felt if indeed some events such as Inflation or even a recession that are being felt by almost every country now will make this worse.
Talking about CBDC, I quite agree because the government seems to be inspired by this, but no matter how strong it is, it needs a few more things, and as you said, it will really take a lot of time to really convince its citizens to switch and paper money will still exist. .

Abiky

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Quote from: ?? on ??

As for how long it will take for paper money to be phased out, this is difficult to predict and will likely depend on a range of factors, including consumer preferences, technological developments, and government policies. Some countries have already made significant progress in reducing cash usage, while others continue to rely heavily on paper money.

The COVID-19 pandemic and the Russo-Ukraine war has set us back for a few years. It's going to take quite a long time before CBDCs are developed and tested for mainstream use. Even after launch, governments would need to get people to accept the new digital cash system. Paper money will probably be with us for a few decades before CBDCs take over the world by storm. We'd probably be dead before this happens.

I don't want to live in a world where governments take control of everything with their new digital cash system. This cannot be avoided due to the inception of Blockchain tech in 2009. If Bitcoin wasn't born in the first place, then CBDCs wouldn't had gone through the minds of central banks and governments alike. Who knows if we're heading towards a darker future? Just my opinion

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In my opinion, currently there is nothing that can completely replace banknotes, because there are still many transactions that still use banknotes. Maybe paper money can be replaced, but it will take a very long time.

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Quote from: naikturun on May 05, 2023, 06:04:05 AM

It's difficult to predict exactly how long it will take for paper money to be phased out, as it will vary from country to country. Some countries are already well on their way to becoming cashless societies, while others still heavily rely on physical cash. However, it's likely that the process will be gradual and could take several years, if not decades.

The process of converting the use of paper money into cash in a different form will indeed take time for each country because it is inseparable from the development of technology and infrastructure owned by each country. This means that some developed countries and developing countries have started implementing the use of money in digital form without having to hold paper money anymore, although there are also some citizens who live in rural areas who still use paper money in their lives.

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I believe that paper money will not disappear completely, because there will always be people who don't have smartphones and computers, or don't have the physical or other ability to use cryptocurrencies. Of course, if everyone gets chips (so far it looks fantastic, but who knows), paper money will definitely disappear.

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Nowadays everyone is trying to make everything digital in this digital world. Virtual currency in particular is growing in popularity the most and is being used in most cases. Various central banks around the world are using their own virtual currencies. Virtual currency has become the most popular by which all transactions are introduced and virtual currency has become widely popular for purchasing goods. But at some point this paper money will have no more value because everything will be possible with different debit cards and credit cards. But only in the future one we will see that paper money will be stopped very soon and all transactions will be introduced by virtual currency. Nowadays most of the people use virtual currency more than paper money especially the young ones.

nesty

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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.

If the major central banks begins the creation of their own digital currencies it only means that the CBDC is already adopting the circulation of digital currencies. With the said development it only means that the government is slowly adopting the use of digital currencies as transaction payment and transfers. Replacing paper and credit card would be possible in the future but it will take a lot of time for the people around the world to adopt the use of the digital currencies. We cannot tell when will that happen. With the existence of digital payment now a lot of people now are exposed on how to do transactions using it, soon majority can adopt using digital currencies.

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It's difficult to predict exactly how long it will take for paper money to be phased out, as it will vary from country to country. Some countries are already well on their way to becoming cashless societies, while others still heavily rely on physical cash. However, it's likely that the process will be gradual and could take several years, if not decades.

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Quote from: slapper on May 03, 2023, 10:41:33 AM

CBDCs, in theory, might appear as a fantastic enigma, but in reality? They could spawn detrimental consequences for people and the social fabric. Eliminating physical currency coerces individuals into a perplexing, potentially disagreeable system.

Moreover, the notion of digital currencies enhancing transparency and responsibility? Highly debatable. CBDCs remain under government and central bank control, sparking surveillance and power misuse worries. Limited internet access? Forcing CBDCs isn't the remedy. Let's guarantee equal access to both digital and tangible cash.

Like it or not, change is inevitable. With the global economy on the brink of total collapse, central banks would have no choice but to proceed with their agenda of a "global reset". Phasing out paper money would be the first step towards ensuring both the central bank and the government has full control over the mainstream economy. They can simply remove paper money's status as legal tender to stop people from using it. Only then, they will force everyone to get into CBDCs.

This new digital cash system would give said entities more power than usual as they can easily trac and trace every transaction made in a digital ledger only they can control. With paper money, it's hard to keep track of payments made from one person to another due to its anonymous nature (fungible). Decentralized cryptocurrencies such as Bitcoin and Ethereum would be your only "escape route" from CBDCs. We're talking about decades before this happens, so sit back and enjoy paper money while it lasts. Just my thoughts Grin

ammo121810

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There is no definite timeline on when the paper money will be out of the circulation, I think it would depends on the technological advancement or adoption of the government to digital currencies. From the time being the trend on digital payments is increasing, it only means that people are slowly adopting to the advancement of digital currencies. It will take a long period of time before all the people around the world could adopt the use of digital currency and it will depends on the government if they will face out the paper money.

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