Topic: How much longer until paper money is no longer in circulation? - page 6. (Read 3965 times)
February 03, 2023, 11:25:31 PM
I personally think that paper money will remain in one form or another for quite some time. And I wouldn't idealize digital money. Governments may well make access to digital money quite complicated. for example, a social rating may be introduced (as in china). If a person has a bad social rating, he may lose access to his digital money (state digital money), and he may not be allowed to exchange cryptocurrency for state digital money.
February 03, 2023, 06:52:18 PM
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.
This can't really work in some countries typically in Nigeria. This is what has being causing comotion in the country for days now as there is a big scarcity of Naira note. Even a protest was made in Ibadan, a town in Oyo state, Nigeria base on this scarcity of this naira note.
https://www.thecable.ng/roadblocks-bonfires-as-ibadan-residents-protest-fuel-currency-scarcity/amp
Digital payment can't really work for some countries because of
1. Bad network
2. High price of data
3. Illiterate old people.
I love digital currency but I don't see it in use in Nigeria soon.
February 03, 2023, 12:37:59 PM
Paper money will definitely be phased out but not because the government invented some CBDC bs but rather because its old world money. What we are going towards is a future of Bitcoin and crypto. CBDC will merely be one out of many options and it definitely will not be the prominent one.
People and even governments are starting to understand that Bitcoin is the next generation of money and once it is globally adopted, we will see a new future of finance.
Even the government acknowledged this simple fact indirectly by attempting to copy Bitcoin with their own version.
People and even governments are starting to understand that Bitcoin is the next generation of money and once it is globally adopted, we will see a new future of finance.
Even the government acknowledged this simple fact indirectly by attempting to copy Bitcoin with their own version.
February 03, 2023, 10:17:48 AM
I've read some articles about paper money going out of circulation, and I have to admit that it's hard to predict. However, given that so many nations are switching to digital forms of payment, it's possible that paper money will eventually become less and less common. However, this is not likely to happen anytime soon.
February 03, 2023, 09:55:03 AM
Paper money will not be eliminated. Although digitalization is a trend now and digital currency is very convenient, there are still many people who do not use smartphones. Many people still rely on paper money, and its use has become habitual.
Believe me, the transition to digital payments will be inevitable. Especially when governments want to reduce waste (protect the environment) and eliminate privacy for good. It may not happen during our lifetimes, but it will in the future. The new generation will become digitally-native, so they will choose a CBDC over paper money anytime. This may be only the beginning as the worst is yet to come.
When paper money becomes history, decentralized cryptocurrencies will be the only alternative for those looking to preserve their privacy. Let's make the most out of paper money now, before it's too late. Just my thoughts
February 01, 2023, 03:01:57 AM
It is difficult to predict whether paper money will last in the long term or not, now more and more banks are issuing digital money which of course will reduce the use of paper money, the presence of cryptocurrencies is also a cause that can make paper money disappear faster, but I'm sure it will take time a long time because many people only rely on paper money for daily instant transactions.
February 01, 2023, 02:02:46 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.
Paper money will not be eliminated. Although digitalization is a trend now and digital currency is very convenient, there are still many people who do not use smartphones. Many people still rely on paper money, and its use has become habitual.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.
January 31, 2023, 06:42:39 PM
There someone who is pulling the shadow behind and that shadow will not let the fiat money extinct and fully replace by digital money. That is the reason why a lot of government today are still not adapting and have laws and regulation regarding the ban of cryptocurrencies. Try to search in the internet the CBDC and the families who establish the banks that priting fiat money. They are the ones who are printing money that came from paper and ink only. That is the real free money out there and those shadows will not let the CBDC to come at end.
We should not abandon paper money. It must always be remembered that paper money is the most untraceable by governments, and digital money allows officials to completely control the financial activities of their citizens. Yes, and in many cases it is very convenient to make small everyday transactions in cash, especially if transactions are made between citizens. Therefore, I think that cash will always be in demand. Their mass will undoubtedly decrease, however, to a certain level. In addition, cash should be kept at least as a backup option, when the use of technical devices for making non-cash payments becomes impossible due to various technical failures and large-scale disasters.Since the adoption of cryptocurrency is continueous, some countries still see it as an opportunity to dive into the Blockchain space so that people who are more interested in Blockchain can consider that an option instead of of just opting into other form of digital currency transactions.
January 31, 2023, 06:29:46 PM
We should not abandon paper money. It must always be remembered that paper money is the most untraceable by governments, and digital money allows officials to completely control the financial activities of their citizens. Yes, and in many cases it is very convenient to make small everyday transactions in cash, especially if transactions are made between citizens. Therefore, I think that cash will always be in demand. Their mass will undoubtedly decrease, however, to a certain level. In addition, cash should be kept at least as a backup option, when the use of technical devices for making non-cash payments becomes impossible due to various technical failures and large-scale disasters.
It's not safe to keep cash on a large scale because the government is always making new banknotes and the thing to fear is that the banknotes you keep will be withdrawn from circulation and that will expose yourself. for the next few decades, people will definitely continue to use paper money because the government also recommends that, but the use of digital money will shift the dominance of paper money.government does exist then money would really still existing because this is what they do like on something that could really be handled and monitored out.It is really just that hard to believe that they would be
letting other things to be in control which is something decentralized.They would definitely be trying out to block in out and would insert up on things according to their preference.
We do know on how government do behaves in talks like this.
January 31, 2023, 06:06:37 PM
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'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's a bit of a catch-22 situation, because the majority of the world have been brought up in a society that was largely built around having easy access to physical coins and notes. However we're now getting to a stage where there are lots of different alternative electronic methods that we can pay for things - Apple Pay, Credit cards, Paypal, Cryptocurrency, etc. This means we have plenty of fall back solutions but there are drastic scenarios like the internet getting severed in times of war where we would definitely need some sort of exchange of value that does not rely on the internet to function, however in such an extreme scenario we might all be back on rations anyway.
January 31, 2023, 05:47:23 PM
It's not safe to keep cash on a large scale because the government is always making new banknotes and the thing to fear is that the banknotes you keep will be withdrawn from circulation and that will expose yourself. for the next few decades, people will definitely continue to use paper money because the government also recommends that, but the use of digital money will shift the dominance of paper money.
For this I agree, because it is clear that the use of digital money is increasingly dominating in some circles of society at this time even though paper money is still used, but its use is starting to look minimal for urban communities. This indicates that the use of digital money is starting to increase in big cities and those who still use paper money, most of them are rural people who currently have not experienced infrastructure such as ATM machines and the like. So they often still use banknotes in cash and haven't used any credit cards or debit cards until now.
January 31, 2023, 12:50:03 PM
is only a matter of time because it is already taking place. Considering the new withdrawal policies that Nigeria is currently dealing with, as well as the deadline for collecting the old notes, all of this is simply a strategy to reduce the circulation of cash, and it is already taking place because there are so few new notes available. If the government can implement such a policy, then cash will eventually cease to be in circulation.
Paper money will be eliminated, so governments can proceed with their agenda of a "New World Order". How will they be able to control society if they can't control people's financial lives at a full extent? CBDCs are the answer to all of governments' and central banks' problems. With a new digital cash system, it will be the end of privacy for good. Every transaction would be visible by the aforementioned entities. It will also be easier to control the money supply and inflation rate.
Exactly when paper money will be phased out is an excellent question. CBDCs are still under development, so it's going to take quite a few decades before paper money disappears from the face of the Earth. At least, we'll have decentralized cryptocurrencies to save the day. Just my opinion
January 27, 2023, 02:32:50 PM
We should not abandon paper money. It must always be remembered that paper money is the most untraceable by governments, and digital money allows officials to completely control the financial activities of their citizens. Yes, and in many cases it is very convenient to make small everyday transactions in cash, especially if transactions are made between citizens. Therefore, I think that cash will always be in demand. Their mass will undoubtedly decrease, however, to a certain level. In addition, cash should be kept at least as a backup option, when the use of technical devices for making non-cash payments becomes impossible due to various technical failures and large-scale disasters.
It's not safe to keep cash on a large scale because the government is always making new banknotes and the thing to fear is that the banknotes you keep will be withdrawn from circulation and that will expose yourself. for the next few decades, people will definitely continue to use paper money because the government also recommends that, but the use of digital money will shift the dominance of paper money. 
January 27, 2023, 01:55:03 PM
is only a matter of time because it is already taking place. Considering the new withdrawal policies that Nigeria is currently dealing with, as well as the deadline for collecting the old notes, all of this is simply a strategy to reduce the circulation of cash, and it is already taking place because there are so few new notes available. If the government can implement such a policy, then cash will eventually cease to be in circulation.
January 27, 2023, 10:47:08 AM
I believe so far from this Central Bank Digital Currency (CBDC) Traker site, we can see that up till 2022 as was reported
only 11 countries have actually launched the CBDC and some have even canceled that idea while others are on different faces with it when you filter by each title. However, I don't think adopting CBDC was meant to totally displace the paper money, maybe reduce its use as is the case with Nigeria now where the Federal Government along with Central Bank just redesigned the Naira and has also limited the total amount printed in order to boost the use of Digital financing like the e-Niara along with the limited paper Naira available.
only 11 countries have actually launched the CBDC and some have even canceled that idea while others are on different faces with it when you filter by each title. However, I don't think adopting CBDC was meant to totally displace the paper money, maybe reduce its use as is the case with Nigeria now where the Federal Government along with Central Bank just redesigned the Naira and has also limited the total amount printed in order to boost the use of Digital financing like the e-Niara along with the limited paper Naira available.
The number of countries using CBDCs may be small, but that's bound to change in the future. After all, the agenda is to eliminate privacy for good. The new digital cash system will enable mainstream governments to gain better control over people's finances. What wouldn't had been possible with traditional paper money, will become possible with a CBDC. The implementation of this system at a large scale worldwide is going to take a few decades from now.
With decentralized cryptocurrencies in play, we don't have to worry about CBDCs taking over our privacy ever again. At least, we'd get to enjoy paper money while it lasts. Just my opinion
January 26, 2023, 09:41:06 AM
I think paper money will continue to be used as long as humans are still there, maybe technology will continue to grow but direct transactions via cash will never be abandoned, many people hope to immediately eliminate paper money, but there is no better solution than paper money so that the state will continue to manage paper money.
January 26, 2023, 06:41:16 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.
Why so much in a hurry for it to happen. Paper money will go out at the right time when people are already very used to operating, Buying and selling without paper money. Around some of us, this is already happening, people are used to paperless economy, but not the same situation with everyone everywhere. The time when paper money will go out of circulation completely will happen with even the government forcing it to happen, it will just happen because will no longer see it as something to do when there is the safer paperless method for transacting. January 26, 2023, 06:32:07 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'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 believe so far from this Central Bank Digital Currency (CBDC) Traker site, we can see that up till 2022 as was reported
only 11 countries have actually launched the CBDC and some have even canceled that idea while others are on different faces with it when you filter by each title. However, I don't think adopting CBDC was meant to totally displace the paper money, maybe reduce its use as is the case with Nigeria now where the Federal Government along with Central Bank just redesigned the Naira and has also limited the total amount printed in order to boost the use of Digital financing like the e-Niara along with the limited paper Naira available.
January 26, 2023, 06:22:47 AM
There someone who is pulling the shadow behind and that shadow will not let the fiat money extinct and fully replace by digital money. That is the reason why a lot of government today are still not adapting and have laws and regulation regarding the ban of cryptocurrencies. Try to search in the internet the CBDC and the families who establish the banks that priting fiat money. They are the ones who are printing money that came from paper and ink only. That is the real free money out there and those shadows will not let the CBDC to come at end.
We should not abandon paper money. It must always be remembered that paper money is the most untraceable by governments, and digital money allows officials to completely control the financial activities of their citizens. Yes, and in many cases it is very convenient to make small everyday transactions in cash, especially if transactions are made between citizens. Therefore, I think that cash will always be in demand. Their mass will undoubtedly decrease, however, to a certain level. In addition, cash should be kept at least as a backup option, when the use of technical devices for making non-cash payments becomes impossible due to various technical failures and large-scale disasters.
January 25, 2023, 06:07:46 PM
There someone who is pulling the shadow behind and that shadow will not let the fiat money extinct and fully replace by digital money. That is the reason why a lot of government today are still not adapting and have laws and regulation regarding the ban of cryptocurrencies. Try to search in the internet the CBDC and the families who establish the banks that priting fiat money. They are the ones who are printing money that came from paper and ink only. That is the real free money out there and those shadows will not let the CBDC to come at end.
We should not abandon paper money. It must always be remembered that paper money is the most untraceable by governments, and digital money allows officials to completely control the financial activities of their citizens. Yes, and in many cases it is very convenient to make small everyday transactions in cash, especially if transactions are made between citizens. Therefore, I think that cash will always be in demand. Their mass will undoubtedly decrease, however, to a certain level. In addition, cash should be kept at least as a backup option, when the use of technical devices for making non-cash payments becomes impossible due to various technical failures and large-scale disasters. Jump to: